Real Estate Trends in Tilak Nagar
Tilak Nagar is a residential colony located near the Lokamanya Tilak Terminus, which is an important railway terminus in Mumbai. It has Shell Colony to the south, Vidyavihar to its north, Pestom Sagar to its east and Kurla to the west. Once developed as a lower-middle-class colony, the area is now filled with high-rise buildings.
Access and connectivity
Tilak Nagar lies next to the Lokamanya Tilak Terminus, which makes the area accessible to other parts of Mumbai. The Tilak Nagar railway station lies on the Harbour line of the Mumbai suburban railway network. The Chembur and Kurla railway stations too are nearby. It is very close to the Chembur monorail railway station (1.5 km) that will be operational this year. The Eastern Express Highway borders Tilak Nagar. There are several BEST buses available for transportation in the area. The Mumbai International Airport is about 9.5 km from the area and can be reached in about 25 minutes via the Andheri-Ghatkopar Road.
There is an increased commercial development in the area over the past decade. Apart from that, it is just about 10 km from the Bandra Kurla Complex CBD and about 9 km from the Powai Kensington SEZ.
Amenities
Tilak Nagar has got very good social amenities such as educational institutions, shopping, entertainment and recreation facilities. Educational institutions include Lokamanya Tilak High School. K.J. Somaiya Inst. of Management Studies and Research is close-by. There is a Shoppers Stop and Sahakar Plaza for shopping and entertainment. Tilak Nagar has three major playgrounds. Tilak Nagar also has few lavish gardens. The area is also known for its Ganesh festival celebrations.
Real Estate
Tilak Nagar was initially filled with chawls as it was intended to be a lower-middle-class colony. However during recent years, chawls are slowly being replaced with high-rise buildings. With haphazard constructions, the area has become congested with few open spaces. Some upcoming projects in the area are Tridhaatu Prarambh by Panch Tatva Realty, Mayfair Hillcrest by Mayfair Housing and Omkar Alta Monte by Omkar Realtors.
As a middle-class locality, Tilak Nagar sees high demand for 1 and 2 BHK properties though one may find few 3 BHK properties. The area of a 1 BHK property is between 325 – 650 sq-ft while the area of a 2 BHK property is in the range of 700 – 1,050 sq-ft. The area of a 3 BHK property is between 1,350 – 1,600 sq-ft.
Property Trends
The rent for a 1 BHK property is between Rs. 16,000 – 22,000 while the rent for a 2 BHK property is from Rs. 23,000 – 30,000. Rent for a 3 BHK property is around Rs. 40,000. A 1 BHK flat may cost about Rs. 70 lakhs – 90 lakhs while a 2 BHK flat may cost approximately Rs. 1.1 crore – 1.65 crore. A 3 BHK apartment can be bought for a price of Rs. 1.5 crore – 2 crore. A 1 BHK residential house may cost between Rs. 65 lakhs – 70 lakhs while a 2 BHK house may cost about Rs. 1.2 crore.
Tilak Nagar has seen a steady increase in capital value in the last quarter with respect to apartments while it hasn’t seen much demand for independent houses. The average price per sq-ft for a multistorey apartment went up from Rs. 13,000 – 13,550 per sq-ft in the last quarter.
