Real Estate Trends in Versova

Versova is an upmarket neighbourhood near Andheri (West) and on the coast of Arabian Sea. It has Andheri to its east, Arabian Sea to its west, Juhu to its south and Goregaon to its north east. Versova is known for its beach and the Versova fort. Versova is an old area in Mumbai and originally a small fishing village. It has become an upmarket area in Mumbai over past few decades.

Connectivity and Accessibility

Versova does not have any major highways passing through it. However, the proposed Versova-Andheri-Ghatkopar metro corridor will connect the locality to other important areas in Mumbai. There is also a ferry service from Versova to Madh. Local transportation includes buses, taxis and auto rickshaws. Since Versova is a neighbouring area to Andheri, it is close to the Mumbai International Airport. The airport is about 11 km away from Versova and can be reached within half an hour.

The closest business centres to Versova are the Kensington SEZ in Powai and Bandra Kurla Complex, which are at a distance of 15 km each and can be reached in half an hour.

Amenities

Versova is an upmarket neighbourhood. As such, it has very good social amenities such as educational institutions, religious institutions, healthcare, commercial centers and entertainment/recreation facilities. Educational institutions include Claras College of Commerce and Rajv Gandhi Institute of Technology. Kalsekar Hospital is a hospital in Versova. The locality has a jogger’s park as well as the Dadabhai Navroji Garden, better known as Seven Bungalows garden. Apart from the social amenities, there are some places one can see in Versova such as the Versova rock beach and Versova fort.

Real Estate

Versova is an old neighbourhood. However, it has also gradually transformed into an upscale area in Mumbai over recent years. As such, it has both housing societies as well as apartment complexes. Some housing societies include Aga Khan Baug Cooperative Society and Dharti Cooperative Housing Society. Some apartment projects include Silver Croft, Sundram and Everest.

In the context of real estate, Versova sees a high demand for 1 and 2 BHK apartments, though there are few 3/4 BHK apartments. The typical covered area for a 1 BHK apartment is between 450 – 580 sq-ft, while for a 2 BHK apartment, it is between 700 – 1,125 sq-ft and for a 3/4 BHK apartment, it is between 1,200 – 1,300 sq-ft.

Property Trends

The rent for a 1 BHK apartment in Versova ranges from Rs. 25,000 – 30,000 while the rent for a 2 BHK apartment is between Rs. 40,000 – 55,000. The rent for a 3/4 BHK apartment can be in the proximity of Rs. 60,000 – 65,000. The last couple of years have seen a steep growth in demand for apartments in Versova. Capital value of apartments in Versova ranges between Rs. 18,875 – 23,200 per sq-ft.

With the Varsova-Andheri-Ghatkopar metro line becoming operational this year, there may be further growth in land prices in Versova.