Looking for Ready to Occupy Property? Check out Andheri West
Andheri West has emerged as one of the upscale areas in Mumbai in recent years. Being the western zone of Andheri, the area was developed from the beginning as a residential area. Apart from focused development, several factors have led to the area’s growth as a premium location. Due to the limited availability of land and high property prices in the area, the area witnesses limited project launches, focused more towards the upper middle class and higher net worth individuals (HNIs). While new projects are attractive to investors, there are also buyers who prefer ready to occupy properties.
Being an old area, Andheri West offers a good number of properties for resale according to CommonFloor data, which are more attractive to end users.
Snapshot of resale trends
Available Property Type: Mumbai rarely witnesses independent houses available for sale. However in Andheri West, almost 10 per cent of the properties available for resale are independent houses, while the remaining are multi-storeyed and builder floor apartments.
BHK Configuration: Most of the available units for resale in the area are 1 and 2BHK properties. One may also find a few 3 and 4BHK units in the area.
Age of property: As Andheri West is an old area, it offers a few properties as old as 30-40 years. However, the average age of a 1BHK property is about 19 years while that of 2BHK unit is about 16 years. The average age of a 3BHK unit is about 10 years. The trend of 4BHK units has come around only in the last decade with an average age of 7 years.
Price: The weighted average price (WAP) of resale properties which also indicate the market price, is about Rs 23,200 per sq. ft.
The table below gives the characteristics of resale properties in the area.
Table: Characteristics of different BHK types for resale
|
BHK Type |
Avg. age of Property |
Avg built area (sq. ft) |
|
1 |
19 |
530 |
|
2 |
16 |
960 |
| 3 |
10 |
1600 |
|
4 |
7 |
2250 |
Key Growth Drivers
– Focused development of Andheri West as a residential area led to good growth in its civic and social infrastructure.
– Proximity to posh localities such as Powai, Bandra, Khar and Juhu, and their social amenities have contributed to the luxury quotient of the area.
– Proximity to the Mumbai International Airport and important business hubs such as Bandra Kurla Complex (BKC) and SEEPZ SEZ.
– Excellent connectivity by road and rail to all major suburbs of Mumbai. Connectivity and traffic conditions have improved in the last one year, due to Sahar Elevated Road and the new metro line. A few more infrastructure projects are also in pipeline.
