Want to buy a Luxury House? Check Out Andheri East

Andheri East is growing as one of the most sought after real estate destinations in Mumbai in recent years, similar to its western counterpart. The area once developed more as an industrial area unlike its western counterpart, has started gaining prominence similar to Andheri West in terms of real estate. While the area doesn’t offer affordable housing anymore, one can look towards the area for luxury housing.

Following is a snapshot of the housing trends in the area.

Property type: Most of the new residential units being launched in the area are multi-storeyed apartments. There are also a few builder floor apartments available.

BHK-wise configuration: Andheri East offers a high number of 2BHK apartments, followed by 1BHK apartments and 3BHK apartments. A few 4BHK apartments too are available.

Classification of housing segment: According to a recent report by CommonFloor, almost 42 per cent of the new apartments are available in the luxury segment with a price range of Rs 1.2-2 crore. About 33 per cent of the units are available in the mid-segment with a price range of Rs 60 lakh-1.2 crore, and the remaining 25 per cent are in the ultra-luxury segment with a budget of more than Rs 2 crore.

Approximate price range: According to the CommonFloor report, the weighted average price (WAP) of the newly launched projects in the area is about Rs 14,900 per sq.ft.

Primary growth drivers

– The area’s connectivity and infrastructure has grown multi-fold in recent years. This has attracted a few top builders such as Lodha Group and Oberoi Realty to come into the area’s real estate scenario.
– The first Mumbai metro line from Versova to Ghatkopar and Sahar Elevated Road were opened last year. Both pass through Andheri East. This has improved connectivity to the area as well as the traffic conditions, which has provided fillip to the area’s attractiveness.
– The area’s closeness to posh areas such as Bandra and Khar, Mumbai International Airport, and business hubs such as Bandra Kurla Complex (BKC) and SEEPZ SEZ is a huge driver for the realty market.

The following table gives an idea about some of the top developers and their projects in the area.

Table: Key developers and projects in Andheri East