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Investing in Mumbai

Q: Is it a smart idea to invest in Mumbai western stretch?

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Replies (5)
1
What are the growth prospects of the Western Express Highway and the Eastern Express Highway?
Abhijit Thanki


Due to high property prices, the western suburbs have seen little price appreciation in the last two years. For example, capital value in Bandra West went up from an average of Rs. 32,650 to Rs. 41,000 per sq.ft. Property prices in Malad West went up from Rs. 11,500 to Rs. 15,000 per sq.ft and property values in Goregaon went up from Rs. 11,450 to Rs. 15,000 per sq.ft. The average growth in property values in these suburbs in the last two years is between 25.5 – 31%.
23rd November 2013


The average capital value in Mulund east saw an appreciation from Rs. 9,600 to Rs. 13,500 per sq.ft in two years. Similarly, Bhandup east saw an increase from Rs. 8,200 per sq.ft in 2011 to Rs. 11,350 per sq.ft in 2013. Capital values in areas that lie along EEH such as Mulund east, Vikhroli, Kanjurmarg east and Bhandup east appreciated by about 50-65% since 2011.

The suburbs lying along the EEH continue to see appreciation in property values. Hence, if one wants to invest in a property in Mumbai, eastern suburbs prove to be a better choice.
Rakshit,  Mumbai
23rd November 2013


2
When it comes to long term investing prospects in a city, major highways are the best bet as they provide good connectivity to various localities within the city and areas in other cities. Due to this connectivity, the infrastructure of a particular area grows and with growth in infrastructure, the growth in demand for that area grows. Consequentially, prices in the locality too appreciate.
Rakshit


The western suburbs have excellent proximity, accessibility and connectivity to commercial destinations. Most of the business districts and SEZs such as Bandra Kurla Complex and Andheri SEEPZ are either situated within the western suburbs or close to these areas. Apart from the WEH, these suburbs have other important arterial roads and bridges that connect them to these business districts such as Link Road, SV Road and the Bandra-Worli Sea Link. These suburbs are also highly developed and offer several social amenities to people.
23rd November 2013


All these factors put the western suburbs beyond the affordable band. Typical property values in these suburbs range between Rs. 20,000 – 45,000 per sq.ft. For example, property value in Andheri West is between Rs. 20,100 - 25,050 per sq.ft. It is between Rs. 39,600 – 42,400 per sq.ft in Bandra West. Though these values are lesser than those of South Mumbai (approx Rs. 55,000 – 70,000 per sq.ft), they are still high from a common man's perspective.
Sankalp,  Mumbai
23rd November 2013


3
What are the parameters to watch while purchasing property in the western stretch?
Arup rajan


While more people plan to buy properties in these localities, there are certain factors that should be taken into consideration in these locations.

1) Buyers need to make sure that the necessary approvals and permissions for converting the land as residential plots are obtained from the developer. They also need to look for any pending approvals.

2) BMC issues certificates such as Commencement Certificate (CC) and Intimation of Disapproval (IOD) in regards with construction of buildings. A project must have both certificates.

3) Area terminologies such as carpet area, saleable area, etc are important parameters a buyer should be aware of. Loading factor is an important parameter a buyer needs to remember. A lower loading factor is always good for the buyer.
Sunil Joshi,  Mumbai
15th August 2013


Continued
4) Buyers must obtain minute details of various promised features. They must also look for penalties for non-performance. Approved construction plans are available and must be displayed by the builders on the construction site at all times.

5) Buyers need to understand the various elements involved in maintenance charges. They should also understand the responsibility of the builder while paying recurring maintenance charges.
Sunil Joshi,  Mumbai
15th August 2013


4
How is the connectivity to other parts of Mumbai ?
Abhijit Thanki


The western part of Mumbai has very good connectivity to other parts of Mumbai through highways such as National Highway 8. The Jogeshwari-Vikhroli Link Road (JVLR) connects the western suburbs to the eastern suburbs. There are many other important state highways and expressways connecting west Mumbai to other parts of Mumbai, Navi Mumbai and Pune. The Mumbai railway and metro provide excellent connectivity between different parts of Mumbai.
Vinay Dixit,  Mumbai
15th August 2013


Other factors such as excellent roads, low crime rates and social comforts such as low industrialization, lesser slum areas and low pollution have made these areas popular residential hubs.
Vinay Dixit,  Mumbai
15th August 2013


5
Mumbai is known for its fast paced growth. As such, it has been seeing a massive growth in residential as well as commercial projects in the last few years. The western stretch especially has seen massive growth in infrastructure projects and hence residential projects.
Vinay Dixit


Earlier Bandra, Juhu and south Mumbai were considered the prime locations for housing. But, due to the increasing infrastructure projects and excellent connectivity to important commercial centers areas along the western stretch of Mumbai such as Kandivali, Borivali, Malad, Khar, Dahisar, Santacruz and Andheri are in demand.
Lalit Verma,  Mumbai
15th August 2013


What is the main reason that the demand for residential projects on the western stretch?
Abhijit Thanki,  Mumbai
15th August 2013


The important factor contributing to the demand for residential projects on the western stretch is their proximity and connectivity to Bandra-Kurla complex and Powai. Bandra-Kurla complex is the first of the growth centres in Mumbai. Powai has an SEZ which houses many well-known commercial institutions such as Deloitte and CRISIL. Powai is also just about 5 km from Mumbai International Airport.
Padma G,  Mumbai
15th August 2013


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