Mumbai has always highlighted a positive trend in the realty segment. The article discusses about the latest realty trends in two locations, Borivali and Goregaon.
There was a time when the real-estate sector in almost all over India, but cities like New Delhi, Kolkata, Mumbai and Pune witnessed some remarkable growth in terms of residential units in the year 2012. The leading real estate consultants Cushman & Wakefield conducted a study across eight cities, viz. Delhi & NCR, Ahmedabad, Bangalore, Hyderabad, Chennai, Mumbai, Pune and Kolkata. The residential units constructed in these cities displayed a decreasing trend by approximately 16% (162,000 units) last year as compared to that in 2011. Mumbai emerged as an exception, which showed a growth of 72%(22,423 units), while Bangalore experienced a highest decline of around 50% (16,543 units). Capital value in Mumbai continued to rank higher as compared to the national average.
One of the premium localities in central Mumbai, Borivalidisplayed highest capital values across the city and emerged as one of the hottest residential property destination. Not only the residential real estate, the commercial real estate segment also saw some positive trends. According to the market experts, the prices of properties in these areas are no less than 8,000-14,000 per sq. ft.The rates totally depend on the location of the property as well as the specifications of the property. Because of the increased demand of the residential and commercial properties, the prices of properties have already gone up by 25-35%.
The central Mumbai location is experiencing huge demand for housing mostly from those buyers who belong to middle-income groups. Factors like cost-effectiveness, calm atmosphere and good connectivity with other parts of the city make property in Borivali East a lucrative option. In addition, the connectivity of the locality with Mumbai and Thane is an added benefit. Another location of Mumbai, Goregaon, has seen some growth in the demand for residential units, is slowly emerging as one of the ideal places in terms of commercial realty, and has invited a number of corporate giants to establishments their bases.
The locality is strategically located and its proximity to Bandra-Kurla Complex and eastern &western suburbs of Mumbai has madeGoregaonan ideal real estate destination. Goregaon hosts a number of renowned educational institutions, shopping complexes, shopping malls,health-care centers as well as eateries. All these things contribute in the great living experience in Goregaon. The gree localities around Goregaon make it the greenest of all other surrounding suburbs, which are densely population and the dwellers hardly experience any greenery.
According to the market experts, the flats and apartments of area 2,000-3,000 sq. ft. category are available in a price range of Rs. 12,000-18,000 per sq. ft. Though this is costly, but if we compare this price to the prime locality of Mumbai, which is South Mumbai, the apartments are priced at a whopping range of Rs. 30,000-50,000 per sq. ft. Now a day, the properties in South Mumbai are available at no less than Rs 8-9 crores. The boom in the prices has made the buyers reluctant from investing their hard-earned money in South Mumbai. In the coming years, the prices of residential as well as commercial properties of Mumbai will soar and most likely witness the next economic boom cycle, and will enable the builders to launch a few new projects and thereby lead to an obvious hike in the prices.
Author Bio: Rashmi Karan writes on the behalf of 99Acres.com, which is the leading real estate portal providing genuine and accurate information about the current real estate trends regarding purchase and sale of both residential and commercial properties across nation. Such as Property in Kandivali East, Property in Chembur, etc.