Mumbai remains the most promising real estate city, owing to its booming infrastructure, fast-growing economy and constant influx of people. Each region in Mumbai has growth potential, with certain micro-markets becoming the city’s favoured real estate destinations. Andheri East has been widely regarded by experts as one of the preferred areas by developers and consumers.
Luxury Developments
Andheri East is home to luxury developments by Grade-A developers. According to Cushman and Wakefield’s report, the city’s high-end market launches took place in Andheri over the past few years. The developments in Andheri East cater to the modern lifestyle while offering a cosmopolitan crowd. Gated communities in the area have witnessed a sturdy demand among families as they provide exclusivity and safety. Sustainability is a key consideration among luxury buyers to nurture their well-being and contribute to society and the planet. Grade-A developers are integrating environment-friendly materials and processes throughout their projects’ life-cycle.
Promising Price Appreciation
The residential real estate market of Andheri East has witnessed an average price appreciation of 7.5% in the last 12 months. With rising infrastructural connectivity, this micro-market has seen an increase in commercial, residential, educational, healthcare, retail and entertainment institutions, which would boost value appreciation. The area has several large- and small-scale enterprises, which encourage the concept of walk-to-work. These aspects have helped it emerge as a well-integrated and self-contained ecosystem that promotes a comfortable and luxurious life. It has high rental potential. Experts say that this is the right time to invest in real estate as it is likely to generate high returns over the years. A recent Naredco-Knight Frank report said that the Indian real estate market is estimated to jump 12-fold to USD 5.8 trillion by 2024. This will attract investments and increase property values.
Strong Connectivity
Andheri East provides strong connectivity to the rest of the city due to its multi-modal transport facilities. Its proximity to the prime commute routes of the Eastern and Western Express Highways, Jogeshwari-Vikhroli Link Road and Metro Rail significantly reduce travel time. The Chhatrapati Shivaji Maharaj International Airport is about 3 km from the area. The area includes a station on Line 1 (Versova-Andheri-Ghatkopar) of the Mumbai Metro. The two elevated metro lines, 7 and 2A, from Andheri East to Dahisar East and Dahisar to DN Nagar, respectively, further improve the connectivity between Southern and Northern Mumbai. The upcoming Line 3 (Colaba-Bandra-SEEPZ) will benefit Andheri East with two more stations, MIDC and SEEPZ.
The transformation of Andheri East from an industrial and commercial centre to a luxury market is symbolic of Mumbai’s dynamic and ever-evolving real estate. The area presents a compelling combination of luxury, convenience and community. Rising as a high-potential market, Andheri East is setting an example for the reinvention of urban areas to cater to evolving consumer preferences. As Mumbai continues to witness a rise in luxury developments, it functions as a roadmap for other Indian cities to revolutionise their residential markets.
(The author is CEO – Western Suburbs & Thane, Lodha )
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