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For fashion designer Shraddha Thakkar, proximity to the entertainment industry, was the primary reason that she chose to invest in a luxurious project in Goregaon west and not in Lower Parel, as advised by her friends. “When I shifted back to Mumbai from Australia last year, my friends thought it would be best for me to choose some locality in south Mumbai, because it is not as congested as the suburbs; is considered posh and provides quality amenities,” says Thakkar.
However, I chose Goregaon, as my fashion studio is in Bandra and there are ample malls and play areas for my children in Goregaon, she explains. Thakkar was able to afford a four-bedroom flat at a price, which would have fetched her only a two-bedroom flat in south Mumbai.
Goregaon west: A well-connected suburb
Over the last decade, Goregaon west has witnessed rapid urbanisation that has transformed it into a well-developed residential destination, ideal for families, couples and working individuals.
Bordered by the Western Express Highway, the place offers hassle-free connectivity to the commercial locations on its north and south. The highway connects it directly to the Chhatrapati Shivaji International Airport. The Lokhandwala-Malad Link Road, the Jogeshwari-Vikhroli Link Road and SV Road also connect the area. The region also has two big bus depots – Dindoshi and Goregaon. The locality has broad, well-laid concrete roads. Film city is also located in this area. The proposed Phase III of the Mumbai Metro that will connect Andheri east to Dahisar, is expected to provide a further boost to connectivity.
Goregaon west is a relatively safe area, with gated communities, where private developers maintain the overall cleanliness of the area. It has many township projects, with premium housing options, ranging from four-BHK duplexes to sprawling six-BHK apartments with their own private sun decks and open-air terraces. It has popular retail and entertainment centers in its vicinity, like InOrbit Mall, Oberoi Mall, Mega Mall, HyperCity, Central, The Hub and Lokhandwala market, besides commercial districts like Mindspace, Seepz and the Bandra-Kurla Complex (BKC), besides popular film studios like Filmistan and Film City. Ashish Raheja, MD, Raheja Universal says, “The area has seen tremendous growth. Ease of access, coupled with the economical rental and property prices, led to many companies setting up their headquarters in the vicinity. Premium commercial offices, IT companies, educational institutes and hospitals in the area, have added to the importance of Goregaon, which is also one of the greenest suburbs of Mumbai.”
Projects in Goregaon west
Real estate projects in the western suburbs have increased substantially over the past decade, due to the establishment of commercial offices in the Goregaon-Andheri belt. Goregaon west has benefited substantially from these developments and yet, offers affordable homes, unlike other suburban housing hubs like Bandra and Andheri.
“One can find properties, ranging from 1-BHK to compact 3-BHK apartments in price range of Rs 1-2 crores, in the western suburbs. Investing in a luxury property in south Mumbai is immensely capital-intensive. At the same price, one can get as good a project in Goregaon west, where the appreciation rates are faster,” says Manju Yagnik, vice-chairperson of the Nahar Group.
Property prices and rental income potential
Malad, Andheri and Bandra, have developed into commercial and business hubs in recent years, with many companies establishing their base in these areas. This has boosted the demand for rental accommodation in Goregaon west.
Consequently, many people have invested in properties in Goregaon west, to earn rental income. Property prices typically range from Rs 18,000 per sq ft to Rs 30,000 per sq ft.
The area, which was earlier dominated by the Gujarati community, now has a cosmopolitan outlook. “With good social and physical infrastructure, a number of healthcare centres like Lifeline Medicare Hospital and Gokuldham Medical Centre, to well-known schools like Ryan College of Engineering and Management and Whistling Woods International Institute, Goregaon west is becoming a very prominent location for home buyers,” concludes Ashok Mohnani, CMD of Ekta World.