Worli Research Report.Cdr
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October, 2017 WORLI MSOUTIH CENTRRAL, MUMOBAI MARKET O V E R V I E W www.anarock.com CONTENTS Micro o Evolution of the Micro Market 1 Market o Location Mapping Overview o Connectivity & Major Growth Drivers o Social Infrastructure o Physical Infrastructure – Existing/Ongoing/Proposed Commercial o Overview 2 Market o Rental Values Comparison – Mumbai Metropolitan Region Overview o Capital Value Trends – Worli o Key Completed Commercial Developments in the Precinct Residential o Inventory Summary 3 Market o New Launch Supply-Unsold Inventory Dynamics – Overview Under Construction Projects o Unsold Inventory Breakup with Absorption o Price Trends o Unit Size-Ticket Price Breakup with Absorption o Graphical Representation – Key projects Livability 4 Assessment Why 5 Worli? Worli I Micro Market Overview Micro Market Overview Evolution Story www.anarock.com Worli, once known as a popular P r o p i n q u i t y a n d e a s y Due to its distinct “downtown” textile mills destination of the then accessibility to the seashore i m a g e a n d s e a m l e s s S o u t h B o m b a y, t o d a y h a s have significantly transformed connectivity to Mumbai’s CBD completely transformed into a the Realty landscape of Worli. (Bandra-Kurla Complex), Worli posh neighborhood of South When the premium residential has become the most sought- Mumbai. micro markets in South after residential destination in Mumbai were struggling for the city. Home buyers are also Located in the southern part of l a r g e - s c a l e r e s i d e n t i a l willing to pay surcharges due to Mumbai, Worli has emerged as one d e v e l o p m e n t s , d u e t o lifestyle amenities provided by of the prime residential areas in unavailability of large land the developments in this micro the last decade. This micro-market parcels, Worli emerged as a market and as the distinct is considered to be the new luxury prime residential market for “address” due to the celebrities h o u s i n g d e s t i n a t i o n f o r luxury developments as a residing in the neighborhood. industrialists, business honchos, seaside promenade. Bandra-Worli Sea Link Worli I Micro Market Overview Micro Market Evolution Story Overview www.anarock.com Mumbai Central Bus Terminus Mumbai Central Railway Junction Chhatrapati Shivaji International Airport Mumbai Metropolitan Region Arabian Sea Proposed Metro Line 3 Metro Rail Network (Proposed) Eastern Express Highway Eastern Freeway Bandra-Worli Sea Link Western Express Highway Arterial Road Network Rail Network Waterbodies Localities Mahalakshmi race Course Worli I Micro Market Overview Micro Market Overview Connectivity www.anarock.com Worli is Road Ÿ Well-connected to Western Suburbs – Bandra-Worli Sea Well-Connected Link, which originates from Khan Abdul Gaffar Khan Road in Worli, provides excellent connectivity to Bandra. to various parts Further, it merges into Western Express Highway and connects Worli to Chhatrapati Shivaji International airport and key micro markets of Western Suburbs such of Mumbai as Andheri, Goregaon, Malad, and Borivali. through a grid Ÿ Proximity to Eastern Express Highway – Worli lies in propinquity to the Eastern Express Highway, which of roads and provides excellent connectivity to the eastern suburbs as well as the metropolitan area of Thane. an established Rail Rail Network. Ÿ Worli is well-connected to major railway stations such as Dadar and Chinchpokli on the Central line and Mahalakshmi and Elphinstone Road on the Western line. MAJOR GROWTH DRIVERS Ÿ The micro market enjoys easy accessibility to the commercial establishments of South Mumbai and the Western Suburbs. Moreover, improved connectivity via Bandra-Worli sea link to BKC, which is now Mumbai’s ipso facto CBD, is also an added advantage. Ÿ Apart from the improved physical and social infrastructure, Worli also benefits significantly from the presence of several Grade-A office spaces and retail developments. Availability of land parcels near the seashore and its distinct ‘downtown’ image has attracted several developers to this micro market. Ÿ Considering the location advantages, Worli already has a vibrant real estate market, and the micro market may continue to command a premium over the long term. In addition, post operationalization of metro line 3 in the next 5 years or so, the micro market is likely to witnesses a further surge in capital values and rentals. Worli I Micro Market Overview Micro Market Overview www.anarock.com DY Patil International School Sacred Heart High School Greenlawns Hilltop Hotel School People Mobile Hospital French International School of ESIS Hospital Banking MA Podar Hospital ITC Grand Central Pre-Primary Four Seasons Podar ORT Hotel International High Street School Phoenix Mall Atria Mall Nirmala Hospital Mumbai Central Bus Terminus Connectivity Mumbai Central Railway Junction Arterial Road Network Chhatrapati Shivaji International Airport Rail Network Mumbai Metropolitan Region Waterbodies Arabian Sea Localities Proposed Metro Line 3 Mahalakshmi race Course Metro Rail Network (Proposed) Hospital Eastern Express Highway Hotel Eastern Freeway Retails Bandra-Worli Sea Link Western Express Highway SCHOOL School Worli I Micro Market Overview Micro Market Overview Physical Infrastructure – Existing www.anarock.com Name Description Bandra-Worli Connects Bandra (Western Suburbs) to Worli in South Mumbai. This Sea Link link significantly reduces the travel time. Western The Western Express Highway, is a 25 km long multiple-lane arterial Express road stretching from Mahim creek to Dahisar. Highway Eastern Road The Eastern Express Highway, is a 24 km city express highway. It is a Express north-south artery of Mumbai connecting the city to the eastern Highway suburbs and the metropolitan area of Thane. Eastern The Eastern Freeway is a 17 km long road connecting the P D'Mello Freeway Road in South Mumbai to the Eastern Express Highway at Ghatkopar. Name Connectivity Description Western Line Dahanu Road to The Western line consists of more than 30 stations (Mumbai Churchgate from Dahanu Road to Churchgate Railway Station. Suburban Railway Station Railway) Rail Central line Chhatrapati Shivaji The Central line consists of more than 20 stations f (Mumbai Maharaj Terminus rom C.S.T. to Kalyan junction. It further extends Suburban (C.S.T.) to Kalyan upto Kasara and Khopoli. Railway) junction & beyond Name Connectivity Description Mumbai Chembur to The first phase of monorail - the 8.8 km stretch Monorail Wadala between Chembur to Wadala is operational. An Line 1 extension for Line 1 consisting of 11 stations from Wadala to Jacob Circle is also expected to be Mono Rail operational by the end of 2017 or early 2018. Worli I Micro Market Overview Micro Market Physical Infrastructure – Ongoing Overview & Proposed www.anarock.com Ongoing Name Description The metro line will connect Cuffe Parade in south to SEEPZ in the north- central with 26 underground and one Phase 1 - Line 3 at-grade station. The cost of this Mar 2021, (Colaba- corridor is estimated at INR 23,000 Under Bandra- crore. Line 3 is expected to reduce construction Phase 2 - road congestion, besides reducing the Metro Rail SEEPZ line) Dec 2021 load on the Western rail line between Bandra and Churchgate Proposed Name Description The Coastal Road is a proposed 29 km freeway that would run along Mumbai's western coastline connecting Marine Coastal Road Lines in the South to Kandivli in the North. The construction work of Coastal Road may start by the end of 2017. Metro Rail The Mumbai Trans Harbor Link (MTHL), also known as the Mumbai Trans Sewri-Nhava Sheva Trans Harbor Link, is a proposed 22 km, Harbour Link freeway grade road bridge connecting Mumbai with Navi Mumbai. Bidding for development of this link is still in progress. Source : Mumbai Metropolitan Region Development Authority Worli I Micro Market Overview Commercial Market Overview www.anarock.com Worli is one of the busiest commercial hubs in Mumbai, with the presence of commercial establishments such as Shiv Sagar Estate and occupiers such as GSK Pharma, TATA, Novartis, HDFC Bank, Yes Bank, Siemens, Deloitte, etc. The micro market has emerged as one of the premium residential-cum-commercial precincts of Mumbai. Peninsula Business Park Dr. Annie Besant Road, the major interior road of Worli has become the cynosure of real estate developments. This locality has attracted several developers for large-scale residential and commercial development, due to its strategic location advantage and proximity to sea shore and Bandra-Worli sea link. Commercial activity in the precinct has driven the residential demand in Worli and has significantly boosted the real estate development in and around the micro market. Shiv Sagar Estate Indiabulls Finance Center Worli I Micro Market Overview Commercial Market Overview www.anarock.com Rental Values – Mumbai Metropolis Rental values Y-o-Y Change (in %) Micro markets (INR/Sqft/month) Bandra Kurla Complex (BKC) 230 - 320 1% CBD 210 - 260 0% Worli 180 - 220 -2% Prabhadevi 170 - 210 -3% Kalina 140 - 180 -4% Lower parel 170 - 210 -2% Powai 110 - 130 -4% Goregaon 230 - 320 -4% Andheri East 90 - 140 0% Malad 80 - 110 1% Navi Mumbai 70 - 110 0% Thane 60 - 80 6% Price Trends - Commercial Property (Capital Value) 26,500 26,000 25,500 25,000 Price in INR. 24,500 24,000 Q1 - 2016 Q2- 2016 Q3 -2016 Q4 - 2016 Q1 - 2017 Q2 -2017 Wtg. Average Price in INR/Sqft Key Completed Commercial Projects in the Precinct Project Name Built up Area Rental Capital Values (In Sqft) (INR/Sqft/month) (INR/Sqft) Lodha Excelus 5,00,000 140 - 160 18,000 – 22,000 Shiv Sagar Estate 4,10,000 115 - 130 28,000 – 32,000 Peninsula Business Park 12,00,000 200 - 220 49,000 – 53,000 Indiabulls Finance Center 10,80,000 (Tower 1 & 3) 165 - 180 25,000 – 29,000 Worli I Micro Market Overview Residential Market Overview Inventory Summary of Under-Construction Projects in Worli www.anarock.com Ÿ The residential market of Worli has around Total Units 3,600 3 , 6 0 0 u n i t s a t d i f fe re n t st a g e s o f construction, providing buyers a fairly wide range of options.