Andheri West May-2015
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Real Insights: Real Estate Overview Andheri West May-2015 Executive Summary Andheri, a western suburb in Mumbai, has metamorphosed over the last several years to become one of the most sought-after regions in the city. It has transformed into being one of the posh localities in the financial capital, largely in demand by Bollywood stars and TV personalities and other high net worth individuals. The suburb is essentially divided into East and West regions. The following report tries to identify the various factors that led to realty growth in Andheri West. Since inception, the region has essentially developed as a residential area and, as a result, has witnessed rapid growth in its social and physical infrastructure. Further, the report identifies the present real estate market scenario in terms of housing sale and rent, the key real estate trends, the top builders and projects available, the civic issues, the opportunities available for area’s future growth, amongst others. To summarize it all, Andheri West continues to grow as a real estate hub with increasing demand by high net worth individuals. Offering properties for both sale and rentals, the area is witnessing continued growth in infrastructure and appreciating property prices over the years. Moreover, considering the various parameters, one can expect a positive real estate growth in the area in the near future. Index Executive Summary ................................................................................................................................................................................. i Index ............................................................................................................................................................................................................. ii List of Maps ............................................................................................................................................................................................... iii List of Figures ........................................................................................................................................................................................... iii List of Tables ............................................................................................................................................................................................ iii Introduction ............................................................................................................................................................................................... 1 Connectivity and Infrastructure .................................................................................................................................................. 1 Major landmarks ................................................................................................................................................................................. 2 Civic issues ............................................................................................................................................................................................ 2 Latest Updates .......................................................................................................................................................................................... 2 Regulatory updates............................................................................................................................................................................ 2 Commercial updates ......................................................................................................................................................................... 2 Market Outlook ........................................................................................................................................................................................ 3 Residential launches ......................................................................................................................................................................... 3 Major Builders and projects .......................................................................................................................................................... 3 BHK-wise and segmentation split ............................................................................................................................................... 4 Weighted Average Price (WAP) ................................................................................................................................................... 4 Resale trends from 2013-2015 .................................................................................................................................................... 5 Housing rentals ................................................................................................................................................................................... 6 Rental Yield ........................................................................................................................................................................................... 7 SWOT analysis .......................................................................................................................................................................................... 8 Key points ................................................................................................................................................................................................... 8 List of Maps Map 1: Andheri West location and context .................................................................................................................................. 1 List of Figures Figure 1: Units launched in Andheri West, 2012 - 14 ............................................................................................................. 3 Figure 2: BHK wise unit availability................................................................................................................................................ 4 Figure 3: Classification of housing segments .............................................................................................................................. 4 Figure 4: Weighted average price (WAP) in Andheri West .................................................................................................. 4 Figure 5: Type of residential units available for resale .......................................................................................................... 5 Figure 6: Configuration of units available for resale ............................................................................................................... 5 Figure 7: Average resale prices in Andheri West, 2014 - 15 ................................................................................................ 6 Figure 8: BHK wise availability for rent ........................................................................................................................................ 6 Figure 9: Average rentals per sq. ft. in Andheri West ............................................................................................................. 7 Figure 10: Avg. Rental Yield in Andheri West since 2014 ..................................................................................................... 7 List of Tables Table 1: Important infrastructure projects in Andheri West .............................................................................................. 2 Table 2: Major developers and projects in Andheri West ..................................................................................................... 3 Table 3: Characteristics of different BHK types for resale .................................................................................................... 5 Table 4: Average rentals of residential units in Andheri (W).............................................................................................. 6 Table 5: SWOT analysis of Andheri West real estate market .............................................................................................. 8 Introduction Map 1: Andheri West location and context (Source: Google Maps) Andheri has come a long way from being just another western suburb in Mumbai to being a populous and one of the most popular suburbs in recent times. Today, it is one of the most sought-after western suburb for rentals and ready-to-occupy properties due to its bustling commercial and residential activities. Andheri is essentially divided into western and eastern zones similar to other suburbs. Of these two zones, Andheri West has outpaced its eastern counterpart in terms of property values. Primarily a residential area, Andheri West boasts of myriad amenities that cater to the residents’ needs. Unlike its eastern counterpart, Andheri West boasts of solid basic structure and organisation. Situated close to the beach are prime residential complexes with state-of-the-art amenities such as swimming pool, jogging track, sports centre, departmental stores, and multiplexes. The western zone revels in its green landscapes and calm environment, making it a preferred destination for many. Connectivity and Infrastructure Andheri West has several roads passing through it, providing excellent connectivity