Corridor of growth - Corridor Description and Rating Areas Included: Andheri (West), Goregaon (West), Andheri (East) and Goregaon (East)

Fig 1: Map of the corridor 02 Corridor of growth (COG)

About the Corridor Historic Development The area has also been historically blessed construction occupying at least 70% of the with strong transport linkages including the available residential land in the corridor. The The Andheri-Goregaon corridor is broadly , Western line of old residential buildings are mostly Ground +2 enclosed between the Chhatrapati Shivaji the Suburban Railway providing structures and are poorly maintained while International Airport in the south, the connectivity to both , the the new residential projects are all in the Sanjay Gandhi National Park in the north, northern suburbs and peripheral areas. upper-mid or luxury segments, providing a lot the Lake in the east and the Versova of amenities. Beach and Creek on the west. Much The New Link Road and the Swami Vivekanand of the development in the corridor is quite Road, also running from north to south, have Andheri East, closest to the airport, has old, existing from before 1990s. With the been instrumental in the development of witnessed development of a number of booming of the economy and rising prices residential areas on the west of the Western offices and hotels on both Sri Mathuradas of the commercial sector in South Mumbai line. While the corridor had excellent Vasanji Road and Guru Hargovindji Road and led to many corporate houses shifting to this North-South connectivity but the East-West houses corporates like Hindustan Uniliver and particular area. This provided less congestion, connectivity was abysmally poor. But this Glenpark. Areas along the western railway line proximity to the Airport, better connectivity also changed after the construction of the are congested due to lack of planning in these and less costly real estate for office space as –Versova line, which has reduced areas. the East-West travel time by more than half. well as employee accommodation. As an area adjacent to the glamorous Though due to the presence of the airport, the area and having premium localities like The presence of Versova Beach on the western Western Express Highway witnesses traffic , Andheri West has seen side has led to many premium residential congestion during peak hours. developments like the Lokhandwala Complex. significant re-development in recent years Many new projects were started and Upcoming Infrastructure with luxury projects like Rustomjee Elements completed in order to attract home buyers. On which has apartments starting at Rs 10 the other hand, the eastern side of the corridor This will be further boosted by the crore and is already 70% constructed. Adani witnessed constrain in the development in construction of multiple metro lines and Western Heights, with apartments starting areas above the – Link the elevated rail corridor. Currently, seven at Rs 3 crore, is also in the advanced stages of Road due to the special land use nature of the other lines are planned to be constructed in construction. the city of Mumbai of which four lines are area with forests and cattle ranges. The average prices for residential properties passing through the corridor. These lines currently under construction in Andheri West The Andheri-Goregaon corridor has four are the --- ranges between Rs 18,000-20,000 per sq ft major regions namely Andheri-East, Andheri- Metro Line, the JVLR– Metro Line, while projects in Andheri East are priced a West, Goregaon-East and Goregaon-West. the Dahisar E-Andheri E Metro Line and the notch lower at Rs 16,000-18,000 per sq ft. The Of the four regions, Andheri West is the -Bandra-SEEPZ Metro Line. Work on new properties that are under construction is most developed with a number of premium both the Dahisar-Charkop-Bandra-Mankhurd also providing modern amenities and facilities residential developments avaialble at ease Metro Line and the Dahisar E-Andheri E Metro for the home buyers here. while Goregaon East is the least developed Line is expected to start soon and will get due to a significant portion of its landmass completed by 2019. Preliminary Work on the In addition, there are also a number of under falling under the special land use. Colaba-Bandra-SEEPZ Metro Line has already construction hotels and offices in this area. started and is expected to be finished by 2021. This shows there is also development taking Present Infrastructure place in teh commercial space as well. The In addition, the plan to create an elevated roads are wider compared to Andheri East and The corridor has had strong infrastructure rail corridor between Bandra and was the area scores high on social infrastructure linkages with many key infrastructure also proposed by the Rail Minister during the with a large number of hospitals, including the landmarks present here including the February rail budget this year. Work might famous Kokilaben Dhirubhai Ambani Hospital, Chhatrapati Shivaji International Airport and start as soon as August 2016. All these mass and the 2.5 lakhs Sq ft Infinity Mall. There are the Santacruz Electronics Export Processing transportation systems are going to change schools, parks, restaurants including other Zone (SEEPZ). with the mobility landscape of the corridor, facilities that are easily avilable in this corridor. While the airport has been a strong driver providing opportunity to its residents. of commercial real estate development in Development in West Goregaon is much newer Andheri East as well as along the Western Current Development than those of Andheri East and West, and these areas are also prime spots for residential Express Highway (NH-8), the SEEPZ led to The corridor is a mix of old and new many residential developments in the 90s era. and commercial real estate development. constructions with the old residential Areas on both the New Link Road and the 03 Corridor of growth (COG)

Swami Vivekanand Road are mostly residential The average prices for residential properties in along with cheaper rentals compared to south and high-street. the locality hovers around Rs 13,000-15,000 and central Mumbai. There are number of new per sq ft. The commercial development here projects that are coming up in the commercial The key under construction developments in is mostly witnessed on the Western Express space, which is attracting investors. this area include the Ariisto Sommet, Imperial Highway, in areas like the CAMA Industrial Heights by Radius Developers, Kalpataru Estate. There is plenty of green space in the Radiance, HDIL The Meadows and Sunteck City Outlook area, which is an advantage for development Avenue. On an average, the area is Rs 1000- of this corridor, although the residential The corridor is a prime destination of 2,000 per sq ft cheaper than Andheri even developments near the , on Aarey residential, commercial, retail and hotel though it does not lose out on the location. Road are mostly affordable in nature and but developments in the region and will benefit There is not much commercial development the area is little difficult to commute. greatly from the number of infrastructure taking place in the area, which is mostly in projects active here. New infratsructure Goregaon East. There is no quality mall in Commercial Development projects are already in pipeline such as Goregaon West although both the 6 lakh sq ft extension of metro line, railway line, including Inorbit Mall in Malad and the Oberoi Mall in Mumbai is quite desirable for commercial others. Goregaon East are close by. development. People from far away places However, the current state of traffic congestion migrate to the city for setting up their business Goregaon East has much less development seen on the Western Express Highway is for growth. In fact, many multinational compared to the rest of the corridor with a situation of concern and has resulted in companies are also having their presense in most of it being concentrated on the Western buyers shifting to Central Suburbs (comprising this city, which is helping to generate potential Express Highway and in areas near the Film localities like and Kanjurmarg) for new employment and revenue for the state of City. The leading developers such as Oberoi home purchases. The corridor does not have . Majority of the commercial Realty, Omkar, Lodha Group and Paranjape any land availability, which is also a concern. development on the corridor has been Schemes have luxury residential projects under But one thing is vital to know about this mushrooming on the narrow stretch of land various stages of construction in the micro corridor is that most of the ongoing projects on both sides of the Western Express Highway, market. The home buyers are also showing are re-developments, providing limited scope benefiting from the connectivity provided by immense interests in these properties. for future development. But, the area is rated the expressway and proximity to the airport, high on social infrastructure.

Overall Connectivity Social Infrastructure Security/Water

Properties available in the corridor he corridor offers a significantly wide of properties here is Rs 80 lakh, making all points of upto Rs 2.5 crore, post which the variety of price ranges, much more than the properties fall in the luxury category contribution to the total pie starts diminishing Tin any other growth corridor across and making this the only corridor catering for each price segment. The corridor is in a and which also has properties costlier exclusively to the luxury segment. The well-developed part of Mumbai and majority than in any other corridor. The starting price properties are fairly distributed across price of the available listings are ready-to-move-in,

Fig 2: Distribution of properties by price Fig 3: Distribution of properties by delivery status Fig 4: Distribution of properties by bedroom configuration 04 Corridor of growth (COG)

Table 1: Sizes and prices of flats available for providing immediate possession. Given the varying along the length of the corridor, falling various room configurations expensive nature of the residential sector in as one moves north and away from southern Sales Price Covered Area this region, more than 40% of the supply is Mumbai. While the range of apartment sizes ( Lacs) (Sq.ft) in the 2BHK category, followed by the 3BHK is large, the majority of configurations of 1, 2, 1 BHK 75-160 540-710 format with one third of the supply, leaving 3 and 4BHK units are around 630, 1100, 1600 2 BHK 120-280 860-1270 just 10% for 4BHK units and above. and 2600 sq ft respectively. These sizes are slightly more than the average sizes available 3 BHK 220-470 1,280-1,910 The corridor provides a wide range of choices in cities across India. 4 BHK & above 285-865 1,890-3,340 for each bedroom configuration with prices Best sectors to invest in a home Based on rental demand in sectors

Fig 5: Top 10 localities by consumer for renting a house he top 4 localities for rental demand total demand while Goregaon East and West the west of the western rail line, while only are the four key regions located on the account for almost 30%. Of the next six and JVLR lie on the east of the same. Tcorridor with Andheri East and Andheri localities, Versova, Jogeshwari West, Juhu- The property prices available for renting in this West constituting near about 60% of the Versova Link Road and Shastri Nagar all lie on corridor are between Rs 41,300-61,100.

Based on home buying demand in sectors

Fig 6: Top 10 localities by consumer for buying a house 05 Corridor of growth (COG)

he home buying tendency follows returns to owners and hence, more people the top ten localities by consumer searches for closely with the rent seeking tendency will be looking to buy in these localities. renting a house. Ton the corridor. All the localities which Consequently, eight of the top ten localities by have high rental demand will give better consumer searches for buying a house, are in

Best bedroom configurations to buy Preferred buying and renting options

Table 2: Demand distribution for buying and renting he corridor is being preferred for buying equal for 1 and 3BHK formats, but there is a Buying Renting and renting purpose as there is a potential renting options available in 1BHK Total (BHKs) Total (BHKs) Tpotential options available for the home format in this particular corridor. The rental 1 BHK 26% 43% buyers . The 2BHK format is the predominant demand for the 1BHK format far outstrips the 2 BHK 43% 35% apartment type in the Andheri-Goregaon 3BHK and even the 2BHK units in this corridor. Corridor, occupying 43% of consumer demand This is in line with the supply, as 1BHK units 3 BHK 23% 20% for buying a house and 35% demand for have a much higher availability for renting as 4 and Above 7% 2% renting. While the buying demand is almost compared to the supply for sale. Price changes and future prospects

Historic Price movement Corridor Average Price Rs/sqft Table 3: Historical Price changes 6 monthly change Yearly change -1% -1% umbai market has been very stable compared to the rest of India, and Mthe price changes have been largely constrained in this market. The Andheri- Goregaon corridor has witnessed sale transactions as well as inventory additions, keeping pricing stable for the corridor. The price changes for the last 5 quarters had a narrow range of -2% to 4.3%. Going forward, in the long term, not only the upcoming supply is going to be restricted in the corridor, but the infrastructure of the corridor will also improve with the upcoming 4 metro lines, putting upward pressure on the prices.

Fig 7: Historical Price changes of corridor 06 Corridor of growth (COG)

Price movement for top localities by Consumer Preference

he last quarter has witnessed the fall in prices for three of the top four key localities in the corridor. However the Tdecline in price did not hold a pattern and has been because of seasonal changes. The only locality, which witnessed a price increase in the last quarter was Goregaon East. However, the price increase is less than 1%. The price movement is happening according to the demand of the consumer preference in the corridor.

Fig 8: Price changes in top localities by consumer demand

Master Plan s a result of space crunch, the city, lot of vertical development in the city. As the of residential/commercial development are on the basis of available support city’s population gets richer, the demand for expected to witness water shortage in future. Ainfrastructure, provides developable bigger homes will rise. As a result, the city Overall, while there is a severe dearth of land area on a plot of land to be between 200% has devised a unique system of increasing the in the corridor for residential use, leading and 800%, in its new development plan developable space in projects. to re-development of industrial areas, 2014-34. This trend is rarely witnessed in which forms around 10% of the city’s total However, vertical development puts direct other cities of India, where the ratio is usually developable area. pressure on the resources and areas with lots between 150% and 300%. This has led to a Infrastructure Updates Versova–Andheri–Ghatkopar JVLR–Kanjurmarg Metro Line Colaba-Bandra-SEEPZ Metro Line Metro Line This is the connecting line between the Preliminary Work on the Colaba-Bandra-SEEPZ This line is already operational, connecting Andheri-Dahisar Line in the west, Colaba- Metro Line has already started and is expected Andheri East with Andheri West and runs very Bandra-SEEPZ Line in the centre and - to be finished by 2021. This line connects the close to the airport. This line actually connects Ghatkopar--Kasarvadavali Metro Line in corridor with South Mumbai while passing the eastern and of the city. the east. This line runs parallel to the JVLR road. through the airport. It will also help to improve the connectivity to Dahisar-Charkop-Bandra- other parts of the city. Bandra-Virar Elevated Rail Line Mankhurd Metro Line Dahisar E - Andheri E Metro Line Although this project has been in the backburner for some time due to it running Work on the line is expected to start soon and Work on the line is expected to start soon and parallel to the Dahisar E - Andheri E Metro Line to be completed by 2019. The line connects be completed by 2019. The line runs parallel and the Dahisar-Charkop-Bandra-Mankhurd the north of the Western Suburbs with Central to the Western Express Highway and provides Metro Line, e Rail minister in the February and East Mumbai regions and it is fully connectivity to the eastern portions of the budget this year, said that work might start as underground network. Western Suburbs. soon as August 2016. 07 Corridor of growth (COG)

IN NEWS Goregaon offers attractive housing options Goregaon: Most preferred residential locality in Mumbai Goregaon offers attractive housing options to consumers. Majorly, Today, Goregaon is considered to be the most sought after location for the residential complexes in this locality provide luxury and comfort real estate development and growth. Goregaon has well developed in terms of amenities such as swimming pools, clubs, restaurants, social and physical infrastructure and this has made the locality sports platforms and courts, kids’ club, etc. At the moment, there are one of the most preferred residential localities in Mumbai. The area a number of new residential projects coming up in both, Goregaon has witnessed unprecedented growth in the last few years. It has East and West. Prominent realtors have invested in the area, as they emerged as a sought-after location for potential buyers and investors are quite confident about the return on investment. The fundamental alike. Located in the northern part of Mumbai, this suburb is easily reason behind Goregaon’s growth is that other areas such as accessible. This suburb is close to commercial areas such as Andheri Bandra, Andheri and Powai belts are unaffordable for many. This and Bandra. The Western Express Highway is in proximity making it spills the demand to areas such as Goregaon, as property prices are easy for the residents to reach other parts of the city conveniently. comparatively affordable. n Source:The Times of India n Source: Magicbricks Bureau Property investors are exploring new avenues Andheri West offers new residential supply The property investors are showing interests in the Andheri real estate If you are looking for buying properties in Mumbai then Andheri has market immensely. Actually, a number of start-up firms have set up something to offer. Andheri West is located at a distance of 6 km from their offices in the locations (Andheri), which has fuelled growth for the Western Express Highway ensuring connectivity across the city. housing demand in the surrounding locations. The developers are The nearest railway station is at a distance also providing modern facilities that will attract home buyers. Areas of 4 km and Mumbai International Airport at 7 km. The locality located in the western suburbs have good investment options for a offers a well-fabricated social infrastructure with schools, hospitals, home-buyer to consider. Some of the other factors to consider when commercial complexes and banks. If you are looking to buying investing in a property are connectivity and social infrastructure a property and wish to live in a locality offering a good lifestyle, development in and around the area. Andheri and Goregaon have the developed infrastructure, good connectively and affordable capital future demand, connectivity, infrastructure development and growth, values, Andheri West can be worth considering. which will attract buyers to the location. n Source: Magicbricks Bureau n Source: The Times of India MOST POPULAR PROJECT in Andheri - Goregaon http://magicbricks.com/investment-hotspots/mumbai/andheri-goregaon/

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PROJECT SUMMARY BY BUDGET in Andheri - Goregaon http://magicbricks.com/investment-hotspots/mumbai/andheri-goregaon/

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