Luxury Has A New Address In Mumbai, Andheri-Goregaon
What is one of the key driving forces to up the value of a property and even transform it into luxury? In India, it is the occupant profile. The sound occupant profile easier the sale of the property as a luxury home. Buyers who look for a luxury property clearly want to live in a location where other people come with certain level of professional accomplishment and good social standing live.
While amenities play a crucial role, too, occupant profile is not overlooked. In fact, the occupant profile at times overpowers amenities.
Mumbai is one such city that houses prime areas wherein the occupant profile attracts luxury home buyers. One of the most popular areas in this category is south Mumbai. But, the lack of land availability is opening avenues for localities such as Andheri-Goregaon to emerge as the destination next for luxury homes driven by occupant profile. The demand for luxury apartments in Andheri-Goregaon is witnessing an increase. “The relatively low cost of land, much-improved physical and social infrastructure and proximity to new commercial hubs has led to increased premium real-estate activity in the Andheri-Goregaon region,” Sunil Mishra, Chief Business Officer (Primary Sales) , PropTiger.com was quoted as saying by Hindustan Times, recently.
According to PropTiger Datalabs, launches in the western suburbs ranging from Bandra to Dahisar, saw an increase of around 17 per cent from first quarter of the financial year 2016-17 (Q1) to the third quarter of financial year 2016-17 (Q3) . “It is interesting to note that the suburbs from Andheri to Dahisar account for nearly one-third of the total high-end launches witnessed in the city during this period,” Mishra added.
Commercial calling
Andheri-Goregaon is also one of the preferred location for companies to set up offices, too. For instance, in 2013, companies including Birla Sun Life, Ernst & Young, Deutsche Bank and Tata AIG had shifted their offices from Nariman Point and Lower Parel to Goregaon.
Thus, calling for a growing demand for homes in the vicinity, especially by the senior management, looking to live with the elite class.
Celebrity quotient
Celebs such as Richa Chadda, Ileana D'Cruz, Aditi Rao Hydari, Sunny Leone, Chitrangda Singh and Huma Qureshi reside in Andheri. This gives the area a good occupant profile attracting buyers who look for luxurious apartments amid high-profile people and celebrities.
Connectivity on par
Moreover, apart from the celeb quotient, buyers also have well-established infrastructure as one of the key criteria for selecting Andheri-Goregaon as their preferred destination for luxury housing in Mumbai. Metro Rail network and the elevated rail corridor further add to the popularity of the area. The JVLR-Kanjurmarg Metro Line, the Colaba-Bandra-SEEPZ Metro Line, the Dahisar-Charkop-Bandra-Mankhurd Metro Line and the Dahisar E-Andheri E Metro Line will improve connectivity in the coming times.
It's affordable, too
Apart from the infrastructural growth, it is the affordability factor that attracts buyers' attention. One can get good luxury housing options in Andheri-Goregaon and that, too, at rates lower when compared to other luxury pockets. Moreover, the infrastructural growth ensures that the property will fetch good returns in the coming time.
Developers that are making an entry
This increased demand is attracting attention of prominent developers, too. Some of the upcoming luxury projects in Andheri-Goregaon include Rustomjee Elements, Lodha Fiorenza, Oberoi Realty Exquisite, DB Orchid Woods, Bharat Infratech Park Vistas, Neminath Imperia Mumbai and Neha Group Heena Gaurav Jewels.
While projects such as Rustomjee Elements and Lodha Fiorenza are designed by international architects. Singapore-based Patty Mak and Hong Kong-based James Law have conceived the idea of Elements and Jade Jagger, a London-based fashion and interior designer has designed Lodha's Fiorenza. Moreover, these projects have modern amenities such as sculpture gardens, ballrooms, home automation systems and preview theatres.
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