Mumbai’s real estate market has witnessed the rise of new micro markets and pockets which have high demand in terms of residential housing. Andheri East is one such example, an area which is favored by several homebuyers and investors alike when it comes to residential property. Andheri East has benefited due to major infrastructural improvements and it has now evolved into a major residential zone from being a predominantly industrial area in the past. Andheri East was previously known for housing the SEEPZ and MIDC but it is now home to several commercial zones, IT hubs, leading corporate offices and big-ticket residential real estate projects.
According to experts, areas like Chakala, Marol, Jogeshwari-Vikhroli Link Road, Saki Naka, Powai and Chandivali are witnessing huge residential growth over the years and Andheri East is also well connected to major commercial zones like Lower Parel and BKC (Bandra-Kurla Complex) which is a major driver of growth. It is also well linked to other areas like Vikhroli and Mulund. Andheri East is considered as one of the most promising micro markets in the Mumbai realty market at present by industry experts.
The northern suburbs located along the Western Express Highway are steadily seeing growth by way of increasing residential demand. Investors and end users are zeroing in on projects by top developers which are located strategically in this belt. Andheri East offers good connectivity through the metro railway network and the Eastern and Western Express Highways. The International Airport is also located near Andheri East. Property rates are still reasonable in this zone in comparison to Andheri West and there are several 5-star hotels, reputed educational institutions, hospitals, restaurants and multiplexes dotting the area.
Property rates are around 30% lower in comparison to rates in Andheri West. This make it a great bet for mid-range and premium property buyers. Several corporate offices have also mushroomed in Powai, Andheri and Chandivali over the last few years. Residential prices in Andheri have already zoomed over the last 2-3 years as per reports. Top real estate developers like Oberoi Realty, Omkar, Sheth Builders, Kanakia Spaces, Rustomjee, HDIL, Nahar Group, Hubtown, Lodha Group and Kalpataru have already launched premium residential projects in Andheri East. Premium projects like Omkar Lawns and Beyond give buyers a lot to choose from in Andheri East. There is everything from budget housing units to premium apartments in this micro market.