Mumbai’s real estate market has been witnessing several peaks and troughs over the last few years. While development has spread throughout the MMR (Mumbai Metropolitan Region), it has remained steady in some well-developed residential cum commercial zones, one of which is Goregaon.
Goregaon East and West are two key residential cum commercial hubs which are witnessing widespread infrastructural growth and a slew of residential complexes like Acme Hills (Goregaon East), K Raheja Raheja Residency (Goregaon East), Chandak Paloma (Goregaon East), Sunteck City Avenue 2 (Goregaon West), Rustomjee Ozone (Goregaon West) and Sethia Sea View (Goregaon West) among numerous others.
The area is known for offering well-developed social infrastructure and decent connectivity to residents which is why it has remained immensely popular with families and young professionals alike. Property prices in the area usually range between Rs. 12-22,000 per sq. ft. across the mid-range, premium and luxury spectrum.
Goregaon offers great connectivity and physical infrastructure
Goregaon is a prime residential real estate locality in Mumbai’s northern suburbs and is surrounded by several areas like Jogeshwari, Andheri, Malad and Powai among others. There is great connectivity that has attracted buyers and Goregaon offers easy access to the SV Road, Western Express Highway, Jogeshwari Vikhroli Link Road (JVLR) and also the Goregaon Railway Station. The area is also located in close proximity to major business hubs like Nirlon Knowledge Park, NESCO IT Park, Mindspace IT Park, SEEPZ, Cama Industrial Estate and Film City and Lotus Corporate Park.
There is great connectivity to the BKC (Bandra-Kurla Complex) while the under-construction Line 2 between Mandale and Dahisar will have a metro station at Goregaon as well. The proposed Goregaon-Mulund Link Road will be a major infrastructural development for the area, reducing peak traveling time to only 15 minutes from more than a couple of hours in usual cases. Buyers appreciate proximity to business hubs and corporate parks along with shopping malls and other social infrastructure. The Chhatrapati Shivaji International Airport is only 8 kilometres away from Goregaon while the railway station is 4 kilometres away from the locality. Key micro-markets in this stretch include Goregaon East, Goregaon West, Gokuldham and Film City Road. Goregaon Railway Station is connected to the Harbor Line while there is a skywalk linking the foot over bridge to SV Road near the Citi Centre shopping complex. There are BEST bus stations on both sides of the station while the Goregaon Depot is located on the Link Road. There is a new Ram Mandir Road flyover linking Goregaon East and West as well. The lush greenery of the area and its proximity to the Sanjay Gandhi National Park is another major plus point.
Social Infrastructure
Goregaon has excellent social infrastructure. It is home to several healthcare centers and hospitals like the Lifeline Medicare Hospital, SRV Hospital, Suvidha Hospital & Polyclinic and HBT Trauma Care Municipal Hospital. Reputed educational institutions in Goregaon include the Gokuldham High School, Mount Mary High School, Goregaon High School, Royal Academy, St. Xavier’s High School, Ryan International School, City International School, Vibgyor High School, Mumbai Veterinary College, Indira Gandhi Institute of Development Research, Oberoi International School and more.
There are several shopping malls in Goregaon like the Infiniti Mall, Oberoi Mall, The Hub Mall, Inorbit Mall and City Centre Mall along with Central Mall and PVR Cinemas. There are several restaurants in and around Goregaon including Asia Kitchen by Mainland China, Kangan, Farzi Café, Goregaon Social, 180 Degrees and Daftar Goregaon. Nearby pubs and lounges include the Brats Bar and Lounge, Eighteen Lounge and Bar, The Stadium Bar, The Liquid Lounge, The Tipsy Terrace and many others.
Developments in and around Goregaon
Goregaon’s real estate market has also benefited from multiple new developments in terms of connectivity, business and infrastructure. Realty player Nirlon has already inked a long-term deal with J.P. Morgan, the reputed global banking and financial services provider, for offering premier office spaces at NKP (Nirlon Knowledge Park) at Mumbai. NKP covers a whopping 23 acres on the Western Express Highway at Goregaon and J.P. Morgan will take approximately 1.15 million sq. ft. at the project which will be delivered by Q2 2021. NKP is home to several Indian and foreign corporate companies with close to 1.8 million sq. ft. being licensed already. On the other hand, there are several upcoming residential real estate projects in the pipeline.
Shapoorji Pallonji Real Estate is reportedly holding talks with Ariisto Developers for a JV development pertaining to a 1 million sq. ft. residential real estate project. This project will be developed at Goregaon and Ariisto Developers has undertaken the development of the rehabilitation aspect of the slum venture and has commenced work for the free-sale aspect of the project. Oberoi Realty is planning to launch its Goregaon Phase 3 project soon while Sunteck Realty is also planning to launch Phase 3 of ODC in Goregaon by early next year.
Puravankara has forayed into the co-living segment with a project at Goregaon that covers a whopping 350,000 sq. ft. in all. Additionally, MHADA (Maharashtra Housing and Area Development Authority) is planning to thoroughly revamp Motilal Nagar in Goregaon, spread over 128 acres, for freeing up 40,000 affordable housing units. These units will be distributed via lottery and 3,628 existing residents will be re-housed in new units of 1,200 sq. ft. each. The project will encompass a home for children, a hostel for women and two hospitals along with other necessary amenities.
Other major infrastructural developments
The GMLR (Goregaon-Mulund Link Road) should give a major boost to connectivity in the area. It will link the western and eastern suburbs via the Sanjay Gandhi National Park and is an ambitious project undertaken by the BMC. The project will run to Mulund from Goregaon through two parallel underground tunnels covering 4.7 kilometres in the Sanjay Gandhi National Park. The 6-lane road will be going underground after 5 metres after commencing from Oberoi Mall and conclude at the Nahur station along the Eastern Express Highway.
Mumbai Metro One Private Limited (MMOPL) has come up with another major initiative for enabling better last-mile connectivity to work for professionals working in Goregaon. They can simply get off at WEH (Western Express Highway) metro station and take the AC bus shuttle service in peak hours. This will cover the Infinity IT Park and Nirlon Knowledge Park in the locality. Cityflo has tied up with MMOPL for providing this helpful service. Buses will be available every 15 minutes in peak hours in the morning and will help commuters reach major commercial zones along the highway in Goregaon. The return service will commence from 6 PM and will go on till 7.15 PM as per reports. There will be 5 trips in the evening. Tickets will be offered at a reasonable cost while Uber and Ola feeder transportation is already present in abundance at designated zones in and around metro stations.
As can be seen from the spate of upcoming developments, Goregaon is certainly poised to become one of Mumbai’s most attractive residential and commercial hubs over the next few years. It offers great connectivity, a serene and beautiful ambience in many stretches, excellent social infrastructure, ample corporate parks and business hubs and of course, several premium residential real estate projects. All in all, Goregaon real estate should be on the fast-track towards substantial growth with metro connectivity and other enhancements in the near future.
