WORLI, PRABHADEVI AND DADAR EMERGE AS MATURED REALTY MARKETS Considering the infrastructure and location, these areas can offer very good returns on investment Realty prices in Mumbai continue to tread higher than the national average. Localities situated in south and central Mumbai like Worli, Prabhadevi and Dadar west are no different. These areas are seeing high prices owing to soaring demand. As they are located in the same neighbourhood, these areas are noticing similar real estate trends. "These locations are seeing significant demand-supply on the property front (residential and commercial) and a consistent rise in the number of transactions and values for quite some time now. The commercial and residential values have witnessed an 8-14 per cent rise in the past six to seven months," says Ganesh Trivedi of Mumbai Propertywala. Worli is a premium locality situated in south Mumbai and fetches higher capital and rental values. It has become a prime location for residential property seekers as well as retail outlets and commercial establishments. "Its proximity to Prabhadevi, which is the primary IT/ITeS hub of Mumbai, has done much to maintain the demand here," adds Trivedi. The locality, strategically placed to bridge the north-south divide in the island city, has managed to maintain its momentum. A few major projects being developed in Worli are Palais Royale, Indiabulls Blu, Orchid Turf View, K Raheja Viveria and Omkar 1973, among others. What makes this locality unique is its proximity to the CBD (Nariman Point) on one side and the Bandra-Kurla Complex (BKC) and the airport on the other. Prominent companies having a base here are the RPG Group, Siemens, the Tata Group, HDFC Bank, Yes Bank, Deloitte, GSK Pharmaceuticals and Novartis. The planned monorail is expected to boost direct connectivity to suburban locations and reduce travel time. Other proposed projects like the Peddar Road flyover which will improve connectivity to the CBD, will also help the location. The proposed Worli-Nariman Point-Cuffe Parade sea link will further enhance transportation in Worli. Prabhadevi and Dadar west, on the other hand, have emerged as upscale commercial and residential destinations on the central corridor of Mumbai. These upmarket localities are surrounded by the residential area of Shivaji Park on the northern side and Worli in the south. According to Vibham Kumar from Ganesha Associates, "Mumbai is just waiting for the next economic boom cycle and the moment that happens, all the launches which have taken place will surely see an upside in prices." The west side of Dadar enjoys close proximity to the western and central railway lines. While the western railway is about 800 metres away, the central railway is just one km away. Due to this, the locality is well-connected to Mumbai, Thane and Navi Mumbai. Both, the central and western railway stations are conveniently located in this area. Several bus routes ply frequently and even taxis are available easily in Dadar west. This locality is home to some of the best-known hospitals including Hinduja, Shushrusha and Jain Hospital. The expanding IT/ITeS-BPO sectors have transformed the property market at Worli, Prabhadevi and Dadar west areas. "Central Mumbai is quite set, with infrastructure coming up and in the long-term, this area will give very good returns," adds Trivedi. The ease of transport and commuting has further propelled high-rise residential properties, along with retail outlets and commercial office spaces. The upcoming Metro project is also one of the contributing factors to the booming realty market of these localities. Prabhadevi houses some reputed builders such as Lodha Group, Chaitanya Group, Omkar Group, among others. On the other hand developers such as Ekta World are present in Dadar west. As per MagicBricks research, the prevailing rate on the stretch of Worli-Prabhadevi-Dadar west is Rs 29,000-40,000 per sq ft. Considering all the factors, the Worli-Prabhadevi-Dadar west stretch offers a lot of scope for real estate development and for yielding returns. It not only enjoys a perfect mix of residential, commercial and retail components but has also emerged as a matured market.
Posted on: Sat, 27 Jul 2013 09:49:48 +0000
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