The property market in Goregaon West is thriving
A few years ago, there were limited residential complexes in Goregaon, Mumbai. But today, it has become one of the most sought after suburbs for real estate investment. From luxurious living spaces and beautiful landscaping to retail outlets and dazzling shopping malls, this town has it all in terms of real estate.
In the center of Mumbai, Goregaon West has gradually become one of the most luxurious residential and commercial destinations. Therefore, more and more real estate buyers and developers are interested in building homes and offices in this place.
What is causing the increase in demand?
According to industry insiders, skyrocketing property rates in Bandra, Andheri and Powai have boosted the demand for ready-to-own flats and houses in this locality. These areas are not affordable for most property buyers in Mumbai. By comparison, Goregaon offers a wide range of affordable housing options.
For example, if you want to buy a 2,000-3,000 square foot apartment in South Mumbai, you will have to pay around Rs 30,000-50,000 per square foot. But for an apartment of the same size in Goregaon, you may need to spend between Rs 10,000 and Rs 13,000.
The area is well connected to other parts of the state through the Link Road, the Jogeshwari-Vikhroli Link Road, and the Western Express Highway. It is located between Borivali and Andheri, which are important residential areas of the city. Connectivity to this part of the city has become faster thanks to the Bandra-Worli Sea link. Due to its unique location, buyers and developers are eager to take advantage of real estate opportunities in Goregaon.
Current Property Fees:
The going rate for apartments in this locality is INR 15,275 per square foot. If you want to buy a house in this location, the rate per square foot is INR 18,501. For residential land, the average rate is INR 13,840 per square foot.
Since this locality is prosperous in terms of real estate investment, the prices of apartments and houses have skyrocketed. On average, buyers will have to spend around Rs 2.33 crore to buy a 3 BHK apartment in Goregaon West. For a house, the cost can be around Rs 6.58 crore. Buying a residential plot can be quite expensive in this area. The average price of plots can cost almost Rs 23.96 million.
Luxury properties on the rise:
Several luxury properties in Goregaon West are expected to be ready for ownership in 2015-2016. These properties will be priced between Rs 1.20 crore and Rs 7.50 crore and will offer first-class amenities such as a swimming pool, clubhouse, gym, spa and a children’s play area. Several renowned real estate companies are building luxury developments and resorts in this town, offering world-class quality of life and services to buyers at an affordable price.
Goregaon West is witnessing a huge demand for apartments and houses because the real estate market in Mumbai is no longer feasible. Middle-income buyers are investing heavily in this area as it offers the right mix of affordable yet stylish living space, connectivity, serenity and high real estate returns.