Residential Property In Kandivali, Mumbai

By Author: Gaurav Verma
Total Articles: 15
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INTRODUCTION

The commercial as well as the entertainment capital of the country, Mumbai happens to be the favourite destination for real estate investments in India. With a generation of 5% Gross Domestic Product (GDP), Mumbai is the richest city in India in terms of finance and monetary value. Various Indian as well as multinational corporations have their center of operations positioned in this city. A little distant from economics and business, another segment that has been on a persistent bang in Mumbai is the real estate sector.

One of the largest realty markets in India, Mumbai property market has been witnessing a upswing in the recent past especially during the ongoing festive season. According to reports, 20 realty companies has forayed into the Mumabi’s real estate market and are all set to launch around 40 odd projects in and around the city.

KANDIVALI—AN OVERVIEW

The real estate souk of Mumbai has advanced so much so that, today it has almost reached a point of permeation. Nevertheless, certain pockets of the city still ...
... offers some spaces and a potent mix of commercial, residential and retail developments. Kandivali West is a neighbourhood of Mumbai, where one can find some good returns in real estate investments. It is one of the oldest neighbourhoods of Mumbai where one can not only invest in properties but also end up selling and renting both residential and commercial properties.

A prominent Mumbai suburb, inhabitation in Kandivali can be traced back to the Stone Age. Gradually, with the passage of time, people began to flock to the place and the area developed. In the early years of the 20th century, a railway station began to be developed which was responsible for establishing makeshift dwellings for the workers.

The First World War was followed by an economic that saw several Gujaratis flocking to Mumbai, especially the area surrounding the Kandivali Railway Station. It was followed by Parsis who bought large pieces of land. This was soon followed by the establishment of a small scale municipal body known as Notified Area Committee comprising the villages of Poinsur and Kandivali. The township remained somewhat semi-rural in nature till the early 1980s only to be refurbished with the real estate boom that swept across the country.

REAL ESTATATE IN KANDIVALI

Several real estate projects began mushrooming in the locality. Flats/apartments in Kandivali started coming up. Slowly, Kandivali turned into a cosmopolitan area with residential, commercial and retail complexes growing in leaps and bounds.

The area witnessed the highest appreciation in property in terms of land value in Mumbai. Currently, the area has a number of shopping malls, multiplexes and a few flyovers. It is also well connected with the rest of the city by various modes of transport. Borivali is a few kilometres away while the Sahar International Airport lies to the south of the locality. Long dominated by the entrepreneurial communities of Gujaratis and Marwaris, now Kandivali west flaunts a cosmopolitan outlook.

The connectivity of the area with the Western Express Highway has been instrumental in boosting the area’s realty market that has touched new heights. The rate of commercial properties in Kandivali largely depends on the location and the price band usually ranges from Rs. 20000 to Rs. 30000 per square feet. In case you want to invest in a flat in Kandivali, you have to fish out an amount ranging somewhere between Rs. 10000 to Rs.15000 per square feet. Of late, the rentals have also gone up in the locality. For a 2BHK or 3BHK one has to shell out somewhere between Rs. 15000/- to Rs. 20000/-.

According to local real estate agents, the locality has an edge over others, because of its location and connectivity to other areas of Mumbai. The residential properties in Kandivali West these days are usually targeted by the upper middle class. Since the area is well supported with social infrastructures like schools, colleges and hospitals, it makes a Kandivali a good locality to invest in real estate.

Despite an economic slowdown, Mumbai’s real estate market is still growing and continues to welcome potential buyers and investors. Though it is predicted that the realty market may notice a slight dip, the rates of the premium properties may remain unaffected.

Sampurna Majumder writes on behalf of 99acres.com which is a leading real estate portal providing genuine and accurate information about the current real estate trends, studio apartments for sale, serviced apartments and different properties available across various cities in India.