Bandra Residential Real Estate Hotspots In Mumbai

By Author: Cyberworx
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This area is always a preferred destination for prime property seekers because of its elite profile, and because of the high level of available shopping, healthcare, education and recreation facilities. Developers there are offering products in redevelopment schemes.
Bandra East is also an upcoming residential property destination, especially for investors, since there is considerable rental demand from an enormous number of people who have come from outside Mumbai and are working in Bandra Kurla Complex. Both capital and rental values are going to increase in Bandra East, which it is benefiting from the overflow of demand that Bandra West can no longer support.
With the city’s CBD having, for all practical purposes, shifted from Nariman Point to BKC, Bandra has become the new and preferred destination by the business owners, the upper managerial cadre and expatriates. In the recent past, with many large corporate houses moving their headquarters to BKC, and many consulates as well as India’s largest diamond market also moving there, BKC has made Bandra the heart of Mumbai.
With these dynamics, people ...
... working in BKC are looking for homes that allow for no more than 30 minutes’ travel to home. Bandra West has already seen the upswing in demand. With no land supply in Bandra West and limited residential supply, the prices have moved up considerably. The price appreciation that has surprised many pundits in the industry is now making developers look at redevelopment of existing buildings.
Redevelopment activity in Bandra has, in fact, picked up considerably in the last 2-3 years - though with existing apartment owners’ expectations being high, developers are cautious about taking on projects where the viability in terms of returns in question. We expect that wherever apartment owners are more realistic, redevelopment projects will further pick up and the skyline of Bandra will completely change in the next 4-5 years.
Since it is next to the country’s most prominent CBD, Bandra’s real estate potential remains very high. It is a matter of prestige for every reputed developer to have a signature product in this micro-market. Recently, Rahul Saraf of Forum - one of the most reputed developers in Kolkata – took up a large SRA project in Bandra East for development. This signifies that the area is going to witness dramatic interest levels in the years to come.
Currently, residential prices in Bandra East quote on par with commercial properties there, and can go up almost 100-150% up from the current levels. Supply is a big challenge in both Bandra West and East today. With the upswing in the economy, demand will rise further in the coming months. Infrastructure in Lower Parel is collapsing, and many residential projects are yet to get occupied there; the situation in Lower Parel will only worsen in the coming years, driving corporate houses to re-locate to BKC. This will further fuel the demand in the residential pockets of Bandra West and East.
Source: indiainfoline