Why Andheri West is being preferred by commercial real estate developers
By Mr. Vipul Shah, Managing Director, Parinee Group
For the longest part of Mumbai’s history, the burgeoning suburb of Andheri has enjoyed the tag of being a culturally rich destination catering to affluent communities. As decades passed by, the city has metamorphosed and today finds itself on the crossroads of being a micro-market with an impending real estate future. This corridor on the western line has come a long way from being just another western suburb in the island city to being a populous and one of the most prevalent high-growth developments conducive to support residential and commercial real estate evolution.
Essentially divided into western and eastern zones, Andheri West has clearly outperformed its eastern counterparts in terms of property values, speedily developing infrastructure set-up, planned developments, and steady ROI. Primarily a residential area, Andheri West has gradually been climbing up the commercial real estate ladder which is supported by a mix of favourable business climate, the mushrooming boom of the IT sector, and a spate of infrastructural developments which have augured well for commercial real estate growth in this high-functioning market. With its rentals and ready-to-occupy properties, Andheri West is offering a welcome change to prime CBD’s of South Mumbai like Nariman Point, which are close to reaching a saturation point.
While this market was initially planned to serve as an emerging residential hotspot, it is gradually drifting towards becoming an alternate business district in Mumbai. Below mentioned are reasons why capitalizing on commercial properties in Andheri West can make for a judicious investment choice:
Andheri West an upcoming CBD: The shift of CBDs originally from Nariman point to BKC have managed to impact the commercial fortunes of the Andheri West-Juhu belt in a positive manner. The revival of commercial real estate here can be credited to the advancements demonstrated by the area in the growth of Office Retail Complexes. Such progressions have offered manifold business prospects for commercial retailers and developers keen on exploring this thriving suburb. Furthermore, a higher Floor Space Index (FSI) has made the area tick all the boxes that make it one of Mumbai’s most significant business districts Mumbai. Apart from this, factors like a steady increase in the number of companies opting for the micro-market to consolidate their operations and preferences for large-sized office spaces by corporates have escalated the area’s scope for imminent commercial growth.
Location and connectivity aiding the growth of Andheri West: Location advantage is all set to bring about an immense developmental wave to this suburban corridor further expanding the investors’ venture horizons. The commercial hubs within Andheri West like Lokhandwala Complex, Veera Desai Road and Laxmi Industrial Estate are well linked to the rest of the city. This is predictable to create multiple employment opportunities on the back of commercial spaces, malls, and residential developments. Andheri West is well-connected to various other city parts including the Western, Central, and Southern suburbs through metro and rail connectivity. The juxtaposition to western and eastern express highways, and the Eastern freeway supplement the area’s demand curve. The Andheri railway station has both the western and harbour lines, thus, facilitating exceptional connectivity.
Value proposition acting as a benefit: One of the most vital reasons why Andheri West deserves attention as the upcoming commercial hub is owing to its excellent value proposition. Commercial property rates at places like Versova, Lokhandwala, Oshiwara, and DN Nagar have gone through a threefold rise due to the speedy infrastructure set-up. Reputed commercial players have already made the first moves into this market, and this only indicates that property rates here will countersign equivalent rise in times to come.
Infrastructure facilities driving demand: The area’s closeness to the western express highway aids to seamlessly connect it to the eastern express highway through the JVLR and lies in juxtaposition to the upcoming metro 4 corridor. The government’s nod to extend the metro line to connect Kanjurmarg with areas like the Lokhandwala complex, passing through the Jogeshwari – Vikhroli link road will offer unparalleled investment opportunities for developers and property buyers alike. The upcoming Bandra Versova Sealink (BVSL) will bring the south and north closer, along Mumbai’s coast by advancing connectivity to other western suburbs and South Bombay.
Andheri West is poised to be a smart, futuristic commercial hub of Mumbai, that lies in tow with its contemporaries.
