Mumbai: Andheri is one of the locations in Mumbai that is offering quality residencies, upscale retail outlets and commercial establishments, making it a desirable holistic habitat, said a Knight Frank report that was issued recently. Over the past few years, Andheri has emerged as a middle class suburban locality of Mumbai, which has become a choice that offers a blend of affordable-to-luxury projects to buyers.
According to the report, there are various influencing factors like it is centrally located, which makes it easier for people to commute across the city, its proximity to commercial belts, the Western Express Highway, airport and well-established social infrastructure. These offer a lucrative residential micro market for developers and home buyers alike, explains the international real estate consultant in its report.
Andheri has also become a good commercial hub with firms across sectors like information technology, manufacturing, financial services setting up offices, which further has created the economic activity and generates demand for housing.
The report further states that the prices of apartments in the Mumbai Metropolitan Region continue to remain affordable compared to the city. Andheri has also seen a price correction of 4 per cent in the 12 months till June 2019, thus making homes affordable to some extent. According to the report, the price range for the first half of 2019 was Rs 15,000 - Rs 22,000 per square feet in Andheri.
Due to the market demand, leading residential developers like Kalpataru, Kanakia Group, Omkar Realtors, Runwal Group have also come up with their projects here.
Moreover, the presence of key commercial hubs such as MIDC, SEEPZ and commercial properties continue to attract investments in Andheri.
Besides this, the infrastructure upgradation to bring better connectivity has also played a crucial role here. The successful operation of metro line one (Versova-Andheri-Ghatkopar) is a proof of this. While the upcoming Mumbai Metro Line 2A (DN Nagar in Andheri West to Dahisar), Metro Line 7 (Andheri East to Dahisar East) and Metro III will provide a significant potential for transit-oriented development.
Girish Shah, executive director residential sales, Knight Frank India said, "All micro-markets within Andheri have evolved and are continuing to witness growth and development."
