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Everything You Need To Know About Andheri East

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Andheri, a western suburb in Mumbai, has metamorphosed over the last several years to become one of the most sought-after regions in the city. It has transformed into being one of the posh regions in the financial capital, largely in demand by Bollywood stars and TV personalities and other high net worth individuals. The suburb is essentially divided into East and West regions. The following report tries to identify the various factors that led to the realty growth in Andheri East. Until recently, the eastern zone hadn’t seen much realty growth in comparison to its western counterpart. However, a slew of initiatives to boost infrastructure in the area has slowly started putting the area on equal footing with its western counterpart.

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Everything You Need To Know About Andheri East

  1. 1. EVERYTHING YOU NEED TO KNOW ABOUT ANDHERI EAST A COMMONFLOOR REPORT
  2. 2. Overview - Andheri, once a regular western suburb, is currently touted as one of the most sought-after region in Mumbai for rent and purchase of property - Andheri East is mostly known for being an industrial and commercial hub while there is high demand for property from the mid-segment category. - Residential real estate in the area is cheaper than that in the upscale western neighbourhoods of Bandra and Andheri West. Nonetheless, Andheri East is gaining immense popularity in recent times.
  3. 3. Connectivity and Infrastructure - Andheri East is well connected to various parts of Mumbai via road and rail. Some of the important roads and highways that provide connectivity to the area include Airport Link Road, the newly-built Sahar Elevated Road and Jogeshwari Vikhroli Link Road (JVLR). - Andheri East has two metro stations in its proximity - one at WEH and the other in Azad Nagar.Both the domestic and the international terminals of the Mumbai International Airport are also in close proximity to the area. - Besides enjoying great connectivity to other areas in Mumbai, Andheri East is also close to several business and industrial parks. SEEPZ is just about 1.5 km away while Bandra Kurla Complex (BKC) is just about 7.5 km away. - Since Andheri East was essentially developed as an industrial area unlike it western counterpart, it caters to different kind of audience than that of Andheri West. The amenities also differ accordingly.
  4. 4. Civic Issues - The area is closer to slum pockets. Hence, some parts of the locality face some civic issues such as behavioural problems of slum dwellers, improper garbage disposal and garbage related diseases. - There are also reports of drainage and solid waste management related issues in the locality. - Lack of street lighting along footpaths is a concern in the locality and Irregular water supply is also a major concern here. - The road and traffic conditions are bad in the area with roads filled with sand and dirt, primarily due to the metro rail work. - There are several illegal encroachments on roads including Saki Naka, Marol main road and Mahakali Caves Road.
  5. 5. Market Outlook (Capital and rental values) - Andheri East has grown to be one of the most sought-after real estate markets in Mumbai in recent years mainly due to its location and its growing infrastructure. - While areas such as Bandra, Dadar and Khar witnessed faster growth in real estate prices due to a focused development, Andheri East saw relatively slower growth, mainly due to the type of business establishments and the profile of people who settled down here. - However, with the latest development in infrastructure and connectivity areas such as Chandivali, Marol, JB Nagar, Sakinaka and few other localities have grown well over time. Chandivali, in particular, is a good bet for investors and end users since it offers townships and has quality construction by reputed builders.
  6. 6. Residential launches from 2013-2015 Andheri East has witnessed an interesting trend in housing launches. While there has been a steady growth in demand for housing here, the number of units launched has reduced in the last two years. . The following graph shows the trend of residential unit launches since 2013. The graph indicates that the number of units have decreased by almost 27 per cent from 2013 to 2014. The first quarter of 2015 has seen only about 100 units launched by Lodha Group according to CommonFloor data. The slump in the country’s economy and Mumbai’s real estate market over the last two years has led the developers to focus less on project launches and more on completion of their earlier- launched projects.
  7. 7. Residential market Insights (Major Builders and projects] Projects Builders/Developers Total units BHK Availability Project Status Expected Yr. of Completion Crescent Group Crescent Residency 80 1 and 2BHK Ongoing Aug 2016 Ashapura Options Pvt Ltd Ashapura Options Palazzio 80 1 and 2BHK Ongoing Feb 2016 Oberoi Realty Ltd Oberoi Prisma 96 4BHK Ongoing Dec 2016 Lodha Group Lodha Codename Supernova 100 2, 2.5 and 3BHK Ongoing Mar 2018 Kanakia Space Pvt Ltd Kanakia Rainforest 720 1, 2, 2.5 and 3BHK Ongoing Jul 2018 Major builders and projects in Nala Sopara
  8. 8. Residential market Insights (BHK-wise and segmentation split from 2013-2015] - Most of the residential projects available in the area are apartments. There is a maximum availability of 2 BHK units, followed by 1BHK and 3BHK units. The approximate built-up area of a 1BHK unit is about 550-860 sq. ft. while that of a 2BHK unit is about 660 - 1,340 sq. ft. The built-up area of a 3BHK unit is about 1,245 – 2,000 sq. ft. 31% 46% 15% 8% 1 BHK 2 BHK 3BHK 4BHK BHK wise percentage availability in Andheri East 25% 42% 33% Ultra Luxury ( > Rs.2 Cr) Luxury (Rs.1.2 Cr - 2 Cr) Classification of housing segments
  9. 9. Residential market Insights (Price Trends] Year 2015 hasn’t yet witnessed any major launches in 1BHK apartments. However, 2 and 3BHK apartments have seen an appreciation in property values since 2013 with the 3BHK units witnessing the highest appreciation among all the configurations The property prices for 1BHK apartments has not appreciated much over the last two years Weighted Average Price (WAP) in Andheri East & West, 2014 - 15 Average property prices in Andheri Overall, there has been a steady growth in property prices in the area over the last three years.
  10. 10. Residential market Insights (Resale Trends 2013 - 2015] Andheri is an old suburb with some residential units even as old as 40-50 years. As such, it offers several residential units for resale apart from new projects. Apart from multi-storeyed apartments, few houses and builder floor apartments are also available for resale Configuration of units available for resaleType of residential units available for resale The most common units available for sales are 1 and 2BHK units followed by 3BHK units 92% 8% Apartment and Builder Floors Independent Houses 43% 45% 11% 1% 1BHK 2BHK 3BHK 4BHK
  11. 11. Residential market Insights (Housing rentals from 2014-2015] Andheri East also attracts a significant population looking for rentals. This is usually the working population in SEEPZ or other nearby business districts. The average rentals per sq. ft. is about Rs 38-42 while that of Andheri West is about Rs 45-50. The average rentals have grown steadily over the last year, primarily due to the increasing number of people wanting to settle down here. Avg. rentals per sq. ft. in Andheri (E) and Andheri (W), 2014
  12. 12. Key Points -Key drivers of Andheri East’s realty growth are its excellent connectivity to other important areas and key business areas such as SEEPZ SEZ and BKC via road and rail network. - Proximity to the international airport and fast growing infrastructure are also driving Andheri East’s realty. - Most of the available residential units in the area are 1 and 2BHK apartments, followed by a small number of 3BHK apartments. Almost 42% of the residential units are in the luxury segment (Rs 1.2 – 2 crore) and 33% in mid-income segment (Rs 60 lakh – 1.2 crore). - Looking at the resale trends, people still have a preference for old properties with the average age of 10-15 years. - The market price, which may be identified by the resale price is about Rs 19,450 per sq. ft.
  13. 13. Get the detailed in depth report on Andheri East here Image source
  14. 14. CommonFloor.com is India's leading property search portal. On a mission to make property search hassle-free, transparent and fruitful; CF has best of breed property search on maps, property search mobile apps and an extensive section for knowledge resources and advice in real estate.

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