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Andheri East: Prime Suburb With A Blend Of Residential And Commercial Segments

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Andheri East

Being the commercial and the financial capital of India, Mumbai attracts the offices from all the major Indian corporates, as well as the leading Indian MNCs and PSUs. The prime location amongst these high-grade office occupiers is Nariman Point in south Mumbai, which is the traditional Central Business District and hence attracts a lot of commercial office space investors.

However, there is another location that has emerged as the alternative to the traditional Central Business District, Bandra-Kurla Complex (BKC) offers a better-built environment that is more acceptable to MNCs. Another major commercial office market is the Suburban Business District (SBD) in the North of Mumbai. Anuj Puri, Chairman- ANAROCK Property Consultants, sheds light on one of the fastest growing suburbs of Mumbai, Andheri East.

Geographically, all the areas of Andheri, Juhu and Jogeshwari falls under SBD. But many of the Grade ‘A’ offices buildings are located in the Andheri East area. Earlier, Andheri was known as a ‘suburban district’ and got absorbed by Mumbai city as Greater Bombay. But today it has emerged as the one of the prime residential and commercial real estate destinations.

With its proximity to Mumbai’s International Airport, Andheri East uses precinct with some of the most distinguished hospitality and prominent industrial developments in its vicinity. Andheri’s good connectivity to the eastern part of the city through the Andheri-Kurla Road and JVLR (Jogeshwari-Vikhroli Link Road) also plays an important role in creating demand for the commercial spaces. It is to be noted that the Andheri station is also one of the busiest station in the city.

This location is seeing the major demands of office spaces from the IT/ITeS sector, pharmaceutical companies and the media houses. All of the major occupiers of this micro-market are concentrated on the Andheri-Kurla Road. Due to this, the development scenarios, neighbourhood profiles and the user perceptions of the established commercial areas on Andheri-Kurla Road has been seeing a significant difference in comparison to the immediate site vicinity.

This points towards a major difference in rentals values as well as the capitals in office buildings across the various locations within this single micro-market. Currently the Grade ‘A’ properties along the Andheri-Kurla Road are getting the rentals in the range of Rs. 115 to Rs. 125/sq. ft. per month.

The largest suburb of Mumbai, Andheri, benefits from the abundance of leisure and lifestyle options and homes a large number of recreational zones as well. Apart from the commercial spaces, there are also reputed hospitals and educational institutes, which makes the residential property investment in this area quite attractive.

Andheri-Kurla Road, when turns away from the Western Expressway, gets busy with corporate office space developments. Which are providing standard facilities like common area power back up and security. There are a substantial number of built-to-suit office blocks in the area, apart from the multi-occupier buildings.

Witnessing massive transformation with amenities to support convenience in living and infrastructure development, Andheri-East is driving the market. In totality, this location is turning out to be an attractive destination from an investment perspective.

The Andheri-East gets the residential property prices in the range from Rs 16,000 to Rs 20,000/sq. ft. on built-up. This price depends on various factors such as exact location, age of the building, available amenities, builder’s brand and the construction stage if under construction.

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