Developers Wooing the Rich with Residential Projects in Dadar

Sale of real estate in most of the country’s metropolitan cities has lately been tepid. However, this hasn’t stopped well-known developers from launching luxury properties in the heart of Mumbai. As per a property advisory firm’s 2012 report, the city ranked as the world’s sixteenth most expensive housing location.

Located strategically amidst the financial capital, Dadar has gained the reputation of being the city’s commercial and cultural hub. With conventional affluent localities like Malabar Hill having reached saturation point, this area has evolved to be the new residential destination.

Convenient Commuting

The west and the east railway line divide the region, making it the only railway station which is common to the Western as well as Central lines. This makes it a crucial transit point for thousands of commuters who use the metropolitan’s suburban railway network on a daily basis.

The Lokmanya Tilak Bridge, one of the oldest bridges in the city serves nearly ten thousand commuters every day. Owing to factors like proximity to the NH3 and other important commercial and industrial spots in the city, Dadar has witnessed a growing demand for luxury real estate from end-users and investors.

Prominent Localities in the Area

Over the last few years, a wide variety of new housing residential projects in Dadar and redevelopment projects have been taking place in this area. Dr. Ambedkar Road is fast turning into a hot favorite of constructors and investors alike. Super premium dwellings such as high-rise buildings, sea-facing villas, one apartment on each floor and 3BHK floor-rise apartments have become the present day trend.

Most of these plush abodes are well equipped with amenities of the finest quality such as personal terraced gardens, car lifts and roof-top gyms. Real estate developers in Nashik also have similar plans of building luxury homes in the region.

The area around Shivaji Park, which falls primarily under the upper middle class housing zone, is yet another locality that has witnessed a surge in demand for residential real estate properties. Other prominent neighborhoods in Dadar include the Hindi Colony, Dadar Parsi Colony, Shiv Sena Bhavan and Shivaji Mandir.

Between April-June 2014, the price bracket for apartments in Dadar West ranged from Rs. 30,820-36,147 per square feet while houses in Dadar East ranged from 29,880-32,399 per square feet.

Leisure and Recreational Facilities

Shivaji Park in the locality, otherwise famously known as the Cricket Education Ground plays host to various cultural and sports events. Besides this, the locality is also popular for the iconic Siddhivinayak temple in Prabahdevi. Those who seek recreation, choose to visit Dadar Chowpatty or the Plaza movie theatre while sports fanatics head out to the Mahatma Gandhi Olympic Swimming Pool or the Parsi Gymkhana.

There is a wide choice of reputed schools and educational institutions including IES’ Raja Shivaji Vidyalaya, Veermata Jijabai Technological Institute and the Institute of Hotel Management situated in the neighborhood.

In short, the area enjoys good demand due its propinquity to major educational, cultural and commercial centers of the city. Price appreciation is also expected be very good in the near future.

Jennifer Johner is a real estate blogger who loves to write about upcoming residential projects in Mumbai, Pune.