Why are Properties and Flats in Andheri High in Demand

Mumbai’s realty market has been witnessing fluctuations in 2014. Property developers have been launching new residential projects and introducing new offers to lure buyers. According to a survey, the period between October and February generally accounts for approximately 60% of annual sales in the Mumbai property market. During the festive season, developers tried attracting potential buyers with attractive deals, free gifts, free EMIs, discount on basic sale price and lucky draws. Some even waived off the extra charge from the processing fee.

Andheri is one of the most sought-after areas for buying property in Mumbai. Realty companies offered exciting deals even in this commercial hub. For instance, a festive scheme was offered in Andheri East in which 10 kilogram of silver was on offer to the buyer who won the lucky draw.

Why invest in this area?

Andheri East as well as West is blessed with well-developed infrastructure facilities and a strategic location. Connectivity of the Andheri West with other parts of Mumbai is quite good. This area offers a great mix of residential as well as commercial properties. It has always been one of the most preferred destinations for investors as well as property buyers. This location offers all the conveniences a home buyer would require for a contemporary lifestyle.

It is located close to the airport (merely 10 minutes away from the international and domestic airport). This location is also well-connected with Central and Eastern suburbs in the city. Property rates have been increasing but that hasn’t affected the demand for properties, especially flats in Andheri West.

About Investment in Andheri East and West zones

Being one of the most populous suburbs of Mumbai, this area has various residential and commercial properties on offer. A railway line divides this location into east and west zones. Both the zones have turned into prime real estate destinations. The western part is purely residential, home to various film studios. Compared to the eastern sector, Andheri West is more upscale. In 2013, property rates in this part ranged between 16,600 and 22,000 INR per square feet. In 2014, properties in the western zone have been available between the price range of 14,000 to 40,000 INR per square feet.

According to realty reports, construction work in and around the western zone came to a standstill due to the implementation of New Development Control Rules. However, growth in infrastructure has been great and due to this, Andheri West and areas such as Link Road, Lokhandwala and Verosva have become as popular as Bandra.

Looking for Commercial Properties in Andheri?

This location is also a great for investment in commercial properties. If you are planning to take office space on rent, be prepared to spend a huge amount as rental rates in this area are extremely high. Industry experts are of view that considering the high demand for rental properties in these areas, there are very few chances of any improvement in rentals or capital values in the coming years.

Simon Boylan is an avid blogger who likes to write articles related to residential and commercial properties in Mumbai.