Properties in Goregaon - A Promising Location for Buying Real Estate

Goregaon, a not-so-exciting suburban area in Mumbai has now transformed into a well-provisioned, well-facilitated location for property buyers. It has turned into a real estate hotspot where new developments have managed to outdo old city centre areas. Not just home buyers, but small as well as large companies are also setting up their branches in Goregaon as this location offers various advantages.

Goregaon East and Goregaon West are two favorite spots for real estate developers. Interest in this area is so huge that almost every known real estate company has at least one project in Goregaon, offering varied options for home buyers. From Jogeshwari East to Goregaon East, this six kilometre stretch has become a hub for residential properties. Projects by many reputed developers are lined up for launch and possession in the coming three to five years.

Even though interest is rising for properties in Goregaon West as well as East, both locations differ in terms of supply, demand and property rates. For instance, the demand for 2BHK units priced up to 1.5 Crores are high in Goregaon East area. Since there is limitation of new inventory, supply is slow for such units in the market.

In Goregaon East, for an under-construction project, the average capital value ranges between 12,000 to 13,500 per square ft. This location sees demand from investors as well as end-users. Apart from properties in Goregaon, if you are looking for a long term investment, you can also buy a plot of land; however, you may find some difficulty in purchasing land in Goregaon East.

Why is Goregaon ideal for property investment?

Initially, only medium-income groups showed interest in buying a property in Goregaon area as it has just started developing. But over a period of time, things changed as Goregaon became close to high-end localities like Powai and Andheri and connectivity to western and eastern expressways also became better.

This region is merely 100 meters from the Western Expressway and has various schools, hospitals and entertainment options. With the change in connectivity and other facilities, even high-end customers have started investing in Goregaon.

End-users are getting attracted to buy a property in Goregaon East as there is availability of ready-to-move-in units. However, rates are expected to increase in this area in the coming years, so now might be the right time to invest in Goregaon. It has been predicted that property rates in Goregaon might reach 20,000 INR per square ft in next five years. Capital appreciation of 40-60% is also expected for residential properties in this area.

There has been a tremendous growth in popularity of Goregaon properties. Many investors looking for luxury flats in Borivali or nearby areas are now opting for stylish investment options in Goregaon which has turned into an upcoming hub for property investment in Mumbai. So, what are you waiting for? Get in touch with a reputed real estate company and invest in a dream home in Goregaon before rates start skyrocketing.

Shruti Decosta is a real estate blogger who loves to write about upcoming residential projects in Mumbai, Pune, Nashik.