Why are Flats in Dadar High in Demand?

Demand for 1BHK units in Dadar West is increasing due to the expansion of IT/ITeS-BPO sectors. According to property experts, Worli in South Mumbai and Prabhadevi-Dadar West in Central Mumbai are best areas for people who are planning to buy or rent flats and can spend freely.

Many industrialists and celebrities from the TV and film industry have their houses in Prabhadevi, Worli and Dadar. Various financial institutions, business houses and MNCs are also based in these areas due to which commercial and residential property rates are quite high. Compared to supply, demand for 1BHK flats in Dadar is very high and this is pushing the rate for small apartments in this area.

In the residential property segment, eastern suburbs between Powai and Dadar have become quite popular. Compared to the growing demand, there is a lack of resale apartments due to which residential property rates are skyrocketing in these areas. As the suburbs between Dadar and Powai are centrally located, people are ready to shell out a large amount for buying or renting a flat or house in these areas.

What Makes Dadar so Popular?

It is one of the oldest and most established locations in Mumbai. Connectivity and favorable geographical positioning are two of the major factors due to which this area has turned into a desirable property investment location.

Real estate companies are coming up with a number of luxurious residential and commercial projects in these areas. They are offering ‘walk-to-work’ concept to buyers who are looking for a flat in proximity to their workplace.

Since buyers keep looking for properties that are close to their workplace, it has become extremely popular due to its accessibility. The railway station in Dadar is the only one in Mumbai that is common to Western as well as Central lines. It is also a hub for public transport which makes it easily accessible by road. Due to these factors professionals working in this area can reach their offices and commute back home with ease. It also eliminates the headache of changing buses and trains for daily commuters. Even the domestic airport at Santa Cruz is merely 8.5 kilometers away from Dadar.

Not just residential properties but stylish commercial spaces are also available in this area, making it a sought-after location for companies. According to real estate experts, very soon Dadar will become a Grade A office destination in Mumbai. With a couple of new office projects near completion, demand for residential properties here is set to increase in the coming years.

Currently, the rate for leasing a 1BHK flat in Dadar West is 30,000, 55,000 for 2BHK flats, 70,000 for 3BHK and 1, 50,000 for a 4BHK flat.

Future of Residential Developments in Dadar

It can be considered the heart of Mumbai where the market for residential properties is near saturation point. Due to lack of plots, the scope for large residential or commercial projects in Dadar and its surrounding areas is very less.

Summary:

Real estate companies in Mumbai are coming up with stylish flats in Dadar for people who wish to buy or rent a house in proximity to their workplace.

Jennifer Kelly has worked in several reputed real estate companies in Mumbai. Currently, she blogs about real estate trends and give tips on buying flats in Mumbai.