Borivali

Right time to invest in Goregaon West-Borivali West growth corridor

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Right time to invest in Goregaon West-Borivali West growth corridor


For people looking out for beautifully-styled living spaces with stunning landscapes, the glitziest malls and commercial outlets – all within a walking distance, Goregaon West is the answer. Off the Western Express Highway, Goregaon West has emerged as an upscale commercial and residential destination in the central corridor of Mumbai. According to Rajan Joshi from Ganesha Associates, “Flats in the 2,000-3,000 sq ft category are available in the range of Rs 10,000-13,000 per sq ft. Same size apartments in the prime South Mumbai regions are priced much higher at Rs 30,000-50,000 per sq ft. Today, South Mumbai is selling on large floor plates and thus driving the property rates around Rs 9-10 crore. Such high prices have made the buyer reluctant to go to South Mumbai.

Goregaon West has its plus point. The locality is in close proximity to Jogeshwari-Vikhroli Link Road and is at a distance of 2-km from the Goregaon Railway Station, 1-km from the proposed Oshiwara Railway Station and 5-km from the Malad Railway Station. Earlier, Goregaon was considered a far-off and sparsely populated residential suburb with Aarey Milk Colony as its only popular landmark. Later on, catchments like Unnat Nagar, Jawahar Nagar, Motilal Nagar, Bangur Nagar and many other sprang up in the west of the city, making Goregaon a noticeable suburb. It further expanded after the housing boom three decades ago.

Today, Goregaon has almost hit a tipping point as many reputed builders including Poddar Matushree Group, Ekta Group, Kalpataru, Mavji Estate Developers have their development here. According to the MagicBricks.com data, some new projects are in the offing in this area with 2, 3 4 and 5BHK apartments. These projects are priced between Rs 1.20-7.50 crore and are expected to be ready for possession by 2015-16. These projects offer modern amenities like club house, gymnasium and swimming pool, children’s play area and spa.

Borivali West, located about 9.5 km from Goregaon West, has become a prime location for residential property seekers as well as retail outlets and commercial establishments. Manoj Shinde from Mumbai Builders, a brokerage firm, says, “The property prices here are between Rs 8,000-14,000 per sq ft depending on the location and quality of the property. Due to the demand, prices have already gone up by 25-35 per cent over the 2011-12 levels.”

This area is witnessing demand for housing mostly from buyers who belong to middle income groups. Factors motivating demand in this location are affordability, serene atmosphere and excellent connectivity, especially to main Mumbai and Thane.

Source: MagicBricks.com Bureau

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