Wadala on Growth Curve
According to Knight Frank’s ‘Investment Advisory Report’ of 2012, a total of 13 destinations were identified across various cities of which locations like Ulwe, Wadala and Chembur held the top three positions. The report suggested the property values in Wadala to go up by 133 per cent in the next five years.
Reiterating, Sanjay Yadav of Sunrise 2 Realty says, “The properties which were earlier available within Rs 10,000-11,000 per sq ft are now available for Rs 20,000-22,000 per sq ft. Initially, Wadala gained its market of homebuyers because of its proximity to Bandra Kurla Complex (BKC). Now, MMRDA is developing Wadala on the lines of BKC. After Lodha Group acquired land worth Rs 4,000 crore from MMRDA three years back, the property values went up drastically. In addition to the commercial development, the infrastructure projects such as the Monorail, Metro and the Sea Link have impacted the property values in the area.”
Increasing housing demand in the locality is also visible from the fact that the rental values have reportedly been going up. According to PropIndex (Vol 2, Issue 4), the research publication of MagicBricks.com, rental values in Wadala rose by six per cent in the Jan-Mar 2013 quarter.
“Proximity to BKC and the development of the locality into a major commercial area has led to a major shift in homebuyers. The demand is a spill-over from the expensive central locations to a much affordable developing location. Also, improved connectivity through the Anik Panjarpol Link Road, Kurla-Santacruz Flyover, Byculla Bridge and the Masjid Bridge is an added advantage for the residents. Once the monorail becomes functional, these areas would benefit and develop the most,” says Amit Khosla of Khosla Enterprises.
Looking at prospects of the locality, there are several residential projects coming up by developers such as the Lodha Group and Ajmera Group, among others. Most of the projects are under-construction and would be delivered in another two to three years.
by Shradha Goyal, MagicBricks.com Bureau
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