Real Estate future of Jogeshwari-Goregaon East corridor
Mumbai: Ghatkopar East and Jogeshwari East are old and well-developed suburbs of Mumbai. Earlier they use to attract only the mid income segment, but due to the improved connectivity with the premium localities like Andheri and Powai , this stretch is creating interest among the luxury segment also.
Connectivity:
The Jogeshwari-Goregaon east corridor has a good connectivity to Western and Eastern Express highway. Jogeshwari -Vikhroli link, connects Jogeshwari East to the Western and Eastern expressways while Goregaon is only 100 meters from the Western Expressway. Goregaon is also connected to Andheri via Andheri – Goregaon link road . Moreover, the recently completed Mumbai Monorail, which passing through Ghatkopar is further improving the connectivity of this Seven-kilometer long corridor.
Upcoming projects:
A lot of real estate activity is happening on the six-kilometer long corridor from Goregaon East to Jogeshwari East. Several projects are lined up for possession in another four – five years by the developers such as Raheja Developers, JP Infra Pvt Ltd, DB Developers, ACME Housing Pvt Ltd, Sunil Mantri Realty, Oberoi Realty, Lodha Group and SMGK Developers Pvt Ltd etc.
With a concept of ‘City within a City’, Oberoi Realty is developing “Oberoi Garden City” in Goregaon East. In this development also with the residential units, they are also developing a five star hotel, international school, shopping mall and premium office space.
‘Aether’ is another super luxury project developed by Romell Group. It has 2 and 3 Bhk units, a two bhk unit is available for 1.5 crores. The project is in close proximity with Oberoi Mall, Hub Mall, Hypercity etc. Aether is located close to the Western Express Highway, the airport and Goregaon railway station.
Price Trends:
There is a jump of 9% in property prices in the fiscal 2012 in Goregaon East. The average locality price for a multistory apartment is Rs. 12500 – 14546 per sq ft. While there is a rise of almost 25 % in property prices in Jogeshwari East. The property price for this locality varies with in the range of Rs. 13000 – 18500 per sq. ft.
Advice for the user:
According to real estate experts, in another 4 – 5 years this corridor will see a capital appreciation of 40-60 per cent for residential properties. If you are a long-term investor go for Jogeshwari East but it has limited options available, while Goregaon is best for the end-user with a plenty of ready to move in apartments and fresh stock available.
Real Estate Articles:
Goregaon in Mumbai emerges as prime real estate suburb
Properties in Andheri East witnessing price appreciation
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