Goregaon in Mumbai emerges as prime real estate suburb
Goregaon, once known as a middle class residential locality has now turned as one of the wealthy suburbs in Mumbai. The locality enjoys features like easy accessibility, proximity to the railway line by the Western Express Highway and the Linking Road, making it one of the sought after areas today.
Many prominent developers like Oberoi Realty, Sunil Mantri Realty and the Lodha Group have their developments in the area.
Earlier, Goregaon was counted as one of the far flung places, sparsely populated residential suburb with Aarey Milk Colony as its only popular landmark. However, later Unnat Nagar, Jawahar Nagar, Motilal Nagar, Bangur Nagar and many other catchments started growing around Goregaon making it noticeable.
Even the infrastructure in Goregaon has been impressively growing over the years making Goregaon a perfect residential suburb. Hospitals like Matushree Gomati Hospital, Life Line Medicare Hospital, Vasudha Hospital, Clemscok Grp, Sai Sparsh Critical Care Centre and many more are present in the vicinity. Some of the best schools in the city like Oberoi International School, Ryan International School, Vibgyor High School are in its proximity.
According to Jones Lang LaSalle India, the property rates in Goregaon (East) is around Rs 8000-16500 and in Goregaon (West) around Rs 8000-13500.
Goregaon East is more popular as it houses recently-developed area known as New Dindoshi, which includes the Nagari Nivara Parishad (popularly known as NNP), an affordable housing scheme for the lower middle class provided by the government. More than 30,000 people live at the NNP which is distributed between two zones.
Also, it is forecasted that Goregaon has great growth potential which might lead to a goof price appreciation in real estate in near future.
In the same line, Central Mumbai has been witnessing a rise in price trends higher than the national average. Areas like Worli and Prabhadevi are counted as the costliest locations in Central Mumbai now after the recent real estate trend.
Both commercial and residential properties in Mumbai are on a consistent rise in the number of transactions and values from quite some time now. The rates have also increased to 8-14 percent in the past 5-6 months as per data.
Worli is one of the prime localities in Mumbai which helps developers gaining higher revenue and rental values. It has become a prime location for residential property seekers as well as retail outlets and commercial establishments.
Prabhadevi, on the other hand, has become an upscale commercial and residential destination on the central corridor of Mumbai.
The main reason for reformed real estate and huge supply of properties in Central Mumbai is the growing IT/ITeS-BPO sector. Central Mumbai is settled with infrastructure coming in place and in the long term will give a very good return.
In Worli, Lower Parel and Prabhadevi areas, flats in the 2,000-3,000 sq ft category are going for Rs 19,000-25,000 per square feet.
Related Real Estate News:
Real Estate in Mumbai lures developers from other cities
Worli and Prabhadevi in Mumbai witness price appreciation
Titwala grows as an affordable real estate option
Bangur Nagar, central corridor of Mumbai, Central Mumbai, Goregaon, Jawahar Nagar, Localities in Mumbai, Lower Parel, Motilal Nagar, Mumbai, Prabhadevi, Prabhadevi in Mumbai, price appreciation, Properties in Mumbai, Real estate trend, Residential properties in Mumbai, Thane, Unnat Nagar, Worli
