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Properties in Andheri East witnessing price appreciation

Price hikeAndheri East, one of the prime localities in the western part of Mumbai is witnessing constant price hikes of apartments in recent times.

Three months ago, multi-storey apartments in Andheri East which were priced at Rs 12,000 per sq ft have now come up to Rs 15,000-17,000 per sq ft. Furthermore, average prices for residential property that were at Rs 9,000 in Oct-Dec 2009, are now Rs 15,000 in Oct-Dec 2012.

Andheri East has always been on top list of buyers due to its strategic location and excellent connectivity. There are other features which keeps the price hike constant. Recently, the construction cost has been increased by 25%, which has fueled the increasing cost of property in Andheri East.

However, the increase in price of properties in Andheri east has never affected the demand as well as supply of residential units. In fact, there are about six new projects by reputed builders like Ackruti Builders, Oberoi Realty and Wadhwa Group coming up in Andheri East.

These projects offer 3 BHK and above apartments in the price range of Rs 15,000-25,000 per sq ft with all the possible amenities and facilities.

As per experts, a rise of 30% is expected in Andheri East incoming 2 years. This is due to its proximity to well established commercial places like Chakala, Sakinaka, MIDC, Seepz, Sahar Road and Andheri Kurla Road. Also, the international airport is at a distance of 3 km and upcoming metro can be added benefits.

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Image courtesy of Stuart Miles at FreeDigitalPhotos.net

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