Quoted values of Mumbai’s Western suburb properties fairly high in resale market
Property owners in the Western suburbs of Mumbai are reportedly quoting high values for their properties in resale market because of an increasing demand for housing in the area.
The increase in demand for housing in Western suburbs is apparently an upshot of the fact that the area boasts good connectivity as well as proximity to important commercial zones, and also promises a top-quality lifestyle.
In a confirmation of the trend that the quoted property resale values in Mumbai’s Western suburbs is high, recent statistics released by MagicBricks.com have revealed that there has been a 10 percent increase in the quoted values on an annual basis in localities like Andheri West, Kandivali West and Borivali West.
With high values being demanded for properties in Western suburbs, the data also shows that though the market value of a 400 sq ft, 1-BHK flat in Kandivali West is Rs 35 lakhs, the prevalent quoted value in the area currently is Rs 37-39 lakhs. The situation is similar in Andheri West and Borivali West areas, though the cost of properties there is comparatively much higher.
According to Mumbai-based realtor Raj Tandon, property owners in Western suburbs to demand higher prices in resale market chiefly because of “the growing demand and the upcoming Mumbai Monorail connectivity in the area.”
Tandon further projected: “With rising demand, the quoted values of properties are expected to increase even more.”
Source – Times Property, Mumbai/MagicBricks.com Bureau
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