Green suburb emerges as upscale locality

Earlier, South Mumbai was considered as the city’s business district (CBD). However, over time the CBD moved to the Bandra-Kurla Complex and Lower Parel, while many businesses moved as far as Vasai-Virar-Panvel because of the more attractive property rates, and also because these areas have a lot of manpower. Another area that is attracting both developers and homebuyers alike is Goregaon.

 

This is one of the greenest suburbs situated adjacent to the Western Express Highway. It has emerged as an upscale area that is attracting both commercial occupiers and residential buyers.

 

Located in the northern part of the city, Goregaon is easily reachable by road and train. It is quite close to the commercial areas of Andheri and Bandra-Kurla Complex and is also well connected with Borivali. Sound connectivity has provided a fillip to demand for properties here. 

 

With the Mumbai Development Plan for 2005-2025 and its special provisions, Goregaon West has become one of the sought-after destinations for homebuyers. It has its own railway station and is five km from Malad Railway Station. It is also close to the Jogeshwari-Vikhroli Link Road. Many of the residential projects here offer modern amenities, such as clubhouse, gymnasium, swimming pool, children’s play area and spa. With the development of Aarey Milk Colony, Jawahar Nagar, Unnat Nagar, Bangur Nagar and Motilal Nagar, Goregaon West has become a notable region for property investment. Property rates in Goregaon West range from Rs 12,559-18,820 per sq. ft. Improved roads provide easy access to some prominent educational institutes such as Ryan International School and ICIT College of Management and Information Technology; entertainment and shopping hubs like Oberoi Mall and Inorbit Mall; and to hospitals like Lifeline Medicare Hospital and Sparsh Critical Care Centre.

 

Under the Mumbai Development Plan, roads in Goregaon East will also be improved to provide better connectivity to the International Airport. The presence of several schools, hospitals and entertainment options has made the locality a preferred residential destination.  The eastern part of this area has the Nagari Nivara Parishad affordable housing scheme for more than 30,000 low-income families.

 

Goregaon East is mainly a middle-class residential neighbourhood and is now becoming an established suburb due to easy connectivity to the Western and Eastern expressways and to localities such as Andheri and Powai. This has ensured demand from high-end buyers as well. It is a hub of residential activity for several developers like JP Infra, K Raheja Developers and Lodha Group. Companies such as IBM India, Abbott India and Aegon Religare Life Insurance have offices here. The working population is also attracted by the sound infrastructure and comparatively affordable rates. The property prices in Goregaon East were Rs 14,700-14,900 per sq. ft. in 2016. Prices rose to Rs 15,100-15,500 per sq. ft. by the beginning of 2017. Sunteck Realty will deliver India’s first project based on the American animation concept. Oberoi Realty is coming up with a mega mall. Oberoi International School, Oberoi Garden City and the Oberoi Woods residential projects will be important attractions in the future.

  The writer is chief operating officer–business and international director, JLL India


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