A few decades ago, Powai was an obscure hamlet in the northeastern suburbs of Mumbai. It had Powai Lake, which catered to the drinking water supply needs of the city. In 1958, the establishment of the Indian Institute of Technology, Bombay, brought this micro market into the limelight. Serious construction activity in Powai picked up in the late nineties, and there has been no looking back since.
The hills of Vikhroli Parksite surround Powai in the southeast, Sanjay Gandhi National Park lies to the north, and LBS Road marks its boundary on the northeast.
Powai has numerous educational institutions, namely Hiranandani Foundation School, Bombay Scottish School, Podar International School and Kendriya Vidyalaya. Dr L H Hiranandani Hospital, the Nahar Medical Centre, and Powai Hospital are some of the prominent healthcare facilities here. Convenience stores like D Mart and shopping centres like the Galleria and R City Mall are also available.
This micro-market also provides a scenic view of the Powai Hills and the Sanjay Gandhi National Park.
Apart from residential developments, there are several corporate offices, such as those of Crisil, Bayer, L&T, Nomura, Colgate-Palmolive, Deloitte Consulting and Cognizant.
Powai has excellent connectivity with various parts of Mumbai via a well-established road and rail network. Powai's residential market is primarily dominated by properties in the price range of Rs 30 million, which account for 47 per cent of the new launch supply since 2015, followed by 31 per cent properties in the Rs 10-20 million range.
Less than 5 per cent of what is currently available in Powai’s residential market comprises ready-to-move-in (RTM) units. Thus, there are limited RTM options available to homebuyers and investors here currently. However, around 2,100 units will be infused into the market in the next two years, and another 2,000 units will be completed over the two years thereafter.
Property prices in Powai were rising steadily till the second quarter (Q2) of 2018. Interestingly, despite the impact of events in 2016 and the decline in new launches, prices in Powai have not seen a major correction. Property prices have appreciated by around nine per cent over the past two years, with the average price in Q2 2018 at Rs 29,200 per square feet. Today, Powai has transformed into a major upscale micro-market in MMR. Besides being a residential hotspot, it has also emerged as a business, commercial and entrepreneurial hub over the years.
The proposed metro-line six will provide a major fillip to Powai’s connectivity. This vibrant neighbourhood with a serene environment , away from the chaos of the city, continues to attract a huge number of property buyers and investors.
The writer is head–research, ANAROCK Property Consultants