Mumbai
There are lucrative properties that are available in Powai that can suit the budget requirements of many potential home-buyers
It is very important for a property buyer to under stand exactly where to fo cus on, for a good deal in a big realty market like Mum bai. A location like Powai is one of the most developed and well planned realty markets. Powai is one of the up-market residential and commercial hubs of Mumbai.“Powai's residential market growth was primarily influenced by the commercial growth there with a majority of the commercial and residential developments.Due to the spill over effect, other neighbouring micro-markets such as Chandivali, Kanjurmarg and Bhandup are coming up now. The residential prices have grown from Rs 6000 7000 per sq ft in 2007-08 to Rs 18000 25000 per sq ft in year 2015,“ said, Denny Simon, manager, Valuation & Advi sory Services, Colliers International.
PRESENCE OF GOOD CONNECTIVITY AND AMENITIES
Kawadia, a resident of Powai, says “Life is easy and fast here with good connectivity to the western and the eastern suburbs. With the presence of commercial offices here, office-goers from eastern suburbs via the Eastern Express highway and western suburbs via the Jogeshwari Vikhroli Link Road, find Powai to be very con venient. The rents are slightly higher here, but it's manageable with the kind of amenities one gets. The only problem is the traffic during peak hours, but that's common everywhere in Mumbai.“
TYPE OF PROPERTY ONE SHOULD FOCUS ON
“The rules for buyinginvesting in real estate stand the same for all markets. A buyer should invest his time in validating the background of the developer, the project, the cost quoted, availability of all legal approvals and documents, etc, basis on which to take a decision. If one wants to buy a house from an investment point of view, then heshe should consider buying in an under-construction property.However, if one wants to live in an apartment on a priority basis then buying a ready-to-move-in house is recommended,“ suggested Siddharth Bhatia, marketing head, The Wadhwa Group.
“As a home-buyer, you have an option, either to buy a property in a stand-alone building or in a township at the launch stage, ongoing project stage or ready-tomove-in stage, depending on the urgency to move in. There are benefits for a home-buyer if he chooses to go in for any of the above options. Looking at the background of developers coming up with projects in the Powai and adjoining areas like Chandivali, there is no doubt on their credibility with a proven track record of project completion as per the time lines. There are ready-tomove-in apartments, projects nearing completion and ongoing projects in Powai and Chandivali, so buyers can check their requirement“, shares Manju Yagnik, vicechairperson, Nahar Group.
RENTAL OUTLOOK OF RESIDENTIAL PROPERTIES IN POWAI
Experts pointed out that Powai has been yielding rental returns in the range of 2.5 to 3 per cent.The capital value appreciation has seen a growth of 17 per cent CAGR over last five years. The capital value has risen significantly due to the infrastructure development, such as the Metro rail and the addition of commercial office, IT SEZ in the micromarket.
“The current average price for 1-BHK apartment in Powai is about Rs 25000 to Rs 30,000 per month while for 2-BHK, the average rent is Rs 35000 to Rs 40000 per month. However, depending on the view, location and other features, the rentals range between Rs 40,000 and Rs 60,000 per month for a 2-BHK apartment. There has been a good demand for rental units in Powai owing to the presence of commercial developments and will continue to remain,“ adds Simon.
Residents speak
Rajesh Shetty
a businessman and resident of Powai, who owns a 2-BHK, in Hiranandani Gardens I have watched Powai develop over the last 20 years. As a NRI, I am amazed that it has maintained its charm and cleanliness over such a long time. It is free from encroachment by vendors. The area offers a variety of activities from go-karting to shopping and a multi-cuisine choice of restaurants. The area offers parks and gardens to chill after a tiring day at work. The area has been developed and positioned as an aspirational address with fabulous architectural developments that cater to a mixed asset class. Also, the security aspect has been taken into account by most of the developers.
Gaurav Shanbhag
an IITian, an entrepreneur an owner 2-BHK in Raheja Vihar, in Powai Over the last decade, Powai has largely become self-contained and residents who work here say they seldom travel to other parts of the city. Most of the neigh bourhood is clutter-free and presents a pretty picture with Greco-Roman buildings, clean boulevards, a lakefront and hills in the background. Several cafes and pubs have opened up, including Singapore-based Harry's, the first for the chain in Mumbai.
Malti Rajshekhar
who acquired a ready-to-move, 2-BHK apartment in Powai Powai offers a greener and more peaceful life compared to other neighborhoods of Mumbai.It is a relatively newly developed area and is a good location for people working in the suburbs.
Experts speak
Prabhat Ranjan
CMD, Olympeo Infrastructure Pvt Ltd The social infrastructure, especially educational, entertainment and organised retail are much improved in this part of the city.Projects in the eastern and central suburbs are attracting a lot of buyers as they are offering value for money and a lot of amenities. They appeal more to the NRI and foreign investors who look to invest in the Indian market through such projects.
Manju Yagnik
vice-chairperson, Nahar Group Powai and Chandivali are great choices due to their excellent connectivity to other parts of Mumbai.The Jogeshwari Vikhroli Link Road and the Mumbai Metro connect the western to the central suburbs of Mumbai and proximity to the Mumbai International airport makes it a well-connected residential destination.
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