Authored by Girish Shah, Executive Director – Residential Sales, Knight Frank India
Andheri is one of the few neighborhoods that has the perfect amalgamation of quality residencies, upscale retail outlets, and commercial establishments, making it a desirable holistic habitat. Over the past few years, Andheri- a nice middle class suburban locality in Mumbai has become a pin code address of choice offering a blend of affordable to luxury projects. There are various factors influencing buyers towards this most popular area. It is centrally located which makes it easier for people to commute across the city its proximity to commercial belts, western expressway, airport and well-established social infrastructure has made Andheri a lucrative residential micro market for developers and home buyers alike. Andheri has also become a good commercial hub with firms across sectors like IT and ITeS, manufacturing, financial services, setting up offices which further create economic activity and generates demand for housing.
Listed below are some factors that influence buyer’s behaviour and propensity to buy into a particular micro market.
Residential prices
The prices of apartments in MMR continue to correct and prices in several locations are now currently more affordable. Andheri has also seen a price correction of 4% in the 12-month change till June 2019 making homes affordable here to some extent. According to Knight Frank’s India Real Estate H1 2019 Report, the price range for the first half of 2019 was Rs 15,000 - Rs 22,000 per sqft.
Most leading residential developers of the city such as Kalpataru, Kanakia Group, Omkar Realtors, Runwal Group have their projects in the area.
Commercial sector
According to Knight Frank’s India Real Estate H1 2019 report, the business district of SBD West (Andheri Jogeshwari, Goregaon, Malad) was amongst three out of six business districts of MMR which witnessed addition in office supply. Office transactions in SBD West were 0.9 mn sqft, a 4% increase YoY in H1 2019. Rental values are in the range of Rs 80–Rs 140 sqft/ month.
The presence of key commercial hubs such as MIDC, SEEPZ and commercial properties such as Technopolis Knowledge Park and Solitaire Corporate Park continue to attract investments.
Infrastructure upgradation to bring better connectivity
Andheri has always been a focal point for infrastructure upgradation in the city and has great connectivity with rest of the MMR region and even areas beyond the local. The successful operation of Metro line 1 Versova-Andheri-Ghatkoparis a testimony of that. The upcoming Mumbai Metro Line 2A from DN Nagar in Andheri West to Dahisar will reduce the travel time on link road. The 18.6 km long metro line will provide connectivity to all major malls in western suburbs, thus, providing significant potential for Transit-Oriented-Development. The project is expected to get completed in the first half of 2020. Mumbai Metro 7 is also coming up in full swing from Andheri East to Dahisar. This metro line will reduce the travel time and congestion on the Western Expressway. The project is expected to get completed around the same time as Metro Line 2A. Upcoming Metro Line 3 is also going to connect key locations in Andheri East like Sahar Road, Marol Naka, MIDC and SEEPZ to the city up to Colaba.
Co-working spaces
In addition to a large number of commercial projects in Andheri, there is also an upward move in numbers of co-working spaces. Co-working operators like WeWork, Awfis and Innov8 have opened spaces here making office spaces more accessible
Social Infrastructure
If there is one pertinent differentiator of the micro market, it will definitely be the well-established social infrastructure. Having social amenities like hospitals, schools, malls, restaurants, banks and grocery stores makes for a convenient living experience and will continue to make Andheri a go-to home buying destination for prospective buyers in comparison to other micro markets as well.
Andheri has a distinct culture which makes it a locality of choice. All micro-markets within Andheri have evolved and are continuing to witness growth and development.
