Rates Skyrocketing for Residential Projects in Goregaon
Property developers and real estate brokers in Mumbai are taking advantage of the growing popularity of residential projects in Goregaon, a sought-after suburb in Mumbai.
Real estate companies are launching various residential projects in Goregaon, offering attractive options to the buyers. This suburb has witnessed unprecedented growth in the last few years. It has emerged as a sought-after location for potential buyers from Mumbai and all over India.
Affordable Rates Compared to Central Mumbai
Being one of the greenest suburbs in Mumbai, this lush destination is a favorite among buyers who don’t want to stay in a densely populated area of Mumbai. Rate is also an important factor due to which this suburb has become quite popular. Even though property rates have skyrocketed in this area, price of a flat in Goregaon is still affordable compared to the rates in Bandra and Andheri. Since belts from Bandra-Andheri and Powai have become unaffordable for majority of buyers in the city, they are coming to Goregaon for buying a property.
Developers Launching New Residential Projects
Considering the growing demand, property developers as well as real estate agents in Mumbai are making good money by helping people buy, sell or rent Goregaon properties. Developers are taking advantage of the growing demand by launching large township projects and residential complexes with luxurious yet affordable flats. They are offering world class amenities to ensure a comfortable living experience for the buyers.
Why Buy a House in Goregaon?
Located in the northern part of Mumbai, this suburb is easily accessible through auto-rickshaws, trains and taxis. Film City and Filmistaan are also located in this part of the city. Many famous Bollywood celebrities and businessmen also have a house in Goregaon.
This suburb is quite close to commercial areas such as Andheri and Bandra. The Western Express Highway is in proximity, making it easy for the residents to reach other parts of the city conveniently.
Proximity to Bandra-Kurla complex and eastern and western suburbs has accelerated the demand for properties in this area. It has reputed colleges, schools, malls, restaurants and healthcare facilities. Growth in infrastructural facilities at Goregaon has pushed property rates.
Per square feet property rate in Goregaon West ranges between 12,500 and 15,500 whereas in Goregaon East, properties are available at 12,500 to 18,500 rupees per square feet.
Will 2015 Bring Good News for Mumbai’s Real Estate Sector?
Last year, cities like Mumbai and Kolkata didn’t witness any increase in demand for properties, however, some developers launched new projects during the end of 2014. According to the industry experts, 2015 will bring some good news for the housing sector in India. It is being predicted that global investors will start showing renewed interest in India’s residential market. Spike in FDI (Foreign Direct Investment) in the real estate sector will also increase. Developers will be able to enjoy improved liquidity as new rules for Real Estate Investment Trusts are also expected to be implemented this year.
In order to increase demand, developers will have to make price corrections. This might prove to be a good year for buyers looking for attractive realty options in Goregaon or other parts of the city.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
Shruti is a successful real estate broker in Mumbai. She is also a blogger and her write-ups are mainly based on the growing market for residential projects in Goregaon and other suburbs of Mumbai.