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Andheri - an aspirational and a coveted residential market

Saturday, February 23, 2019

Andheri possesses many gated communities, luxury apartments and commercial spaces. The location offers excellent connectivity and social infrastructure and these are the major reasons for its rapid growth. Thus, there is no denying that Andheri is certainly one of the best places to live in Mumbai. When you talk about the Andheri realty market, it is always classified into two parts – Andheri East and Andheri West. While Andheri East has metamorphosed into a major commercial destination and is the densest micromarket in Mumbai, comparatively Andheri West is one of the posh and the oldest residential areas of the city.

Andheri East is logistically connected to the Mumbai International Airport and Western Express Highway facilitating access to other commercial hubs like Bandra Kurla Complex, Lower Parel and eastern suburbs like Ghatkopar, Vikhroli, Powai, Kanjurmarg, etc. Also, well known as a prime industrial destination due to the presence of MIDC and SEEPZ, it has been accommodating new age office spaces and IT Parks in addition to conventional office buildings. Overall, Andheri has around 10 million sq ft of Grade A office space. Apart from IT companies and BPOs, the location caters to the BFSI sector as well. It also offers a number of high-end hotels such as ITC Grand Maratha, Leela, The Lalit, Hyatt Regency and Sahara Star for tourists and business travelers.

Speaking about the growth potential of Andheri, Hiral Sheth – HOD, Marketing at Sheth Creators said, “Considering the increasing price trends in Andheri and the obvious rise in demand, the locality will definitely prove to be a good investment option. The Mumbai Metro railway line on one hand and the convenience of the airport & the Western Express Highway on the other hand has completely changed the dynamics of the area. The presence of commercial hubs in and around the locality is making Andheri a coveted working as well as a residential destination.”

Andheri West on the other hand already houses some of the biggest entertainment companies in the country like Balaji Telefilms, Yashraj Studios, Sahara TV, Big FM, etc. The suburb is connected well with major landmarks of Mumbai. As a result, there has always been a high demand for residential apartments in Andheri West, being one of the noted areas in Mumbai. It is interesting to note that the suburbs from Andheri to Malad account for nearly one-third of the entire high-end launches witnessed in Mumbai last year. Amenities in these projects mirror the high-end luxury segment, ranging from concierge services to preview theatres, ballrooms, home automation systems and sculpture gardens. The growth in the number of projects here is a response to the rise in demand.

Commenting on the Andheri market, Ms. Sarojini Ahuja, VP - Sales & Marketing, Transcon Triumph said, “Being the hub of Bollywood and TV industry, Andheri real estate enjoys the maximum interest of top celebrities. This has resulted in Uber Luxury project launches with a bigger ticket size which is targeted to the marquee clientele like the HNI’s, industrialists, head honchos of blue-chip firms etc. who belong to the ‘creme-de-la-creme’ of society.”

The Metro line running through the heart of the Andheri between Versova and Ghatkopar has played a significant role in recent years, leading to an increase in demand for space at nearby locations. Andheri is currently on a realty growth track. Taking into consideration the planned infrastructure initiatives like the enhanced metro connectivity and the increasing demand for office properties, one can expect considerable growth in the area’s real estate market in the near future.

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