Ready Reckoner of Property Prices in Western Suburbs of Mumbai. www.stampduty.in
The prevailing commercial, retail and residential property rates in Andheri, Jogeshwari, Goregaon, Malad, Kandivali and Borivali as on 12th November 2006.
LOCATION | RESIDENTIAL | RETAIL | COMMERCIAL |
OutRight Rate Per Sq.Ft | LL Rates in Rs. Per Month | OutRight Rate Per Sq.Ft | LL Rate Per Sq.Ft/Per Month | OutRight Rate Per Sq.Ft | LL Rate Per Sq.Ft/Per Month |
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| 1 BHK | 2 BHK | 3 BHK |
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ANDHERI [EAST] | 3,500-5,200 | 10,000-14,000 | 15,000-25,000 | 25,000-35,000 | 7,000-18,000 | 50-150 | 5,000-9,500 | 55-125 |
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ANDHERI [WEST] | 4,700-8,000 | 12,000-18,000 | 20,000-45,000 | 40,000-75,000 | 15,000-40,000 | 75-250 | 6,000-11,000 | 60-125 |
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JOGESHWARI [EAST] | No Residential Premises | NIL | NIL | NIL | nil | 40-75 | - | 50 |
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JOGESHWARI [WEST] | 3,500-5,500 | 8,000-10,000 | 10,000-15,000 | 15,000-20,000 | 5,000-10,000 | 40-75 | 5,500-6,000 | 40-60 |
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GOREGAON [EAST] | 4,000-6,000 | 9,000-12,000 | 15,000-20,000 | 20,000-25,000 | 10,000-20,000 | 50-125 | 5,500-7,000 | 45-75 |
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GOREGAON [WEST] | 4,200-6,500 | 10,000-14,000 | 15,000-30,000 | 25,000-45,000 | 10,000-25,000 | 75-150 | 6,000-8,000 | 50-100 |
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MALAD [EAST] | 3,500-4,800 | 8,000-12,000 | 10,000-15,000 | 15,000-20,000 | 10,000-30,000 | 50-125 | 5,000-6,500 | 50-55 |
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MALAD [WEST] | 3,500-6,500 | 8,000-15,000 | 12,000-40,000 | 25,000-65,000 | 15,000-35,000 | 80-175 | 5,000-8,000 | 50-100 |
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KANDIVALI [EAST] | 4,000-5,500 | 7,000-11,000 | 9,000-15,000 | 15,000-25,000 | 8,000-25,000 | 45-125 | 5,000-7,500 | 40-60 |
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KANDIVALI [WEST] | 3,700-5,000 | 7,000-11,000 | 9,000-15,000 | 15,000-25,000 | 5,000-20,000 | 75-150 | 6,000-8,000 | 50-70 |
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BORIVLI [EAST] | 3,500-5,000 | 6,000-10,000 | 8,000-14,000 | 12,000-20,000 | 10,000-25,000 | 50-140 | 4,500-6,500 | 35-50 |
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BORIVLI [WEST] | 3,500-6,000 | 5,500-9,000 | 7,500-15,000 | 15,000-21,000 | 10,000-40,000 | 100-275 | 4,800-9,000 | 45-110 |
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* Note : RATES ARE FOR UN-FURNISHED PREMISES CALCULATED ON BUILT UP AREA
What were the property rates ten years ago? Have the rates been fluctuating over the years or have the remained steady?
Rates have been increasing steadily on an average till 2004. Annual rate increase was in the region of 15-20% depending on the location and the type of the Buildings that had been constructed. In the last 2 year i.e 2004-2006, market had witnessed a huge boom in many locations and in most of the locations prices have been increased by 70-120%. But now the market is steady and does not exhibit the wild growth in rates
Why is it a preferred belt by property consultants?
The Location between Andheri to Borivli had more open land available for development and consequently there was scope of new complexes and buildings to come up compare to places between Andheri to South Mumbai.
Reasons for preference :
- Wide Choice of spacious apartments ( newer trends of 2 ½ BHK apartments etc)
- Lots of availability of Properties
- Easy accessibility to the new work places (CBD)
- Reasonable prices and Better Value for money propositions
- Lifestyle plus Amenities
- Better Infrastructure and layouts and complexes
Why do you think people are opting for these places? What are the
advantages of these areas? Also mention the flip side to it.
The Central Business District (CBD) has seen a paradigm shift from Narimna Point to Bandra-Kurla Complex and Andheri East in recent years. Cheaper rentals, better buildings and also availability of quality housing rentals around the new CBD’s has been the prime reason for corporates to shift their offices. This in turn has boosted the demand for quality housing around the vicinity of 5-10 kms in this CBD.
The Flip side of this area is the Development has been done in piece meal manner. Unplanned development with no single govt body responsible for the total development, has lead to lop sided development. The infrastructure is not able to keep up with the growth of Buildings.
At many places, Artificial price rise is witnessed due to speculation by investors, which can hurt the genuine customers and corporates.
How is the infrastructure (roads, water supply, electricity)? Will the metro rail and other such projects boost the property scenario even further?
Electricity Supply is good. Power cuts are very few. Overall water supply is adequate but it could do with better water supply. Roads are not in good condition. They definitely need better roads. Metro rails will have a very positive impact as there will be an alternative to an already over burdened transport system. Prices have already started going up in locations where metro rail will have its stations and the route passing thru that locations
Why are corporates shifting northward? What conveniences do look for and the criteria before zeroing on a property?
Cheaper Rentals
Better Buildings/Layouts
Better Facilities
Availability of Built to suit options for large floor plates for corporates
Easy availability of residential properties for easy accommodation around these office premises.