Hotspot: Aided by strategic location, Mumbai's Ghatkopar has a good infra

Rapid infra development at Ghatkopar has renewed interest among developers to launch projects here

In a city like Mumbai, massive demand for properties is constantly pushing the need for well-developed areas. Being one of the old suburbs of the city, Ghatkopar has witnessed rapid development in terms of infrastructure, which has brought in renewed interest from residential developers to launch projects.

 

Connected in all four directions through the Eastern-Western Express highway and through the Central railway, the area has also emerged as a logistics hub for many companies in the city. This has also led to demand from people employed in these facilities, as well.

 

With the development of Mumbai Monorail connecting Ghatkopar and the Eastern Freeway, the locality has become one of the most favoured destinations for prospective home buyers considering reduced travel time and easier access to work and entertainment. This strategically-located area enjoys close proximity to important central destinations like Juhu, Santacruz and Khar, and also Thane. Ghatkopar is majorly dominated by the Gujarati and Parsee communities.

 

Ghatkopar’s property market is driven by good civic infrastructure and the fact that it is commutable from almost all parts of the city. It offers good private schools like Saraswati Vidya Niketan and Vidya Bhavan, as well as malls like R Odeon Mall, R City Mall and The Platinum, and a variety of restaurants for residents to choose from. Medical services are easily accessible from hospitals like Ashirwad Heart Hospital, Ashvini Maternity and Shreeji Hospital.

 

The Eastern part of Ghatkopar holds about 25 per cent of residential projects that are older than 20 years, while the Western part has fairly new construction projects summing to a total of 53 per cent. The Eastern part commands a property price range between Rs 11,000-12,500/sq. ft. while prices in the Western part are between Rs 13,350-14,000/sq. ft for new projects. This part of Ghatkopar also has options in semi-furnished and fully-furnished apartments which are ready to move in.

 

Many developers here are setting up residential projects that offer modern amenities from a clubhouse and gymnasium to swimming pool, children’s play area and spa. Some of them are Hilton, Ashapura, Neelkanth, Daga, VK Developers and many more lining up with projects.

 

Both the Eastern and the Western parts of Ghatkopar have good social infrastructure and are also attracting various businesses. Both capital and rental values had witnessed good increases in the last three years, making property in Ghatkopar a very decent option for both residential buyers and commercial occupants. The author is CEO – Operations, JLL India