When you think of Mumbai, what is the first image that comes to your mind? For some, the word ‘Mumbai’ may bring visions of overcrowded streets and the vast slum areas. However, if you are a dreamer, ‘Mumbai’ is the word that opens gates to your imaginations. Posh localities, glamorous lifestyle and a pulsating pace of life is what defines its essence.
Posh neighborhoods like Cuffe Parade, Malabar Hills and Altamount Road have always been on top of the list of ultra-HNI homebuyers. But now, due to saturation in the market, these luxury destinations have become a bit congested. Ultra-luxury has now moved to two new locations- Andheri West and Mahalaxmi. These two locations offer superabundant living spaces along with every single facility that is needed to support an extravagant lifestyle.
After a number of pharmaceutical multinationals started shifting their base to Andheri West, developers started coming up with their premium projects in the location. Its proximity to the arterial roads and the center of film industry has made it a coveted residential destination among high-class home buyers. The Chhatrapati Shivaji International Airport is also located a few kilometers away. The Andheri-Goregaon region and Andheri-Powai region are rapidly developing residential areas and in close proximity to Andheri West. Property values in Andheri West have risen by 10% over the last one year which is a commendable growth. The prices range between 20,000 to 26,000 per square feet. Developers have launched projects that cater to a lavish lifestyle demanded by the HNIs of Mumbai.
Mahalaxmi is another top-notch destination that has bagged rank 1 on the home-hunting list of South Mumbaikars. Buyers are now drifting apart from the traditional 2&3 BHK homes and want a whopping house. Those who have a big budget of 2 to 5 crore, Mahalaxmi offers some of the most genuine property options.
Parel and Worli are the two other prominent residential areas close to Mahalaxmi. While Parel offers smaller homes at high rates, Mahalaxmi can provide a bigger house at the same rate. The property rates in Mahalaxmi range between 40,000 per sq ft and 50,000 per sq ft. Developers are coming up with projects that are lined with ultra-modern amenities and offer generous living areas. A house in Mahalaxmi can cost you anything between 6 crore to 20 crore. Property values here have escalated by 11% in the last one year.
With infrastructure evolving at high rates, both these localities will continue to remain exclusive destinations for investors and end-users. Proximity to all popular locations including the Central Business District (CBD), better connectivity via highways and expressways, ample civic amenities and high quality lifestyle together make these two locations the best for property investment.
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