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Jul 20, 2011, 01.33 PM IST | Source: Moneycontrol.com

Affordability pushes real estate demand in Western India

Affordability, end-user demand pushed up real estate values in West India in 2010.

Affordability pushes real estate demand in Western India
By E Jayashree Kurup, Content and Research Head of Brix Research

Affordability, end-user demand pushed up real estate values in West India in 2010

Western India saw a rise in real estate values across cities during the Jul-Sep 2010 period with a few key localities witnessing maximum growth.  

Mumbai’s residential market has seen values rising during the Jul-Sep 2010 period. Localities in the western suburbs such as Dadar, Bandra, Andheri, Borivali, Powai witnessed steadily rising capital values during this period.

The more premium and highly priced south Mumbai localities such as Kemps Corner, Altamount Road, Cuffe Parade and Walkeshwar, however, remained stable during this period while some localities such as Tardeo, Mahalakshmi and Worli witnessed a drop in values. Rental values in South Mumbai have also shown a downward trend.

Investors and end-users have shown interest in localities situated on the outskirts such as Navi Mumbai and Thane due to greater affordability and superior infrastructure facilities.

Goa’s residential market is growing at a rapid pace and is the ideal location for potential investors. The Arpora-Siolim-Assagaon belt is growing post July 2010.

Ready-to-move-in apartments in this locality offer attractive rental returns from foreign nationals, post-October which is the in-season period. Owners lease apartments for 8-10 months and reap a healthy return of 8-10 per cent on rental values which is higher than that offered by any other locality in Goa.

The launch of a number of affordable housing projects has been the characteristic feature of Ahmedabad’s real estate market in the recent times. Localities such as Satellite and Thaltej have witnessed bulk of the upcoming development.

The emerging locality is Rajkot which witnessed growth in 2010 was Rathan Path Village which is in the vicinity of a number of newly developed and upcoming educational institutions. Students provide a robust demand in the rental market in this locality and this has provided a boost to the capital values as well.

Nagpur’s residential market is growing and Wardha Road, Khaamla and Kamptee are the localities to watch out for according to the Brix Research Regional Value Analysis Reports Volume 2 Issue 3 and witnessed appreciation in both, rental and capital values.

In Pune, the mid to premium segment (Rs 40-70 lakh) is witnessing significant growth in terms of the number of projects being launched. Further, localities such as Kalyani Nagar, Viman Nagar and Kalyani Nagar extension are developing witnessing appreciation in values.
 
By Brix Research Bureau (The knowledge unit of Magicbricks.com - India’s No.1 Property Site)

for more information on property you can write to editor@magicbricks.com

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Property rates
  • Residential
  • commercial
Mumbai
Capital Values Rate/Sq ft (INR)
Aajiwali
3000 - 5000
Ambernath
3000 - 5000
Badlapur
1000 - 3000
Bhandup (West)
11000 - 13000
Chembur (East)
15000 - 17000
Chembur (West)
11000 - 14000
Dombivali (East)
4000 - 6000
Ghatkopar
13000 - 15000
Heeranandani Gardens Estate - Powai
25000 - 30000
Hiranandani Gardens Estate - Powai
25000 - 30000
Kalyan (East)
2000 - 4000
Kalyan( West)
3000 - 5000
Karjat
1000 - 3000
Khandala
8000 - 10000
Kharegaon
5000 - 7000
King Circle
17000 - 28000
LBS Marg
12000 - 15000
Lonavala
3000 - 5000
Mulund (East)
11000 - 14000
Mulund (West)
11000 - 14000
Mumbai Nasik Highway
3000 - 6000
Powai
15000 - 17000
Senapati Bhagath Singh Road
3000 - 5000
Sion (East)
18000 - 21000
Sion (West)
17000 - 22000
Tilak Nagar
12000 - 22000
Ulhasnagar
3000 - 5000
Vikhroli
11000 - 14000
4 Bunglows
17000 - 28000
7 Bunglows
13000 - 23000
Chandivali
10000 - 15000
Malad (East)
12000 - 14000
Versova
21000 - 24000
Airoli
4000 - 8000
Belapur
6000 - 9000
Ghansoli
6000 - 8000
Kalamboli
4000 - 9000
Kamothe
4000 - 6000
Nerul
7000 - 10000
Palm Beach Road
12000 - 15000
Panvel
3000 - 6000
Sanpada
8000 - 10000
Sea Woods
8000 - 10000
Ulwe
3000 - 6000
Uran
3000 - 6000
Vashi
9000 - 12000
Altamount Road
62000 - 72000
Breach Candy
62000 - 74000
Chowpathy
48000 - 58000
Colaba
42000 - 46000
Cuffe Parade
67000 - 69000
Dadar(East)
32000 - 34000
Dadar(West)
29000 - 32000
Lower Parel
32000 - 34000
Mahalaxmi
38000 - 40000
Malabar Hills
68000 - 75000
Mumbai Central
23000 - 34000
Napean Sea Road
66000 - 74000
Parel
26000 - 34000
Prabhadevi
37000 - 39000
Tardeo
41000 - 49000
Worli
36000 - 41000
Andheri (West)
18000 - 20000
Andheri(East)
15000 - 17000
Bevarly Park
5000 - 7000
Bhayander (East)
5000 - 6000
Bhayander (West)
3000 - 5000
Boisar
1000 - 3000
Borivali (East)
11000 - 13000
Borivali (West)
10000 - 14000
Dahisar
4000 - 8000
Goregaon (East)
13000 - 17000
Goregaon (West)
12000 - 14000
Kandivali (East)
12000 - 14000
Kandiwali (West)
11000 - 12000
Malad(West)
9000 - 14000
Mira Road
5000 - 7000
Naigaon
1000 - 4000
Nala Sopara (Eastt)
3000 - 5000
Nalasopara (West)
3000 - 5000
Poonam Nagar
6000 - 8000
Shanti Nagar
7000 - 9000
Shrishti
6000 - 9000
Vasai Road
1200 - 4000
Virar
1000 - 3000
Note: Price trend are based on asking rate and not necessarily on the transaction date
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