Mumbai is the commercial capital of India, and a city of dreams for many. But owning real estate in this market is an expensive proposition. For those looking for a well-connected residential property in the Mumbai Metropolitan Region (MMR), Powai may be ideal.
Reputed real estate developers are developing new housing complexes in the area, with 1 BHK, 2 BHK, 3 BHK, and luxury apartments options.
Known for the Indian Institute of Technology Bombay (IIT Bombay), which was built in Powai in 1958, the region today has become a talent hub dotted with premier engineering institutes. The other major landmarks in the area are Powai Lake, L&T complex, Renaissance Hotel and Convention Centre and NITIE.
More recently, the presence of major corporates like Bayern, Deloitte, CRISIL, and Nomura have added to the growth of the area and its real estate valuation.
The presence of corporates has also significantly added to job opportunities in the region, making it a walk-to-work destination.
IS POWAI WORTH YOUR HARD-EARNED MONEY?
Powai, it may be mentioned, is located in northeastern Mumbai, and it has emerged as one of the most influential localities of the metropolis, marked by a large number of residential projects and complexes. It also has more open spaces compared to most areas in South Mumbai.
A residential and commercial hub of MMR, Powai has a sizeable number of gated communities, luxury residential complexes, and sprawling shopping malls. It is a place for the modern high-tech youth.
Connectivity
Powai is also well-connected with other parts of Mumbai through BEST-run AC and non-AC buses. The Kanjurmarg and Vikhroli railway stations are the major rail transit points. These stations are located on the Central Railway line of the Mumbai Rail network. Metro rail infrastructure is also being developed.
In addition, the arterial Jogeshwari-Vikhroli Link Road, which passes through Powai, is a major connecting link between the Eastern and Western Expressway. The network of connecting roads enables the residents of Powai to go anywhere in Mumbai and other places.
Also, Mumbai Airport is only 5 km from Powai, making it more attractive to professionals to live and work, especially those who travel frequently.
The offerings
The 1BHK, 2 BHK, and 3 BHK apartments in Powai are in demand, say property watchers.
The area has shopping complexes, hospitals, and schools. And while Powai is among the promising localities in the city, it is to be noted here that the Covid-19 pandemic and subsequent lockdowns have led to a notable drop in rentals. The rentals have gone down by about 15-25 per cent from the pre-pandemic levels at a median level not only in the Powai area but in the entire city. The decline has been steeper in case of premium properties.
MAJOR PROJECTS
Powai is a real estate hub and comprises projects such as the Hiranandani Gardens, a more than 250 acres project by Hiranandani Group. Other established developers like Lodha developers, Shapoorji Pallonji, L&T Realty, Nahar Developers also have projects in the area. Buyers have several options to choose from, both in the ready-to-move-in and under-construction category.
The per square foot rate of residential projects in Powai ranges between Rs 15,000 and Rs 25,000 per square feet, depending on the developer, amenities offered and location of the project.
Adjacent localities
While Powai may remain a preferred destination for potential homebuyers, the nearby Chandivali is another locality that can be considered before issuing that cheque towards token money for your dream home.
Chandivali, less than a 5-minute drive from Powai, has homes with a price differential between 20-25% than Powai. For those having budget constraints, this area is also an option.
Several developers such as Kalpataru, Mahindra, Godrej and Raheja also have a presence in the area.
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