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7 Property Trends in Andheri Seen in the Past Decade

Author
Blox Social
Posted on
Jul 13, 2023
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Andheri's growth over the past decade has been nothing short of spectacular. This upscale and sophisticated neighbourhood is one of the most coveted residential hotspots in the city of Mumbai.

Let us examine some of the property trends that have driven such growth and demand. 

  1. Reverse Migration – The biggest and most salient real estate trend that Mumbai is witnessing is the reverse migration of homeowners. Those who live and own residences in the older, more settled neighbourhoods of such as Colaba, Lower Parel, Juhu, Malabar Hills, and Bandra are now looking at moving to the suburbs, and Andheri seems to be the top choice. Much of this has to do with Andheri's rise as a commercial hub and the suburb's excellent connectivity to the rest of the city, Navi Mumbai, and Thane.
  2. Bigger, Better Homes – Over the past decade, the needs and preferences of residential property owners have changed as well. The New Age homebuyer in Mumbai is no longer content to own a studio apartment or a 1 BHK flat. More space and bigger apartments seem to be the need of the hour. Most homebuyers are now looking for 2 BHK in Andheri West and are willing to take out home loans with a longer tenor in an effort to get the home of their dreams.
  3. Asset Appreciation - In the past ten years, the value of properties in Andheri has consistently been on the rise. Currently, owning a residential or commercial property in Andheri is highly coveted and a wise investment choice. Average property prices in the suburb have risen from about INR 7500 per square foot in 2008 to about INR 25000 in 2023. This trend has successfully attracted real estate investors looking to grow their portfolios and add to their cash flow by renting or leasing out their properties.
  4. Lifestyle Factor – Social infrastructure has become the buzzword of the decade. Homeowners, even those looking to invest in a 2 BHK in Andheri West, are looking at proximity to schools and colleges, medical facilities, and shopping and entertainment centres before investing. Andheri checks all the right boxes with top-class hospitals such as Bellevue Multi-speciality Hospital and Kokilaben Dhirubhai Ambani Hospital, Infiniti Mall, and numerous fancy restaurants. Andheri also has some of the best schools, colleges, and sports academies in Mumbai.
  5. West is Glitz – Another trend that has transformed the perception and demand in Andheri West is the addition of celebrity residents. Traditionally Bandra and Juhu were the residential neighbourhoods that were preferred by the iconic actors, directors, producers, and even the wealthy corporate leaders of Mumbai. With a number of silver-screen stars, celebrities, and entrepreneurs moving to this part of the suburb, the glamour factor of this neighbourhood has certainly gone up. And so has the demand for 2 BHK in Andheri West.
  6. Luxury in Demand – Homebuyers in Andheri are no longer content with a residential apartment to meet their housing needs. Real estate prices in the neighbourhood are on the rise, and homeowners seek value for money. Residential projects in the suburb are now catering to the demand for luxurious amenities and facilities such as in-house fitness centres and gymnasiums, swimming pools, clubhouse facilities, smart garbage disposal, rainwater harvesting systems, and energy-efficient technology. Homeowners in Andheri are looking for a better quality of life, and developers are keen to comply.
  7. Mixed Development – Andheri's greatest advantage apart from its connectivity is its mixed development. Swanky commercial centres and office spaces are flanked by residential high-rises. What was a quaint and upcoming residential neighbourhood is not the hotspot for media headquarters, corporate offices, and film technology labs. The start-up ecosystem in Andheri is highly developed, making it the perfect location for entrepreneurs to work from. A number of domestic and multinational corporations have also shifted their headquarters to Andheri. The fact that the international airport is located here is a definite advantage.

Andheri is the top pick for anyone who wants to invest in real estate. Developers are focusing on residential projects complete with modern amenities and lush green spaces. Comfort and quality lifestyle have become some of the most important considerations for homebuyers. Andheri's location in the heart of the city makes it a burgeoning real estate market

Real Estate