Choosing Your Ideal Apartment: Factors to Consider When Buying in Powai

When selecting the location for your dream home in Mumbai, what factors are you likely to consider? The top priorities of homebuyers are usually location, convenience, affordability, reputable developers, and potential. Fortunately, Powai is a suburb that excels in all of these areas and is likely to meet your needs.

Why should you invest in Powai?

• Connectivity - 

One of the central suburbs of Mumbai, Powai's location and excellent connectivity make it a very attractive real estate destination. Surrounded by bustling hubs such as Andheri, Saki Naka, Ghatkopar, and Saki Naka, Vikhroli is just where homeowners want to live. Apart from its easy reach to both the Eastern and Western Express Highways, Powai has the exceptional advantage of lying on the southern fringe of the Sanjay Gandhi National Park and the Vihar Lake.

• Excellent infrastructure –

Powai offers the best of urban comforts with a robust civic infrastructure. Apart from this, it is perfect for families looking for quiet neighbourhoods, proximity to world-class schools, colleges, hospitals and medical facilities, and malls. The restaurants and cafes are just as good as neighbouring Andheri and also offer the exclusivity that is rare to come by in Mumbai. Perhaps what attracts homebuyers the most is living on the fringe of a bustling urban centre and an expansive green national park at the same time.

• Price trends - 

Property prices in Powai have gone up from about INR 8700 per square foot in 2008 to nearly INR 21835 per square foot in early 2023. This phenomenal rise in property prices brings good cheer to homeowners. Given the trend, real estate investors are keen to board the bandwagon and become part of Powai's impressive growth story.

• The IIT Factor - 

If there is one factor that makes Powai famous, apart from the stunning natural beauty of Powai Lake, it is the famous IIT Mumbai campus located here. One of the premier institutions of higher education in the country, IIT is the feeder for several domestic and international corporations. This has prompted a number of major corporations to set up offices in Powai, Andheri, and the surrounding neighbourhoods, further promoting development and an increase in real estate prices.

Factors to consider when investing in Powai apartments

1. Developer – Once you have decided to invest in Powai, it is time to consider the developer or builder you wish to partner with. Hiranandani Highland, Jaycee Bhagtani Krishnaang, Kanakia Future City, L&T Emerald Isle, Lodha Bellagio, and Passcode Dream of Powai are some residential projects in the suburb that are backed by the reputation of Mumbai's top developers. Investing in a property is a major financial decision, and finding builders with a reputation for delivering quality homes is important.
2. Unit size and budget – Most of the residential projects in Powai offer multiple unit sizes. Your Powai apartment size should consider your family's current and future needs as well. Compare different projects based on unit size, cost and facilities available in these gated communities. Considering your home loan eligibility and expected EMI before investing is essential. It is a good idea to compare loan products and interest rates before applying.
3. Connection and commute – Powai, as a whole, has excellent connectivity to the Western Suburbs, south Mumbai neighbourhoods, Thane, and Navi Mumbai. Its central location is its greatest advantage, making the commute to BKC, Central Mumbai, and CBD very convenient. You may wish to invest in a Powai apartment which is closer to your workplace.
4. Lifestyle amenities – Investing in a 2 or 3-BHK apartment in Powai is not just about buying a residential property. It is an investment that you are making into a lifestyle. The proximity to Sanjay Gandhi National Park improves the air quality of Powai and offers spectacular views from apartments near the park. Most residential projects offer several world-class amenities, including jogging tracks, fully equipped gyms, swimming pools, clubhouse facilities and round-the-clock security.
5. Looking forward - While investing in a flat or apartment, you may want to consider its proximity to the upcoming metro station, which will link Powai to the rest of the city through Line 6. Residential communities close to the Powai bus depot also witness high demand.

Conclusion

Powai's central location, excellent connectivity, clean green neighbourhoods and highly developed infrastructure make it a favourite with developers and homebuyers. This micro market is indeed charting an unprecedented growth story. Are you ready to invest in Powai?