Mumbai is an ever-expanding and fascinating city that attracts hundreds of thousands of students, professionals, entrepreneurs, and skilled workers each year. As a result, the city's limits are constantly growing to accommodate the housing needs of those who arrive here with dreams of building a beautiful life and buying a home for their families. Goregaon is one such suburb that has reclaimed its rightful place at the very heart of the housing boom in Mumbai. It is the new destination for real estate investors and home buyers looking for elegant and luxurious projects from some of the financial capital’s top developers.
The Rise of Goregaon
Given its location at the heart of Mumbai, Goregaon's entry into the residential real estate bull run has been on the offing for a long time. While suburbs like Andheri, Malad, Ghatkopar, and Powai were undergoing rapid development, Goregaon kept building on the basics – roads, commercial hubs, office complexes, and expansive shopping malls. Over the last few years, however, the incredible infrastructural investment that this suburb has attracted is translating into housing demand. As a result, Mumbai's top residential real estate developers have now started to focus on Goregaon as the next big residential market. What is more, homebuyers seem to love this suburb. The burgeoning number of restaurants, clubs, lounges, and entertainment and shopping centres is a clear indication that Goregaon has finally arrived, and Mumbaikars are taking notice.
Excellent connectivity
Connectivity is indeed the key to unlocking the secret to life in Mumbai, and this is where Goregaon clinches the deal. The Eastern Express Highway, which runs north-south through most of Mumbai, is one of the arterial roads that link Goregaon to the rest of the city. The Goregaon Suburban railway station is one of the main terminals on the Harbour Line, connecting the suburb to all Chhatrapati Shivaji Maharaj Terminus and Panvel. It is also an important connection to the Western Line that connects Goregaon to important commercial hubs like Lower Parel, Churchgate, Bandra, Andheri, Borivali, and Dahisar. In addition, the Metro Yellow Line is being developed to connect Goregaon to the rest of the city in minutes.
Social infrastructure
Goregaon's rising residential demand comes with good reason. It is one of the safest suburbs in Mumbai. The malls of Goregaon, such as the Oberoi Mall, are perfect for high-street fashion and entertainment. The suburb has some excellent schools, such as the Oberoi International School, Lakshdham High School, and Gokul Dham High School and hospitals and medical facilities are also rapidly coming up. In addition, Goregaon is home to Film City, the home of Bollywood, and the social infrastructure reflects this glamour.
Why ready-to-move flats in Goregaon are a great investment?
Investment in real estate requires a clear understanding of the growth prospects of the location, infrastructural prospects, and market dynamics. Most people who buy residential properties to make a home for their families look at easy commutes, access to schools, medical facilities, local markets, local administration and governance, and also the ability to buy during the construction phase. In Goregaon, however, ready-to-move flats offer a great investment option. And here's why –
- Ready-to-move flats attract 0% GST. Add to this, the frenetic construction activity and high inventory make it possible to find developers offering completed apartments at attractive prices.
- Goregaon is one of the hottest real estate markets in Mumbai. The highly developed infrastructure and great dining and entertainment opportunities are key attractions for professionals, entrepreneurs, celebrities, and families looking for an upscale lifestyle. This makes it likely that the demand for flats and apartments ready for an occupation will remain high. Investing in these makes for significant asset appreciation and ROI.
- Compared to its neighbours like Andheri East, Andheri West, and Malad, Goregaon is still in the nascent stages of a real estate boom. In 2022 alone, property values in this neighbourhood have risen about 8% despite volatile home interest rates. This only shows that there is much to be gained by adding Goregaon to your real estate portfolio.
- Following the outbreak of the COVID-19 pandemic, the priorities and needs of homebuyers have started to change. Most homebuyers are now looking for spacious apartments, proximity to green spaces, natural light and ventilation, and a host of facilities that will make life comfortable. Goregaon East fits the bill perfectly. Along with stunning views of the Sanjay Gandhi National Park, the projects in this neighbourhood offer the opportunity for a green, eco-friendly living – the dream of every Mumbaikar.
Final Thoughts
When it comes to meeting the needs of real estate investors and homeowners, Goregaon checks all the right boxes. Moreover, the rise of commercial centres and IT parks such as Raheja IT Park and International Business Park have brought in a fresh wave of demand from young professionals who quite like the elegance and sophistication that blends seamlessly with the greenery and open spaces in Goregaon.
