Owning a home in Mumbai is a sign of success, fulfilment of dreams and personal ambitions, and sound financial understanding. Like with all financial decisions, research is a key part of the decision-making process. Finding the right location for buying property can determine both the quality of life and the returns you earn over the years. Let us consider one of Mumbai's top financial markets – Goregaon.
Understanding why this real estate market is on an upswing and what to look for in a property here will help you make a sound financial investment and acquire the home of your dreams.
Why Goregaon?
Goregaon's central location, excellent connectivity, refined social infrastructure, and vibrant cultural dynamics make it a great choice for homebuyers looking to own property and build a home in Mumbai. With top developers in the city coming up with impressive projects, it is only natural that demand for residential apartments in the suburb is at an all-time high. As a prospective homeowner, though, what are some important points to consider when shortlisting and comparing properties? What are the features in your Goregaon home that will make life in your new home a joyful one? Let's take a look.
1. East Vs. West – If you have decided to invest in a property in Goregaon, one of the first decisions you must make is, "Which part of the suburb?" While both Goregaon East and Goregaon West boast of excellent connectivity, infrastructure, social amenities etc., the East has the definite advantage of being closer to the national park. Again, Goregaon East, being a commercial hub, could be priced at a premium over the West. The western part of the suburb has the advantage of being closer to popular Mumbai attractions such as the beaches.
2. Micro market and connectivity – While investing in a residential property in Goregaon, it is very important to consider the micro market – the locality in which the project is located. This is particularly important when it comes to professionals who routinely commute to other parts of Mumbai. Projects located along the Aarey Road, Western Express Highway, Jogeshwari Vikhroli Link Road (JVLR), General Arun Kumar Vaidya Marg etc., are at a definite advantage. Proximity to the Goregaon Suburban Railways Station and Goregaon Metro Station can also help get across the city within minutes. You may want to consider these factors when investing in an apartment.
3. Luxury living – Goregaon has indeed become the luxury residential hub of Mumbai. Most of the upcoming projects feature sprawling units (a veritable luxury in Mumbai) with a definite focus on aesthetics and functionality. The growing demand for a healthy lifestyle reflects in the amenities and facilities provided by developers in Goregaon. In-house gymnasiums with trainers, walking/jogging/cycling tracks, yoga centres, tennis or basketball courts, and swimming pools – these are some of the amenities you can look forward to when you decide to buy a property in Goregaon. If you are a sports enthusiast, you may want to compare properties based on their sporting facilities before investing.
4. Views and more - Large, green spaces, manicured gardens, and waterfronts are all amenities home buyers in Goregaon look for. The greatest advantage that projects in Goregaon East offer is stunning views of the Sanjay Gandhi National Park. Spread over 34 square miles, the national park is referred to as the Lungs of Mumbai. Waking up to the wonderful birdcalls and verdant greenery of this stretch is a definite advantage that homeowners in Goregaon look forward to. The park's proximity also ensures better air quality than the rest of the city.
5. All about infrastructure – While Goregaon's emergence as a preferred residential property market came much later than Andheri and other neighbouring suburbs, the infrastructural development is perhaps the best in the city. It could be the eco-system built by Film City or the rapidly growing commercial centres of Goregaon – whatever the reason, well-developed roads, round-the-clock availability of basic utilities, and well-planned construction makes Goregaon a favourite with home buyers. As a home buyer, you must consider the individual project and its advantages along with the overarching benefits of living in the suburb.
A winning proposition
Overall, the demand for both residential and commercial properties in Goregaon is at a high. Homeowners are waking up to the amazing benefits of living in this beautiful suburb. Average property prices in Goregaon West have risen from about INR 7,000 per square foot in 2008 to INR 20,000 per square foot in 2023. In Goregaon East, property prices have gained traction and grown from INR 7,000 per square foot in 2008 to INR 23000 in 2023. This is a stellar appreciation in asset value and makes for excellent ROI for investors. Investing in residential apartments and commercial property in this suburb remains a sound financial investment, given the continuous rise in demand.
