Tilak Nagar is a premium locality situated close to the Lokmanya Tilak Terminus in Mumbai. The locality is surrounded by Vidyavihar on the North, Shell Colony on the South, Kurla on the West, and Pestom Sagar on the East. The locality was originally developed for lower-middle-class people, but it has recently become the hub of real estate development with numerous high-rise buildings.
Tilak Nagar is quite famous for its local seafood market. The area also houses the famous Sion Fort and Red Carpet Wax Museum, which are visited by people in large numbers. Investing in property in this area is considered to be a profitable option. This can be better understood by learning the following facts about the area.
For Buying Property
Tilak Nagar currently has more than 70 properties available for sale. Although the Y-O-Y change in apartment prices is relatively quite low, at around 3.4%, the trend is changing gradually. The average per-square-foot price of the apartments in the locality stands at around ₹26,150.0. Varad Heights and Aryan Prem Belaire are two of the most popular projects for investment and offer a YOY of 10.0% and 2.2%, respectively. Some prominent developers active in the area include Kamala, Rajshree Builders, and Asho Therwani.
For Renting Property
There are more than 30 properties currently available for rent in the Tilak Nagar area, with the average monthly rent between ₹27,000 and ₹65,800. More than 10 of these properties are in the affordable range and have a monthly rent of less than ₹55,000 per month. Around eight properties are within the mid-segment range and have a rental value between ₹55,000 and ₹65,000 per month. There are only six properties in the premium range that have a monthly rent of more than ₹65,000. Tilak Nagar Dharti CHS, Varad Heights, and Shreenathji 39 Anthea are some of the most popular projects for getting a rental property in the area.
Reasons For Investing In Property In Property In Tilak Nagar
Tilak Nagar is a luxury residential hub and is named after the great statesman and freedom fighter Shi Bal Gangadhar Tilak. The large-scale real estate development happening in the locality is attracting people from different parts of Mumbai to invest in property here. Some other reasons that make investing in property in Tilak Nagar a great option are explained below.
Competitive Pricing
The property prices in Tilak Nagar are mostly competitive compared to other areas. The cost of a 1 BHK flat ranges between ₹70 lakhs and ₹90 lakhs, while a 2 BHK flat costs anywhere between ₹1.1 crore and ₹1.65 crore. The cost of a 3 BHK apartment is between ₹1.5 crore and ₹2 crore. People can also invest in independent houses in the area. A 1 BHK residential house is priced between ₹65 lakhs and ₹70 lakhs, while a 2 BHK house is priced around ₹1.2 crore. Some prominent projects being developed here include Tridhaatu Prarambh by Panch Tatva Realty, Mayfair Hillcrest by Mayfair Housing, and Omkar Alta Monte by Omkar Realtors.
Excellent Connectivity
Tilak Nagar enjoys close proximity to Lokmanya Tilak Terminus as well as Chembur and Kurla Railway stations, which ensures easy connectivity of the area with other parts of Mumbai. The locality is situated on the border of the Eastern Express Highway and is served by several BEST buses. Tilak Nagar is also located only at a distance of 1.5 km from the Chembur monorail station, which is expected to become operational this year. The Mumbai International Airport is at a distance of 9.5 km from the locality and can be easily accessed via Andheri-Ghatkopar Road.
Well-Developed Infrastructure
Tilak Nagar offers all the facilities and amenities for comfortable living within a short distance. With renowned educational institutions like Lokamanya Tilak High School and K.J. Somaiya Inst. of Management Studies and Research, parents do not need to worry about the education of their children. People can shop at Shoppers Stop or Sahakar Plaza and enjoy a wide range of fun and recreational activities at one of the three playgrounds of several lavish gardens in the area.
Conclusion
Tilak Nagar is a premium locality in the Chembur suburb of Mumbai that offers great property options for investment in both residential and commercial sectors. The excellent connectivity, well-developed infrastructure, and competitive property pricing make it a favoured destination for real estate investment in Mumbai.
