By: Jiten Uttvani, Chief Operating Officer – Real Estate,  MJ Shah Group

Govandi, on the eastern corridor of Mumbai is fast emerging as the new affordable luxury residential hub for home buyers across Mumbai. This has come about due to improved infrastructure development and better north – south and east – west connectivity to the area.  It is centrally located and well connected to the rest of the city. The Eastern Freeway passes through Govandi, giving residents quick access to south Mumbai.  Govandi adjoins the central suburbs of Chembur and Mankhurd; one of the main gateways to Navi Mumbai. 

With several key infrastructural development projects completed and underway connecting the area to other parts of the city, there is immense growth potential for this area to develop further. Some of the upcoming infra projects include Navi Mumbai International Airport, the Monorail Phase-II Wadala to Jacob Circle, and the elevated road from BKC to Sion; which is expected to majorly increase the demand for residential property in the area. These projects once completed, will see an increased demand and sharp rise in property rates in the area. 

There are some renowned developers who have their projects coming up here. These include Centrio from MJ Shah Group, Tridhaatu, Puravankara among others. Property prices vary from project to project but generally prices range from 1.5crore to 2 crore for a 2 BHK apartment. Most of the new construction projects are gated communities which provide luxurious lifestyle amenities to residents, with an affordable price.

For instance, Centrio from MJ Shah Group which is a 22 storey tower comprising apartments of 1 BHK and 2 BHK configurations. These are spacious apartments wrapped around sundecks giving the owner a panoramic view of the city. Most of these projects offer amenities such as health club, swimming pool, apart from being in close proximity to educational institutions, hospitals, recreational clubs and shopping destinations. 

Another reason for people preferring to move into these areas is the affordability factor vis-à-vis south Mumbai where property prices are sky high. The Eastern Freeway has drastically cut down travel time to just 20 minutes from south Mumbai to Govandi or Chembur. This is a win-win situation for home buyers as they now get a luxurious lifestyle at an affordable and competitive price point. Govandi is soon developing as the most sought after affordable luxury residential destination due to its close proximity to business districts like BKC, Lower Parel, Fort, Vashi and the domestic airport. 

Today, home buyers are looking at good connectivity coupled with a luxurious lifestyle, more open spaces and better amenities for their families. Additionally, such areas have a definite advantage of having natural verdant surroundings, green cover, connectivity, safety and an enhanced lifestyle which makes it a win-win situation for the residents living here. 

Areas such as Govandi offer home buyers a good basket of options that suit every pocket. Affordable luxurious properties are coming up due to the growing demand from home buyers who seek a home that caters to the needs of the entire family. This is on the back of the growing income levels coupled with higher aspirations for a better lifestyle that has seen such properties grow in this belt.

The existing affordable market will not get impacted as people living here will now prefer to move one step up; into a housing project that offers luxurious facilities and an enhanced lifestyle for the entire family.