Bottom Line: Goregaon in Mumbai has the unique distinction of being moderately priced high quality location for both the commercial as well as the residential properties.
When Siddharth Sharma relocated to Mumbai from Gurgaon of Delhi-NCR he had it in mind that the kind of work-life balance that he had enjoyed in the Delhi-NCR would not be possible in a city like Mumbai with astronomically high property prices.
But the personal compulsions forced this Chartered Accountant to shift to India’s financial capital. However, his quest for a reasonably priced property for both the residential as well as office space was fulfilled in Goregaon.
“I have lived in many other cities in the past and compromised the luxury of having office & home close by. Frankly speaking, I was not even expecting it in a city like Mumbai. But thanks to some friends that I got exposed to the real estate of Goregaon where I could afford both the home as well as office at a competitive price. The best part is that the price point of INR 16,000 is as good as Gurgaon. For me, Goregaon is like Gurgaon of Mumbai,” says an ecstatic Sharma.
USPs of Goregaon
Goregaon is one of the unique locations of have ideal combination of residential and commercial properties at reasonable price point
Goragaon is probably the only commercial-cum-residential locality of Mumbai where the capital values of residential and commercial properties are in balance.
The residential property price of Goregaon East is range bound between INR 12,500 to INR 19,500 with average capital value at INR 16,000
The capital values are approximately 10 per cent less in Goregaon West
The average rental value in this market is INR 38
The capital values of commercial property are between INR 11,500 to INR 17,000 with the average value being at INR 14,000
The government has already made plans for upgrading the physical infrastructure of the area and the development of new link roads promises to add to its attraction quotient
The location also has the vantage point of connectivity with Jogeshwari-Vikhroli Link Road (JVLR) and the Western Express Highway
Most of the property agents echo with the sentiments of this new buyer at Goregaon. According to them, Goregaon is probably the best market for professionals in general and self-employed professionals in particular. The reason being that unlike South Bombay this market is quite reasonably priced and yet there are very many employment opportunities in the area.
More importantly, this is probably the only commercial-cum-residential locality of Mumbai where the capital values of residential and commercial properties are in balance. Like most of the locations of Mumbai, Goregaon is divided into Goregaon East and Goregaon West. The residential property price of Goregaon East is range bound between INR 12,500 to INR 19,500 with average capital value at INR 16,000.
The capital values are approximately 10 per cent less in Goregaon West. Even in the wake of overall slowdown in the property market the average appreciation in this market in the last few quarter has been consistent 1 per cent quarter on quarter. The average rental value in this market is INR 38. The capital values of commercial property are between INR 11,500 to INR 17,000 with the average value being at INR 14,000.
Ramesh Nikunj, a local property agent points out that immense commercialization of the market has made it more desirable than the South Bombay today. According to him, what has elevated the positioning of Goregaon is the fact that along with the economic growth, there has been tremendous infrastructure development.
“Today, the market is well-connected with transportation facilities, including buses, taxis, auto rickshaws and trains. Goregaon is home to some of the major company offices, such as IBM India, Abbott India and Aegon Religare Life Insurance. Goregaon is also well connected to various developed areas of Mumbai and there are a number of hotels, schools, banks and hospitals. There is excellent network of railways and roadways and the suburb is a major source of employment,” says Nikunj.
Goregaon is gradually scaling up as luxury destination at the price of premium locality. Most of the new offerings are in the BHK plus and the analysts tracking the local property market are apprehensive that due to the short supply of smaller units the prices may hit the roof pretty soon.
Parvati Goenka, a property consultant feels the appreciation potential of the market is in double digit once the sentiments are revived. According to her, the kind of work & life balance that this market offers at such a reasonable rate that no other location can compete with this market.
“I will call this market premium to luxury and whatever affordable options are available are in so much short supply that the appreciation potential is huge. Even in the wake of overall slowdown and price correction, this market has been witness to decent appreciation in the last couple of years. Of course, the pace of appreciation has not been as much as the potential of the locality suggests, says Parvati.
It has excellent connectivity and social infrastructure and these are the major reasons for its rapid growth. The government has already made plans for upgrading the physical infrastructure of the area and the development of new link roads promises to add to its attraction quotient. The location also has the vantage point of connectivity with Jogeshwari-Vikhroli Link Road (JVLR) and the Western Express Highway.
The new emergence of Goregaon as a luxury destination has, however, not lost its classical charm with many big film studios like Film City, Filmistan, etc in the neighbourhood. This region has a lot of flora and fauna and forms the boundary of Sanjay Gandhi National Park. Once Mumbai Metro network will cover the area, the attraction of the locality will further improve with connectivity to nearby localities include Aarey Milk Colony, Andheri, Malad Creek, BMC Road, etc.
The social infrastructure of Goregaon is relatively the best in the region various schools, major hospitals, recreational amenities and proximity to various banks and ATMs. There are many shopping centres in the locality and, as a matter of fact, Goregaon is often referred as the market of malls.
By: Ravi Sinha
