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Infra Growth Opening New Vistas For Andheri Realty: Mahindra Lifespaces’ Sunil Sharma
Protiger.com  |  December 13, 2019

Sneha Sharon Mammen

The exorbitant property values in the city notwithstanding, Mumbai continues to attract homebuyers from across different buyer sections. However, at a time when affordability is hard to be found in the city, Andheri, a western suburb in Mumbai, has emerged as a favourite among buyers as well as investors, says Sunil Sharma, chief customer officer, Mahindra Lifespaces.  In a conversation with Sneha Sharon Mammen, Sharma, whose company recently launched a project in the locality, talks more about the potential of Andheri as a real estate hotspot.

 

Q: How do you evaluate the Andheri market today? How do the inquiries / sales look?

 

Ans: Andheri has gradually transformed from just another suburb in Mumbai to one of the most popular destinations in the city. Andheri east has in fact become a highly sought-after and preferred residential destination due to its excellent connectivity to commercial hubs, bustling social infrastructure and excellent connectivity via road, rail, and Metro. The fact that this popular commercial hub is connected to several IT parks and industrial estates (Bandra-Kurla Complex, Santacruz Electronic and Export Promotion Zone) and eastern suburban commercial hubs such as Ghatkopar, Powai, Vikhroli and Kanjurmarg, also helps.

 

While proximity to workplace establishments is one attraction for the buyer, Andheri also offers unmatched connectivity to the airport, the railway station and the Metro network. This  region benefits from a great social infrastructure, being home to a number of reputed educational institutes, retail and entertainment destinations, hospitals, banks, hi-end restaurants, etc., making it an upscale residential area. Additionally, future civic infrastructure developments will ensure lucrative yields in terms of returns on investment.

 

Q: Mumbai is among the most active real estate markets in the country. Which are the crucial investment spots that buyers can look forward to?

 

Ans: As the city is witnessing a surge in population, property rates are also increasing. With ‘inappropriately’ high capital values, most homebuyers are opting for suburban areas. Suburban areas, especially western suburban areas, offer various options across various configurations, depending on customers’ needs and demands. Backed by affordability, social and civic infrastructure projects and commercial opportunities, western suburban areas such as Andheri east, especially the Western Express Highway belt and Saki-Naka, are booming destinations that appeals to all segments of homebuyers.

 

Andheri is currently on a realty growth track. The Metro line running through between Versova and Ghatkopar has played a significant role in recent years, leading to an increase in demand for homes at nearby locations. Taking into consideration the planned infrastructure initiatives including enhanced Metro connectivity and the evolving commercial destination, there is no denying that Andheri is certainly one of the best places to live in Mumbai.

 

Q: What are some of the infrastructural developments that could influence buying and selling along the Western Express Highway (WEH) region?

 

Ans: The lifeline of Mumbai has always been the suburban local train network, supporting everyday commuters. However, due to the increasing crowd in local trains, the highway in the upmarket western suburbs is a viable commuting alternative for office goers. On the other hand, the Mumbai Metro provides hassle-free connectivity to key commercial hubs. Additionally, the upcoming Metro lines such as Dahisar east-Andheri east would be extended up to Vakola in the south and till Mira-Bhayander as well as Ghodbunder Road in the north.  At the same time, construction of an underground Metro between Colaba and SEEPZ via BKC, too, is underway. Both these Metros will be integrated with the existing Versova-Andheri-Ghatkopar Metro at the Western Express Highway and Marol Naka, respectively.  These infrastructural developments are expected to change the dynamics of the real estate in the areas adjacent to the Metro line.

 

Also, the Brihanmumbai Municipal Corporation (BMC) plans to construct a corridor around the Andheri railway station to reduce congestion. The Maharashtra government plans to construct three flyovers covering the Yari Road to the Lokhandwala Junction, the DP Road to the Lokhandwala Lake and Fisheries Institute to the Link Road.

 

Q: How is your Andheri-based project different from that of the competitors?

 

Ans: At Mahindra Lifespaces, we believe in delivering value to our customers in terms of sustainable development, thoughtful designing and absolute transparency. Vicino, our recently launched project, will provide balanced living for our residents by offering them modern amenities, unique sustainable features and unmatched connectivity. Aligning with Mahindra Lifespaces’ focus on environment-friendly homes, the project has registered under IGBC Green Homes.