Bandra West is a highly popular residential destination for premium and expensive property seekers. This is because the kind of shopping, healthcare, recreation, and educational facilities provided here is of the highest level.
And, how can we forget the famous personalities that reside in Bandra!
Some Prominent Apartments Of Celebrities:
Bandra has become a preferred destination by business owners and executives as many large corporate houses have moved their headquarters to Bandra – Kurla Complex (BKC). India’s largest diamond market has also shifted to BKC; thus, making Bandra the heart of Mumbai. There is high demand for luxury homes in and around Bandra by the owners of diamond businesses.
Traveling from Bandra to BKC is swift, and this is the reason that there has been a significant demand for residential properties in Bandra.
Although the demand for property is very high here; however, the supply is not on par with the demand. At the moment, there is limited or no supply of land in Bandra West and extremely limited supply of previously constructed apartments.
This has made the property prices skyrocket!
Real estate builders and developers of Mumbai are left with no other option than to go for redevelopment projects. There have been several buildings that have gone for redevelopment in and around Bandra. However, due to the high rates of real estate properties, existing apartment owners are expecting a very good deal.
This is why builders and developers of Bandra are thinking twice before taking a decision on redevelopment.
They are putting their hands only in those dwellings where they see positive returns. Moreover, developers of Bandra are coaxing existing owners with several attractive amenities and offers so that they agree to go for redevelopment. These efforts will eventually change the entire look of Bandra in the next 5-6 years.
The average residential property rate in Bandra and some parts of Khar is Rs 41,000 per square foot.
So, for 1 BHK apartment, the approximate value would be anywhere between 1.5 crores to 3 crores. The exact price will depend on the carpet area of the house, location, as well as amenities that are provided with the apartment.
The price trend shows that there has been a significant hike in the rates of real estate projects in the previous year.
Despite high prices, the demand for residential properties in Bandra has seen a momentous increase in the last 4-5 years. The growing traffic congestion and lack of time has enhanced the need for residential complexes near BKC. It does not matter whether the residential market in Mumbai is sluggish or not; the properties in Bandra are certainly going to grow in tenfold!
No wonder Bandra is known as the ‘Queen of Suburbs’!
Some of the amenities that have made Bandra one of the posh areas of Mumbai!
- The Bandra railway station on Western Line and Harbour Line of Mumbai Suburban Railway network lies within the radius of 1km.
- The Bandra Terminus, located in Bandra East is one of the six railway terminus in Mumbai, which serves interstate traffic on Western Railway.
- The Chhatrapati Shivaji Maharaj International Airport is approximately 8kms away.
- The Bandra-Worli Sea Link connects Bandra to the Southern suburbs.
- The Santacruz-Link Road connects Bandra to the Eastern suburbs.
- The proposed Versova – Bandra Sea Link (VBSL) will reduce the distance between Bandra to Versova considerably; thus, making the real estate markets rise to the highest level.
These were just some of the highlights of Bandra. There are so many more beautiful areas that have not been mentioned here. But, don’t worry; I will be creating another post on Bandra, so stay tuned!