The real estate market in Mumbai’s eastern suburb is poised for another year of healthy growth, thanks to extensive infrastructure developments and a resurgence in demand for housing. Govandi is one such emerging eastern suburb of Mumbai and part of the Ghatkopar, Mankhurd, Chembur and Govandi micro market (GMCG). With the increasing development of infrastructure in Govandi, it is one of the well-connected places in Mumbai.
Govandi is located in close proximity to the following connectivity points: Highway – 5 minutes, SCLR – 7 minutes, BKC connector – 10 minutes, Eastern Express Highway – 7 minutes, Sion – Panel Express Way – 7 minutes, making it one of the most popular locations in central Mumbai. The 20-25 minutes’ drive to the sublime places of Mumbai like South Mumbai, Thane, Navi Mumbai, International Airport & BKC has driven the appreciation of GMLR-Govandi’s properties.
Govandi South is known for many important and modern residential complexes such as Mumbai Port Trust Colony, Navadurga Apartments, Orchid Residency and Patwardhan Colony. There are also Teacher’s Colony, New Deonar Municipal Colony, Lumbini Baug, Kamla Raman Nagar and Shivaji Nagar in the north of Govandi.
Govandi in GMLR has experienced a record-breaking appreciation of more than 45% over two consecutive 7-year price spans, compared to other micro-markets in the area. The average price appreciation in GMLR is 20% higher than surrounding micro markets during the same period. Govandi has experienced the highest price increase in all of Central Mumbai. (Source: Magic Bricks). Govandi is an affordable, high-growth market and as a major hub with good connectivity, has great future residential value growth potential.
Govandi has also witnessed a steady increase in property demand and prices over the last two quarters. The average price for a flat is between Rs 20,000 and Rs 25,000 per sq ft. The solid increase in demand for apartments has boosted the confidence of real estate developers and prompted them to launch more projects in this GMCG micro market.
One such project to become the icon of Govandi is the new tallest tower by Eka Life Ltd. and Dotom Realty, a premium residential project, which is now coming up in GMLR, Govandi. Domain, the Tallest Luxury, has 2 towers of 33 floors designed for new age luxury with all modern amenities. This project hosts a good retail space on the first floor that will add to the future amenities.
The real estate market in the GMCG micro market is poised for a major upswing with major infrastructure projects such as the metro, SCLR, BKC Connector, Eastern and Sion-Panvel Express Way, Eastern Freeway. Upcoming infrastructure projects also include Navi Mumbai International Airport, Monorail (II ) from Wadala to Jacob Circle and elevated highway from BKC to Sion. Demand for new residential projects in Govandi is expected to surge, leading to increased demand and a sharp rise in property prices once completed.
With the completion of these infra projects in the next few years commuting will become much easier, which will further boost real estate development in the GMCG micro market.
Ketan Musale, founder and MD of Dotom Realty, said,` “Domain is one of the few projects in central Mumbai that is being built after wind tunnel analysis by CPP Sydney, Australia, to ensure structural stability. The M70-grade concrete mix provides strength and the aluminium formwork ensures fast, consistent and excellent finish. ”
Sales in the GMCG micro market have picked up, which is a positive sign for the market and indicates that the positive sentiment is also being felt in the newer micro markets of the real estate market. Govandi is certainly fast becoming the new affordable luxury residential hub for home buyers across Mumbai.
–SURESH RATHOD
