Previously a suburban outpost, Goregaon is now one of the coveted residential neighborhoods in town. With ever-evolving infrastructural developments and a steady pipeline of quality apartments, the locality has everything you need to lead a wholesome life. Replete with healthcare, wellness, educational, and recreational avenues and in proximity to major transport routes, Goregaon promises convenience and luxury.
Whether you are an investor looking for capital appreciation and steady rental income or a family person looking for your secure home, some of the best buildings and residential societies are here in Goregaon. We have created a checklist to help you shortlist the apartments you would want to buy. If you are actively looking for projects either for investment purposes or to live with your family, read on to learn how to choose among the “top” apartment buildings in Goregaon.
1.Features of an ideal family building
Apartment buildings in Goregaon (or anywhere for that matter) suitable for families are usually designed keeping practical needs in mind to foster a smooth and peaceful everyday living experience. They combine functionality with physical appeal to create a friction-free lifestyle ecosystem. One of the foremost features of these family-friendly homes is the size of the rooms (offering space for more than just the placement of furniture), access to cross-ventilation, and good natural light.
Further, these residential projects in Goregaon come with child-friendly amenities such as secure play areas, kids’ activity rooms for indoor games, kids’ swimming pools, etc, as these help ensure a happy and holistic childhood. These homes often come with additional conveniences like daycare or creche space, function halls for celebrations and events, clean and well-managed common areas for leisurely activities and on-premise grocery or medical shops.
A non-negotiable amenity for all residential projects in Goregaon is CCTV surveillance in common areas and gated entry to the society. This ensures that you are free from any external threat and can leave your children or the family’s elderly without a looming worry about their safety every time you step out for work.
Modern-day buildings for families come with separated vehicle/pedestrian paths and ample green open space for walking, which help harbour a safe, serene, and healthy lifestyle for all. The ideal family building is also in close proximity to reputable schools, educational hubs, and healthcare and wellness facilities. If you are someone looking for your permanent family home in Goregaon, do remember to check if your builder promises and delivers these basics of comfortable living.
2.Buildings suitable for investors
The Goregaon Mumbai real estate landscape is a popular choice among investors. However, a futuristic investor never jumps to conclusions. He/she takes an informed decision, having carefully analysed various market aspects. Some of the indicators that can potentially influence investment decisions are rental demand, resale potential, operating efficiency, and future appreciation. Buildings suitable for investors usually have a balance between tenant appeal and long-term value fundamentals.
If you are considering the Goregaon Mumbai real estate landscape for investment purposes, then see if the project area offers a locational advantage. This is to say that projects closer to transportation routes like the Western Express Highway, Goregaon railway station, metro rail, etc and those with quicker access to business nodes attract tenant interest and have a higher resale demand.
If the project in question offers a mix of unit types, then you might benefit significantly, as the supply of 1–2 BHKs for young professionals and 2–3 BHKs for families in the same apartment building widens the tenant pool and reduces vacancy risk. This way, you are never at risk of not yielding rental income!
Beyond this, if there is a project close to upcoming transit projects, commercial developments, or retail hubs, then you can consider investing in these, as they will definitely bring capital appreciation in the future.
3.A practical checklist to shortlist an apartment
We know it can be a brain-racking task to finalize among the many buildings, all of which, on face value, appear to be promising investments and homes. Let this checklist guide you in making this crucial decision:
- Check finished flats: Do not just look at show units, but visit actual flats ready for possession. Check if the balconies are usable, analyse light and ventilation availability, and most importantly, ensure that there are no awkward dead spaces within the apartment.
- Check connectivity: Measure the commute time to work for your kids’ to-be schools. Also, check the frequency of public transport at peak hours.
- Check society culture (in older apartments): Before committing to an apartment (especially if you plan to live there long-term), ask to look through the audited accounts of the society and the minutes of AGMs of at least the last 2-3 years.
- Check maintenance justifiability: Analyse the current building maintenance charges and see if they make sense. Higher maintenance charges are acceptable when the services offered justify the amount charged.
- Check tenant & buyer profiles: For families, an area occupied by transient tenants may not foster a community feel, whereas, for investors, having stable tenant profiles is a good sign. Evaluate these in terms of your goals and decide accordingly.
- Legality check: Before signing acquisition documents, carefully conduct a legality check and verify the land title, occupancy certificates, no-objection certificates, etc, to stay clear of any unnecessary hiccups later.
- Check rental and resale potential: Ask the society staff for the recent transaction data in the building, and if possible, do the same exercise in 1-2 neighbouring societies to gauge realistic prices and rental yields.
Conclusion
When buying a home, it’s always nice to have dual ambitions, meaning your home can be both suitable to live in today and promise future liquidity. For this, you should strike a balance between your resident and investor needs; for instance, go for mid-size 2-3 BHK homes in areas with higher rental demands.
However, if you have very distinguished needs, then choose amenities accordingly – residents usually look for lifestyle amenities, whereas investors must be guided by locational and other professional factors. Checklists like the above can aid in making the final decision, but such commitments should always be made after validating the building’s governance and legal standing.
FAQs
Are newer developments the better choice?
When you choose to invest in a project, you should look at more aspects than just the age of the building, viz., location, maintenance, governance, etc. If you are someone who prefers stability from the beginning, then perhaps going for older, well-managed societies makes more sense for you, as these are free from any possible teething issues that are typical of newer projects.
What are the average monthly maintenance charges in a good building?
While there is no standard maintenance fee that can be predicted, you should know that these charges vary based on the amenities and size of the apartment. It might be best to compare charges per square foot with similar buildings in the immediate neighbourhood.
Which unit type promises better rental yields in Goregaon?
It is seen that compact 1-2 BHKs usually attract higher yields owing to their heavy demand among small families and young professionals. That being said, several micro-market factors work in the background, viz., the quality of the building, its location, etc, that influence an apartment’s rental prospects. It is advisable to look at recent rent comparables from the same society or street before purchasing a flat for such investment purposes.
How important is it to study the resident demographic?
Studying the resident demographic is an often-overlooked yet very important aspect to check while purchasing apartment buildings in Goregaon. Having a stable resident demographic, meaning families and long-term homeowners, is always desirable to have a calm and community-focused environment. When you go for residential projects with more short-term tenants, you can build holistic bonds. Further, the impermanence of their stay might affect the building’s upkeep.
Will upcoming infrastructure projects near Goregaon disrupt my quality of life?
While the connectivity and commercial projects are sure to make your life more convenient, you might be somewhat affected if a residential project that blocks views is erected next to your apartment. As such, it is advised to properly assess the area and perhaps check municipal planning documents or local news before making a decision.
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