At the heart of Mumbai’s ever-evolving real estate market lies an infrastructure-based system of growth and development. The western suburb of Goregaon in Mumbai has also undergone a similar transition, and now the area is one of the most prestigious residential hubs of the city. With the best of nature, modern architecture and connectivity, Goregaon offers a lifestyle that is comfortable and peaceful in the long run.
The area serves as an excellent investment option for those eyeing a stable yet high-yielding asset. With upcoming projects like the Goregaon-Mulund Link Road (GMLR), Goregaon is all set to become a central location with mature transport links and seamless accessibility. If you are interested in the residential projects in Goregaon, this comprehensive guide will help you land the perfect deal:
1. Life in Goregaon East vs. Goregaon West
The apartment buildings in Goregaon are highly in demand in current times, but before making a choice, it is important to understand which part of Goregaon offers which advantages. Making an informed decision after carefully looking at the amenities offered by both Goregaon East and West will be much more satisfying in the long run than randomly following trends and word-of-mouth.
Goregaon East is often referred to as the ‘green lung’ of the western suburbs, and that is mainly because of the area’s proximity to the Aarey Forest and the Sanjay Gandhi National Park. The residential projects in Goregaon East are typically part of sprawling gated townships with prices ranging between ₹28,000 and ₹42,000 per sq. ft. If you are someone looking for a wellness-driven lifestyle offering a balance between luxury and nature, Goregaon East might be the ideal location for you.
Goregaon West is historically the more commercial and urban part of Goregaon. The area features a lot of redevelopment projects wherein reputed builders take on the task of upgrading older builders. These projects are an excellent real estate investment option and market entry point for first time homebuyers. Further, the area keeps you close to major entertainment hubs, educational institutions and healthcare facilities, ensuring that families have a comfortable life with easy access to all things needed for comfortable living. The property prices in the locality can be competitive, with the approximate per square foot rate ranging between ₹24,000 and ₹36,000.
2. Hassle-free connectivity
You couldn’t be investing in Goregaon at a better time because all the infrastructural projects that were supposed to elevate the quality of life here are almost about to become tangible realities. The metro lines 2A and 7 are already doing an excellent job at connecting people to the rest of the city and helping them skip traffic.
With the upcoming Goregaon-Mulund Link Road reaching its completion, a 90-minutes east-west ride will drastically come down to a 25-minute short drive! Clearly, hassle-free connectivity and 15-minute accessibility are the most important advantages that the apartment buildings in Goregaon offer!
3. The investment perspective
Talking from a pure investment perspective, the Goregaon Mumbai real estate projects are a lucrative choice because this part of the city is among the rare few localities where the rental yields remain high even as the capital values appreciate.
This surge in demand for rental homes is primarily caused by the proximity of corporate offices and IT hubs like Nirlon Knowledge Park and Mindspace, which create a steady need for quality rental home options among working professionals. Current investors report 6-8% annual rental hikes, especially in projects with smart-home features and LEED-certified green building standards.
4. Available configurations
The Goregaon Mumbai real estate projects cater to two specific niches of buyers. The first is the mid-income group who are either upgrading from an old 1 or 2 BHK, or are buying their first home. They usually go for the compact and practical 2 BHK options, which are typically priced between ₹1.8 Cr to 2.5 Cr. These projects offer all the luxuries of modern-day living, right from clubhouses and pools to sports complexes and nature parks. They are comparatively less pricey and ideal for nuclear families, bachelors, etc.
The other segment, predictably, is the high net worth group. These are individuals who invest in luxury flats in Goregaon, where prices typically begin at ₹8 Cr. These homes are ultra luxurious, often in the form of penthouses and duplexes with 4-5 bedrooms throughout all levels. You can expect everything from double-height ceilings to private internal elevators in these units to justify the hefty premium you pay.
FAQs
Which area is more suited for rental income – East or West Goregaon?
Both regions have an equally lucrative scope for rental income. However, Goregaon East might offer higher rental yields as it is closer to major IT parks and corporate headquarters, and therefore, is more preferred by the high-salaried professionals.
Does GMLR have any impact on property rates?
Yes, the construction of the GMLR has already caused a 15-20% hike in property prices in the adjoining areas. Once the construction is completed, the area will enjoy seamless east-west connectivity, which might lead to a further spike in property rates.
How much does a 2 BHK cost in Goregaon?
A premium 2 BHK in a gated society listed by a reputed builder might typically cost between ₹1.8 Crore and ₹2.6 Crore. However, property prices vary depending on square foot area, location, floor level, etc.
Can I find ready-to-move luxury options in Goregaon?
Yes, you’ll most certainly find ready-to-move luxury flats in Goregaon. However, make sure to carefully look at the Occupancy Certificates (OC) before signing any papers.
Is the air quality better in Goregaon?
Having the greens of Aarey Colony does make Goregaon a cooler and better place to live in than several other city hubs. Naturally, you can expect better air quality in Goregaon.
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