Mumbai

Andheri East has become the new commercial hub of Mumbai, thanks to good transport connectivity.  Jogeshwari-Vikhroli Link Road (JVRL), Andheri Kurla Link Road, the Versova-Andheri-Ghatkopar metro link all have benefited the markets of Andheri East.

With traditional commercial hubs such as Bandra Kurla Complex (BKC) and Nariman Point out pricing themselves,  Andheri East has a definite cost advantage. The commercial capital values here vary between Rs 12000 – 15000 per sq ft and the lease rentals are in the range of approximately Rs 70 – 120 per sq ft per month, according to data available on magicbricks.com and market sources.

"We have seen a surge in demand in our commercial offerings at Andheri East," says realtor Mayur Shah of CMO-Hubtown. Corporate who want to shift or expand their offices to larger spaces with better connectivity and amenities find the prices attractive here.  The price advantage comes from the planned commercial developments here, including the MIDC (Maharashtra Industrial Development Corp), Seepz (Santa Cruz Electronic Export Processing Zone), Sakinaka, Solitaire Corporate Park etc. Offices in all sizes are available in the locality to cater to the varied commercial demand. "The minimum office size available in the locality is 500 sq ft and it goes up to 12,50,000 sq ft depending upon the type f the commercial property. The maximum demand is recorded for property having an area of 1000-5000 sq ft," says Abhijeet Koekar of A1 Properties

The locality houses a blend of industrial and commercial establishments ranging from IT and ITeS, manufacturing, financial services, pharmacy, jewellery, retail etc. Occupants in Andheri East mostly consist of mixture of both service and business class. However more demand for residential units comes from the4 service class working in various MNCs and IT companies," added Kolekar.

Social infrastructure such as restaurants, shopping complexes and hotels are already present in the area.  The locality also has some world class hotels such as Hyatt, Sheraton and The Leela. This makes the locality attractive to corporate houses shifting there.

Rising commercial activities has also pushed up demand for residential units in this locality due to increased demand from those working in the locality, says Farhan Khan of Housing Realtors.

"Most tenants are single working professionals opting for a 1 or 2BHK apartments who work in IT companies within the city or near western suburbs where a plethora of companies have a base," Khan added. The monthly rental for such apartments range from Rs 32-32 per sq ft per month, as per data on MagicBricks.com