Western Mumbai has desired localities - Bandstand & Mount Mary Road
The first selection of residence for consumers on the western suburbs is Bandstand. This is often the stretch of condominiums alongside the waterfront at Bandra, that houses a multitude of celebrities like Shah Rukh Khan’s ‘Mannat’ to Rekha’s Bungalow and Salman Khan’s ‘Galaxy’ residences.
People choose to keep here not solely due to the worth of address except for the unrestricted full bird’s eye view of the ocean, that is each, lovely and a stress buster within the quick paced Mumbai life. This comes at a large premium, thus if a 3BHK apartment with space 1500-2000 sq ft at anywhere in Bandra prices Rs 6-7 crore, identical apartment with a ocean view at Bandstand would be on the market for nothing but Rs 10 crore.
The value of residential property in Mumbai are predicated on comparable proof and therefore the market demand. It varies with the standard of the view. As discusses a study on Bellingham, Washington. Bellingham could be a town with a range of views like ocean, lake, and mountain and permits for differentiation of the read amenity by each kind and quality.
Results from a hedonic model estimated for many recent years counsel that counting on the actual view, willingness to give this amenity is quite high.
The highest-quality ocean views are found to extend the market worth of an otherwise comparable home by nearly 60%; the lowest-quality ocean views are found to feature concerning 8%. For ocean views of all quality levels, the worth of a view is found to vary inversely with distance from the water.
Uphill from Bandstand, is that the prestigious Mount Mary road (with Mt Mary Church), another wanted address in Bandra. This can be stretch of road designed on a mountain, and since of its height, offers nice ocean view. Bandstand and Mount Mary road are Bandra’s most costly areas. Even throughout recession or slowdown like in 2008, there have been inquiries pouring in for these super premium areas. There's no plot of land accessible and also the place has reached its saturation point. Thus if there's something for resale, there are immediate patrons. The patrons are businessmen, NRIs or huge financiers and brokers or celebrities.
Demand is high despite the very fact that property in Mumbai on Mount Mary road are on leasehold- 90 percent properties are on collector’s land and there's a money element concerned. The rampant market follow is of money is to cheque in 30:70 ratio.
Some of the recent transactions were as follows: a 3 bedroom unit at Mount Mary was sold for rupees seven crore. A 4 bedroom apartment on Mount Mary road of 1600 sq ft built-up space was sold for rupees twelve crore. A 2 bedroom apartment was taken up for lease at Vinaper castle at Bandstand for Rs 1.15 lakh per month and Kanti apartment at Rs 76000 per month.
Many transactions are for company leasing and also the demand is for providing housing for senior executives of multinationals. A number of the towers that are redeveloped recently have spacious residences with minimum space of 2000 sq ft. There are plush condominiums with full ocean view of 3000-5000 sq ft with swimming pool, clubhouse, sauna and every little lifestyle amenities where the rent ranges from Rs 4-8 lakh per month, whereas the rental for a 2000 sq ft apartment ranges from Rs 2- 5 lakh/month. Lots of redevelopment keeps happening and newer residential property in Mumbai command higher rents.
Rentals vary primarily based on the ground, the standard of ocean view and placement. The higher the ground, the better the ocean view furthermore as rental values. If the apartment is east facing, its rupees seventy five thousand and however in case its west facing, it fetches rupees one lakh above.
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