Realtors bet on Jogeshwari-Goregaon East corridor

Realtors bet on Jogeshwari-Goregaon East corridor

     

The Jogeshwari-Goregaon East stretch in Mumbai has seen the entry of several real estate players like Oberoi Realty, Sunil Mantri Realty, Lodha Group, Nirman Realtors and Kalpataru, among others.

Oberoi Realty is developing its flagship integrated development – the Oberoi Garden City (OGC) at Goregaon, which is a ‘City within a City’ concept. In this area, residential developments have been anchored by a mall, an international school, a five-star hotel and premium office spaces. According to Vikas Oberoi, chairman and managing director, Oberoi Realty, “The company spotted an opportunity in Goregaon since it was well-connected to other parts of Mumbai through the Western Express Highway, Link Road and the arterial Jogeshwari-Vikhroli Link Road that connects the east to the west of the city. Also, Goregaon lies between Andheri and Borivali, making it the centre of two key residential locations in the city.”

According to data with MagicBricks.com, the three-BHK category accounts for maximum supply (about 43 per cent) in the January-March 2013 quarter, in Jogeshwari East. This is followed by the one-BHK, accounting for approximately 29 per cent supply and two-BHKs at about 25 per cent supply. However, four-BHKs form a negligible three per cent of the supply.

The maximum demand in Jogeshwari east, as per MagicBricks.com data, is for the one-BHK category at about 64 per cent in the same quarter. This is followed by two-BHKs at approximately 31 per cent and three-BHKs at about five per cent. One can find a wide range of offerings across Jogeshwari east. The lowest capital value begins at Rs 12,400 per sq ft and goes up to Rs 23,600 per sq ft.

According to MagicBricks.com data, in the Goregaon east area, the two-BHK category accounts for the highest supply at about 37 per cent for the January-March 2013 quarter. This is followed by three-BHKs, approximately at 33 per cent and one-BHK at 22 per cent. Supply of four-BHKs is at eight per cent. Assessment of the demand data indicates that the maximum demand of about 41 per cent is for the two-BHK category, followed by one-BHK at 35 per cent. Third in the list is three-BHKs, accounting for 20 per cent demand, while four-BHKs form approximately four per cent of the demand. In Goregaon east, the capital values are within a range of Rs 5,300-22,000 per sq ft. The stretch offers a wide range of choices for the middle-to-upper-middle class families.

Source: Times Property, Mumbai/MagicBricks.com Bureau