A guide to Powai’s commercial real estate sector
April 1, 2020
In the last few years, the number is rising for investors and corporates who are seriously looking or wanting to invest. Mumbai remains India’s number one destination for office space investment.
The rise and rise of commercial real estate state in the region
Mumbai is witnessing the rapid development phase in the real estate sector. In this diverse market, developers and buyers are spreading at a fast rate. Anyone can obtain office space for lease in Andheriand Powai at affordable price rates.
Projects like L&T Technology Center IV have sketched the perfect face of the real estate sector in the region/area. Well-designed, Central AC system and its closeness to the metro station are the few of many features of the property.
Powai is one of the best domestic and business hubs of Mumbai
Powai’s market is influenced, by numerous commercial growths taking place in the region. Due to this spillover effect, various micro-markets are also originating within the location. The price of office space in Powai has risen at present from Rs. 6000 per sq. Ft. to Rs18000-25000 per sq. Ft.
- The rule for having an office space for lease in Powai is the same for all. Before taking a decision a buyer should spend a reasonable amount of time in verifying and understanding the background of the developer. The kind of project and the price quoted also comes under this.
- If someone wants to purchase a property from an investment point of view, then the individual should consider purchasing an under-construction property.
- However, if an individual wants to use the property for a commercial purpose then buying a ready-to-move-in property is recommended. One can also get an office space for lease in Mumbai and make use of the amenities/features provided.
The key highlights of Powai
Experts have stated that Powai is generating rental returns in the favourable range of 2.5 to 3%. Those who hold property here has seen substantial growth of 17 % in the last 5-years. Property prices have increased primarily because of infrastructure development, ease of travelling via road and rail and the increasing commercial office and micro markets in the region.
- Most projects like L&T’s Technology Center IV is situated close to IT parks.
- The properties are close to a number of popular malls and famous marts.
- Broad connectivity via roads, metro, and rail has made the area in high demand.
- Hospitals are present in the locality/area.
It is essential for a real estate buyer to know where his main focus should lie. In this diverse realty market like those in Mumbai, an area like Powai is one of the most advanced regions in the existing marketing conditions.