Mumbai
Development of various infrastructure projects, including metro has provided a perfect backdrop to rise of Andheri east as a commercial hub. This has changed the whole economic scenario of the area.
During the first half of 2015, Mumbai recorded total of nearly 2.5 msf supply with 83% contribution from Grade A developments, according to a report by Cushman & Wakefield.
The increase in net absorption can be attributed to sizeable activity witnessed in the first quarter of 2015 and a lot of pre-committed spaces being absorbed in a major project completion in Q2. In line with H1 2014, preference for premium spaces kept net absorption levels unchanged at almost 89% of total net absorption in H1 2015 too. Leasing activity in the first six months of this year was significantly higher at 2.85 msf, as compared to 2.1 msf for the first half last year. The significant improvement in leasing but marginal increase in net absorption indicated the g rowing trend of relocations and consolidations by major occupiers within the city.
City level vacancy was noted at 18.8% by the end of first half, 1.6 percentage points higher compared to first half of 2014 mainly due to high infusion of supply and comparatively lower transaction activity during the inter mediate months. Weighted average rentals increased marginally across submarkets due to increase in quoted rentals of certain buildings witnessing higher demand.
Among the various areas reporting growth in Grade A commercial buildings, Andheri East is cited to be one of the fastest developing suburbs of Mumbai. Andheri East boasts of a perfect blend of both residential and commercial complexes. Its sub-localities, too, offer a mixture of regions that offer afford able and mid-segment homes.
Andheri East developed as an industrial area in the 1980s and later grew into a commercial office destination. Today, the region comprising Marol, Jogeshwari-Vikhroli Link Road and Chandivali belt is home to some of the premium Grade A office spaces.
Some of the important sub localities present are Marol, Tunga Village, Gundavali, Sahar Village, Sag Baug and Subhash Nagar. Andheri East is an important business district of Mumbai and it houses several MNCs and other commercial establishments. Industrial areas like Saki Naka, Mumbai Industrial Development Corporation and Santacruz Electronic and Export Promotion Zones are important landmarks in Andheri East.
For years, south Mumbai was the hub for premium property in Mumbai, but this is fast changing. According to recent reports, the media, pharma, FMCG and SME sectors seem to be the key residential property drivers in the Andheri East belt. With many big names such as HUL, P&G, Glenmark, Sun Pharma shifting their headquarters to the Andheri-Powai belt, there has been a sudden increase in demand for premium and marquee properties in this market. For the families, some of the best educational institutes, five star hotels, libraries, parks, banks, hospitals and recreational avenues are easily accessible, thus increasing its appeal to families.
Source - TOI
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