Why Should Buyers Invest Money in Flats in Borivali?

Landscape of Borivali has changed in the last few years, giving way to several high-rise buildings. This suburb in Mumbai is undergoing redevelopment as the state government has relaxed the DCR (Development Control Rules) for Western Suburbs in Mumbai by providing extra FSI (Floor Space Index). Due to this relaxation, various real estate developers are coming to this area and re-developing it with high-rise structures.

Real estate market in Borivali has been witnessing an increase in property supply, offering various options for first time buyers. According to the industry experts, phase of real estate in Borivali has changed due to the policy change. The new stock has attracted many young buyers to this suburb, resulting in an evolved quality of life.

Borivali offers a complete living experience to the residents. From stylish as well as affordable properties to shopping malls, schools, multiplexes, hospitals and colleges, look and feel of this area has seen tremendous growth.

Can I Afford to Buy a Property in Mumbai?  

Rates for properties in Mumbai have gone down in certain areas; however, huge price correction continues to be a far-fetched dream for buyers in Mumbai. Mainly deal-specific discounts are being offered to the buyers. For instance, if you buy a residential unit in a structure still being built, you might get some discount from the developer. According to a reputed real estate firm, areas such as Dadar, Borivali and Ghatkopar witnessed minor changes in property rates over the quarter that ended in March 2014.     

Last year, price for a 1BHK apartment in Borivali was approximately 45 lacs INR. 4BHK flats were available in the price range of 6 and 8 Crore INR (floor space 3500 square feet). In the eastern part of the suburb, offering a green view of the Sanjay Gandhi National Park, 2BHk flats (spread in 1000-1200 square feet) were available for 1 or 2 Crore INR. Most of the luxury flats in Borivali are unaffordable for the average buyers.

If you are looking to buy a unit in a township project, you might be disappointed because due to lack of large layouts, developers are not able to offer township projects to the buyers in Borivali.

What Makes Borivali A Sought-after Location?

This suburb, located in the north-western part of Mumbai has turned into a hotspot for property investment. It is in close proximity to the main city areas and is also well-connected to all major stations via bus and train.

Some of the neighboring areas of Borivali are Goria, Yogi Nagar, Dahisar, LT Road, Kandarpada, I.C Colony and Shimpoli. Also known as the suburb of gardens, this area is considered lungs of Mumbai city. Potential buyers can invest money in Borivali properties because it is not only well-connected with different areas in Mumbai but also offers excellent schools, colleges, hospitals and entertainment centres such as D-Mart, Indraprastha Shopping Malls, Pantaloons and Eskay Resort. Borivali is also in close proximity to the Western Express Highway and Link Road.    

Summary

Looking for properties in Mumbai? Borivali is one of the prime areas in the city where you can find attractive options. Flats in Borivali are certainly worth the investment.