Bhandup Emerging As Preferred Residential Destination In Mumbai

Residential-Real-Estate-in-mumbai

Living Point is a 22-acre township in Bhandup developed by the Neptune Group. Well-conceptualised tall towers are flanked by a huge retail outfit in the form of the Magnet Mall. The footfalls are growing by the day as more and more people make Bhandup a choice to live.
Talking about the development of the place, Nayan Bheda, Chairman and MD, Neptune Group says, “We were one of the first entrants to develop a project in Bhandup. With just one project, the place has entirely changed. When we started out, we had a launching rate of Rs 2491 per sq ft but today it has touched Rs 8000 and upwards depending on the project.”
The Neptune Group has launched two new towers called Flying Kite and 100 Above, both designed on a different concept. Bheda says, “At Neptune, we give topmost priority to design and planning is our core strength. Flying Kite and 100 Above are 30-storey towers and the response has been extremely encouraging with almost 50% bookings in place. Bhandup is wellconnected and especially our township is very close to the station. The skywalk has come up at the station.
The network of buses and trains is in place.”
On the retail front, he adds, “The Magnet Mall houses a range of top retail brands and an entertainment centre called Get Lost. It is a gamer’s paradise, which has a bowling alley and even an ice skating ring along with many other games. It is an ideal place to relax and have a family outing. Cinepolis, a multiplex, will soon open at the mall, which will further attract more footfalls. The residential towers have an internal entrance to the mall. The place is only getting better with time and new developments are going to add to the scope and popularity of Bhandup. Also, as compared to Powai and Mulund in the immediate neighbourhood, Bhandup is rationally priced.”
Talking about the potential and growth of Bhandup, Subhankar Mitra, Head – Strategic Consulting (West) Jones Lang LaSalle India says, “Earlier, there were limited properties available in this location and the prices were very attractive, with sales largely limited to resale properties and projects by smaller builders. However, the release of industrial land along LBS Marg (the major road connectivity of the eastern suburbs) has enticed big-time developers to come up with high-end residential and township projects
along this transport corridor. The quality of housing projects and amenities in Mulund and Bhandup has also improved. Until the early nineties, the demand was restricted to budget flats located close to the station area. The newer projects, set up with a view to decongest the station area, are providing gardens, swimming pools, club houses and ample parking.”
Bhandup has seen a great deal of real estate activity in the recent past on account of its strategic position. The location enjoys easy accessibility through Eastern Express Highway and is intersected by the LBS Marg. It is connected to the emerging business corridor of the eastern express highway and is also in approachable distance from Bandra – Kurla Complex and Andheri – Kurla which are the other emerging locations.
Shveta Jain – Director, Residential Services – Cushman & Wakefield says, “Bhandup is being largely targeted towards the mid-segment end users. The place has seen demand in the recent past owing to the location as well as the price at which property has been made available. There has been approximately 10 – 15% appreciation in values over the last 18 months.”
The presence of Nahur station is advantageous to the residents as it caters to the needs of people living in Bhandup east as well as those near the Airoli Link road. The widened LBS Marg is another key factor in real estate development. The LBS Marg stretch of Bhandup is developing rapidly as a mixeduse real estate destination. Mitra adds, “As LBS Marg is the major road linkage of the Eastern suburbs, any real estate development along this stretch in Bhandup will also influence Mulund, Kanjurmarg, Vikhroli and Ghatkopar.”
Kalpataru Crest is another landmark luxury residential project in Bhandup west that offers spacious airconditioned 2 and 3 BHK apartments. The project comprises two multistoreyed towers equipped with all the modern facilities and amenities like clubhouse with gymnasium, spa, open air Jacuzzi, squash court and other sports facilities, party lounge, swimming pool, landscaped gardens, children’s play area, and much more.
According to a Kalpataru spokesperson, the central location of Bhandup has easy connectivity to Mumbai, Thane and Navi Mumbai. The social infrastructure is also coming up at tandem. The Kalpataru spokesperson says, “Development of residential property in Bhandup is
complemented by provision of good quality educational institutes, medical care, retail development and other social infrastructure. In recent years, several mall and luxury hotels, construction projects have been initiated in Bhandup. The project is ideal for a family as this project is completed with prime facilities such as the Fortis Hospital in the vicinity, Hiranandani Hospital in Powai, the easy accessibility to the station which is on the Central line, number of reputed schools like DAV School in Airoli and Pawar Public School, the National College and DAV College. There are enough malls in the vicinity like Nirmal Lifestyle, the Dreams mall and the Magnet Mall to keep residents engaged.”
Good connectivity, improved lifestyle and rapidly changing social and regional infrastructure make Bhandup a well-equipped living destination.
Source-TOI

By
Alok Kumar Upadhayay
Real Estate Professional

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