Realty rates do see-saw at either end of sealink
Two ends of the Bandra-Worli sealink are swinging in opposite directions where realty prices are concerned. Realty experts said that they expected Worli to see a fall in realty prices and Bandra to witness an increase, reports Naresh Kamath.india Updated: Jul 06, 2009 02:15 IST
Two ends of the Bandra-Worli sealink are swinging in opposite directions where realty prices are concerned. Realty experts said that they expected Worli to see a fall in realty prices and Bandra to witness an increase.
Traffic jams and honking at the congested Worli end of the sealink have spoiled the show for residents.
“Who will buy in a noisy and heavily polluted area?” asked Prakkash Nichani, director of Anchor Real Estate Consultancy that deals in South Mumbai.
Presently, prices in Worli hover between Rs 35,000 and Rs 45,000 per sq ft.
“I see a decrease of around 10 per cent in rates in Worli,” said Pujit Aggarwal, managing director of Orbit Corporation.
“Current rates at Bandra Reclamation are around Rs 10,000 per sq ft. That has risen to Rs 12,000-13,000,” said Vibhoo Mehra, managing director, Mumbai Properties.
Bandra, said Mehra, would now be preferred over Worli as the sealink opening at the suburban end is not as congested as at the Worli end.
Rajesh Vardhan, managing director of Vardhaman Builders said that rates in the rest of South Mumbai would see an increase as commuting to areas like Bandra-Kurla Complex will be easier.
“Going South is also easier and sellers have hiked rates [in Bandra],” said Mehra.
“I would blame the Bandra-Worli sealink for destroying the age-old Worli seaface promenade,” said former Indian cricket team captain Dilip Vengsarkar who resides in Worli. “It is a mindless and poorly planned project.”
“After 10 pm, there used to be peace. It is no longer the case,” said former police commissioner MN Singh, a Worli resident.