Realty check: Change in landscape transforming area’s socialscape
While localities such as Lokhandwala complex were always popular with the affluent, now, with the redevelopment boom, areas such as DN Nagar, Amboli and Veera Desai road are also enjoying a mini-renaissance.mumbai Updated: Nov 20, 2011 01:55 IST
The change in Andheri's socialscape is, in many ways, being led by the change in its landscape. While localities such as Lokhandwala complex were always popular with the affluent, now, with the redevelopment boom, areas such as DN Nagar, Amboli and Veera Desai road are also enjoying a mini-renaissance.
Leading construction companies like Runwal, Rustomjee, DLH and Lokhandwala are taking up projects in the area in a big way. "The area is close to the airport and the seafront. You also have the best of hotels, commercial complexes and shopping malls here," said Ravi Binder, CEO, Prime Commercial Properties Consultants Private Limited, a leading consultancy firm.
"Due to the proximity to airports and the affluent Juhu, the area is home to several people from the film and television industry," said Kersi Mehta, CEO Versatile Realtors.
The rates in this area start from Rs 15,000 per square feet for an under-construction project and from Rs 20,000 for a ready flat. Ram Sin, a model by profession, says the area is the ideal place to stay, from a professional point of view.
"Most audition meetings take place here and I have several colleagues who live in this area," said Sin.
The turning point for the locality came about in the 1980s, when the Lokhandwala complex was built as an alternative to the premium-priced Juhu. Soon, Lokhandwala complex became a prestigious address with several businesspersons and Bollywood personalities moving in.
"This area is buzzing with activity and we always command a premium price here," said Sandeep Runwal, Director, Runval Group.
Now, with high demand and little vacant area available, developers are seeking to redevelop old buildings. The redevelopment of several Maharashtra Housing and Area Development Authority (Mhada) buildings in DN Nagar and ESIC Nagar is already underway. Same for old Mhada tenements in Four Bungalows.
"Builders are lining up to secure redevelopment rights in our area," said Kavita Shivdasani, 54, who bought a flat at Yari Road in 1982 for Rs1 lakh. Today, the same flat is valued at approximately Rs 75 lakh.
First Published: Nov 20, 2011 01:54 IST