Located in the northwest of Mumbai, Versova is an upscale area of Andheri. Driven by robust connectivity and sustained residential demand, the average property prices in the locality have quadrupled in the past decade.
Versova derives its name from the word 'Vesawe', which is Marathi for ‘rest’, as Chatrapati Shivaji Raje used to rest here with his army between battles. The prime residential locality is also famous for the beach and the fort situated here, which draws local and tourist population throughout the year.
Over the last decade, Versova has grown into an immensely popular neighbourhood on the back of adequate social and physical infrastructure which makes it a comfortable place to live in. The locality enjoys accessibility to renowned educational institutions, including Rajiv Gandhi Institute of Technology and Mithibai College coupled with adequate health facilities. In addition, the presence of ample entertainment and retail options make Versova a lively place to reside.The availability of ample job opportunities from neighbouring employment hubs, such as the Bandra Kurla Complex (BKC) and Santacruz Electronic and Export Promotion Zone (SEEPZ), pushes the locality’s appeal several notches higher among the employed populace.
Versova is well-connected to prominent localities of Mumbai via an excellent network of roadways including the Western Express Highway and link roads. The presence of Versova railway station, Jogeshwari railway station, and Andheri railway station within a 5 km radius further supplements the connectivity of Versova. The area is also easily accessible from the international airport located just 8 km away. The availability of plenty of public transport options including the Versova-Andheri-Ghatkopar metro corridor, which connects the eastern and western suburbs, adds to the allure of the neighbourhood.
The residential prices in the area have surged from Rs 6,000 per sq ft in 2008 to the current Rs 24,000 per sq ft, according to the data with 99acres.com. This boom can particularly be attributed to the steady end user demand and the advent of the metro in 2014.
Meanwhile, the current average rental rate for apartments in Versova is Rs 49 per sq ft. While the monthly rent for a 1BHK unit in the area can range between Rs 24,000 and Rs 28,000 depending on the amenities offered. 3BHK units are available for monthly rents of Rs 39,000-48,000.
Vipul Shah, Managing Director, Parinee Group, shares that commercial properties in and around Versova command capital values ranging between Rs 16,000 per sq ft and Rs 28,000 per sq ft. While office spaces in the region can be rented out at an average of Rs 100 per sq ft, showrooms and shops are available at average monthly rentals of Rs 150-160 per sq ft, depending on the location of the property.
Why invest in Versova?
Versova witnesses robust housing demand from end users as well as offers ample opportunities for commercial real estate in the surrounding area. The housing demand appears to be spread over various segments, ranging from mid income to luxury homes, avers Shah. Coupled with several proposed projects in the offing and the availability of quality projects, Versova is ripe for investment, assert experts.
Among the upcoming infrastructure projects, the Bandra-Versova Sea link, Mumbai Metro 6, and the coastal road are prominent mentions. The 29.2 km long coastal road project will link the western suburbs located along Mumbai’s coast. Experts share that the road is also expected to have dedicated lanes for Bus Rapid Transit System (BRTS). Meanwhile, the sea link project, running through Bandra, Juhu Koliwada, Versova, and Carter Road will help reduce congestion on the Western Express Highway and the western line of the Suburban Railway. In addition, the Lokhandwala-Jogeshwari-Vikhroli-Kanjurmarg corridor, also called Mumbai Metro 6, will enhance the connectivity of the eastern and western suburbs of Mumbai. All these projects are anticipated to give a tremendous push to the real estate potential of Versova in the near future.