Lokhandwala in the Andheri West area of Mumbai is synonymous with a bustling commercial hub. From the real estate investment perspective, relative proximity with the International airport, Western Express Highway and developed neighbourhoods have a significant role to play in establishing this area into a premium one.
Lokhandwala is an affluent commercial and residential neighbourhood in the western part of Mumbai. It houses offices of Gulf Oil, Ambuja Cement and Hindustan Unilever etc and Owing to its strategic location in Andheri (West), it is one of the most sought-after addresses of the city. Lokhandwala is directly connected to major ports of Mumbai, and the thriving shipping industry plays a significant role in the real estate development of the area. With a web of best-in-class schools, excellent medical facilities, shopping centres and ample recreational avenues, Lokhandwala is second to none in terms of social infrastructure. Under-construction metro linkage will further boost the connectivity quotient of the region.
Real estate development in Lokhandwala
Residential apartments constitute over 95 percent of the total residential inventory available for sale in Lokhandwala. Out of this, 2 BHK and 3 BHK flats constitute over two-thirds share. Over thirty percent of the properties in Lokhandwala are available in the range of Rs 1-2 crore. Almost the entire residential stock listed for sale in Lokhandwala is ‘ready-to-move-in’ with limited new constructions in the pipeline.
|
Configuration |
Average Property Prices |
Carpet Area |
|
1 BHK |
Rs 95 lakh-1.65 crore |
400-550 sq ft |
|
2 BHK |
Rs 1.15-3 crore |
500-700 sq ft |
|
3 BHK |
Rs 2-6.5 crore |
900-2,400 sq ft |
|
4 BHK |
Rs 5-20 crore |
1,800-2,800 sq ft |
Source: 99acres price trends
The property prices in Lokhandwala saw a consistent upsurge until 2019. However, in Q4 2020, the capital values witnessed a sharp decline of around five percent, YoY. If quarterly price movement is considered, the real estate prices have seen a slight decline of one percent, QoQ (Q4 2020).
In the words of Devendra Jain, Senior Sales Manager, Om Estate Agency, Andheri (West), “The strategic location of Lokhandwala is the prime reason behind high-end transactions in Lokhandwala area. Even during when the spread of COVID was at peak, deals were happening. However, the parties involved were not very vocal about it. Anticipating a further downfall, the transactions were much below the prevalent property rates. However, the market is almost back to normal and Rs 25,000 per sq ft is the starting price for any transaction in Lokhandwala. In recent years, the real estate developers are actively taking interest in making 2.5 BHK and above configurations in and around the locality. The reduction in stamp duty by the Maharashtra government had left the investors with surplus money and they seemed upbeat about investing in the local real estate market. There are some pockets, such as Upper Lokhandwala area where some relatively affordable projects can be found, but mostly, this area is known for high-value transactions only.”
Owing to the proximity with Versova Beach (4 km), rental rates are quite high here. The prevailing rental rates (but not limited to) in the Lokhandwala area are-
|
Configuration |
Rental ‘asks’ per month |
|
1 BHK |
Rs 28,000-31,500 |
|
2 BHK |
Rs 45,000-51,000 |
|
3 BHK |
Rs 69,000-83,800 |
Source: 99acres price trends
Connectivity and social infrastructure
Proximity with Western Express Highway (WEH) works in favour of Lokhandwala as it provides seamless connectivity with North and South Mumbai. Moreover, Swami Vivekanand Road is also an equally important and strategic road providing access to areas like Vile Parle, Khar and Bandra West, among others. Proposed elevated metro connectivity on the Pink Line from Lokhandwala to Kanjurmarg will enjoin the area with the metro channel. At present, the locality is connected to the Versova-Andheri-Ghatkopar (Blue Line 1) metro line via the Versova Metro station, which is 3 km away. Ram Mandir (4 km) is the nearest railway station along the Western and Harbour Lines of Mumbai Suburban Railway. Moreover, comparative proximity with the International Airport of Mumbai (10 km) bodes well for the commercial growth of the region.
A web of excellent social infrastructure categorises this locality into a much sought-after region for making a property investment.
|
Educational institutions |
Healthcare facilities |
Retail Hubs |
|
Jankidevi Public School |
Kokilaben Dhirubhai Ambani Hospital (2 km) |
Infiniti Mall |
|
Ryan Global School |
Bellevue Multispeciality Hospital (3 km) |
City Mall |
|
JBCN International School |
Balasaheb Thackrey Hospital (5 km) |
Crystal Point Mall |
|
RIMS International School |
Lifeline Medicare Hospital (6 km) |
DB Mall |
|
Oriental College of Commerce and Management |
KLS Memorial Hospital (6 km) |
Link Plaza |
Commenting over the overall ambience of Lokhandwala and adjoining Link road, Shraddha Kedia-Agarwal, Director, Transcon Developers, Mumbai, says, "Lokhandwala and Link Road in Andheri West are the most vibrant parts of the western suburbs, known for their upbeat and happening lifestyle with a plethora of clubs, food joints, movie theatres and production houses buzzing all the time. Everything from business hubs, domestic and international airports, Western Express Highway to hubs of entertainment, such as malls, multiplexes, retail showrooms, hospitals and gyms, to spheres of education like schools and higher education institutions are in proximity. With famous production studios and commercial offices only a few steps away, this locality is a major attraction for migrant job seekers. If a five-year time horizon is considered, the property values have appreciated by over 10 percent."
Conclusively, Lokhandwala is a premium locality with limited affordable housing options. Proximity with commercial centres and developed social infrastructure work in its favour. If you are contemplating a property investment in Lokhandwala, be ready to shell out a huge sum.
