Khar, Mumbai is being explored by real estate developers for property development. They are coming up with apartments that have 4, 3 and 2BHK flats in Mumbai.
Khar is being explored by real estate developers in Mumbai for constructing stylish apartments. This suburb in located to the south of Santa Cruz and north of Bandra. It is divided in East and West where new constructions are mainly 3 or 2 BHK flats in Mumbai.
Eastern part of this suburb is slightly crowded and under-developed whereas the western part has some of the highest rated properties in the city. The capital value of properties in the western part is quite high and it has turned into one of the most sought-after investment destinations in Mumbai.
As the growing infrastructure is changing the face of this suburban area, many developers are getting attracted to this location for property construction. They are offering various upmarket realty options equipped with modern amenities.
Its proximity to Bandra is one of the major reasons why luxury home buyers prefer this location. They wish to be close to their workplaces, which is why this suburb seems to be a good area for finding attractive property options.
This residential area’s development has been backed by the development of commercial destinations such as Bandra-Kurla complex, Goregaon and Andheri. Various business industrialists and Bollywood celebrities also have their homes in this region. It is one of the wealthiest regions in Mumbai and finding an affordable accommodation for sale or rent is a difficult task.
Apart from its proximity to Bandra, this residential area has various other USPs. It is well connected to business, retail, IT and entertainment hubs by road as well as rail. Residents in this area have quality healthcare facilities and educational institutes in the vicinity. It is also close to the domestic and international airport. Due to these factors, property rates in Khar have gone up.
Western part of this suburb has turned into one of the highest rated areas in the city in terms of capital value. Due to high capital value, demand for properties has increased in this part of the city. According to real estate reports, buyers are willing to spend huge amount on properties in this residential area because they know that rates will either remain stable or increase but not reduce. In 2011, there was a 15% increase in sales prices in this region which shows why demand for realty is high in this location.
If you are planning to buy a flat in a multistory apartment in the Western part, you will have to spend anywhere around 37,962 INR per square feet. In July 2014, per square feet property rate in Khar’s good locality was 38,761 INR. According to a reputed property website, average rate in the lowest locality of Khar West was 37,162 INR per square feet. In 2011, residential plots were available in this area between 25,000 to 30,000 INR.
This residential area also offers ultra luxury apartments that are available at 1 Crore and above. If you wish to rent a nice 3BHK or 5BHK flat here, you will have to shell anywhere around 1-1.5 lac INR as rental money.
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