WHAT’S TRENDING – EXPAT CALLING
Surabhi Arora Tpmfeedback
House-hunting can be hard for
an expat in Mumbai.However,
there are areas that can cater
to their specific needs within
Mumbai has a colonial history and in the post independence era,it became India’s urbani sation showcase to the world, boasting of an active stock market, high rise apartments, big office complexes, film industries, etc.Mumbai was the first city that witnessed the influx of multinational companies and with it, one witnessed an influx of expats.
Traditionally, south Mumbai locations like Cuffe Parade, Napeansea Road, Malabar Hill, Cumballa Hill,
Breach Candy and Pedder Road, etc, were the most preferable locations for expatriates
because of their close proximity to their offices located at Nariman Point, Ballard Estate and Churchgate,
etc. Foreigners are attracted to these destinations for lifestyle preferences, Facebooksea view, old architecture and cleanliness.
There are many restaurants and clubs, which are frequently visited by celebrities and expats and the area has a number of international schools that are the prime drivers that impact the decision of buying a residence here. However, higher demand and less availability of land have led to an overload on the infrastructure provisions like power, water, etc, but it is still a favourite place to live for expatriates and the top-notch cadre of multinational companies. Rental values for the prime residential property commands Rs 100-170 per sq ft per month depending on amenities, location, view, etc. The increased commercial activities in alternative locations boost the demand in suburban residential locations like Bandra, Khar, Juhu, Powai, Worli sea face and Prabhadevi. Bandra and Juhu, which have since ages, been the residential destination of the elite for many reasons, also attracted foreign nationals and expats in a big way due the location advantages.
The Bandra Worli Sea Link connects to the south of Mumbai and the Western Express Highway helps to travel north within minutes from Bandra. The presence of international schools such as the Dhirubhai Ambani International School, the American School of Bombay and five star hotels like Trident, Sofitel and Grand Hyatt, with Michelin star chefs, make it an ideal place for foreign nationals. In terms of lifestyle, Bandra west is synonymous with great shopping, best bargains, renowned brand stores and enter tainment options. In the recent past, several corporate houses, consulates and biggest diamond markets, have moved to BKC, which has created the demand for luxury housing in this area. Prime residential properties in Bandra command rents in the range of Rs 80 to 130 per sq ft per month.
Another area that is a favourite among expats is Powai. It has some of the most scenic and lushgreen landscapes in the city. Its connectivity to both, eastern and western highways, as also local train stations and the airport, make it an ideal residential community. In fact, many media companies and ITITeS companies have leased office space in Hiranandani SEZ and the residential space has been leased out to expatriates and head honchos of large MNCs and their families in this area. The availability of quality apartments and the walk-to-work concept is boosting the expat living in this area. Locations like Khar west and Andheri are also catching up among expats.
-The writer is associate director, research, Colliers International
WHAT’S TRENDING – EXPAT CALLING
Courtesy to Property Times