My family is looking to invest in a couple of flats in Kanjurmarg area in Mumbai. Could you advise about the viability of this location for real estate investment? Y Khandelwal
The highest demand for homes in Mumbai continues to be in and around the primary and secondary business districts, with connectivity being the primary mantra for home buyers. In this respect, Kanjurmarg certainly wins out. The Jogeshwari-Vikhroli Link Road (JVLR), which commences from the eastern part of Kanjurmarg, connects the area to the Eastern and Western Express Highways. Also, LBS Marg provides easy accessibility to other parts of Mumbai.
Apart from connectivity, Kanjurmarg is more or less self-sufficient in terms of social infrastructure and facilities such as quality schools, colleges and hospitals. Due to the upward shift in property values in Powai, Vikhroli and Thane, Kanjurmarg is seeing spillover demand from these areas as property prices there are between 10 and 15% lower there. It offers a fairly wide spectrum of residential projects catering mainly to the demand from office goers. Considering the overall real estate trends in Mumbai and factoring in affordability, infrastructure and connectivity, Kanjurmarg offers good returns on investment.
We are considering developing co-working space project in Pune. Could you advise on how the market for co-working office spaces is in general, and in Pune particularly? D Gaikwad
The biggest differentiator of co-working spaces is that they help startups and like-minded people to collaborate and create an organic pool of diverse skills. Co-working spaces offer an inexpensive option that enable smaller, modestly-funded businesses to compete in the marketplace.
Currently, in Pune there are mostly unorganised players who are providing co-working spaces from bungalows or by converting office spaces into co-working spaces. Cost of occupancy could range between Rs 4,500 and Rs 8,000 per sq. ft. People come to these spaces for facilities such as internet, coffee, printing, scanning and parking for periods ranging from a day to a month. There are currently 20-25 co-working spaces in Pune with the sizes ranging from 3,000-14,000 sq. ft., offering 25-50 seats. Some of the prominent locations for this segment in Pune are in Koregaon Park, SB Road and Shivaji Nagar.
Credits ET Realty