Borivali, suburb of Mumbai is located in the north-western part of the city and considered it one of the prime location. Especially Borivali West has become a favorite spot for buyers in the residential as well as commercial property segment. Property rates in this part range between 10,000 to 15,000 INR per square feet. However, these numbers vary on the basis of location and amenities being offered by the property developer. Various new residential projects in Borivali are being launched by real estate developers. This suburb of Mumbai is turning into a hotspot for property investment.
Compared to the rates in 2011-2012, property prices have gone up by 25-35% due to increase in demand. Majority of demand comes from middle-income buyers who cannot afford to spend a huge amount on properties in areas like Juhu, Bandra or Andheri.
Demand for properties in this suburban area has increased due to factors like affordability, serenity and connectivity to places like Mumbai and Thane. Borivali west is quite famous for its greenery and spacious apartments.
Neighboring areas like Dahisar, Yogi Nagar, LT Road, I.C Colony, Kandarpara, Shimpoli are also witnessing growth in property construction activities. Many reputed developers are launching their projects in these areas as these locations are less explored and land is available in abundance. Dahisar has become a favorite destination for buying realty, especially for people who find Borivali properties expensive. One can find various spacious flats in this area at an affordable rate.
Borivali is undergoing re-development, giving way to tall buildings that have 10-15 floors. In 2012, when the state government relaxed DCR (Development Control Rules) for western suburbs in Mumbai, many developers started re-developing the area that had various mid-rise structures. Once new stock of properties entered the market after re-development, many young buyers started buying units in this area. The growth in demand also gave way to multiplexes and shopping malls and some good infrastructure development.
Real Estate Developers 