Why Location Holds Higher Value When It Comes To Real Estate
December 16, 2020 | Uncategorized | No Comments
For a city like Mumbai that has a booming real estate market, you would be surprised to learn that just owning a flat in Mumbai is not enough. With the migrant population on the rise, suburbs of Mumbai like Goregaon are fulfilling the demand for 1 BHK apartment in Goregaon and 2 BHK apartments in Goregaon. Many people are investing in real estate in the suburbs of Mumbai and one of the popular destinations where people are flocking to invest their money in is Goregaon. Goregaon is a suburb of Mumbai located towards the north of the city. There are many affordable luxury homes in Goregaon either under construction or ready to move in, making it a safe bet for investors and first time home buyers alike. So what makes a location more desirable and why does location dictate the price of the property that you are going to purchase?
Goregaon is located between Andheri and Borivali which are the 2 most important locations in Mumbai. Goregaon is well connected by road to Mumbai via the western express highway, S.V Road, and link road. People who live in Goregaon have easy access to the international airport of Mumbai. The upcoming metro is further going to make travelling easier to the destination. Goregaon is also a hub for trains coming from the harbour line. This makes the demand for the residential property in Goregaon go up and when there is high demand there is also a rise in prices. A well-connected locality is always in high demand in the middle-class sphere. The higher demand has prompted the start of the construction of luxury residential projects in Goregaon. The location is in the goldilocks zone where you get affordable luxury homes in Goregaon while also not struggling to travel to the home you just bought.
2. Big companies.
Another reason behind the success of any location is the type of real estate market it enjoys, like Goregaon, which is a hybrid market that has both commercial and residential properties in its borders. The presence of a huge MNC in Goregaon also gives it the appeal it has with investors. Companies such as IBM, Abbott, and AEGON Religare Life Insurance have set up their offices in Goregaon. The employees of these MNCs prefer to hunt their new house close to the workplace because it cuts the travel time drastically; in this case, it is Goregaon. The employees of these companies are creating demand driving the construction of luxury residential projects in Goregaon to fulfil their demands. The demand for affordable luxury homes in Goregaon has increased a lot since Goregaon became home for these MNCs.
3. Return on investment.
A high rate of returns is the dream for any investor and the rate of return that an investor gets is heavily dependent on the locality they invest their money in. Goregaon is still in adolescence when it comes to the real estate market. The demand for luxury residential projects in Goregaon has grown exponentially making the market lucrative. Investing in affordable luxury homes in Goregaon now would yield some of the best results for the investors. And investors have taken a notice of it which is further driving the demand up for flats in Goregaon. Investors have seen an 8% increase in the prices of residential property in Goregaon in recent years. Despite the poor economy, the amount of growth Goregaon is showing is astonishing. All this is possible because of the right location.
4. Goregaon has a booming real estate market.
A good real estate market with constant development creates a positive feedback loop making the prices of property go up which in turn warrant even more development. Goregaon is getting attention because of its sound infrastructure and comparatively affordable property prices, encouraging developers to launch new apartments here. There are around 169 projects in the locality, of which 112 are ready to move in and 45 are under construction. People looking to take advantage of the situation and get their money invested in luxury residential projects in Goregaon where they are guaranteed to see growth in their investments.
Another reason why locality dictates the price of a property is because of the novelty it brings along with it. For example, Goregaon is not just a jungle of buildings but also has many other features. There are parks and other social spaces that you could visit if you buy a residential property in Goregaon. Goregaon also has one of the most famous shopping malls in all of Mumbai that people visit frequently. Other than that Goregaon has plenty of reputed schools and hospitals. Having these amenities also have a major effect on the prices of the property.
Using Goregaon as an example you can understand why locality is important for real estate prices.