Powai has been a unique experiment in making an integrated township and the existence of various facilities has brought out the location’s advantages in all its glory. “The mixed use development in Powai is designated which means that the retail space, office space, hotel, healthcare, educational, residential and other components of development are given its right place which enhances its appeal. The master planning and the clusters have been clearly earmarked,” says Anuj Puri, Chairman, Anarock Property Consultants.
Samatak Das, Chief Economist and Director of Knight Frank said that the success of retail is the most significant part of Powai’s numero uno position which has helped the entire real estate development in the location. Some of the best known names in hospitality and F&B exist in Powai today and this hugely enhances its lifestyle quotient.
“For the middle income and high income home buyers Powai provides the status symbol and satisfaction like no other place. The advantages available for the home buyers can be extended to the office occupiers too regarding accessibility and proximity to railway stations at both the ends, viz: western and central railway and the Mumbai Metro, which all add up to push Powai a notch up on the liveability index,” explains Das.
“The strong office corridor and the attraction of a short commute or walk-to-work is available in Powai and its good connectivity with the major office corridors on both the east (Thane, Navi Mumbai) and west (BKC, Andheri-Kurla and the Malad-Goregaon belt) and airport is a major consideration for both buyers and investors” says Rohan Sharma, Research Head, Cushman & Wakefield India. With hardly any slums, natural elements and open spaces, and support infrastructure this location is quite high on the preference of buyers and investors.
The average apartment prices in Powai are largely similar or higher to its surrounding corridors. The average apartment prices in Powai are 18,000-19,000 INR per sqft. Neighbouring locations such as Andheri East is at 16,500-17,500 INR per sqft, Chandivali at 17,000-18,000 INR per sqft, Ghatkopar at 18,000-19,000 INR per sqft and Kanjurmarg at 12,000-14,000 INR per sqft (Godrej-Vikhroli is priced higher at 18,000- 22,000 INR per sqft).
Real estate projects in Powai are endeavouring to build on the ecosystem that has been developed in and around Powai. Such clusters are not available within centrally located corridors of the city and offer a unique and self-sufficient quality of life to its residents. The current price levels in Powai are indicative of its prime status in comparison to its neighbouring clusters.
On the commercial real estate front the office rents are about 120-125 INR per sqft per month in Powai. The current office stock is around 6 million sqft with vacancy of around 9-11% even while the upcoming supply is limited. “Post the Brookfield purchase of the Hiranandani office portfolio, a lot of work is being put into refurbishing buildings. Also most buildings here are on the lease-only model, with limited opportunities available for outright purchases. Current capital values in Powai range between 16,000-18,000 INR per sqft for office spaces. However, not much offices are available for sale in Powai”, adds Sharma.