Earlier considered as a suburb of Mumbai, Goregaon West was reasonable and affordable for mid-segment buyers until a while ago. But these days, quoting high property prices, the locality can only fit the pockets of the elite class in the city.
The buyers are increasingly asking for 2 and 3BHK units. 40 per cent of homebuyers in Goregaon West demanded 2BHK units in the Mar-May 2013 period. A marginal rise of two per cent was recorded when compared to the Dec 2012-Feb 2013 period which stands at 38 per cent.
Though the second most demanded configuration for property in Goregaon West was 1BHK during the Mar-May 2013 period, its desire has now been replaced with 3BHK units. While 1BHK units recorded a drop of five per cent in its demand, 3BHK units witnessed a hike by the same amount in the Mar-May 2013 period. Demand for 3BHK units remained at 22 per cent as compared to 17 per cent in the Dec 2012-Feb 2013 period.
Lot of the buyers in Goregaon West demand 2-3BHK homes. Professionals with medium sized families working in nearby offices, earning handsome salaries, need minimum two rooms to set up their permanent homes. Currently even a 2-3BHK costs about Rs 1.5 to 2 crore, there is a noticeable demand for homes larger than these residences. Goregaon is slowly transforming into a luxurious residential market. The buyers choice is shifting towards top notch luxurious homes. Developers in Goregaon West have caught the pulse of the market in time.”
While supply of 2BHK homes matched the demand at 40 per cent, supply of 3BHK units exceeded its demand by 14 per cent in the Mar-May 2013 period. Also, the availability of 3BHK units rose by two per cent during this period as compared to the Dec 2012-Feb 2013 period.
It is also assumed that the supply of 4BHK units exceeded demand by six per cent with supply remaining at 10 per cent and demand at four per cent. Developers further predict that Goregaon West will witness a rise in demand for larger homes. That is a wait and watch scenario. But if that happens, the prices are most likely to increase.
Courtesy :Real Estate News and Trends in India
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