Andheri: The emerging corporate hub of Mumbai
From small settlements and businesses that belong to native East Indians, Andheri has come a long way to be known as the commercial hub of the metro city, Mumbai. Shedding the image of an industrial area, Andheri has transformed into a highly coveted and sought after residential and commercial location over the years.
Apart from SEEPZ and MIDC, it houses several regional and head offices of the who’s who of the corporate world like banks & financial services, media houses, film & television production houses, IT companies and many more.
While Andheri does have some 20 to 50-year-old establishments, even the younger brigade of fresh and young entrepreneurs is tempted to set up their start-ups here.
So, what are the factors that are influencing corporates to set up their base here?
Best of both worlds
In Andheri, everything you need is always close-by, plus it has good accessibility, with the metro station and Western Express Highway nearby. If you go downtown to South Mumbai, there’s good connectivity, but the rents are too high.
Similarly, Navi Mumbai is affordable, but accessibility is an issue.
Andheri boasts the perfect balance of accessibility and affordability. It is one of the best-connected suburbs in the Mumbai Metropolitan Region, due to its proximity to Eastern & Western Express Highways. The area also benefits immensely due to its closeness to other commercial hubs like Bandra Kurla Complex and Lower Parel. The metro railway running between Ghatkopar and Versova has further enhanced the appeal of this micro-market by easing the commute and reducing the burden on roads and railways.
Commercial properties in Andheri remain highly affordable as compared to the other costly industrial belts of Mumbai. Rental values for Grade A office spaces range from Rs. 90 to Rs.130 per sq. ft. Experts state that the ample availability of commercial properties in the area has ensured stability in prices and established Andheri as a commercial hub.
The rise of co-working spaces
With the rise of freelancing professionals and start-ups, co-working spaces are mushrooming across India’s tier-1 and tier-2 cities, providing start-ups with flexible working options at affordable prices.
The year 2018 commenced with increased leasing demand for Grade A office space in Andheri. This is due to several reasons like proximity to international & domestic airports, rental affordability and a bigger catchment of office seekers to serve.
Being one of the main suburban business districts of Mumbai, the area boasts of having the best infrastructure and is also seeing a rapid increase in the young, cosmopolitan, working population. To cater to their lifestyle, there has been an emergence of several recreational spots in Andheri. This culture also attracts a lot of real estate developers to set up commercial properties in Andheri with many offerings.
Take Adani Realty’s Inspire Hub in Andheri West, for instance. Inspire Hub offers luxurious office and retail spaces in the heart of Mumbai. It is aesthetically designed with world-class standards: from high tech security and freely adaptable suites to dedicated driveways with ample parking facility, and a palatial café and waiting lounge. It is located on JP road which boasts of a thriving business and a flourishing socioeconomic neighbourhood and is well connected to the CSIA-T2.
Scope for future growth
Andheri receives a healthy demand from those employed in the neighbouring commercial and industrial hubs in Mumbai like Bandra, Goregaon, Lower Parel, etc. Pockets along the Western Express Highway are particularly of interest for long-term investors. Capital prices in Andheri have been on a steady rise, plus the infrastructure initiatives such as the expansion of the Metro and rising demand for commercial properties in Mumbai are expected to push substantial growth in Andheri’s commercial realty market even more in the coming years.
From being a mere suburb, it became the manufacturing hub of Mumbai, and now Andheri is well on its way to becoming one of the most prominent suburban business district (SBD) of the Maximum City.