Powai: A Prime Real Estate Hotspot In Mumbai

By LODHA

Witnessing the huge demand and the growth prospects, Grade A developers are fortifying their presence in Powai. The locality is an ultra-modern suburb that serves as a perfect destination for today's elite home buyers.

With the 'new normal' advancing in, the world is witnessing a paradigm shift in how we live, think and work. The all-around evolution of people's lifestyles has led them to re-prioritize and re-evaluate their living choices and eventually integrate the alterations to stay in tandem with their post-pandemic lifestyle goals. This dynamic trend has also translated to homebuying, wherein owning a home has become of utmost importance. Homebuyers' preferences have undergone a massive change, impacting their homebuying decisions.

Bigger homes with multi-functional open spaces to accommodate the growing needs are the most sought-after configurations in recent times. Desiring seamless living experiences, present-day homebuyers are opting for well-managed integrated developments with high-end services and amenities, easy accessibility, and well-connected with work and recreational hubs and essential facilities like schools, hospitals, retail centres, etc. The increasing emphasis on health and wellness factors has resulted in homebuyers seeking locations that offer a healthy ecosystem with greener surroundings and residences with decks/balconies and private gardens. Along with the low home loan rates and government initiatives boosting the buying sentiments, present-day homebuyers have become cautious about their investments. They are judiciously doing a 360-degree assessment before selecting their dream abodes.

Catering to the evolving consumer requisites, areas within the city like Powai are emerging as prime real estate hotspots. Built around the serene Powai Lake and with lush greens, residences with panoramic views, luxury hotels, recreational centres, cultural destinations, and seamless connectivity, Powai has transformed itself into one of the most distinguished lifestyles and cultural hubs of Mumbai. The integrated township of Powai boasts larger-than-life infrastructure and imposing architecture envisioned by master architect Hafeez Contractor.

A well-established locality in Mumbai, Powai has first-class shopping complexes, hospitals, and schools. It hosts the country's most prestigious institutions, including the Indian Institute of Technology Bombay (IIT Bombay), which was built in 1958. The region today has become a talent hub speckled with premier engineering institutes like the National Institute of Industrial Engineering (NITIE) and schools like Bombay Scottish School. There are several shopping complexes nearby, including D-Mart, Galleria, R City Mall, and leading hospitals like LH Hiranandani Hospital, Naval Hospital.

Home to the high net worth expats, corporate bigwigs, and dynamic entrepreneurs - Powai is an inviting destination for Mumbai's elite to live and work at one address, thus providing the perfect work-life balance. The commercial growth of Powai can be attributed to the establishment of some of the leading companies like TCS, FIS, JP Morgan, Amazon, Sanofi, Nomura, Deloitte, CRISIL, Bayer, and many more. Powai is also steadily becoming a startup hub. Several young entrepreneurs and companies are starting their journeys in this neighbourhood. Some of the leading startups here include Housing, JustRide, HolaChef, Bewakoof TinyOwl, CredR, Flyrobe, Care24, Belita, etc. All of this has collectively led to ample employment opportunities in the area, subsequently increasing the demand for property in Powai.

Powai is well-connected with roads via Sanjay Gandhi National Park in the north, Lal Bahadur Shastri (LBS) Marg in the north-east, Chandivali in the south-west, and Vikhroli Park site in the south-east. The Jogeshwari-Vikhroli Link Road (JVLR), which is a major connecting link between the Eastern and Western Expressway, also passes through Powai. The area also enjoys connectivity via Kanjurmarg railway station, which is at a distance of four km from Powai, and via Saki Naka metro station, which is around three km. According to MMRDA, the civil works of line six of the Mumbai metro (Lokhandwala-Vikhroli) are likely to be completed by 2022-24. This is further expected to boost the demand for properties in the region and the capital returns in the future. Moreover, Mumbai Airport is only five km from Powai, making it highly lucrative for professionals who travel frequently.

With leading corporate honchos further leveraging the power and prestige of this neighbourhood, Powai stands tall as one of Mumbai's most elite suburbs. The fast-paced developments in the area, connectivity, greenery, and elite living make Powai one of the choicest areas providing a premium-luxury lifestyle to a deserving market.

Published in 99 Acres