Andheri Witnesses A Growth In Commercial Activities
Andheri is emerging as a corporate hub of
Mumbai and has one of the most iconic office spaces in the city. Andheri now
claims to have a vibrant business environment. According to the latest office
report, ‘CBRE India Office Figures Q2 2023’, office leasing in Apr-June ’23 in
Mumbai stood at 1.3 mn. sq. ft. BFSI (31%), technology (28%), and engineering
& manufacturing (13%) are the key sectors that contributed to office space
absorption in April-June’23. Medium-sized companies and non-IT developments lead
the way with maximum office space absorption.
The growth of commercial spaces has in turn
motivated homebuyers to reside in Andheri for a better work-life balance.
Having top-grade offices right near your home is a blessing in a city like
Mumbai where people travel far distances to work.
Let’s look at a few factors contributing to
the growth of
commercial centres in Andheri.
- Variety of office spaces to choose from
Andheri has a range of modern and
well-equipped office spaces. With the development of several commercial
complexes and business parks in the area, businesses have a wide range of
options to choose from, ranging from small office spaces to large corporate
offices. These spaces have state-of-the-art facilities and amenities, making
them ideal for increased productivity and growth.
- Mix of industries
Andheri is home to a diverse range of
businesses from IT to financial institutions. The city has a dynamic ecosystem
that fosters growth and innovation. In addition, there are educational
institutions, healthcare facilities, and recreational amenities that have
attracted businesses to Andheri. Employees can experience a holistic work-life
experience, thanks to the growing infrastructure and social amenities.
- Infrastructure development in the area
The enhancement of roads, flyovers, and public
transportation systems has made commuting to and from Andheri easier and more
convenient. The city now boasts robust connectivity. The development of modern
commercial complexes with ample parking spaces has addressed the parking
concerns of businesses and visitors, making Andheri a further attractive
destination for businessmen.
How has this impacted the residential
real estate of Andheri?
As businesses continue to establish their presence in
Andheri, the demand for residential properties from employees and executives
looking to live closer to their workplace has also increased. This increase in
demand has led to a surge in residential
real estate investment with developers
launching new projects in Andheri to cater to the growing
demand. The city continues to attract both businesses and homebuyers due to
strong connectivity and multi-modal transport facilities.
Article authored by: Team Bajaj Realty
Date: 30th April, 2024