Mumbai
Sewri is a busy, vibrant and bustling part of South Mumbai, an area that is reinventing itself rapidly. Once the centre of the city?s mill life, it is now witnessing a transformation into a residential area close to the business district of Lower Parel. In recent times the locality has been in news due to the proposed Sewri-Nhava Sheva Trans Harbour Link. This development has generated interest in the consumers and put the locality in demand pushing the rental values.
?The Trans Harbour Link will begin at Sewri, passing through Thane Creek, North of Elephanta Creek and will end at Nhava Sheva. It is a 22 Km road linked to the Mumbai Pune Expressway in the East and to the Western Freeway in the West,? says Raja Dason from Prime Properties. This will also provide connectivity to the future airport in Panval.
?This link is expected to give an impetus to the real estate scenario in the locality. The project is slated for completion by the year 2017,? stated another city based realtor Jayesh Gadda of Arihant Estate. ?However, the demand for rented housing has already reached a hike pushing the rental values of the locality.
The residential rental values in the locality have recorded an average rise of 7 per cent for multi-storey apartments and 6 per cent for independent houses in the Apr-Jun 2012 quarter, as per data on MagicBricks.com. ?Nonetheless, demand for out right purchase is low at present owing to high prices,? added Gadda.
The locality is preferred for its high end projects that offer all the modern day facilities such as swimming pool, gym, playing area for children, amphitheatre, good security etc. It is also close to the Arabian Sea which is a prominent tourist attraction. It is in close proximity to the railway station as well as the bus depot. There are many prominent school and colleges present providing a boost to the residential values of the locality.
Source: MagicBricks.com Bureau
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Source: http://content.magicbricks.com/rental-values-for-housing-goes-up-in-sewri
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