Bandra West's Restaurant Boom: Is it Driving Up Real Estate Prices?
The neighbourhood of Bandra West in Mumbai is witnessing a surge in restaurants, cafes, and bars, but is this boom influencing the soaring real estate prices in the area?
Real EstateMumbaiBandra WestRestaurantsProperty PricesReal Estate MumbaiJul 20, 2024
To find out, we spoke to a city-based real estate expert and several restaurateurs to gain insight into the issue.
Bandra West is known for being a premium suburb, home to celebrities and high-net-worth individuals. As a result, real estate prices in the area are already on the higher end. According to real estate expert Rahul Kewalramani, the cheapest residential properties in the area cost around Rs 35,000 to Rs 50,000 per square foot, while premium areas like Pali Hill can cost up to Rs 1.25 lakh per square foot. Sea-facing properties can even reach Rs 2.50 lakh per square foot.
For commercial spaces, including restaurants, cafes, and bars, inquires are mainly focused on areas like Colaba, Worli-Lower Parel, Bandra, Juhu, and Andheri. But what makes Bandra West the ideal location for restaurants?
Restaurateurs cite the area's high footfall, affluent clientele, and easy accessibility as major factors contributing to its popularity. Additionally, the area's laid-back atmosphere and scenic views make it an attractive spot for diners.
While the restaurant boom in Bandra West may not be the sole driver of the area's soaring real estate prices, it certainly contributes to the area's desirability and subsequent increase in property values. As the demand for residential and commercial spaces continues to grow, it will be interesting to see how the real estate market in Bandra West evolves in the coming years.
Information
Bandra West is a popular neighbourhood in Mumbai, known for its restaurants, cafes, and bars. The area is home to many celebrities and high-net-worth individuals, making it a prime location for real estate.
Rahul Kewalramani is a city-based real estate expert with extensive knowledge of the Mumbai real estate market.
Frequently Asked Questions
What is the average cost of residential properties in Bandra West?
The cheapest residential properties in Bandra West cost around Rs 35,000 to Rs 50,000 per square foot, while premium areas like Pali Hill can cost up to Rs 1.25 lakh per square foot.
Why are restaurants and bars flocking to Bandra West?
Restaurateurs cite the area's high footfall, affluent clientele, and easy accessibility as major factors contributing to its popularity.
Is the restaurant boom in Bandra West driving up real estate prices?
While the restaurant boom may not be the sole driver of the area's soaring real estate prices, it certainly contributes to the area's desirability and subsequent increase in property values.
What is the average cost of commercial properties in Bandra West?
The cost of commercial properties in Bandra West varies depending on the location and size of the property, but can range from Rs 50,000 to Rs 2.50 lakh per square foot.
What makes Bandra West an attractive spot for diners?
The area's laid-back atmosphere and scenic views make it an attractive spot for diners.
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