Bhavik Bhandari, CSMO, Ashwin Sheth Group
In the vast tapestry of Mumbai’s real estate landscape, Kandivali is emerging as a vibrant canvas that is drawing the attention of both homebuyers and investors alike. This thriving suburb has recently witnessed an unprecedented surge in residential demand, particularly for 3 and 4 BHK apartments. According to data analyzed by Knight Frank India, in March 2023, the Western suburbs of Mumbai commanded a staggering 62% share in sales registrations. This remarkable uptick in demand isn’t merely a transient blip; it signifies a fundamental shift in the preferences of today’s discerning homebuyers. As we delve deeper into the factors driving this surge, it becomes evident that Kandivali is poised to become a prime residential destination within Mumbai’s ever-expanding real estate market.
Evolving Lifestyle Preferences
The foremost driver behind the escalating demand for 3 and 4-BHK apartments in Kandivali is the evolving lifestyle preferences of modern homebuyers. A recent survey conducted by CII Real Estate Confluence 2023[1] revealed that 42% of respondents expressed a strong preference for 3BHK apartments, closely followed by 40% favouring 2BHK options. This shifting landscape in homebuyer choices underscores the changing desires and lifestyle aspirations of today’s urban dwellers.
Property developers have been quick to respond to this paradigm shift, increasingly constructing larger apartments to cater to evolving consumer preferences. Data from Anarock indicates that the average size of residential units launched in the first quarter of this year has seen a year-on-year increase of 5% across seven major cities. The desire for more space, privacy, and the flexibility to create distinct functional areas within a home has fueled growing interest in larger apartments.
Premium Amenities
3 and 4 BHK apartments often come adorned with a bouquet of premium amenities and features that promise a life of luxury and comfort. In Kandivali, esteemed Grade-A developers have redefined opulence by offering cutting-edge amenities such as rooftop pools, state-of-the-art fitness centers, beautifully landscaped gardens, and dedicated concierge services. The allure of these features, coupled with the spaciousness of these apartments, has made them highly sought-after choices for homebuyers seeking an elevated lifestyle.
Investment Opportunities
Beyond the comforts of spacious living, Kandivali presents itself as a promising investment opportunity. A favourable economic outlook, coupled with planned infrastructure developments, indicates a positive trajectory for property values in the years to come. The statistics tell a compelling story – in Kandivali East, the average home price has surged by over 6% in the past year and an impressive 15% over the preceding three years. Meanwhile, property values in Kandivali West have witnessed a remarkable growth of more than 15% over the last five years[2]. This makes the market in Kandivali not only a secure investment but also a potentially lucrative one, further fueling the popularity of these spacious apartments among both end-users and investors.
Space for Extended Families
Multi-generational living is a burgeoning trend in modern society, where families spanning multiple generations choose to reside together under one roof. This choice, driven by a myriad of factors from economic advantages to the preservation of cultural traditions, is particularly prevalent in Indian culture. Here is where 3 and 4 BHK apartments shine as the quintessential solution for accommodating extended family units.
These spacious apartments, with three to four bedrooms and ample living space, offer the ideal canvas to create living quarters for parents, children, and even grandparents. The design and flexibility of these homes seamlessly align with the dynamics of multi-generational living, making them an attractive choice for those who cherish the closeness and support of an extended family unit while savouring their own space.
The surge in demand for 3 and 4 BHK apartments in Kandivali is not merely a reflection of shifting real estate trends; it is a testament to the evolving tastes and aspirations of homebuyers in Mumbai. As this vibrant locality continues to grow and evolve, it is positioned to remain an alluring choice for those seeking spacious and opulent living spaces. Kandivali is not just a suburb; it is the embodiment of the Mumbai dream, where the promise of a comfortable, luxurious, and inclusive lifestyle beckons. It is a canvas where modernity meets tradition, and where the spirit of Navratri – celebrating the divine feminine – resonates year-round, defining Kandivali as a prominent real estate hub within the Mumbai Metropolitan Region.
