Over the years, Prabhadevi has not only undergone a complete change but also assumed importance on the real estate front. Prabhadevi lies in the geographical centre of Mumbai and is well connected by several BEST bus routes and it can be reached by using Dadar (Central Railway/Western Railway line), Elphinstone Road (Western Railway line) or Lower Parel (Central Railway line) stations. Synonymous with the famous Siddhivinayak temple, Prabhadevi has always been in the limelight.
The Lodha Group has a high-end residential project called Lodha Grandeur at Prabhadevi. “Prabhadevi has traditionally been middle-class residential neighborhood housing. However with rising real estate prices and due to its location, this area has become a strategic business/commercial hub with numerous local and multinational business houses and corporations have set up their offices here like ICICI, Future Group, Crompton Greaves, Deloitte etc. The area also has its own sea-face which extends right from Dadar/Shivaji Park beach (towards the North) till Worli seaface (towards the South). Mumbai’s Regional Passport Office and the Headquarters of MTNL, Mumbai (Mahanagar Telephone Nigam Ltd.) too are located in Prabhadevi.” says R Karthik, Sr Vice-President, Lodha Developers.
Prabhadevi is a small area with all basic facilities – hospitals, colleges and a good public conveyance system like the rest of the Mumbai. The main attraction (and also the landmark) is the Siddhivinayak temple, to which people throng throughout the day. While Prabhadevi doesn’t have educational or healthcare facilities in the locality itself hospitals like PD Hinduja, S.L Rahejas are in the vicinity. On the educational front, Bombay Scottish School in Mahim, Ruia College, Dadar Catering College, Welingkars, Ruparel are nearby.Prabhadevi still has a few textile mills, which in some cases are giving way to high- end luxury residential development.
Subhankar Mitra, AVP – Strategic Consulting, Jones Lang LaSalle Meghraj says: “South Mumbai comprises some the most premium residential, retail, commercial, and hotel establishments. Residents in these areas are mainly entrepreneurs, businessmen, diamond-merchants, expatriates, the top echelon of MNCs and Indian conglomerates, HNIs, etc. Prabhadevi in particular and South Central Mumbai in general are emerging for new state-ofthe art high end residential activities. At present, several erstwhile industrial properties in Prabhadevi are being refurbished and redeveloped, in order to unlock the potential of the building. Demand for office spaces in this location is mostly concentrated in Grade A offices, which provide good quality, reasonably priced accommodation. Because of the proximity to State television offices, MTNL and Hughes Telecom hubs, the television, media and IT companies continue to be major occupier of the area.”
An answer to Nariman Point, Prabhadevi – along with Worli – is the second largest area of offices of corporate, industrial houses. It has a reasonable choice and availability of office stock and the commercial office space here is cheaper than Nariman Point. “This naturally adds to the demand for quality residential units there, as well,” Mitra adds.
Source: Times Property
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