Located in north eastern Mumbai, the suburban neighbourhood of Powai is one of the most influential localities of the city. Its contribution in changing the skyline of the city simply cannot be ignored, thanks to the staggering number of residential projects and complexes that have emerged in Powai. Change the scene to Ganesh Chaturthi celebrations and Powai becomes a hub of activity with processions and people flocking to the streets in large numbers.
Over the years, Powai has evolved to be the residential and commercial hub of MMR. Buzzing with a number of gated communities, luxury residential complexes, and happening shopping malls, Powai is the place to be in Mumbai. Be it the upmarket residential locales, or the happening nightlife, Powai is considered to be the face of modern-day Mumbai.
Key Projects in Powai :
L&T Emerald Isle
Connectivity and Transit Points
Powai boasts of excellent connectivity with other parts of Mumbai. BEST-run AC and non-AC buses serve this area and are a major mode of transport here. The Kanjurmarg and Vikhroli railway stations are the major rail transit points located closest to the locality. Both of these stations lie on the Central Railway line of the Mumbai Rail network.
The Mumbai Airport is also close to Powai, at just 5 km away. People who often travel by air choose to settle in Powai because of its proximity to the airport. This is also the reason why many major hotel chains have sprung up in Powai.
The arterial Jogeshwari-Vikhroli Link Road, which passes through Powai, plays the role of the major connecting channel between the Eastern and Western Expressway. These major roads help the residents of Powai travel to anywhere in Mumbai and beyond with ease.
Major Landmarks
IIT-Bombay
L&T
Powai Lake
Renaissance Hotel and Convention Centre
NITIE
Factors for Growth in the Past
The Indian Institute of Technology, Mumbai, or IIT-Mumbai was built in Powai in the year 1958. Since then, Powai has become synonymous with this premier engineering college, spurting growth in all sectors, especially including real estate.
The IT hub in Powai is impressive too. When the major conglomerate of Larsen & Toubro set up their manufacturing plant in Powai, development in this region sprang up significantly. Job opportunities opened up by the thousands and people began to flock to Powai, inevitably influencing both the residential and commercial real estate in this locality. Other major companies like Bayern, Deloitte, CRISIL and Nomura have set up their offices here too, contributing to the growth of this region.
Real Estate Market Analysis
The demand for property in Powai has been tremendous. This can be attributed to the well-connected road network, fast-paced urban life, and enviable social infrastructure.
In Powai 2 BHK and 3 BHK apartments in Powai are in demand. People also prefer taking an apartment on rent to buying it because of the steep property prices in Powai. In the last quarter (Q3 2013), the price of the multi-storey residential apartments in Powai ranged from Rs 19,000 to 20,000 per sq. ft.
Major Challenges
Powais most notable landmark, the Powai Lake is contaminated. The lake is currently weighed down by excessive silt and vegetation. It is slowly drying up, and this is affecting the aquatic life in there, which is a source of major concern for not just environmentalists, but also anyone living in the locality. Its common knowledge that the lake provides healthy ecological balance to the area.
Sometimes, Powai also experiences water shortage, but traffic is a major recurring problem. The increasing development and rising population are not helping the cause.
Future Prospects for Growth
Powai is all set to see a new landmark in the form of an upcoming bird park. Powai was selected because it was one of the few localities still in tune with nature. Once completed, this 24-acre bird park will be a major landmark in Powai, infusing life in the tourism industry and encouraging further commercial development.
Owing to the presence of two premier educational institutions, IIT-B and NITIE, Powai is on track to becoming a hub of talent pool. As a result, numerous young entrepreneurs are turning to Powai for starting up their businesses. This is significantly influencing the realty market in Powai.
The upcoming real estate project by L&T in Powai is going to be the largest housing project in this region. The news of this new project is already creating a stir in Powais real estate market.