Oshiwara District Centre (ODC) – the next BKC of western suburbs
The Oshiwara District Centre is touted to be the most profitable investment destination in future. Seamless connectivity and development of new infra projects are expected to boost property rates in the area.
Mumbai city has witnessed a northwards shift in the commercial real estate market. From South Mumbai to Lower Parel and then to Bandra Kurla Complex (BKC) in Western Suburbs, the shift created an opportunity for residential development as well. Saying that, the residential property prices in these areas are absolutely out of reach of an average salaried person who commutes almost 15 to 30 kilometers on an average daily. However, with Mumbai Metropolitan Region Development Authority (MMRDA) planning to set up second in the series of ‘growth centres’, Oshiwara District Centre (ODC), we may just witness a complete wave of change.
Situated in northern Mumbai between Goregaon and Andheri on the western sides, Oshiwara today offers good connectivity through road and rail networks. Its close proximity to the upcoming Oshiwara railway station and expected passage of Dahisar-Charkop-Bandra-Mankhurd Metro-2 through ODC, extension of harbor line till Goregaon, Jogeshwari and Hub Mall flyovers, airports and easy accessibility to central Mumbai has transformed this west façade of Andheri into one of Mumbai's most sought-after suburbs today.
The district centre is poised to offer world class residential premises, commercial and retail spaces with state-of-the-art facilities spread across 150 acres. Being contemplated as the next BKC of Western Suburbs in Mumbai, ODC is aimed at de-congesting the Western Suburb of Mumbai to initiate the area’s development in the metropolitan region.
ODC will not only cater to the semi-wholesale and retail trade in various commodities but also offer thoughtfully designed offices spaces and entertainment zones. Besides, it will be a home to approximately 20,000 families in its residential planning. The centre will also encompass a shopping complex with around 3,000 retail outlets and will help generate around 2.5 lakh jobs by 2019. The neighbourhood of ODC is home to some of the biggest Corporates with their offices being part of large corporate parks like Nirlon, Nesco, Infinity Park and Mindspace.
By promoting the District Centre in Oshiwara, absorbing future growth of commercial activities and offices will become easier. Adding to it, the ongoing infrastructure projects will further aid in promoting ODC as a world class district centre, turning it into hot spot for residential realty and emerging as a corporate hub.
In the past, we have witnessed a steady appreciation in the residential property prices of the district centres. For instance, land rates in BKC appreciated by 12-15 per cent YoY, between 2008 and 2012. Thane has also witnessed almost 100 per cent increase in the property prices between 2008 and 2014. We expect a similar fate for the ODC, which will reap healthy return on investments for its long and short term investors.
Hence, buoyed by factors such as connectivity, high potential to witness appreciation and affordability, the location is touted to be the most profitable investment destination in Mumbai.
The flyover, connecting Oshiwara to Jogeshwari-Vikhroli Link Road (JVLR) and the proposed extension of the harbor line till Borivali will also be enhancing the commercial and residential market to a great extent.