The evolution of Powai: A thriving market that continues to grow

Connectivity to major central locations and a variety of options for homebuyers make this Mumbai suburb a sought-after locality.

In recent years, Powai has fashioned itself into one of the most distinguished lifestyle and cultural hubs of Mumbai.

As the world is gradually opening up, India’s workforce prepares to return to offices and make adjustments to their post-pandemic life. The effects of the pandemic on promising homebuyers, including being locked inside their house for a long period and stepping out only for the essentials, had resulted in a significant shift in the consumer lifestyle as well as their mindset. As a result, people had to re-evaluate their choices and integrate changes to suit their post-pandemic lifestyle goals.

This dynamic trend has resulted in a considerable shift in homebuyers’ preferences towards bigger homes and decks that plays an influential role in their home-buying decisions, along with other factors such as location. Homebuyers are now seeking residences that are not only bigger in typology but with features such as sundecks/ balconies that enable them to unwind amid the natural environment from the comfort of their homes. The continued work-from-home routine and hybrid work culture has further emphasized the need for multi-purpose rooms that could double up as offices or study rooms. Once considered a luxury, such features have now become the basic requirements of homebuyers who are seeking a comfortable lifestyle for their families.

Present-day homebuyers are seeking locations that offer a healthy ecosystem with green surroundings, abundant open spaces and are also well-connected with work and cultural hubs. In addition, with looming uncertainties, homebuyers have become prudent about their investments, making sure that their money is invested in the right place and manner. Moreover, the multi-decadal low home loan interest rates and various government initiatives make home-buying lucrative, ultimately boosting the buying sentiments and further making it the best time for buying one’s dream home.

In recent years, Powai has fashioned itself into one of the most distinguished lifestyle and cultural hubs of Mumbai. An ultra-modern suburb, it shelters exclusive residential complexes, luxury hotels, recreational centers, and cultural destinations. With corporate bigwigs lending power and prestige to this neighborhood, Powai has achieved the moniker of Mumbai’s most elite suburb. This cosmopolitan neighborhood offers rich European architecture, serene lakes and greens, great connectivity, and robust infrastructure. 

Powai is known for the Indian Institute of Technology Bombay (IIT Bombay), which was built in 1958; the region today has become a talent hub speckled with premier engineering institutes. The other major landmarks in the area are Powai Lake, Renaissance Hotel and Convention Centre & National Institute of Industrial Engineering (NITIE).
A well-established locality in Mumbai, Powai is majorly connected by roads with Lal Bahadur Shashtri (LBS) Marg in the north-east, Sanjay Gandhi National Park in the North, Chandivali in the south-west, and Vikhroli Park site in the south-east. In addition, the arterial Jogeshwari-Vikhroli Link Road (JVLR), a major connecting link between the Eastern and Western Expressway passes through Powai. The connecting roads provide excellent connectivity to the residents of Powai to go anywhere in Mumbai. Kunjurmarg railway station is at a distance of 4 km from Powai, which is also the nearest station on the central line of the Mumbai suburban rail network. The area also enjoys connectivity via Saki Naka metro station, which is around 3 km. According to MMRDA, the civil works of line 6 of the Mumbai metro (Lokhandwala-Vikhroli) has already begun and is likely to be completed by 2022-24, further expected to boost the demand for properties in the region and the capital returns in the future. Moreover, Mumbai Airport is only 5 km from Powai, making it highly lucrative for professionals who have to frequently travel.

Powai as an area has top-class shopping complexes, hospitals, and schools. An integrated township, Powai hosts the country’s most prestigious institutions. It also boasts larger-than-life infrastructure and imposing architecture envisioned by master architect Hafeez Contractor. Built around the serene Powai Lake, with scenic lake view residences, abundant greens, wide roads, and seamless connectivity, Powai’s reputation precedes itself as the most desirable neighborhood to call home. 

Home to the haute monde of expats, head honchos, and dynamic entrepreneurs – Powai invites Mumbai’s elite to live and work at one address, providing the perfect work-life balance. With the Renaissance Hotel and Convention Centre, fine-dining restaurants, quaint cafés, and chic boutiques dotting its many avenues, Powai is a pulsating suburb with a heartbeat of its own. 

Combined with the fast-paced developments in the area and the elite living, all these unique facets make Powai one of the chicest areas that have the potential for providing a premium-luxury lifestyle to a deserving market. Powai is the perfect balance between nature, work, and an enjoyable lifestyle with all the required infrastructure in place. It continues to lead as an ideal location for first-time homebuyers as well as those upgrading to larger homes to provide a quality lifestyle to their families with world-class amenities at safe and convenient Grade A residential projects.

(By Rajib Das, President-Eastern Suburbs and Navi Mumbai at Lodha)

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