Thread: Sewri: Creation of a valuable real estate

Sewri (pronounced as Shivdi) was a small hamlet on the eastern shore of the Parel Island, one of the original seven islands that formed Mumbai. Sewri has even a fort that dates back to 1770.

Sewri has its own identity today; it is no more recognized as the ‘area near Wadala’ and that makes Sewri residents proud. Until now it was known only for the sprawling stretch of shanties and a few landmarks located in its surrounding areas – Sewri jetty, Marine College of Engineering, the long stretch of godowns and warehouses, and the ubiquitous oil company establishments.
In the recent years a lot of construction activity has been taking place in this area due to opening up of mill lands and the Mumbai Port Trust area. The real estate growth is also contributed by the transformation of old residential stock like SEWRI Koliwada, BDD Chawls, Dnyaneshwar Nagar, Shivaji Nagar, Gulmohar Society, Labour Camp and Bhatwadi. For all the connotations of an industrial belt, Sewri offers the residents close proximity to shore line and the ecologically important Sewri mud flats that host migratory flamingos during monsoons.
The proposed trans-harbour link from Sewri to Nhava Sheva (Sewri-Nhava Sheva trans-harbour link) would be commissioned in near future. This infrastructure project will have a significant positive impetus on this location as the new corridor for trade movement to Navi Mumbai / Port / SEZs.
Sewri as a central location is also benefited by Rafi Ahmed Kidwai (RAK) Road which further continues as PD Mello road is an arterial connect to Fort, CST business district. Sewri continues to witness a cumulative improvement in residential demand resulting in appreciation of capital values over the last 4 years. The correction in price in central Mumbai over 2009 has rationalized values resulting in making Sewri more attractive and acts as a key demand driver. Capital values for higher-mid to high-end achievable price per sq.ft is 15,000-25,000, and mid segment achievable price per sq.ft is 10,000 to 15,000.

The factors contributing to increase in demand momentum are advantages of a central location & connectivity, opportunities of investing in a high potential market during the early growth phase, and the appeal of owning an apartment in a well planned and superior development. In the last 5 years, Sewri has benefited from new projects that are in various stages of development, and thereby establishing its potential.

Sewri’s real estate profile would witness a dramatic shift in profile ensuing commencement of many such residential, and mixed-use projects over then next few quarters. It would not be ambitious to envision the transformation of Sewri into a valuable real estate micro-market on parallels of Lower Parel in 5 years time.