Present Day
Today, the Shivaji Park Residential Zone has become a highly sought after upper middle class residential enclave with numerous pre-colonial buildings undergoing redevelopment to form multistoreyed towers ranging from seven storeys to 23 storeys.
Redeveloped buildings include Chanakya, Ashwamedh, Buildarch Tower, Atharva, Saket, Shivneri Heights, Royal Accord, Shree Apartments, Sankalp, and Matoshree Heights. The taller buildings offer an unhindered view of the Arabian Sea and Shivaji Park.
Numerous other buildings are in the process of being redeveloped. However, the controversial and constantly changing Floor Space Index regulations have hindered the redevelopment process significantly.
As such, the slowed redevelopment along with the ever-increasing demand for apartments in this locality have pushed up property prices to the range of Rs.35000 to Rs.40000 per square foot, because of which the average cost of a 800 sq. ft 2 bedroom apartment turns out to be around Rs. 3.2 crores or approximately US$600,000.
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