Location and Historical Significance

Sheikh Memon Street, found in the heart of South Mumbai, is known for its historical importance and lively atmosphere. This street is named after Sheikh Memon, a revered Sufi Muslim saint whose shrine is close to the Princess Street junction. This area boasts a rich cultural heritage and is commonly home to Gujarati communities, including Memons, Bohras, and Khojas.

Real Estate Market

Property Prices

Houses around Sheikh Memon Street in Bhuleshwar typically command high prices due to their central location in South Mumbai.

• The starting cost for properties in Bhuleshwar begins at Rs. 14,444 per square foot.
• On average, properties here cost about Rs. 22,314 per square foot, with the most expensive ones listed up to Rs. 26,250 per square foot.

Rental Options

Renting options vary widely:

• Apartments range from 1 RK (one room, kitchen) to 3 BHK (three bedrooms, hall, kitchen) around these neighborhoods.
• Rental prices vary: a 1 RK could be between ₹18,000 to ₹35,000 per month, while a 2 BHK might range from ₹55,000 to ₹65,000 monthly, depending on amenities and location.

Infrastructure and Amenities

Market and Shopping

Sheikh Memon Street features a vibrant wholesale market. Here, residents and visitors can grab all kinds of items, like clothes, stuffed toys, and crockery, at competitive rates, making this market a big attraction for many.

Community and Culture

This area feels very communal, with many homes reflecting the traditional styles by local inhabitants. The annual festival on the anniversary of Sheikh Memon's death deepens the area's cultural footprint.

Challenges and Considerations

• Crowd and Congestion: Sheikh Memon Street is extremely busy, which may be a hassle for some residents.
• Price Changes: Property values around Bhuleshwar dropped by 6.71% over the past year, implying a fluctuating market that needs careful thought before investing.

PropertyWala's Wrap Up

A mixture of history, market vibrancy, and communal ties make Sheikh Memon Street and the nearby regions stand out. Despite the high property costs and crowd levels, the central South Mumbai spot and ample facilities appeal greatly. Buyers or renters need to scrutinize market trends and their own needs deeply before finalizing a choice.