With improved customer sentiments, better connectivity, infrastructure developments and new launches in areas beyond Mumbai, homebuyers have more affordable options to realize their dreams in the outskirts of the city
The scarcity of land and higher rates of real es tate in Mumbai has given an impetus to the fast growth of peripheral regions in Mumbai. With improving connectivity, home buyers are increasingly looking at other peripheries near Mumbai for living options. Rahul Sabharwal, COO of Value Budget Housing Corporation said, “Due to good connectivity now one can also reach Navi Mumbai via Dombivli through pipeline road which is going to have six lanes. It is directly connected to CST as a terminus station and well connected to Thane, Kalyan, Dombivli, Panvel, Navi Mumbai via state transport and local bus network. Monorail is also proposed on Thane Kalyan-Badlapur corridor which will further strengthen the connectivity factor and bring new age travelling to the residents of city.“
According to Dhruv Jaywant, CMO, Ahuja Constructions, “The availability of larger land parcels and rising demand has encouraged the development of areas beyond Thane as the next sought-af ter destination for those looking for investments and buying properties. They not only offer good connectivity to other parts of the city but also provide ease of living, leisure as well as entertainment options.“ Property consultants are of the opinion that plans for metro and monorail in these cities shall further ease commuting for the residents.These small cities also offer employment opportunities and promote walk-to-work culture. Besides all this, the property rates in these cities are less in comparison to those in Mumbai. At the same time the growth prospects in these cities is higher.
Over the last decade, these areas have witnessed a constant development in infrastructural facilities in conjunction with capital appreciation. The infrastructure initiatives undertaken by the government such as widening and improvement of the National Highway (NH) 3 and State Highway (SH) 2 along with suburban rail network has substantially improved the connectivity of these areas to other prominent hubs of Mumbai. Prabhat Ranjan, CMD Olympeo Infrastructure Pvt. Ltd says, “The social infrastructure especially educational, entertainment and organised retail is developing at a fast pace in the areas beyond Thane.These destinations will be of colossal interest to home buyers and investors, as they possess decent infrastructure development with an attractive price range. The demand for housing in this belt will rise in the forthcoming years.“ Market surveys indicate that areas from Kalyan to Vasind, and Kalyan to Karjat in the central suburbs have massive potential to meet the housing demand. Other areas like Vasai, Virar and Mira Road are in the limelight because of their connectivity and proximity to employment catchment areas. According to Gaurav Shah, director, marketing and sales of Ravi Group, “What works for these areas is their proximity to the central business districts, connectivity via public and private transport, traffic-free roads, pollution-free environment and spacious surroundings. Moreover, low operational costs and availability of an economically viable workforce has attracted new industries to set up base in Vasai and Virar.“
The biggest advantage of buying a property in these places is that in spite of affordable housing most of the projects here are townships offering a lot of lifestyle amenities required for luxurious living.The social fabric, which includes a number of schools, colleges, hospitals and recreational areas, can also be found in the vicinity. Mayur Shah, managing director of Marathon Group says, “Thane and areas beyond have residential properties that are cheaper in comparison to those in Mumbai. These locations are also rich in green cover and less polluted, and are well connected to the global financial centre. While the realty prices have shot up in and around Navi Mumbai after speedy movement on the additional airport, home buyers are looking for alternative opportunities for affordable housing in Thane and beyond areas. We have seen surge in demand for housing in the mid-income and affordable housing in these days.“
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