OWING TO LOW PRICES AND A DEVELOPING INFRASTRUCTURE, VASAI, VIRAR AND PALGARH ARE WITNESSING A BURGEONING DEMAND FOR AFFORDABLE HOUSING
Owning a home in Mumbai is a dream for many. When affordability speaks, Vasai-Virar and Palgarh, in the western suburb of Mumbai, have garnered the attention for their commercial and residential benefits.Boman R Irani, chairman and managing director, Rustomjee Group, says, “With good connectivity, the regions now have facilities such as affordable housing, better infrastructure and better governance. A buyer can still get a flat in the range of Rs 20-50 lakhs here.“ Over the last 5-10 years, the increase in real estate prices in and around Mumbai, has resulted in the shifting of low and middle-income households to this sub-region. At a time when Mumbai-based real estate developers are focusing on building luxury apartments, Vasai-Virar promises `value for money' homes equipped with all modern amenities along with connectivity to the main city and thus, they are becoming the perfect investment destination for first-time home owners and middleincome groups. Mehul Thakur, director, Viva Homes, says, “These areas are strategically linked to Mumbai and other major centres in the Mumbai Metropolitan Region (MMR), such as Navi Mumbai, Panvel, Thane, Bhiwandi and Kalyan, via high-end rail and road connectivity. The MumbaiAhmedabad National Highway (NH8) passes through the eastern part of the region and the city is well-connected by the western and central railway.“
Once the Virar-Alibaug corridor is built, one will be able to traverse from Virar to the new airport, NhavaSheva Port and then to Alibaug, within an hour and a half. The five industry centres in this region Vapi, Mumbai, Alibaug, Nashik, and Pune, are rapidly growing. These centres boast of industries and the population is sizeable. Also, due to the proposed elevated rail corridor between Chruchgate-Virar and the BandraVirar coastal corridor, the journey will be curtailed to an hour. No other city in the Mumbai Metropolitan Region (MMR) peripheral locations provides such connectivity. The VasaiVirar Municipal Corporation (VVMC) is also working on the construction of a ring road connecting Vasai, Virar, Nallasopara and Naigaon, to boost the connectivity within the region.
According to Gaurav Shah, director, marketing and sales, 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 social fabric, which includes a number of schools, colleges, hospitals and recreational areas, are also in the vicinity. This growth in infrastructure has acted as a stimulus for the growth of real estate in the region. With the many initiatives taken by the corporation, the devel opment profile of the area is now a mix of a number of housing projects from premium and affordable to integrated townships.Hariprakash Pandey,VP finance and investor relations, HDIL says, “Similarly, Palghar is also growing as a major hub for affordable housing.Palghar city, which is developed on the western side, is now witnessing growth on the eastern side along the Palghar Manor Road. It is a sought-after destination for investment and second home-buyers.“
The initiation of direct trains from Dahanu to Mumbai has made commuting easy and comfortable. Palghar is home to many industries such as engineering, pharmaceutical, plastics and textiles.Entertainment centres, educational and healthcare institutions are gradually being developed in Palghar for the needs of the burgeoning middle class of the region.
Girish Shah, EVPmarketing and sales, Godrej Properties Limited, says, “Vasai and Virar, which were once considered distant suburbs in Mumbai, are today being seen as promising investment destinations alongside the inherent demand for first homes. Major developers are seeing the growth potential and demand in these areas and have launched large township projects here. Also, the infrastructure projects being undertaken by the authorities for enhanced connectivity are adding to the growing demand for residential homes in and around Vasai and Virar.“ There are many upcoming infrastructure projects in the Vasai Virar region, which will transform it from being a satellite city to a metropolitan city in the coming years.Increasing real estate prices in and around Mumbai, has resulted in a shift of population, of low and middle-income households to this region.
According to Rajesh Patel, director business development, Kanakia Spaces, “It has also become feasible to move even more northwards towards the Naigaon-Vasai-Virar region, owing to its easy access via the Western Express Highway and by the high frequency local trains till Virar. With land supply, approvals, low land cost, and proposed CRZ and salt pan relaxations, it is likely to become a residential hotspot, which is affordable.“ With a few developers with large projects present in the area, a lot of physical and social infrastructure has come up, in order to match the aspi rations of the clients to make it a favoured resi dential destination. Shah advises, “If you have a limited budget and are still willing to invest in Mumbai, the aforemen tioned areas could be a good choice, considering that the social and physi cal infrastructure is in place and there is scope for further growth.“
If you are planning to set-up business in Mumbai and looking for the professional space to start your business then better to find the affordable region because it can bring your business cost low. In Mumbai there are many areas where you can rent the space in low budget and they are perfect for commercial use. There are many scheduled new projects in Ambernath through which you can rent the commercial space in low price.
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