real estate market Mumbai

Courtesy: Housing.com

In the present slowdown in the real estate market, Vasai-Virar is one region in the Mumbai metropolitan region that has shown consistent growth. We look at the factors that make this region an ideal choice for home seekers.

Vasai-Virar is one of the few locations that have witnessed promising growth and consistent demand for housing, in the subdued atmosphere prevalent in the real estate market. According to experts, the property prices in Vasai-Virar, have appreciated by more than six times from 2007 to present, due to the growth of peripheral markets around the region. Moreover, it has a well-established residential catchment and the population in the region is increasing at a fast pace.

“Vasai–Virar is one of the fastest growing belts on the western suburban railway line close to Mumbai,” asserts Maulik Sheth, director of Sheth Corp. “People can easily travel to the city by local trains. It takes approximately 90 minutes to reach Churchgate or 30 minutes to reach the suburbs of the city. The rail and road network in and around the region, has also improved manifold and paved the way for steady economic and industrial growth. These facilities are necessary, for any city to flourish as a commercial hub and residential township,” Sheth maintains.

Property rates Vasai-Virar

In a city, where owning even a single-room apartment is a challenge for the majority of the population, the Vasai-Virar belt provides ample avenues to own a dream home in the Mumbai metropolitan region.

See also: Vasai-Virar: Social infrastructure and lifestyle

Affordability is the key driver of the demand for residential real estate, in Vasai-Virar. Property rates are in the range of Rs 4,000-6,000 per sq ft. A 1-BHK, with an average area of 550 sq ft, will cost about Rs 25 to 30 lakhs, while a 2-BHK of 1,000 sq ft area, costs about Rs 40 to 45 lakhs.

Infrastructure in Vasai-Virar

Real estate prices in the western suburbs, have increased tremendously, points out Vivek Mohanani, joint MD, Ekta World. “A lot of infrastructure development has taken place in the area. The Vasai-Virar Municipal Corporation has also taken many positive steps to improve the amenities in the area. A skywalk has been developed recently and efforts have been made, to develop the location as a tourist spot, as well,” Moranani elaborates.

See also: Vasai-Virar: Physical infrastructure and liveability

The ministry of urban development, has taken Vasai-Virar under the ‘Urban Infrastructure Development in Satellite Towns’ scheme, making it the only city from Maharashtra to be included in the scheme.

Key infrastructure projects in Vasai-Virar:

  • Upcoming projects include the 40-metre-wide, 36-km-long ring road, running through Sativali-Gokhivra-Vasai and Pelhar-Waliv-Gokhivra.
  • New railway routes planned for Virar-Vasai-Diva-Panvel and Virar-Dahanu-Gholvad.

Advantages of buying a home in Vasai-Virar

  • Vasai-Virar offers good employment and housing opportunities.
  • The area has ample basic civic facilities.
  • The location is easily accessible from most parts of Mumbai.
  • The coastal road project is likely to push realty growth in the area.
  • Availability of ample land parcels, will ensure future growth.
  • Apartments are available at attractive prices and the property supply is also good.

To join a discussion thread on properties in Vasai-Virar, click here.

What developers say:

  • “The Alibaug-Virar corridor that is coming up, will serve to boost the internal infrastructure in Vasai-Virar”- Vivek Mohanani.
  • “Good connectivity, better facilities and improved infrastructure in the region, have attracted home seekers to this region”- Maulik Sheth.