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Property81 | 9 locations offering affordable housing along...
1.
9 locations offering affordable housing in extended Western suburbs The Mumbai Metropolitan Region is suffering from an acute shortage of housing. Millions of people shifting in this region in search of employment opportunities in financial capital of the country could not afford a basic housing unit. Looking at the increasing gross income of households, they can afford to buy a decent studio apartment, 1 room kitchen or 1BHK apartment in the range of Rs 20 lakhs to Rs 45 lakhs. While property prices have increasingly become unaffordable in Mumbai, there are some parts in the MMR providing many options in the ‘affordable housing’ segment. Property81 finds towns and cities in MMR offering a variety of investable options with relatively lower property price levels, providing the incentives for future capital appreciation and healthy returns. First of all, let’s take a look at options available on the Western Railway Line beginning with Borivali and ending with Palghar. Borivali Borivali is one of the far‐flung suburbs of Mumbai where lot of re‐development works are underway. Tall buildings are coming up in east and west parts of the suburb. Excellent connectivity, ample job opportunities, flourishing local market, all basic amenities etc and the natural beauty of the Sanjay Gandhi National Park is attracting a large number of buyers for luxury as well as affordable housing units. State Government’s relaxation of the development control rules for the Western Suburbs by providing extra FSI has brought some of the leading developers for re‐development to the area. Dahisar Dahisar is a scenic suburb of Mumbai overlooking the SGNP on eastern side and beautiful Manori creek on the west. Dahisar boasts of its ethnicity as well as urban lifestyle comprising of multiple brand outlets, fast food chains, shopping centres, social amenities etc. Town’s proximity to the Western Express Highway and railway stations is one of the most favourable reasons for real estate investment opportunities here.
2.
Mira Road This northern region of Mumbai is said to be the fastest developing suburbs with excellent connectivity to Thane and Navi Mumbai. This has fuelled realty sector in Mira Road which is steadily becoming a hub for potential investors. A large number of aspiring film‐stars and television actors find Mira Road accommodative due to its affordable rental rates and established infrastructure. It is a safe place for those wishing to buy their second home coming with coveted ‘Mumbai’ pin code. Bhayander Bhayandar is the part of twin city, Mira‐Bhayander which is governed by the municipal corporation. The recent success of real estate in Bhayander helped it to become one of the populated stations on the Western railway circuit. The growth of Bhayander can easily be seen as there are trains starting and ending at this station as well as its superb road connectivity through the Western Express Highway. The calm, quiet surroundings and low pollution make it a desirable residential haven. Government‐owned Salt Pans and marshland in West Mira Road have restricted the southward spread of Bhayander. Bhayandar East, which earlier was an industrial area, offers residential properties at lower values compared to other close‐by areas such as Andheri, Malad, Kandivali and Borivali. Vasai This historic town, that witnessed rapid urbanisation in last two decades, is now part of the fifth largest twin‐city, Vasai‐Virar, in Maharashtra. Situated in the North‐West of the Mumbai Metropolitan Region (MMR), Vasai is being governed by the Vasai‐Virar Municipal Corporation (VVMC). The region has seen rapid infrastructural growth with steadily improving connectivity because of its strategic link with major centres in the MMR. The Mumbai‐Ahmedabad National Highway (NH‐ 8) passes through the eastern part of the town and the proposed Churchgate‐Virar and the Bandra‐Virar coastal corridors make it further easy from accessibility point of view. As far as social infrastructure is concerned, the region has many reputed educational institutes, tourism and healthcare facilities. Steady economic and industrial growth in the region has helped the town flourish as residential and commercial hub. Nalasopara Nalasopara also falls in the limits of Vasai‐Virar Municipal Corporation. Located 50 km from Mumbai, Nalasopara has seen a steady influx of people because of relatively cheaper prices of property. Huge land bank between Vasai‐Nalasopara‐Virar show tremendous growth prospects for real estate market. Nalasopara is directly connected to Mumbai through the local train network and the Mumbai‐Ahmedabad National Highway. The Nalasopara‐Virar Link Road is under construction while the Link Road down to Vasai is ready. Looking at the growth potential of Nalasopara, many reputed developers have already started their projects in Nalasopara. Virar With a growing population, Virar is spread over 383 sq km of land including forest cover and hilly terrain. Virar region has witnessed the fastest growth in real estate on the basis of improving connectivity, affordability of property prices and improved infrastructure. Even population growth rate of Vasai‐Virar city has always been higher than greater Mumbai and the MMRDA region. Also, Vasai‐Virar Municipal Corporation’s inclusion in the Central Government’s Urban Infrastructure Development Scheme for Satellite Towns and several other upcoming infrastructure projects will transform the region from being a satellite city to a metropolitan city in the coming years. The city is strategically linked to Mumbai by road and rail and is fast emerging as a hub for affordable housing
3.
in the MMR. Many small‐scale industries are being set up here and at Tarapore MIDC. There is no dearth of facilities in education and availability of good social infrastructure has added feather in the cap of Virar. Palghar Palghar, located 35 km from Virar and 20 km from the Mumbai Ahmadabad National Highway (NH‐ 8), was made 36th district in Maharashtra last year. Bustling with industrial and educational activities, Palghar has been steadily gaining popularity as the affordable housing hub on the Western Line of the Mumbai Suburban Railway network. The town is well connected by road and rail. Many long distance trains halt at Palghar. Smaller housing units are in demand and mostly from the end users. As the district headquarter, offices of all government departments are being established which gives administrative benefit to the local industries. Proximity to Gujarat industrial area is an added advantage of this location. Boisar Boisar is a rapidly developing town in the tehsil and district headquarter of Palghar. It is located 13 kms from Palghar
and 45 kilometres north of Virar on the Western Railway line. Boisar is well connected to all important cities in the district by road network. The location is a gateway to India’s first nuclear power plant, Tarapur Automic Power Station (TAPS). Boisar’s strategic location bridges the gap between India’s financial capital Mumbai and commercial hub Gujarat. Boisar is an industrial town governed by a Gram Panchayat which is going to become a Municipal Council soon. Boisar has social amenities, educational institutions as well as healthcare facilities and recreational facilities. The area houses major industrial units such as TATA Steel, JSW Steel, VIRAJ Profiles, D'Decor, DC textile mills, Raymond Group, Bombay Rayon Fashion, Duratex etc. Conclusion Places around country’s financial capital Mumbai are witnessing significant economic activities and some places like above mentioned have provided options to meet housing needs of growing population. Most of the projects at these locations have affordable housing units. As affordability is core issue in buying the first home, home buyers can consider these locations which are boasting to have proximity to the Mumbai Metropolitan Region.
4.
Point to be added in below table: Important Projects at the said location Location Areas Property Size Price Range
Status Boravali IC Colony, Shantivan, Magathane, Ratan Nagar, Ambavadi, Navagaon, Chiku Wadi, Ambedkar Nagar etc 1BHK Rs 40‐50 lakhs Mostly Resale Dahisar Rawal Pada, Ghartan Pada, Anand Nagar, Avdhut Nagar, Vaishali Nagar, Konkani Pada, Ketki Pada, Kandar Pada etc 1BHK Rs 40‐50 lakhs Resale, under‐ construction Mira Road Mira‐Bhayandar Road, Poonam Sagar Road, Ramdev Park, Kashimira, Vinayak Nagar etc 1BHK Rs 35‐42 lakhs Under‐construction, Resale Bhayandar Ghoddev‐Navghar Road, Vinayak Nagar, Gandhi Udyan, Moti Nagar etc 1BHK Rs 35‐50 lakhs Resale, Under‐ construction Vasai Sai Nagar, Anchor Park, Evershine City, Serenity Garden, Raj Nagar, Pragati Nagar, Vasant Nagar, Kaul Heritage City, Tarkhad, Chulna Road etc 1BHK Rs 20‐30 lakh Under‐construction, Resale Nalasopara Hanuman Nagar, Agrawal Nagar, Shirdi Nagar, Station Road, Morya Nagar, Ambawadi etc 1BHK Rs 20‐30 lakh Under‐construction, Resale Virar Evershine City, Rustomjee Global City, Kolwadi, Patil Aali, Ghondar Wadi, Bulinj, Vartak Colony etc 1BHK Rs 20‐30 lakh Under‐construction, Resale Palghar Satpati, Mahim, Dhansar, Mahim‐Palghar Road, Chintupada Road, Navali Road etc 1BHK Rs 17‐20 lakh Under‐construction, Resale Boisar Navapur Road, Khairi, Danda etc 1BHK Rs 15‐30 lakh Under‐construction, Resale
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