Budget flat in focus at Virar-Palghar-Boisar stretch
Mumbai’s residential market gets a boost as the Virar-Palghar-Bosair stretch offers a host of affordable homes to the upper and middle segment of home buyers. With numerous low-cost homes in the pipeline including all kinds of amenities, the stretch is expected to witness a wide-range of buyers in coming years.
The connectivity offered by the Virar-Palghar-Bosair stretch is what strengthens the decision of buyers to purchase a home in this area. Among the three, demand for residential plots in Virar has increased a few notches, since it is situated on the western line of Mumbai Suburban railway and offers regular trains to prime locations in Mumbai, such as Mira road, Borivili, Andheri, Santa Cruz etc. Ongoing construction of railway tracks between Borivali and Vira will further strengthen the commercial and residential growth in the area.
Virar falls under Thane district and has a supportive infrastructure. Regular water supply, additional power facilities. Naigoan to Virar and well-connected roads add to the number of reasons for residential developments in the area. Shastri Vidyalaya, XXIII High school and Utkarsh Vidyala are some of the renowned educational institutions of Virar that worth a special mention. Yazoo Amusement park, located at a distance of 10-12 minutes from Virar Railway station, is one of the major highlights of the location that attracts home buyers to the area.
Located at a distance of 115 Km from Mumbai, Boisar and Palghar is one of the preferred residential choices among home buyers. Both the locations are well-connected to Western Highway and offer excellent accessibility. Auto and buses are available to travel inside Boisar and Palghar. However, passenger trains run from Virar to Dahanu road to help commuters reach the western locations of Mumbai. At present, there are no direct local trains that connects Palghar and Boisar to suburbs and Mumbai city.
Dhada hospital, Palghar Medical center and Sharada Hospitals are some of the medical institutions that offer medical aid to the people living in the area during emergency. Some of the well-known educational institutions in Palghar and Boisar include Holy Spirit High School, Twinkle English School and Sacred Heart High School.
The price range for residential projects in Virar-Palghar-Boisar stretch is quite reasonable to lure the buyers. Virar, being a part of the Mumbai Metropolitian Region, offers the most expensive residential plots among the three suburbs, at Rs 4000 per sq ft. However, the range for residential plots in Boisar vary from Rs 3000- Rs 4800 per sq ft, and Rs 1800- Rs 3600 per sq ft in Palghar. All the three suburbs generally witness a steep demand for 1BHK and 2BHK apartments, however, realty developers offer 3 BHK units also. Global City, Sigrun Kingdom and Viva Vrindawan Township are some of the upcoming realty projects in Virar. In 2013, Palgahr and Boisar will witness major residential developments from Swastik, Tata Housing Development Company and Rishab Group that promises to offer sewage treatment plant, jogging track, rainwater harvesting, clubhouse, gym, amphitheatre, community hall and various other amenities.
According to real estate consultants, demand for 1BHK in Virar will experience a sharp rise of 25%-30% in the coming years. If experts are to be believed, the prices may rise to Rs 5000 per sq ft. In accordance with the recent realty developments, the price for 1 BHK and 2 BHK in Boisar and Palghar will rise upto 15%-20% in the next few years. Rental values in Virar ranges from Rs 4000 for 1 BHK to Rs 7000 for 2 BHK, while a 2BHK flat in Boisar can be rented at Rs 4500.
Scarcity of land in Mumbai and lack of reasonable residential property in the city has compelled developers to focus on suburbs. The Virar-Palghar-Boisar stretch is one such location in Mumbai which offers lucrative prospects for the developers to construct residential plots in the area. Easy accessibility to western parts of Mumbai and availability of property at a reasonable rate is what attracts home buyers to this area.
