Nalasopara Property Market Promises Good Investment Returns
Nalasopara is a suburb situated close to the Vasai-Virar region of the Mumbai Metropolitan Region. The area is governed by the Vasai-Virar Municipal Corporation. While the area lies a bit distant from the prime areas of suburban Mumbai, the locality is continuously witnessing good growth in terms of property market, thanks to the improving infrastructure. With a growth in property prices, the area may prove a good investment destination with good returns.
Connectivity and accessibility
Nalasopara has a good connectivity to the mainland of Mumbai via road and rail. The area lies on National Highway 8 (NH-8). This highway not only connects the city to Mumbai, but also several fast growing areas along the highway up to Delhi. One may also take the Western Express Highway (WEH) or Ghodbunder Road from Mumbai and Thane to reach the area. The Nalasopara-Virar Link Road is under construction and the link road to Vasai has also been proposed. MMRDA also has plans to further develop the Vasai-Virar region’s infrastructure. All these will significantly boost the area’s connectivity and accessibility.
The western line of the Mumbai suburban railway connects the locality to Mumbai by rail. There are regular local trains from Mumbai to Nalasopara.
Amenities
Nalasopara is divided into West and East. While the western part is currently more developed than its eastern counterpart, the eastern part has a huge potential due to its location on NH-8. Nalasopara has a good social infrastructure including schools, colleges and a few major hospitals. Some other amenities include movie theatres, a cricket ground, restaurants, parks and lakes. The Sanghmitra Gandhkuti Budh Vihar in Nalasopara is a well-known park with an ancient Buddha Stupa.
Real estate trends
There are multiple factors driving realty in Nalasopara. The most prominent factors are lower property values compared to suburban Mumbai and the rapid infrastructure growth in the area. The area has been witnessing a steep rise in population since 1998 leading to a good growth in demand for property. The area has witnessed a good ratio of supply and purchases of projects. Most of the available projects in the area are 1 and 2BHK apartments. There are also a few builder floor apartments and independent houses available in the area. Some of the prominent builders in the area include Sankalp Lifespace, Shakti Developer, Sai Darshan Developers, Nine Realcon & Infra Pvt Ltd and Reliable Group.
Property prices in the area have seen a healthy growth in the past couple of years. The average property value in this area was about Rs 4,500 per sq. ft during the last quarter of 2014, while it was about Rs 4,000 per sq. ft. during the last quarter of 2013. This means that the area has witnessed an appreciation of about 12.5 per cent within a year.
With a good potential for further growth due to its growing connectivity and low property values, property in Nalasopara can prove a good investment with great returns.
