Raigad Emerges As a Realty Destination in MMR
Raigad is a district in Maharashtra and part of the Mumbai Metropolitan Region (MMR). While other parts of MMR including Vasai-Virar, Navi Mumbai and Thane have been in the limelight, Raigad mostly has managed to stay away from it. However, Raigad is now slowly emerging as the next realty destination in MMR.
Locality and accessibility
While Raigad hasn’t made much news, its subdivisions such as Panvel and Alibag have been more often considered good realty investment destinations. The Panvel subdivision specifically consists of Panvel, Karjat, Uran and Khalapur, most of which are currently being considered good localities for property investments. The district is located at a distance of about 100 km east to the mainland of Mumbai. It is also part of the development plan for the Navi Mumbai metropolis.
Localities such as Panvel have easy connectivity from Mumbai, due to the Sion-Panvel Expressway. The Mumbai-Pune Expressway and NH-4 pass through Panvel. NH-17 starts in Panvel and traverses the entire Raigad district. As such, the district has good connectivity to other cities as well.
The central railway line between Mumbai to Pune passes through Karjat and the Konkan Railway line starts at Roha, passing through Mangaon and Veer. There is an extension line from Karjat to Khopoli. The Panvel junction is an important junction in the district, as it is connected to Mumbai via both the harbour line and main line of the Central railway. Raigad also has the JNPT, which is an important port, as well as the proposed Navi Mumbai International Airport, which will be built in the Panvel area.
Infrastructure
Raigad has a very good civic as well as social infrastructure. Nodes such as Panvel are very well planned by the Navi Mumbai Municipal Corporation (NMMC) and CIDCO. As a result, they have good wide roads. The two big infrastructure projects that were planned in Raigad were the Mumbai Trans-Harbour Link (MTHL) and the Virar-Alibaug Multimodal Corridor, both that would significantly improve the connectivity between the region and Mumbai. While the work on the multimodal corridor is under way, MTHL is currently stalled.
Raigad has a number of educational institutions as well as other social amenities including hospitals, commercial centres, shops, banks and recreational facilities. The Navi Mumbai SEZ is located in Uran.
Real estate and trends
Raigad is witnessing a good number of projects, especially in the areas of Panvel, Karjat and Uran. Most of the projects here are 1 and 2BHK apartments. The built area of these apartments range between 450 sq. ft. to 900 sq. ft. Apart from flats, Raigad also offers independent plots as well as villa projects. There is a good demand for rental properties too in Raigad.
The low cost of houses in the region attract both end-users and investors. A 1BHK property in Raigad costs about Rs 18-25 lakh while a 2BHK property costs about Rs 20-35 lakh. Villas and independent houses may cost up to Rs 90 lakh in the region. The average monthly rentals for 1BHK apartments are in the range of Rs 5,000-6,000 while that of 2BHK apartments are in the range of Rs 8,000-10,000.
Raigad has good potential for future appreciation. Most of the properties in demand are from the professionals working in the nearby Badlapur and Khopoli areas. Localities in Raigad witness investors who buy holiday homes due to the greenery and proximity of the localities to tourist destinations such as Alibaug, Matheran, Neral and Karjat. With the DMIC coming into picture, Raigad will have an improved potential for housing demand.
If you have a limited budget, yet want to stay close to Mumbai, Raigad is a good option to check out.
