Vasai-Virar Attract Buyers Due To Affordability
Vasai and Virar are northern suburbs of Mumbai. Both are part of the Vasai-Virar region and lie under the jurisdiction of Vasai-Virar Municipal Corporation. While being a part of Mumbai suburbs, both fall in the range of affordability for property buyers.
Connectivity and accessibility
Both Vasai and Virar have very good connectivity to Mumbai. The Vasai-Alibaug Corridor project is an ambitious project undertaken by the Mumbai Metropolitan Region Development Authority (MMRDA) and is expected to improve connectivity between the two localities and major centres in Mumbai, Navi Mumbai and Thane. It is expected to bypass the western and eastern suburbs while connecting national highways NH8, NH3, NH4 and NH17. The Delhi-Mumbai Industrial corridor (DMIC) also passes through Vasai.
The proposed elevated rail corridor between Bandra-Virar coastal corridor and Churchgate-Virar is also expected to become a game changer for the development of Vasai and Virar. There are several railway stations such as the Virar Railway Station and Kaman Road Railway Station that lie on the western and central railways respectively.
Amenities
Both Vasai and Virar are well developed. There are several educational institutions such as K.G. High School and N.G. Vartak English Medium High School And Junior College. There are also several hospitals in these areas. Apart from these basic social amenities, there are several places of worship, beaches, resorts and amusement parks. There are amenities for aviation related sports such as paragliding. There are also other sports and recreational activities. Vasai-Virar is a home to heritage sites such as Amala fort and Vasai fort (alternately Bassein fort).
Vasai-Virar has already received funds under JNNURM (Jawaharlal Nehru National Urban Renewal Mission).
Real estate
The most sought after properties here are 1 and 2 BHK apartments. Majority of the demand comes from end users than investors. The ratio of end users to investors is 60:40. Some of the projects here are Rushabh Heights by Rushabh Developers, Bhoomi Acropolis by Bhoomi Arkade and Ekta Parksville by Ekta Group. The size of a 1 BHK apartment is between 550-650 sq.ft. The size of a 2 BHK apartment is between 750-1,250 sq.ft.
A 1 BHK apartment can be bought here for Rs. 23-35 lakhs per sq.ft and a 2 BHK apartment can be bought for Rs. 35-55 lakhs per sq.ft. A 1,000 sq.ft apartment in the area costs between Rs. 45-55 lakhs per sq.ft, which makes the areas affordable.
Price trends
Property prices in both localities are witnessing good appreciation. The present capital value in Vasai is an average of Rs. 4,750 per sq.ft while it is about Rs. 4,600 in Virar. Prices in the region are expected to cross Rs. 8,000-9,000 per sq.ft in 2-3 years.
