- 13 April 2018
Think ‘invest’, and real estate in a fast-growing location with high potential is right on top of the list of asset categories. With rapid urbanization, conventionally popular property hubs in core city areas are experiencing saturation, and consequently, are beyond the means of most. This has had a knock-on effect on many residential sub-markets.
In this article, we explore areas within Mumbai city limits that are rapidly emerging as alternative property hotspots, ideally suited for those who seek improved quality of life without burning big holes in their pockets!
Dahisar is situated in the northern suburbs of Mumbai, and houses the last railway station of the city. This town overlooks the inlet of the Manori Creek, and is home to salt pans in the west and scenic hills of the National Park on the east. (Like most suburban areas of Mumbai, Dahisar too is divided into East and West.)
With a considerable influx of migrants and new settlements over the years, Dahisar has been drawing a lot of attention from investors and realtors. The town is well-connected to prominent Mumbai areas such as Andheri, Goregaon, Borivali and Thane via the Western Express Highway. Dahisar station ensures connectivity via rail as well. The town enjoys good educational and healthcare infrastructure via the presence of reputed schools, colleges and hospitals. Recreational options include multiple malls.
Dahisar has developed significantly since it became part of the Bombay Suburban Districts in the 1950s, and is still growing. With a recent spurt in overall infrastructural development, and with reputed builders having successfully completed projects in the town, Dahisar is already emerging as a sought-after residential suburb of Mumbai city.
Vasai – Virar:
Vasai-Virar is associated with consistent growth in Mumbai’s real estate market. Known as an affordable housing hub, property prices in the location have witnessed steady appreciation, due in large parts to growth in peripheral regions. Vasai-Virar is one of the fastest-growing residential hubs on the Western suburban railway line, with good connectivity to Mumbai by local train.
Affordability is a key driver of demand for residential real estate in the region. Furthermore, the Vasai-Virar Municipal Corporation has taken multiple steps to improve infrastructure in the area; these include an upcoming ring road and new, planned railway routes. Moreover, the Ministry of Urban Development has included Vasai-Virar in the ‘Urban Infrastructure Development in Satellite Towns’ scheme – the only city from Maharashtra to be included in the scheme.
With good employment opportunities, connectivity in place and growing social infrastructure, Vasai – Virar continues to attract home seekers with a budget.
In Maharashtra, the industrial town of Boisar is one of Mumbai’s fastest growing suburbs, and a preferred real estate hotspot. Located north of Virar on the Western Railway line, Boisar is part of Maharashtra’s newest district of Palghar District. Boisar's strategic location bridges the gap between India's financial capital, Mumbai, and the highly industrialized South Gujarat. Over the past few years, Boisar has emerged as a hub of economic activity, resulting in significant job creation, thereby leading to a strong demand for housing in the area.
Boisar also scores high on the connectivity quotient. Connectivity with Mumbai has improved drastically over the past few years with local trains starting operations between Churchgate and Dahanu, and will be further enhanced with 4-lane railway tracks currently under construction. The proposed DMIC (Delhi-Mumbai Industrial Corridor) is slated to pass through Boisar, adding to its commercial appeal. Some of the important roads that connect through this town are the Boisar-Palghar Road, Navapur Road, and the Boisar- Tarapore road. The Gorai Bus Depot and Mira Road bus stand are also nearby.
Over the years, many real estate developers have invested in Boisar as a destination for their projects, and Mahindra Lifespaces is one of them. Their property in Boisar – Happinest, Boisar - offers thoughtfully designed affordable homes that offer maximum value per square foot, and the many advantages of strategic connectivity. The project is spread over 14.86 acres and features 1 RK & 1BHK flats in Boisar. The project is located in close proximity to shopping arcades and hospitals in the area. It is well-connected to Mumbai and Gujrat by both rail and road.
With fast-growing commercial and social infrastructure, coupled with good connectivity owing to the Mumbai – Ahmedabad Expressway, the demand for value homes in Boisar is expected to continue to grow.
Much like the stock market, it’s important to invest in real estate at the right time - when prices are low, and potential high. To reap maximum benefits of an upswing, location fundamentals must be carefully evaluated and real estate purchases made well in time. Boisar scores high on this front, as a fast-growing residential destination with potential for significant returns on real estate investment.