Home buyers increasingly turn to Virar
Jun 17, 2013
Source : The Times of India

 

MUMBAI: When Bollywood actor Govinda made his debut in the Hindi film industry, people made fun of him, labelling him ‘Virar ka chokra’, as the actor hailed from the far-flung Mumbai outskirts. Just like Govinda, Virar has come a long way since then and real estate and infrastructure development have made the area a prime location for those looking for affordable and spacious homes.

Residential properties are priced at Rs 4,000-5,500 per sq ft in Virar. These prices come as a relief for people who are fighting a losing battle with the ever increasing prices in the main areas of the island city. Ghansham Anandpara of Aditi Estate Agency points out, “The growing demand for 1-BHK apartments is mostly from the salaried class. The maximum demand is for 1-BHK apartments with an area of 525-550 sq ft while units of 2-BHK are about 750 sq ft in size.”

Another added advantage of buying a property in Virar is its easy accessibility to Mumbai via the Western Express Highway, which is a mere five kms away, with the Metro being at a distance of only three kms. Virar’s railway station gives people easy access to local trains. The northern suburb is just an hour away from Bandra Terminus. It is also close to localities such as Mira Road, Vasai, Palghar and Boisar, among others.

Residential realty in the area has been booming because of players like Rustomjee, Ekta World, Bhoomi Group, Poonam Group and others, which have projects in the area. “If one is on the lookout for affordable housing projects with low and high yield investment near Mumbai, Virar is a good option,” says Anandpara. High residential demand in Virar is also hiking demand in areas such as Palghar and Boisar, which have a high concentration of industrial units.

Palghar and Boisar are often the choices for those looking for prices lower than the prevailing ones in Virar. “The buyer profile here, comprises mostly of those working in the industrial units in Palghar and Boisar. Buyers from low income and lower middle income groups prefer 1 and 2-BHK units in these areas,” says Vivek Singh of Raj Realty Solutions.

Palghar is a major junction on the western railway and is near Virar. The cost of housing in the area is between Rs 2,000-3,500 per sq ft. Developers offering housing projects in Palghar are Oswal Realty, HDIL and VIVA Group, among others.

Palghar is easily accessible from the Mumbai-Ahmedabad National Highway (NH-8) and with the local railway line from Virar expected to extend upto Dahanu, connectivity to the locality is set to improve even more. This is expected to further boost real estate prices here. Moreover, Palghar boasts of all basic amenities like schools, colleges, hospitals, shopping malls, restaurants, etc., in addition to an excellent bus service.

Boisar too, is coming up with attractive residential homes, with Tata Housing Development Company Ltd, offering apartments priced from Rs 29 lakhs onward as part of its ongoing project.

Of the entire stretch, Virar attracts end-users who prefer to purchase ready-to-move-in homes or projects that are close to delivery. Palghar and Boisar on the other hand, witness high demand from investors. “Almost 60-70 per cent of the demand in Palghar comes from investors,” concludes Singh.

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