The upcoming middle class destination
Jun 04, 2013
Source : The Times of India

 

MUMBAI: The road from Ambernath to Badlapur is flushed with properties suitable for the middle-income buyers who have limited options available in Mumbai. Those looking for residential options in the budget range of Rs 20-40 lakhs can opt for the Ambernath-Badlapur area. They are witnessing an ever-increasing demand for residential properties because of their low property values.

With even Thane becoming unaffordable, buyers have started moving further to such locations. “Demand in Ambernath and Badlapur is a spillover of the Thane-Kalyan belt, which has already gone out of the reach for the middle-income segment. Almost 90 per cent of the demand also exists for one and two-BHK apartments, with developers catering to this need,” says Kapil Kishore, head properties, Prudent Properties, a city-based realty firm.

The area has several new projects, which will be ready for possession in the next one or two years, all offering one, two or three-BHK units upto Rs 40 lakhs. Data with MagicBricks.com states that five per cent of the new launches in Thane, are in Ambernath and Badlapur, clearly indicating the popularity of the location. Developers in the locality include the Poddar Group, Mohan Group, Manohar Vikas Group, Ankita Builders, Saraswati Infra and GBK Group, among others. The average property values in these areas range from Rs 2,800-4,000 per sq ft. The two areas are popular with both, end-users and investors.

While investors are here for the potential capital appreciation, the end-users anticipate a lifestyle equivalent to that in Thane. “Within two-three years, the areas are expected to develop on the same lines as Thane, as the social and physical infrastructure picks up,” informs Manju Yagnik, MD, Nahar Group. In the last year, the locality has witnessed a rise of almost 30 per cent in capital value of apartments. This trend is expected to continue with huge demand spilling over from localities like Kalyan, Dombivali, etc.

The proposed Metro connectivity will provide an added boost to the area’s realty market. In terms of connectivity, Ambernath and Badlapur are well-connected through rail and road networks. They are served by the Navi Mumbai Municipal Transport (NMMT) buses. Both the locations have railway stations close by, which connect these locations to the central business districts such as Vashi and Belapur.

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