MUMBAI: If affordable housing is what you are looking for in Mumbai, then the Virar-Palghar-Boisar stretch is definitely worth consideration. There are several ongoing projects, offering multiple home options in the range of Rs 27-60 lakhs. Residential projects based in these areas, offer configurations of 1, 2 and 3-BHK units.
Of the three locations, Virar is considered to be a notch above Palghar and Boisar. The price range for residential properties in Palghar is between Rs 2,000-3,500 per sq ft, while in Boisar, it ranges between Rs 3,300 to Rs 4,600 per sq ft. Virar is the costliest suburb among the three, with residential prices starting at Rs 4,000 per sq ft and going up to Rs 5,500 per sq ft. However, for someone looking for affordable housing options, these values are still within reach when compared to central areas within the island city. Major projects in Virar include the joint venture by Rustomjee and Evershine and projects by Ekta Group and Agarwal Group. Developers in Palghar and Boisar include Tata Housing Development Company, Swastik, Rishab Group, VIVA Group, Oswal Realty, HDIL and Sanskriti Builders and Developers, among others.
All these three locations witness maximum demand for 1-BHK units followed by 2-BHK apartments, In fact, data highlights that demand for 1-BHK apartments in Boisar and Virar, is as high as 82 and 63 per cent, respectively. “Since, these are affordable locations, there is huge demand for housing. The maximum demand is witnessed for 1 and 2- BHK units, as majority of the end-users comprise of people working in the industrial areas around Palghar and Boisar, who have limited budgets,” informs Devendra Dubey, managing partner, Sanskriti Builders and Developers.
In keeping with the huge demand for smaller units in these locations, builders are coming up with 1 and 2-BHK offerings. For instance, Tata Housing is offering 2-BHK units in Boisar, while the joint project by Rustomjee and Evershine in Virar, has both, 1 and 2-BHK units. With an increasing need for housing, demand is expected to rise in these locations, particularly in Palghar and Boisar, which have more land parcels available, compared to Virar. Increasing demand is expected to increase capital values. “With major realty developments taking place, an appreciation of approximately 20-25 per cent is expected in Palghar and Boisar in the coming year,” says Sanjeeva, operation manager, VIVA Group.