Extended Suburbs have brought about a real shift in real estate standard

Posted by Piyush mehta on February 28th, 2017

Today, while the middle and upper middle class sections which include the investors are now more than willing to go the extra mile in search of a house that meets their needs, while going easy on their pocket,  areas from Naigaon to Virar are fast emerging as the hotspots for growth in residential market. As days are passing and the market is evolving, these areas, especially Virar are attracting more attractive buyers who have relatively low budget to buy flats in Virar. Residential projects based in these areas provide configurations of 1, 2 and 3 BHK units.

Though there are many suburbs that have come up right up to Palghar and Boisar, still Virar is considered to be a notch above them. Its proximity towards Mumbai has made Virar the most sought after destination for property buyers. Though the suburb demands approximately Rs 4,000 per sq ft and is increasing by Rs 1,000 per sq ft; to someone looking for affordable housing options, the value is still within reach when compared to central areas within the island city.

In a vibrant city such as Mumbai, substantial development is taking place across all sectors right from education to healthcare, hospitality to tourism and technology to infrastructure, etc. As buying properties in Mumbai is going beyond the grip of middle income group, there is an opportunity to develop the nearby urban areas into smart cities. These will not only help people enjoy a better lifestyle but will also help them with employment and business opportunities in several sectors and a home at reasonable cost, right in front of them. Today, lot of development projects have already been started in areas near Mumbai, with Vasai-Virar area being the prominent one.

The Vasai-Virar belt is one of the fastest growing as well as the 5th largest cities in Maharashtra. Located in the North-West of the Mumbai Metropolitan Region (MMR), it covers almost 9.5% of the region and also includes the Municipal councils of Vasai, Virar, Navghar, Nallasopara, Manikpur and Naigaon. This region has a population growth rate higher than that of Greater Mumbai and MMR region, which clearly indicates shift of population to these areas. This shift significantly indicates the willingness of individuals to shift to such areas due to the development that has come up in the region during the last decade.

This specific region has also been recognized as one of the eight satellite cities by central government. Also, the Municipal Corporation in this region has been instrument in the rapid development of the region with more people coming forward to buy property in Virar. And, with more construction companies planning township in Virar, people are more opting to buy 2 BHK flats in Virar like never before.

The last decade has seen the Vasai-Virar region taking giant steps  in laying the bricks for a strong foundation that will continue to make the region an affordable and beautiful place to live in.