The Vasai-Virar belt that earlier used to be a ‘picnic destination’ for Mumbaikars is now turning into a popular destination for property investment. It is the fifth largest city of Maharashtra with massive land bank, attracting many developers to the region. From residential and commercial real estate to entertainment, amusement and retail, this belt is witnessing significant growth.
According to a study by Knight Frank, there were approximately 240,082 residential units and 36,277 commercial units in four councils of this region in 2014. As per industry reports, incremental demand in the region will increase from 276,359 units to 472,574 by 2021. Various infrastructural projects are scheduled for the Vasai-Virar region that will be transforming this belt from a satellite city to a metropolitan city.
This suburban area has come a long way in terms of growth in infrastructure and real estate development. Buyers looking for a spacious yet affordable home close to Mumbai are exploring properties in Virar West as well as East.
Affordability
In 2013, properties were priced between 4000 to 5500 INR. Due to the affordability aspect, demand for 1BHK flat (525 to 550 square feet) has increased in Virar. This growing demand comes mainly from the salaries class buyers.
Accessibility
Easy accessibility to Mumbai is another advantage due to which buyers are coming to Virar for property investment. The Western Express Highway has made it easy for residents of Virar to reach Mumbai. The distance between Bandra Terminus and the northern suburb is merely one hour. This location is also in close proximity to areas such as Boisar, Meera Road and Palghar.
Various real estate companies have started their projects in this area. Accessibility to Mumbai through local train is quite easy (merely 5-10 kilometres) which has fueled the demand for residential properties. This area is also close to Palghar and Dahanu where many industries are shifting base. Due to the high demand of residential units in Virar, areas like Boisar and Palghar are also witnessing hike in demand for properties. Units in these two areas are available at a lower price compared to Virar.
According to a study by Knight Frank, there were approximately 240,082 residential units and 36,277 commercial units in four councils of this region in 2014. As per industry reports, incremental demand in the region will increase from 276,359 units to 472,574 by 2021. Various infrastructural projects are scheduled for the Vasai-Virar region that will be transforming this belt from a satellite city to a metropolitan city.
This suburban area has come a long way in terms of growth in infrastructure and real estate development. Buyers looking for a spacious yet affordable home close to Mumbai are exploring properties in Virar West as well as East.
Affordability
In 2013, properties were priced between 4000 to 5500 INR. Due to the affordability aspect, demand for 1BHK flat (525 to 550 square feet) has increased in Virar. This growing demand comes mainly from the salaries class buyers.
Accessibility
Easy accessibility to Mumbai is another advantage due to which buyers are coming to Virar for property investment. The Western Express Highway has made it easy for residents of Virar to reach Mumbai. The distance between Bandra Terminus and the northern suburb is merely one hour. This location is also in close proximity to areas such as Boisar, Meera Road and Palghar.
Various real estate companies have started their projects in this area. Accessibility to Mumbai through local train is quite easy (merely 5-10 kilometres) which has fueled the demand for residential properties. This area is also close to Palghar and Dahanu where many industries are shifting base. Due to the high demand of residential units in Virar, areas like Boisar and Palghar are also witnessing hike in demand for properties. Units in these two areas are available at a lower price compared to Virar.
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