Properties in Virar are in high demand due to easy connectivity and affordable rates. Almost every real estate company in Mumbai is exploring Virar for launching residential projects.
Buyers are always on the lookout for affordable housing options in Mumbai. This is one of the main reasons why Virar has emerged as one of the hottest property investment destinations in the city. Located in the Thane district, it is also one of the most affordable suburbs. From 7 lacs in 2001 to 13 lacs in 2011, people have been flocking to this area, especially the Vasai-Virar belt. According to the industry experts, housing sector in this belt might become more attractive in the years to come.
Here are some of the factors that make this location perfect for property investment:
Connectivity
This suburb is well-connected with the city through the Western Express Highway and western line of Mumbai’s suburban railways. Easy connectivity through local trains has made this location quite popular among buyers. It is within an hour’s distance from Tarapore MIDC, Mumbai Corporation, Thane Corporation, Navi Mumbai Corporation and Dombivli. This suburb is centrally located and the Mumbai airport (domestic and international) is also at an hour’s distance.
Property Rates
Good infrastructure and decent housing options are attracting buyers to the Mira-Virar segment. On an average, rate for properties in Virar and Vasai go between 5000 and 6000 INR. Majority of buyers belong to the middle-income and lower-income groups who cannot afford to buy a home in the city. In last few years, capital values for Virar properties have doubled.
Real estate Projects
Many real estate companies in Mumbai are taking advantage of the rising demand. They are offering luxury as well as affordable property options to potential buyers. Various prominent market players have launched their residential as well as commercial projects in Virar. Some developers are expecting a 100% appreciation in capital values of their residential units in coming years.
Per square feet property rates that stood at 2000-2200 INR in 2010 have now increased to 4000-6000 INR. As per predictions made by the industry experts, per square feet rates in this region will cross 8000-9000 INR in the next two to three years. So, now is the right time to make an informed decision and invest in a good property option.
Besides connectivity to Mumbai and quality infrastructural facilities, this area also has various entertainment options. From entertainment zones and shopping complexes to temples, churches and beaches, this suburb has everything one can ask for a relaxed and affordable living.
Apart from affordable housing, this location also has a large forest cover and scenic beauty. Tourism sector is also doing great in this part of Mumbai due to easy connectivity from Bandra Terminus. Authorizes are also focusing on healthcare and medical tourism. Even colleges in this suburb are being encouraged to get maximum number of courses from the government. The aim is to turn Vasai-Virar into an education hub like Pune and Delhi.
The ratio of end-users and investors in Virar stands at 60:40. Many residents of the Vasai-Virar belt have invested in this region and moved to better apartments with enhanced standard of living.
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