July 30, 2018

Confused about where to invest? Fret not. Here's all the necessary information on hot property markets to help you take a buying decision.

With property prices in Mumbai soaring, most home-buyers are heading towards Vasai-Virar, Dombivli-Kalyan, and New Panvel to buy their dream home. However, considering that these regions are similar in terms of physical and social infrastructural growth and property rates, most first-time buyers find themselves in a dilemma when it comes to choosing a place. At this point, consider other factors such as upcoming projects in the area, appreciation value and rental income that one can generate, which will help you pick the right place.

Vasai-Virar

The area once known as the settlement of original inhabitants of Mumbai and salt-pan land is today the most preferred destination among the mid-income home-buyers to invest in affordable property. The region has witnessed a speedy growth of real estate, which further resulted in a population spurt. More than 1.2 million people reside in Vasai-Virar, thus making it the fifth largest city in the state.

In addition to affordable prices, other factors such as improved infrastructure and impressive transportation networks have helped in its realty growth. A strong rail and road connectivity has made it easy to travel to different areas of Mumbai, Thane and beyond.

"Buying property in the northwestern suburb is comparatively better than investing in regions closer to Mumbai. Nonetheless, it is essential that you consider your area of workplace and then decide where you want to invest. No point travelling long distances for work, right? Better infrastructure and good transport connectivity are add-ons as they make living easier and hassle-free," said Yashwant Dalal, President, Estate Agents Association.

Furthermore, the major problem of powercuts that the region faced before is relatively less today while local authorities are working towards providing regular water supply in housing complexes.

Appreciation value: According to property experts, property prices in this region have appreciated more than six times since 2007, and will continue to rise. The upcoming and on-going infrastructural projects will further strengthen the residential and commercial property market in the area. The current rate in this region ranges between Rs 4,000 and 6,000 per sqft.

Rental income: If one is purchasing a flat for investment purposes in this region, then the rental income generated can be Rs 6,000-7,000 per month for 1-B H K and Rs 8,000-10,000 for a 2-B H K.

Dombivli-Kalyan

From simple affordable housing units to luxury apartments at a reasonable rate, Kalyan-Dombivli and areas beyond are driving the realty market. According to experts, the main factor driving this growth is the presence of small and medium scale industries, thus compelling people to settle here for employment opportunities. Other factors are infrastructural development and affordable rates as well as improved rail and road connectivity to Mumbai, Thane and Navi Mumbai.

"Areas beyond Dombivli and Kalyan such as Karjat and Shahapur are also hotspots for realty today, especially Shahapur as it is a chemical-free zone (no chemical industries are allowed to set up operations there). It is the ideal place for those who wish to live in a safe and healthy environment," says Vijay B Pawar, Founder and Director of a leading realty firm.

The property value is likely to appreciate by about 20-25 percent in view of the proposed infrastructural projects in the area.

Rental income: The minimum rental income is Rs 6,000 per month, but if the flat is big and well-furnished, then one can earn Rs 8,500 to Rs 12,000 per month.

New Panvel

Affordability is the main factor for the increasing residential property demand in New Panvel. Other factors that have fuelled the demand are the presence of educational institutes, reputed industries and good road networks to Pune, Mumbai, and other cities. The place is well-planned and seamlessly connected to Mumbai-Bangalore National Highway, Mumbai-Pune Expressway, Sion-Panvel Expressway; also NH-4B and NH-17 (Panvel-Goa-Kochi) start from here. The harbour railway line service that terminates at Panvel too has pushed the residential demand.

Appreciation value: At present, property rates in New Panvel are Rs 5,000-7,000 per sqft. With increasing infrastructural growth, property prices will appreciate from 15 to 20 percent.

Rental income: The 2 or 3-B H K flat can earn around Rs 12,000 per month, whereas 1-B H K will make Rs 6,000 to Rs 7,000 per month.

Upcoming projects:

Major infrastructure projects that will transform this satellite city into a metropolitan city are:

The 36-km long ring road running through sativaligokhivra-vasai and pelharwaliv-gokhivra;

New railway routes planned for virar-vasai-diva-panvel and virar-dahanu-gholvad; the proposed virar-alibaug multimodal corridor, which will connect virar to the new airport at ulwe, nava sheva port and alibaug, thus increasing the connectivity between these regions;

The ambitious 35.6-km coastal road project;

The mumbai-ahmedabad highspeed railway project (mahsr), also known as the bullet train.

Key infrastructure projects that are likely to boost realty growth in the area are:

The ambitious 24-km long thane-bhiwandikalyan metro-5 project;

The taloja-divadombivli-kalyan metro;

The bhiwandi-kalyanshil phata road project, which will connect the mumbai pune highway (nh 4) at shil phata and the mumbai-nashik highway (nh 3) at bhiwandi.

The mmrda-proposed 29-km kalyan ring road project;

Kalyan-navi mumbai highway project. It is expected to cut down the travel distance by seven km.

The proposed six-lane trans harbour link connecting south mumbai to nhava sheva;

The ongoing project of navi mumbai international airport;

The under construction navi mumbai metro project;

Expansion of the jawaharlal nehru port trust.

Share This:

Read all Thane Real Estate Latest News

 

To Know About Thane Real Estate Development Contact Us at 022 2580 6868

Source: content.magicbricks.com