Virar — The New Residential Hub for Home Buyers

Vasai and Virar, once were known as the most reasonable hubs near Mumbai as both the towns gained importance as middle class people moved there in search of their dream home. However, with urbanisation and growing connectivity coupled with rising demand, the prices of property have nearly doubled in 5 years. The investors and users alike are assessing options in both Vasai and Virar as the appreciation rate remained consistent due to several years. These two areas are also good for those who have their work within an area of 5 km and can get good houses on rent as well. The people who eye residency in Vasai and Virar include those working in suburban areas such as Andheri, Goregaon, Borivali, etc.

Emerging Market

Both these areas are preferred choices for those who want to buy the best property in Virar and Vasai. Currently, there are several new projects coming up and are at various stages of construction, which are developed by some of the renowned builders of the area. Most of these have been completed and there are many new constructions coming up, however, since there is a good reputation involved in the making, the projects are attracting several investors to sign on dotted lines. This has resulted in many home seekers getting interested in looking for options to invest.

Positive Factors for Vasai & Virar

There is a great need for a newer and developed suburban town as Mumbai is becoming increasingly saturated. This is where Vasai & Virar stand out. The other reason that enhances Virar’s growing status as a future real estate hub has been its planned connectivity with other parts of the city.

This planning also includes the ambitious Alibaug-Virar corridor project. There are primary two goals of the project, the first is to connect the two towns with road, and second is to connect them by metro. The time frame for these projects is 2031; still one can see some development soon on this front as the required approvals have already come.

A monorail running between Chikaldongri and Virar is part of another connectivity part. The budget planned for this project is around INR 600 crore and will cover 4.5 kms and be a part of Line 3 under phase 1 of the plan. This has all led to the residential development in the region, with flats in Virar being available at affordable rates. Also, the region has an upper hand when compared to Dahisar and Nalasopara with regards to price competitiveness. While the price range for apartments in Dahisar ranges around INR 12,400 per sq ft, those for Nalasopara range around INR 4205 per sq ft. Virar has a relatively low price range but is slowly catching up as it’s witnessing a massive development, with 2 bhk flat in Virar now costing a touch high, though still affordable.

The reputation of Virar as a residential destination is definitely picking up with the huge development coming up around the region and with latest infrastructure in place it’s definitely becoming a hub for home buyers.