Vasai, Virar property rates almost double in 5 yrs

Once known as the most affordable hubs of Mumbai, Vasai and Virar gained prominence as mid-segment buyers moved here to fulfill their housing needs. However, with rising demand, growing connectivity and urbanisation, property prices almost doubled in five years.

Since the rate of appreciation remained consistent due to multiple reasons, investors and end users alike are evaluating options in both these areas. “Vasai and Virar both have good rental housing demand from those employed within a 5 km area. End users here are primarily those working in Andheri West, Andheri East and Goregaon or local traders from the nearby areas,” says Harmeet Singh Bagga, co-partner, HSB Properties.

New stock dotting the market
Buyers who intend to buy new properties also prefer Vasai and Virar. There are a number of new projects in various stages of construction, being developed by some of the reputed builders of the state. Although most of these have just been announced or are in the pre-launch stage, but since they are being developed by developers having a good track record, is attracting investors to sign the dotted line.

This has generated healthy response from home seekers who are looking for options to invest. Some of these have been received on the Magicbricks real estate Forum.

Some of these questions are:
What are the prevailing property rates in Vasai and what is the future trend likely to be? asks Rajendra Kumar

I am planning to buy a 1BHK within Rs 30 lakh for investment purpose in Vasai. Please suggest the future appreciation. Should I be investing in this locality? Asks Tanvi

Vasai vs Virar - who scores better?
Both these localities offer similar social infrastructure, connectivity conveniences and lifestyle. However, there are plenty of factors that make them distinct from each other. These include availability of ready stock, number of projects coming up and difference in property prices which makes it confusing for buyers.

Expanding boundaries
End the four years turmoil, Bombay High Court has given a four weeks window to the state to decide on the inclusion of 29 villages within the Vasai-Virar Municipal Corporation. It was in 2009 when these villages were included within the limits but were subsequently ordered to be excluded due to objection from villagers in 2011.

If sources are to be believed then these villages have huge tracts of land and if included would open avenues for real estate development. Hence, buyers going for site visits should make sure the location is within the corporation’s jurisdiction as there is a lot of risk associated with Gram Panchayat land.
 
Source : content.magicbricks.com

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