[ecis2016.org] A green environment and planned development, along with potential for capital appreciation, are some of the factors that make Boisar a region worth considering for seekers of affordable homes
While budget is the main factor that influences a home buying decision, locations that offer job opportunities are also sought after by home buyers. Boisar, an industrial town is one of Mumbai’s fastest-growing suburbs. The proposed infrastructure and real estate projects in the area, are likely to transform this location into a prominent residential hub.
You are reading: Affordability and employment opportunities drive Boisar’s property market
Boisar has healthy economic activity. This has led to the creation of more than one lakh jobs over the past 10 years and thereby, fuelled the need for housing. In the past, Boisar lacked quality supply of residential real estate, leading to a huge demand-supply mismatch. Consequently, people had to commute for more than an hour, to reach their workplaces in Boisar.
Strategic location is Boisar’s USP
The district not only houses the largest Maharashtra Industrial Development Corporation (MIDC) in the state, but also has the Bhabha Atomic Research Centre (BARC) at Tarapur. The MIDC has over 1,500 industrial units, including global corporations like TATA Steel, JSW Steel and Raymond. Located to the north of Virar on the Western Railway line, the region is part of the newly-formed Palghar district, which also includes some of Maharashtra’s largest fishing ports such as Satpati, Dahanu, Arnala, Vasai and Datiware. According to Suresh Bhoir, a local broker, “The area’s strategic location, serves as a bridge between India’s financial capital, Mumbai and the highly industrialised south Gujarat. The district is close to Mumbai, as well as some of Gujarat’s largest cities like Ahmedabad and Surat.”
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In the past few years, the connectivity with Mumbai has improved drastically, with local trains starting operations between Churchgate and Dahanu. The Mumbai Urban Transport Project (MUTP) Phase-3, proposed by the Mumbai Railway Vikas Corporation, has listed seven projects, including the quadrupling of lines between Virar and Dahanu and eight new stations along this route. Moreover, the Delhi-Mumbai Industrial Corridor (DMIC) is slated to pass through Boisar. The proposed bullet train between Ahmedabad and Bandra-Kurla complex (BKC), will also halt at Boisar.
[ecis2016.org] Boisar property market: An overview
Infrastructure in Boisar
Boisar is currently governed by a Gram Panchayat which will soon be converted into a Nagar Palika (a small-scale municipality). At present, this region has acceptable basic infrastructure (roads, water supply, etc.) and is provided by the MIDC. Resident’s shopping needs are catered to by hypermarkets like D-Mart and Big Bazaar and a standalone multiplex and shopping arcade, which add to the location’s value and potential as an upcoming residential hub. Healthcare and educational facilities also exist. Numerous two and four-wheeler showrooms of various brands, also have their presence in the district. Entrepreneurs have already started capitalising on the opportunity by setting up shops and outlets.
What attracts home buyers to the area?
The area has attracted home buyers, who seek a better quality of life in a clean, green and unpolluted environment, while at the same time being well-connected to nearby urban agglomerations such as Mumbai and Surat. Sriram Mahadevan, business head of Happinest, reveals that they evaluated several locations in Maharashtra, before zeroing in on Boisar for their second affordable housing project in India. “Boisar’s fast growing commercial and social infrastructure, coupled with good connectivity owing to the Mumbai-Ahmedabad Expressway, were important factors in our consideration of the location,” he says.
Many people from Mumbai and Gujarat, who have their business interests in these cities, are also looking at Boisar for their first homes, from where they can commute to their business centres. Suresh Patel, a businessman, bought a 2-BHK in the region, for this reason alone. “The area offers a far cleaner environment than the congested regions in and around Mumbai. Moreover, Boisar has residential properties at affordable prices. This is unavailable in most other parts of the Mumbai Metropolitan Region (MMR),” he explains. With improving connectivity, Boisar offers easy commuting to Mumbai’s western suburbs.
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Check out properties for sale in Boisar
Property rates in Boisar
With more developments in the farther suburbs, in terms of connectivity and infrastructure, there will be opportunities for residential real estate investors to enter at a relatively affordable level and reap the benefits of a rise in prices. Apartments in Boisar include 1-RK, 1-BHK and 2-BHK configurations. The starting price for 1-BHK apartments is Rs 16.41 lakhs. According to various research reports, Boisar is the fastest appreciating region in the MMR. Nitin Mahatre, a local developer says, “Owing to the worsening congestion and skyrocketing prices in the core areas of metropolitan cities, emerging destinations – those located on the periphery of major metros – have acquired a new appeal, especially for those looking to purchase or invest in their first homes. The only issue with these emerging residential locations, is the lack of infrastructure and proximity to the city’s business districts. It makes great sense to buy a house in Boisar, if one is working in the Palghar-Boisar-Dhanu region. With improving connectivity, it will also be easier to stay in the area and work at Malad or Andheri.”
Check out price trends in Boisar
What should buyers look for?
Despite the rapid developments, infrastructure and civic amenities are still below standard in the area. Bad roads and drainage systems, water shortage and load shedding, are other issues. “We have water problems in the area and some internal roads are in a really bad shape. Also, it is difficult to get local transportation,” says Ritesh Shah, a resident of the area. Developers, however, maintain that projects are underway, to upgrade civic amenities and infrastructure.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle
