[ecis2016.org] Virar is a cosmopolitan suburban area located at the extreme end of northern Mumbai. This region boasts of a flourishing real estate market
Approximately 70% of the population in Virar east is Marathi-speaking. The slow and gradual migration of population from the mainland, has given a cosmopolitan nature to this region. This has resulted in an increase in the cost of Virar east real estate.
You are reading: Virar east property market: An overview
In the past five years, the locality has witnessed huge development. With beautiful beaches, greenery and a tropical climate, Virar east has become one of the flourishing real estate markets particularly in the years from 2007. Virar east is well-connected by roads and railways. Corporation buses ply on the roads of the region. Many educational institutions, hospitals, amusement parks, banks, shopping malls, restaurants and religious places make the area a major investment region. With huge scope to become an important place for real estate development along with various ongoing projects, Virar east promises to be a potential investment area.
Leading builders in Virar east like Rustomjee and HDIL are predominantly active in this area. Therefore, there is an easy availability of 2 and 3 BHK housing units.
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Connectivity with nearby Virar east localities
- Well-connected to Mumbai via the Western Railway.
- Connected to the Mumbai-Ahmedabad National Highway.
- Connected to Navi Mumbai, Thane, Bhiwandi, Kalyan and Panvel via the Vasai-Diva Railway line.
[ecis2016.org] Property rates & trends in Virar east, Mumbai
Reputed schools in Virar east include National English High School and NGV High School. Some well-known colleges in Virar east are Holy Spirit High School and Junior College and Sadhana Jr College. Leading hospitals in Virar east include Bhushan Hospital and Shree Balaji Hospital. Reputed malls in Virar east are Mirza Shopping Center and Sripal Shopping Center. It has Yazoo Park, located at Global City, which is about 10 minutes from Virar railway station.
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Physical infrastructure in Virar east
- An ambitious project by MMRDA, the Virar-Alibaug Multimodal Corridor Project, aims to provide uninterrupted connectivity by road and rail from Alibaug to Virar. It will cover both the eastern and the western suburbs and proposes to connect four important national highways.
- Another railway corridor project – the Churchgate-Virar Elevated Rail Corridor, has been approved. This project is expected to bring about growth and development for the area.
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Price trends in Virar east
- Price appreciation – 5.8%.
- Current property rates – Rs 5,963 per sq ft.
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Reasons to invest in Virar east
Considering the price trends in Virar east and the rising demand, the area should prove to be a good investment region. Excellent social infrastructure, comparatively reasonable property prices and good connectivity, are the eminent factors behind Virar east’s growth.
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However, there are a few problems like water scarcity, especially in the summer, potholes on the roads and blockage of gutter pipelines, leading to traffic congestion. Several illegal buildings and plots have also been constructed in some places. However, with good appreciation and excellent connectivity, Virar east is becoming one of the best investment destinations in the city.
Check properties in Virar east
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Source: https://ecis2016.org
Category: Lifestyle
