Virar-one of the well-developed part of the Mumbai Metropolitan Region (MMR) has seen a major influx in its real estate market from the last few years. Due to its thriving location and many residential launches mostly in affordable segment, lots of Mumbaikars are eying this region and have migrated to become a proud owner of their dream home.
Scroll down and read what factors have made Virar a real estate hotspot for affordable homebuyers:
Location and Connectivity
Located in MMR, Virar is well connected through the National Highways 4, 3, 17 and 8. Virar railway station falls on the Western Line of Mumbai Suburban Railway. The region also enjoys seamless metro connectivity through a well-developed network.
Recently, the MMRDA has also planned to extend the Line-9 of the Mumbai Metro between Mira-Bhayander and Dahisar to Virar. This extension will further boost connectivity within the adjacent areas.
Virar has seen a lot of other infrastructural developments in the last five years. The skywalk in the west section of the Virar was one of the first amongst the many skywalks that were built near all the railway stations of Mumbai. On the eastern side, another unique skywalk is built that goes right over the Totale Lake. A tourist gallery is built in the middle of the 285 m long skywalk, for people to have a look that the scenic beauty just above the lake.
Virar is also a well-known tourist hotspot despite its proximity to Mumbai. Many tourist attractions such as Jivdani Temple, Jain Temple, Beach and resorts, Yazoo park by Rustomjee and other heritage sites are popular among people.
Virar is also home to some of the best known educational institutions like John XXIII Shastri Vidyalaya High School, Expert International High School, Utkarsha Vidyalaya, Virar, College of Arts, Science and Commerce, English High School, MGM Academy High School, and Little Fairy Monastery.
Virar-Alibaug Corridor- a proposed project by MMRDA will further play an important role in the development of the whole city. The corridor will bypass the western and eastern suburbs and also the routes which will witness growth in the future. It will also connect four crucial national highways i.e. NH8 (Mumbai-Ahmedabad), NH3 (Mumbai-Agra-Delhi), NH4 (Mumbai-Chennai) and NH17 (Goa-Mangalore-Kerala).
Real estate market of Virar
Recent developments have added many feathers to the real estate market of Virar. According to the latest reports, Virar offers housing units mostly in the affordable housing segment whether ready-to-move or under-construction projects. Many affordable projects are available in the developed localities of Virar namely Manvelpada, Phulpada, Chandansar Road and Veer Savarkar Road.
Some of the prominent developers present in the region are Shpoorji Pallonji, Rustomjee, and Mayfair Housing etc. Shapoorji Pallonji Joyville, Rustomjee Avenue I, Mayfair Housing Primrose and Bhoomi Acropolis are some of the best residential projects offering good ROI too.
Major projects which are worth investing in the region are RN Realty Rainbow Heights, Arham Realtors Shubham Regency, Rashmi Smart Homes, and Shantee Group Spanish Residency.
Property Price and trends
With Virar seeing a rapid development, property prices here are still on the affordable side. A homebuyer can easily find an apartment between Rs. 25-60 lakhs on an average. While unit size of apartments in this region ranges from 363 sq. ft. to 2,070 sq. ft., the average price of apartments in Virar east is Rs. 4305 per sq. ft. and Virar (west) is Rs 4,677 per sq. ft.
The minimum price of the flats is Rs 4,091 per sq. ft. on the other hand, the maximum price goes till Rs 5,654 per sq. ft.
Take a look at the property rates for various residential configurations:
- 1BHK will cost around Rs 26.61 lakh
- 2BHK will cost around Rs 38.90 lakh,
- 3BHK will cost around Rs 58.47 lakh and,
- 4BHK will cost around Rs 57.4 lakh
With many proposed and planned developments, smooth connectivity, and relatively budget-friendly prices, Virar proves itself as a hotspot for many affordable home buyers.