A thriving part of the Mumbai Metropolitan Region (MMR), properties in Virar are on upswing currently due to its tourism and construction of many residential projects. Many Mumbaikars who are looking for affordable homes are eying this region of Mumbai and have migrated to become a proud owner of their own home.
Take a look at various factors that have made Virar a realty hub in Mumbai:
Virar is located within the MMR and is well connected through the National Highways 4, 3, 17 and 8. Virar railway station is the northern-most railway station on the Western Line of Mumbai Suburban Railway. The region also enjoys smooth 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 greatly in the area.
Virar is 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.
Apart from this, the city 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-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).
Virar is also home to some of the best reputed 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.
Real estate market
Due to various developments, the real estate market of Virar has been booming and people from many places have migrated & have started living here. According to the latest report, Virar offers inventories mostly in the affordable housing segment whether ready-to-move or under-construction projects. There are many affordable projects 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. Kumawat Builders’ Manish Apartments, Ritu Dreams, Shubh Vastu Relcon Kalawati Nagar and Reliable Homemakers Township are key projects in the affordable segment. 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.
While Shapoorji Pallonji Joyville, Rustomjee Avenue I, Mayfair Housing Primrose and Bhoomi Acropolis are some of the best residential projects which offer good ROI too.
Property Price and trends
With Virar seeing a rapid development, property prices here are on the affordable side. One can find apartments between Rs. 25-60 lakhs on an average. 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.
While the minimum price is Rs 4,091 per sq. ft., the maximum price goes till Rs 5,654 per sq. ft.
Property rates for Housing units are as follows:
1BHK- Rs 26.61 lakh
2BHK- Rs 38.90 lakh,
3BHK- Rs 58.47 lakh and,
4BHK- Rs 57.4 lakh
So with many upcoming developments, great connectivity, and relatively affordable prices, Virar in coming future will become a hotspot for many affordable home buyers.