Mumbai is upgrading with a number of mega infrastructure projects currently being undertaken across the MMR which promises to change the entire dynamics of the real estate sector in Mumbai and the surrounding region. These infra projects will improve connectivity and reduce travel time significantly, for commuters. Due to these developments, we are seeing a number of new affordable residential locations in the MMR emerging, giving fresh hopes to home seekers to ultimately fulfill their dreams of owning a home.
For instance, Boisar located in the Palghar district around 100 km north of Mumbai is fast developing into a preferred housing destination. It is an upcoming micro-market in the MMR region with excellent connectivity to Mumbai and surrounding areas. It is part of the Mumbai suburban western railway line. Boisar as a residential destination is budget friendly and offers home buyers a plethora of affordable housing options. Apart from local developers, there are a number of leading developers like Tata Housing, Mahindra Lifespaces, Agami Realty and Cosmos Group who have their projects here.
According to the IndexTap Premier League report by CRE Matrix for April to June 2023, the top 10 selling projects in Palghar sold about 250 units worth Rs 59 crore. Thakur Galaxy, THDC Ambrosia, Mahindra Happinest Palghar, Agami Sapphire to name a few, were among the top-selling projects in Palghar during this period.
Speaking on benefits to home buyers investing in Boisar, Prashant Khandelwal, CEO - Agami Realty said, “Boisar is one such area that has huge growth potential given its strategic location and future development prospects. Connectivity is yet another major factor that favours this locale making it an attractive housing destination. New emerging housing spots in the MMR like Boisar provides affordable housing options with good social infrastructure around in addition to providing home buyers with employment opportunities, making it a winning proposition for most home buyers.”
Being in close proximity to Mumbai this locale offers affordable homes to customers. The cost of owning a home is comparably quite low as compared to other competitive locations in the MMR. Due to rising housing demand, Boisar has witnessed an excellent price appreciation of nearly five per cent in the last three years. Most projects are affordable in nature and prices currently hover around Rs. 3200 per sq ft. This reflects the growth and investment potential that this location holds for investors looking at earning attractive returns in the long term. There is a huge demand for 1 BHK apartments where investors can be assured of earning a monthly rental income of Rs 10,000 with a four per cent annual rental yield.
Boisar is a well-developed industrial hub with a number of manufacturing and industrial units. It is host to Maharashtra's largest MIDC which houses more than 1500 industrial units producing steel, plastic, and Polyvinyl Chloride (PVC) products, among other things. The HDIL Industrial Park in Virar East lies about one-and-a-half hours away from the area. Boisar also houses the Tarapur Atomic Power Station, the country’s first nuclear power station. This has generated a huge employment opportunity, attracting people in search of employment; thus, creating a huge demand for housing.
Boisar is strategically connected with Mumbai and surrounding areas in the MMR. A railway station has been planned on the Mumbai-Ahmedabad high-speed rail corridor in order to further enhance connectivity. The Delhi-Mumbai Expressway will pass through this district. In addition, Boisar will be included in the proposed Delhi-Mumbai industrial corridor. There is also a proposal to construct the third airport in the region of Palghar. This will further give a boost to the area, increase housing demand and see property prices move further north.
Boisar has good social infrastructure in place like renowned educational institutions, healthcare facilities, retail outlets etc. There are several parks and tourist spots like Asava Fort, Nandgaon Beach, and Kaldurg Fort, to name a few. In conclusion, Boisar is definitely an emerging residential powerhouse that has excellent future prospects for development. Home buyers and investors should not wait but invest now, as property prices will only move up due to improved connectivity, resulting in increased home buyer demand.
