Fringes in focus: New realty hubs are emerging on the outskirts of MMR
Investment is growing in areas such as Karanjade, Boisar and Dronagiri, due to improved connectivity and infrastructure.real estate Updated: Sep 22, 2018 20:15 IST
As the edges of the Mumbai Metropolitan Region expand, expect to hear more about places like Karanjade, Boisar, Dronagiri and Shahad.
These are regions benefiting from proximity to popular micro-markets like Panvel and Vasai-Virar. Infrastructure is also contributing to the boost, whether the upcoming Navi Mumbai airport, trans-harbour link, high-speed rail route or, on a more localised level, social infrastructure such as malls, multiplexes, hospitals and schools.
“We expect to see sustained growth in these micro-markets as the urbanisation trend moves outward,” says Prashant Thakur, head of research at Anarock Property Consultants.
Karanjade, for instance, is halfway between Mumbai and Pune and just a few kilometres from the upcoming Navi Mumbai airport. “These factors make it a hot investment option for Mumbaiites,” says Rushabh Vora, co-founder and director of the SILA real-estate advisory. “Developers from the Satyam Group and Kamdhenu have projects in Karanjade. It is also connected to important junctions like Panvel, Kopar and Vadgam.”
Well-rounded social infrastructure including schools, banks and hospitals, and easy connectivity to Mumbai and Navi Mumbai, have helped. “Karanjade has more than 2,080 units ready to move into, at a going rate of Rs 4,700 to Rs 6,500 per sq ft, according to our data,” Thakur says. On the flip side, water supply continues to be an issue.
Boisar, meanwhile, is benefiting from its proximity by rail to Mumbai on the one hand and Ahmedabad on the other. As new developments go up and demographics start to change, automobile showrooms are opening up here, as are hypermarkets and multiplexes. “Boisar will offer greater connectivity once the bullet train project kicks off. One of its stations is Boisar,” says Sanjay Dutt, CEO of Tata Housing, which has a project here called New Haven.
Eventually, the Delhi Mumbai Industrial Corridor is expected to pass via Boisar too. According to Anarock data, 8,700 new units have been launched here since 2013, at Rs 2,500 to Rs 5,200 per sq ft. Road infrastructure continues to be poor, though.
Not far from Boisar, Dahanu is changing its identity from retirement destination to affordable luxury, especially since the Western Railway extended some of its Churchgate-Virar services to this point. Usable land is limited, and the area still has the exclusivity of a holiday getaway, so rates here range from Rs 3,300 to Rs 4,000 per sq ft.
Dronagiri is already being touted as the next investment option in Navi Mumbai, being modelled on the lines of Vashi and Kharghar. The 22-km Mumbai Trans-Harbour Link will vastly improve connectivity when it is completed, in 2022. “Navi Mumbai’s market has been active even through the real-estate slowdown because of its affordability and future growth prospects,” says E Jayashree Kurup, head of editorial and advisory at Magicbricks. “Increased commercial development points to Navi Mumbai also posting more job openings here in the future and this bodes well for the residential market.”
Investors have turned bullish towards Dronagiri since the Cidco announced its development plans, turning it into an affordable housing hub, adds Vora. Prices here range from Rs 3,700 to Rs 5,600 per sq ft, with projects such as Dev Luxuria, Infinity Elite and Prajapati Magnum in the works.
The Thane suburb of Shahad, meanwhile, has organically evolved as an extension of Kalyan and Ulhasnagar, after the rapid growth of the Ambernath-Badlapur area. Konark Residency, Vardhaman Park and PJ Palm Prism are projects currently underway in Shahad. Rates range from Rs 3,700 to Rs 5,600 per sq ft.
First Published: Sep 22, 2018 20:15 IST