Mumbai is upgrading with several mega infrastructure projects currently being undertaken across the Mumbai Metropolitan Region (MMR), which promises to change the entire dynamics of the real estate sector in the city and its surrounding region. These infra projects will improve connectivity and reduce travel time significantly for commuters.
Due to these developments, several new affordable residential locations have emerged in the MMR, giving home seekers fresh hope to fulfil their dreams of owning a home.
For instance, Boisar, located in the Palghar district around 100 kilometres north of the city, 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 many affordable housing options. Apart from local developers, several leading developers like Tata Housing, Mahindra Lifespaces, Agami Realty and Cosmos Group 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, and 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 of Agami Realty, said, “Boisar is one such area with huge growth potential given its strategic location and future development prospects. Connectivity is another major factor favouring this locale, making it an attractive housing destination. New emerging housing spots in the MMR like Boisar provide affordable housing options with good social infrastructure and provide home buyers with employment opportunities, making it a winning proposition for most home buyers.”
Being near Mumbai, this locale offers affordable homes to customers. The cost of owning a home is quite low 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, and prices currently hover around Rs. 3200 per square foot.
This reflects this location’s growth and investment potential 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 making a monthly rental income of Rs 10,000 with a four per cent annual rental yield.
Boisar is a well-developed industrial hub with several 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 an enormous employment opportunity, attracting people searching for employment, thus creating a massive demand for housing.
It is strategically connected with Mumbai and surrounding areas in the MMR. A railway station on the Mumbai-Ahmedabad high-speed rail corridor has been planned to enhance connectivity further.
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 boost the area, increase housing demand and see property prices move north.
Boisar has good social infrastructure like educational institutions, healthcare facilities, retail outlets, parks and tourist spots like Asava Fort, Nandgaon Beach, and Kaldurg Fort. It is an emerging residential powerhouse with excellent future prospects for development. Home buyers and investors should immediately invest, as property prices will only increase due to improved connectivity, increasing home buyer demand.
