Published on January 23, 2016
1. 9 locations offering affordable housing along Central Railway Line in Mumbai The Mumbai Metropolitan Region is suffering from an acute shortage of housing. Millions of people shifting in this region in search of employment opportunities in financial capital of the country could not afford a basic housing unit. Looking at the increasing gross income of households, they can afford to buy a decent studio apartment, 1 room kitchen or 1BHK apartment in the range of Rs 20 lakhs to Rs 45 lakhs. While property prices have increasingly become unaffordable in Mumbai and two‐third unsold properties in the city are beyond the mark of over Rs 1 crore, there are some parts in the MMR offering many options in the ‘affordable housing’ segment. Property81 finds towns and cities in the region offering a variety of investable options with relatively lower property price levels, providing the incentives for future capital appreciation and healthy returns. After knowing affordable locations on Western Line in the MMR, let’s have a look at options available on the Central Railway Line beginning with Thane. Thane Thane, the north‐eastern suburb of India’s financial capital Mumbai, has become a very promising real estate destination and gained prominence in residential sector. Factors such as its proximity to the financial capital, being the largest civic body in the MMR after Mumbai, fast developing infrastructure, green belt in surrounding areas etc contributed in further development of this cosmopolitan city. Areas in the city such as Majiwada have emerged as highly developed and popular destination for premium projects while some other areas like Ghodbunder Road, Kalyan‐Shil Phata etc cater to the needs of home buyers in affordable housing segment Diva is a part of the Thane Municipal Corporation. It transformed into a city of multi‐storied buildings from a small village having an Agri population. First time home buyers find this place of a higher interest because of the unmet demand for housing across the metropolitan region and the push of people towards them. Though the area needs to have infrastructure developments on urgent basis, availability of land space is further driving the affordable housing segment in Diva.
2. Dombivali Dombivali, a part of Kalyan‐Dombivli Municipal Corporation, is driving the real estate market further. Kalyan‐Dombivali is one of 98 cities selected for the Smart City Mission which has become very lucrative for home buyers. The faster pace of infrastructure development in Thane‐Kalyan region and entry of many big developers has brought Dombivali on top in the affordable housing segment. Many townships have sprung up in recent past while many others are in developing stage. Dombivali boasts of a cosmopolitan lifestyle having reputed educational institutions, hospitals, malls, trade and fashion centres etc. Dombivali is well‐known for rapid industrial growth with major dyes, paints, chemical, and heavy metal factories based in industrial part of the town. There are several small and large industries concentrated in this region. The Maharashtra Industrial Development Corporation (MIDC) has developed a big industrial complex around Dombivali. The residential real estate in Dombivali is driven by end‐users as well as investors as the region has a good mixture of under‐ construction and ready‐to‐occupy projects. Kalyan Kalyan is an important railway junction on the Central Railway line connecting the city to Mumbai and the rest of the country. The suburban train line splits here into two heading towards Karjat‐Pune and Titwala‐Nashik. Also, central‐harbour, central‐western line and monorail projects are also proposed which would further bolster connectivity of this twin‐city. Kalyan, lies on the Old Mumbai‐ Agra Road, a strategic connecting point between Navi Mumbai, Nashik, and Bhiwandi. The National Highway number 222 begins from Kalyan and the National Highway number 4 has also made travel a lot easier and less time consuming. The added attraction is a 30‐minute drive from the new international airport (36 kms) coming up at Navi Mumbai. In comparison to its neighbouring cities like Thane, property prices in Kalyan are affordable because the market offers a lot of potential in the development of real estate market. Lately, residential projects in premium as well as affordable housing segment are being offered with best‐in‐class facilities. Ambarnath Ambarnath is located beyond Ulhasnagar in Thane district. Impressive growth of industrial area with entry of several national and international companies in the area has made this town to compete with neighbouring cities in the MMR. Besides this, connectivity is an added advantage as one can easily go to tourist hotspot of Matheran and Titwala, and commercial centres like Kalyan‐Dombivali, Badlapur, Bhiwandi, Thane, Navi Mumbai and Mumbai. Very good road connectivity is another important aspect for Ambernath. Ambarnath has affirmed its place among the top areas for real estate investment in the MMR. The town enjoys good social infrastructure like schools, medical facilities, roads and water supply. Badlapur Badlapur, an extended suburb, is of the fastest growing areas in the Mumbai Metropolitan Region (MMR) in respect of housing and industrial sector. Badlapur has seen an upward path of growth in affordable housing segment mainly catering to the low and mid income groups of home buyers. Saturation in the residential property market of Mumbai, availability of cheaper land, ongoing infrastructural developments beyond Kalyan‐Dombivali, especially in Kulgaon‐Badlapur area, and changing lifestyle have led end users and investors to find budget properties in Badlapur. The employment opportunities in local industrial areas, easy rail and road connectivity to Mumbai, Thane, Kalyan‐Dombivali, Nashik and Pune have encouraged development of Badlapur region and hence it has become the sought‐after destination in affordable housing category. Looking at the growing demand for affordable housing, many prominent developers have launched their projects in Badlapur.
3. Bhiwandi Bhiwandi, a prominent place earlier known for its powerlooms, has gained as the logistic and warehousing hub in recent past. It is a part of the Delhi‐Mumbai Industrial Corridor. Emergence of the industrial sector here has not only enhanced connectivity but also helped the growth of commercial and residential property market. Bhiwandi is 20 kilometres away from Thane and good realty projects are giving a cosmopolitan look to the city. With Western and Central suburbs getting overcrowded, Bhiwandi is emerging on the scenario as suitably placed location. The initiatives taken by the Bhiwandi‐Nizampur Municipal Corporation are said to have given a boost to the growth of affordable housing in Bhiwandi. Good connectivity with National Highway‐3, existence of a large number of industries and infrastructural growth accompanied by advancing social infrastructure makes Bhiwandi look a futuristic town in comparison to towns in its surroundings. Neral Neral is located 83 kilometers from Mumbai. It is fast emerging as a residential hub after Ambernath and Badlapur on the Central Railway line that connects Mumbai to Pune. The strategic location of Neral and its proximity to commercial centres like Belapur, Vashi in Navi Mumbai and Kalyan‐ Dombivali has pushed low‐cost housing there. All the amenities, though in limited extent, are available at the disposal of residents of Neral. This is because it got transformed into a developing town from a village situated at a strategic point. Hundreds of people from Mumbai and Thane have shifted here due to huge difference in property pricing and pleasant environment of this place. Industrial areas in almost all directions and good connectivity with surrounding areas helped Neral to bag the distinction of fast emerging destination for affordable housing. Social infrastructure including schools and colleges as well as healthcare facilities is another best thing for Neral. Asangaon Asangaon, situated about 70‐km from Mumbai, has emerged as a destination for those looking for a roof over their head in a limited budget. Offering connectivity with basic infrastructure, Asangaon has attracted a sizeable number of people to buy properties here. Many end users, mostly belonging to the middle or lower‐middle income group, found their bliss of home in Asangaon which has an industrial set up of around 400 units including that of Jindal Steel Plant and Oswal Industrial Estate. Being a part of Thane district, Asangaon is a locality on the Mumbai‐Nashik Expressway that offers properties in affordable range. The upcoming town is located on the banks of Bhatsa river and is seeing a gradual influx of residents from cities with municipal corporation status. Titwala Titwala, a small town just 23 kilometers from Kalyan and Dombivali, is situated in the lap of mother nature. The serene and peaceful environment at Titwala has lured thousands of people from Mumbai and Thane to settle down here. Many even have selected Titwala as weekend getaway and bought or built bungalows and row houses here. The fast emerging affordable housing destination is also known for its famous temple of Siddhivinayak Mahaganapati. Point to be added in below table: Important Projects at the said location Location Areas Property Size Price Range Status Imp Projects Thane Agasan, Mothi Desai Gaon, Khidkali, MIDC Pipeline Road, Mumbra, 1BHK Rs 30‐40 lakh Resale, Under‐ construction, Ready to Move Raunak Bliss, Lodha Palava,Dosti Group, Marvel Group,
4. Kalwa, Parsik Nagar, Ghodbunder Road, Samata Nagar etc Marathon Group Dombivali Kalyan‐Shil Phata Road, Manpada Road, Mhatre Nagar, Savarkar Road, Thakurli etc 1BHK Rs 21‐30 lakh Resale, Under‐ construction, Ready to Move Palava City, Dosti Planet North, Runwal My City, Raunak City Kalyan Malangad Road, Chinchpada Gaon, Hanuman Nagar, Gaon Devi Road, Agra Road, Nikki Nagar, Godrej Hills etc 1BHK Rs 21‐35 lakh Resale, Under‐ construction, Ready to Move Haware Group, Raunak Group, Shree Ganesh Builders Ambernath Kalyan‐ Badlapur Road, Ambernath‐ Kalyan Road, Royal Park Road, Khuntoli Road, Narayan Nagar, Gautam Nagar, Lok Nagar, Pale Gaon etc 1BHK Rs 20‐30 lakh Under‐ construction, Resale and Ready to Move Patels Elysium, Jainam Residency, Panvelkar Twin Towers, Tharwani Ariana, Satyam Oleander, Tharwani Meghna Montana etc Badlapur Barage Road, Kalyan‐ Badlapur Road, Shirgaon, Mankivali etc 1BHK Rs 20‐30 lakh Under‐ construction, Resale and Ready to Move Godrej Vihaa, Mohan Palms, Shree Complex etc Bhiwandi Narpoli Gaon, Vishal Wadi, Bhawani Nagar, 1BHK Rs 20‐30 lakh Under‐ construction, ready to move and resale Squarefeet Group, Aasha Developers Neral 1BHK Rs 20‐30 lakh Under‐ construction, Ready to Move, resale Olympio Asangaon Asangaon Road, Aakar Green Village, Bamane etc 1BHK Rs 20‐30 lakh Under‐ construction, resale Prakhyat Residency, Enrich Housing, Rathi Developer, Aakar Corpn,
5. Osho Dhara Titwala Mandir Road, Ambivali Road 1BHK Rs 20‐30 lakh Under‐ construction, resale Sankheshwar Group, JP Group
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