Real estate news on Four reasons why Bhiwandi attracts end-users

Real Estate Tips, Residential Properties, Mumbai-Thane-Kalyan-beyond
Posted on Oct 18, 2014
Mumbai

Bhiwandi has emerged as one of those residential localities beyond Thane that banked upon its affordability tag.With extensive industrial development and employment opportunities coming up, the area has so far been successful in attracting developers and investors but is still struggling when it comes to end-users. However, now, Bhiwandi is expected to attract the affordable buyer, as it has several more factors to boast of.

Improved Accessibility

The soon-to-be-operational Kapurbawdi Flyover, is expected to give swift connectivity to Thane and Mumbai from Bhiwandi. Currently, the heavy traffic over the Majiwada stretch adds to commuter woes as it takes over 30 minutes during rush hour to cross, since traffic coming from Ghodbunder Road also flows here. This newly-built flyover once operational, will join the Eastern Express Highway and the industrial area lying across the stretch to ensure smooth flow of traffic.

“As existing routes to Bhiwandi through the MumbaiNashik Highway and the Mumbai-Agra Highway remain congested, improved connectivity to the area may work wonders for Bhiwandis realty,“ says Mahavir Sharma, owner, Shri Sadguru Realty , a local brokerage firm active in Thane.

Quality Construction

Bhiwandis realty took time to take off because of the lack of aspirational value from the end-users. “The locality is affordable in terms of property prices but does not offer quality construction which appeals to senior level professionals,“ says Balaji Padmanavahan, owner, Re Search Solutions, a brokerage firm dealing in the area.

New development is taking place here at a fast pace. Several leading developers are planning their launch as ample land banks is available for construction. Local builders are also active, providing bet ter quality offerings which would add to the supply .“Majority of the new construction in Bhiwandi is from local developers who are coming-up with G+3 or G+4 units.These are priced between Rs 30-40 lakhs, usually preferred by the middle-class segment, especially those employed nearby ,“ says Sharma.

Progressing Infrastructure

Bhiwandi has the basic infrastructure in place but it lacks quality as many of them still need upscale modifications. In fact, schools, medical facilities, grocery shops, supermarkets, all are available in the proximity which makes life convenient for existing residents.

According to recent reports, though the Mumbai Metropolitan Region Development Authoritys (MMRDA) proposed monorail for the area was dropped because of economic viability, the MMRDA has decided to concentrate on the rapid transit corridor by building better roads and flyovers.

Several realtors told Mag icBricks.com that Bhiwandis realty was expected to take-off long back but got delayed due to the slow progress in infrastructure development. “MMRDA took Bhiwandi into its ambit in 2010. Since there was no clarification on land usage policies, it affected the realty growth here,“ explains Balaji. However, with greater focus on the rapid transport corridor, one can expect the area to develop faster.

Capital Appreciation

Those who have invested here have reason to cheer as the locality appreciated more than 25 per cent in the last one year.The capital values ranged between Rs 3,000-3,700 per sq ft in August 2013 which increased to Rs 3,800-4,900 per sq ft in August 2014. This sharp increase is attributed to growing infrastructure in the area in terms of connectivity and transportation.

As Bhiwandi is riding the realty development bandwagon and gets the required infrastructure boost, end-users may find affordable housing options more attractive, provided they dont mind traveling a bit.

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