Real estate news on Palghar’s branded homes in just Rs 11 lakh!

Investors/ Investment proposal, Real Estate services, Residential Properties, Mumbai-Thane-Kalyan-beyond, Knight Frank
Posted on Oct 31, 2014
Do you have a restricted budget but are desirous of investing only in branded homes? If yes, then Mumbais closest neighbor can be your next address.

Palghar recently got the district status which has opened avenues of development not only in terms of infrastructure but also in terms of social amenities.

Interestingly, the region is also witnessing significant progress in its real estate sector as several leading builders of the nation have recently launched their projects here in prices as low as Rs 9 lakh. Of all the regions in the district Boisar and Tembhode specifically near Dandekar College and Satpati Road are the most active because of availability of large tracts of land which is otherwise rare in areas close to Palghar railway station.

As per the Magicbricks data, over 25 projects are active here, out of which over 10 projects will be available for possession in the next six months. A 600 sq ft, 1BHK flat is available in a price range of Rs 9-12 lakh, while a ready flat is offered for Rs 14-16 lakh. A 2BHK apartment of 700 sq ft is priced in a range of Rs 16-20 lakh, which may vary as per the delivery date and the amenities offered.

Most of the projects offer amenities such as ample open spaces, gymnasium, maintenance staff, waste disposal system and water storage facility.

So who are the buyers?

Sarvajeet Chandra, managing partner, Master Sun Consulting says, “Most of the buyers in these townships are locals who are either owners of SME units or have sold off their land in the interior villages to shift close to the city centre. Some of them are government officials, working in the district.

Chandra also pointed out trends in the buyers demography. “Retiring couples from Mumbai are also buying in Palghar because of low cost of housing and living.”

Direct local train connectivity from the Vasai-Virar stretch is also driving housing demand here, especially from those who have restricted budgets for buying property but want to invest with established players of the industry.

Scope of appreciation

Availability of big sized land parcels, proximity to the Vasai-Virar stretch and growing local job market has brightened the investment prospects in the area.

The real estate fraternity expects Palghar and Boisar, which have seen new launches in recent times, to see price appreciation in future as well. “Property prices here have almost doubled because of lower base rate. Those launched at Rs 1,200-1,500 per sq ft are now offered for Rs 3,000-4,000 per sq ft,” says Gulam Zia, executive director, Knight Frank.

With impetus being given to affordable housing sector, areas on the outskirts such as Palghar, are emerging as potential destinations to fulfill the mission of providing ‘Housing for All.

Share on: