Virar: Perfect location for investment in second homes

Introduction

Virar has progressed from a popular second home location to an emerging real estate investment centre. With multiple infrastructural enhancements in the works and a slew of houses available for around Rs 50 lakh, Virar has evolved as one of the MMR region's most well-known real estate marketplaces. Virar is a Mumbai suburb located to the north of the city. Although it is located in Maharashtra's Palghar District, it is part of the Mumbai Metropolitan Region (MMR). Previously considered solely as a second home choice, the Vasai-Virar region is now experiencing increased real estate activity, as seen by many under-construction projects by reputable builders. 

Furthermore, its proximity to Thane through NH-48 and Mumbai via the Western Express Highway is advantageous for job-seeking people. Furthermore, the projected Mira Road-Virar Metro project and the under-construction Virar-Alibaug Multimodal Corridor project are two major infrastructural projects that are expected to enhance real estate and housing expansion in the region. Nonetheless, the area's affordability in comparison to other sections of the city has made it popular among homeowners.

Virar has a thriving real estate market with a variety of high-rise apartments equipped with all modern conveniences. Virar has been able to attract many national and regional developers, including Shapoorji Pallonji Real Estate, Rustomjee Developers, and HDIL, due to the high return on real estate investments during the previous five years.

The western line of suburban trains and national highway -48 (NH-48), often known as the Mumbai-Ahmedabad Highway, provides excellent access to the Virar micro-market. The area serves as the starting point for the western railway line, which connects all important micro-markets such as Mira Road, Borivali, Kandivali, and Goregaon. The Chhatrapati Shivaji International Airport is about an hour distant from this rising real estate destination. After the Santa Cruz Skywalk in Mumbai-MMR, the Virar-West Skywalk is the busiest walkway developed by the MMRDA.

Virar: Perfect location for investment in second homes

Introduction   Virar has progressed from a popular second home location to an emerging real estate investment centre. With multiple infrastructural enhancements in the works and a slew of houses available for around Rs 50 lakh, Virar has evolved as one of the MMR region's most well-known real estate marketplaces. Virar is a Mumbai su...

Why is Virar a good place for investment in second homes? 

1. The social infrastructure in Virar makes it a good reason for investment in second homes

The social safety net in and surrounding the micro-market is very well established, with hospitals, academic facilities, retail establishments, and financial institutions all present. Some well-known schools and colleges include St. Xavier's High School, National English High School, and Rustomjee International School, as well as VIVA College of Arts, Commerce, and Science, Virar Homeopathic Medical College, and others.

The micro-market is close to Sahayog Hospital and Research Centre, Global Hospital, Highway Hospital, and Riddhi Vinayak Multi-speciality Hospital. Some of the retail centres available to Virar residents are M G Shopping Centre, Bhaskar Commercial Complex, and Magnet Mall.

2. Real estate growth also gives a good reason for investment in second homes

Virar has several beautiful beaches along its lengthy western coastline. This has spurred the growth of resorts, rental properties, and vacation houses in the area. Virar, which was formerly favoured as a vacation home destination, has undergone methodical development as a result of the formation of a municipal corporation. In the residential sector, 1 BHK flats/studio apartments account for the majority of properties for sale in Virar. This demonstrates that property investors choose Virar as an alternative residential investment, which is often employed for shorter periods of time. Furthermore, with over 90% of residences priced around Rs 50 lakh, this neighbourhood is quite inexpensive.

Virar is a cosmopolitan Mumbai neighbourhood known for its inexpensive homes. Virar's real estate micro-market has seen great expansion during the previous 10 years, whether in terms of infrastructure or fantastic real estate developments. Investors are interested in Virar for two reasons.

For affordable housing, it provides a variety of high-rise apartments with all contemporary conveniences at a reasonable price, and

As a second home destination due to its great return on real estate investments and tranquil atmosphere several major infrastructure projects scheduled for areas surrounding Virar will be the next development drivers, making it an appealing investment location.

3. Virar's capital and rental trends- a good reason for investment in second homes

The average property pricing in Virar is roughly Rs 5,200 per sq ft, according to the Mumbai Insite Report Jan-Mar 2021. While the neighbourhood had a four per cent YoY increase in property rates in January-March 2021 due to the adverse market circumstances caused by the COVID-19 pandemic, it experienced a minimal increase in Q1 2021.

Furthermore, housing prices have increased by a stunning 13% during the previous five years (Jan-Mar 2017 versus Jan-Mar 2021).

While Virar has good rental returns, the expansion of the metro route from Virar to Mira Road will boost the region's rental return possibilities. A 1 BHK for rent in Virar is now available for Rs 2,500-10,000 per month. A 2 BHK and 3 BHK flat can cost roughly Rs 7,500-18,000 per month and Rs 13,000-Rs 50,000 per month, accordingly.

"Affordability is the major element drawing investors to Virar," says Tulsi Shinde, Owner, of Tulsi Estate Agency, Virar West. As a result, real estate activity has expanded significantly during the previous five years. Local job seekers can find work in Global City in Virar West and steel and rubber industries in Virar East. People still choose to travel to Mumbai for job chances. Agashi and the surrounding villages in Virar West are well-known for their abundance of resorts and vacation houses. The projected metro project from Mira Bhayandar to Virar would undoubtedly improve the region's real estate prospects."

4. Growth Potential in Virar - a good reason for investment in second homes

The planned large infrastructural projects will be the next development drivers in the Virar realty market, and the comparatively low cost of projects in comparison to other regions of Mumbai makes Virar an appealing investment location.

The projected route for India's first bullet train is from Mumbai to Ahmedabad. Virar will be the first of the scheduled 12 bullet train stops. It will turn this micro-market into an investment centre in the future, as well as improve trans-city mobility.

Virar-Alibaug Corridor Project, this huge infrastructure project would connect Alibaug and Virar with metro and roads. The MMRDA will take up the project, which is projected to cost INR 10,000 crore to complete.

5. An Investment Opportunity in the Residential Market

The Virar real estate market is thriving as a result of several infrastructural developments and steady expansion in the area as a result of an increase in the migrant population. Several real estate developers have attempted to exploit Virar's booming real estate market during the previous five years. Currently, there are over 70 residential projects from 50 different real estate developers, the bulk of them fall into the inexpensive class. 

According to Square Yards Research, the Virar micro-market is unquestionably a Mumbai-MMR cheap housing hotspot. Whereas 57 per cent of residential projects have a budget range of INR 30 Lac - INR 60 Lac, accompanied by residential properties with a price range of less than 30 Lac. Big developers provide a myriad of housing alternatives for real estate investors and end-user purchasers.

Some of the well-known developers with residential projects in Virar are Rustomjee Developers, Shapoorji Pallonji Real Estate, Cosmos Group, Mayfair Housing, Arkade Group, Bhoomi Group, and Ekta World. Other notable developers will undoubtedly follow the Virar realty market's development trend in the future.

Despite a broader consolidation in property investment over the previous four years, the Virar micro-average market's price of residential homes has never fallen. Currently, residential property prices range between INR 4,039 and INR 6,579 per square foot, with an average price of INR 4,917 per square foot. According to Square Yards Research's price trend study, the micro-market has had an excellent capital appreciation of 13% over the previous ten quarters and is predicted to increase by 18% - 25% over the next three years.

To sum up, the lack of close metro access remains a major topic in the neighbourhood. The State government has planned a 23-kilometre-long Purple Line 13 of Mumbai Metro from Mira Road to Virar to connect Virar with the Mumbai metro network. This will increase the region's connection quotient. It is planned to be finished by 2026. The Mumbai International Airport is 60 kilometres from Virar via the Western Express Highway.

Finally, the affordability and abundance of ready-to-move-in and also under-construction properties draw real estate investors to the Virar real estate market, and the pattern is here to stay.