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3 Factors Contributing to Virar East's Growing Real Estate

Author
Blox Social
Posted on
Mar 27, 2023
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Virar is now known to be an evolving realty hotspot from a sought-after market for second homes. Over the past few years, Virar has stood out in the MMR region as a location with substantial growth and continuous demand for housing. While most of the population here is Marathi-speaking, Virar East has acquired a cosmopolitan character due to a slow and steady influx of people from the mainland. As a result, the cost of real estate in Virar East has also increased. 

Besides the cost, the demand for property in Virar East also increased. As real estate prices soar in Mumbai and its surrounding areas, Virar has emerged as a preferred destination for affordable and middle-income households.

But what are the reasons contributing to the rise of real estate in Virar East?

Let us find out: 

Upcoming Infrastructural Developments

Various infrastructural developments in the pipeline contribute to Virar's investment potential. For instance, the Virar-Alibaug multimodal corridor project that aims to improve connectivity between Virar and Alibaug will make the locality one of the most sought-after places for investors and homebuyers. This development will provide faster access to Alibaug from Virar. 

Also, the Vasai-Virar City Municipal Corporation's (VVMC) plan for a coastal road will make the region much more appealing. The proposed project aims to build a coastal road that will run along the coastline of Virar and Vasai, improving connectivity and providing a scenic drive. 

Several other infrastructure projects will benefit Virar exponentially. These developments include the Mumbai-Ahmedabad high-speed rail corridor and the Mumbai Metro Line 9. 

Also, the Mumbai-Nagpur Expressway will soon be operational. All these projects will improve connectivity between Virar and other parts of Mumbai and the country, making it an even more attractive destination for homebuyers! 

Capital Appreciation and Active Rental Market

While Virar East is a relatively affordable locality, the price appreciation rates for property in Virar East (5.8%) here are relatively rhigh. And both of these factors, in combination, work amazingly for home buyers as well as investors. 

The estimated average property price in Virar East is Rs. 5,645 per square foot. Most of the residential projects in the area are apartments, and the average price for a 1BHK apartment is around Rs. 25-35 lakhs, while the average price for a 2BHK apartment is around Rs. 45-60 lakhs. You can even get a decent space with all the essential amenities to help you lead a comfortable lifestyle for as little as Rs 20 lakhs in this area. So, for anyone looking for an affordable area for their new abode, Virar is the place to be!

The rental market in Virar East is also active, with an average rental rate for a 1BHK apartment starting from Rs. 7,500 per month, while a 2BHK apartment can cost around Rs. 12,000 per month. So, for people seeking some passive income, investing in an apartment in Virar East is your best bet!

Excellent and Seamless Connectivity

Virar East is a strategically located area that offers its residents hassle-free and smooth connectivity to all the major parts of the city. The locality has a railway station on the Western Line of the Mumbai Suburban Railway network, a crucial station on this line. It connects Virar to Mumbai and other significant parts of the MMR in the best way possible. With trains running at regular intervals throughout the day, no wonder it is one of the busiest railway lines in Mumbai.

On the other hand, the bus network in Virar East further enhances the area's connectivity. With the help of the Maharashtra State Road Transport Corporation (MSRTC) and other private bus operators, commuting via bus is relatively hassle-free. To explore nearby areas, one can always hop on a taxi or auto that is readily available here. This makes it easy to get around within the locality and know the area better. 

Moreover, the region is expected to improve its connectivity infrastructure with the proposed projects significantly. The extension of the Bandra-Versova Sea Link, which is supposed to be operational from December 2026, will ease travel between Nariman Point and Virar. And constructing a six-lane Vasai-Bhayander bridge will also enhance connectivity to and from Virar. All the upgrades are bound to attract more homebuyers to the region.

Conclusion

Virar East is a booming locality when it comes to real estate. With all the basic amenities, luxurious facilities, top-notch social infrastructure, and the promise of a comfortable lifestyle, Virar East is a place where you can consider buying your dream home. And with all the upcoming projects in place, the area's real estate market will witness a spike in demand in the coming years. We hope that this information will help you get a better idea of the locality and will assist you in making a prudent decision. 

Real Estate