New offerings at an affordable price and the new affordable housing destination – Palghar
Palghar, in Thane, at a distance of about 90 km from Mumbai is fast developing as an affordable residential location. With prices in other affordable locations such as Virar, Dombivali, Vasai etc. increasing slowly, demand for budget housing is shifting to nearby localities such as Palghar. It is the next major junction after Virar on the Western railway.
The price range for residential properties in Palghar varies between Rs. 2,000-3,500 per sq. ft. as compared to Rs. 4,000-5,500 per sq. ft. in Virar, Dombivali, Vasai etc. Since it is an affordable destination for the residential market, there is a huge demand for housing.
The maximum demand is witnessed for 1 and 2BHK units as majority of the end users are comprised of buyers working in the industrial area around Palghar and Boisar who have limited budgets.
However, the locality witnesses more demand from investors who are mostly from Mumbai. Almost 60-70 per cent of the demand in Palghar comes from investors.
As aligned with the existing demand most of the builders are coming up with projects that offer smaller units of 1 and 2BHK configurations.
Connectivity and Infrastructure
The locality is easily accessible from the Mumbai-Ahmedabad National Highway (NH8). Connectivity of the locality is set to improve with the local railway line from Virar expected to extend to Dahanu by March 2013. This is expected to provide a further impetus to real estate prices in the locality. Moreover, the locality also enjoys good bus service. All basic amenities like schools, colleges, hospitals, shopping malls, restaurants, etc are already present in the locality.
With major realty developments taking place in the locality, an appreciation of approximately 20-25 per cent is expected in the next one year.
Thus, Palghar is all set to become the next budget destination in Thane that offers a good option for both investments as well as end use.
Ready to move Commercial and Residential Properties from BMRI
Located at 15 min walking distance from station. Situated near to market, hospital, school, temple. It provides the finest for an Ideal Home.
It is one of the most reputable address of the city with easy access to many famed schools, shopping areas, hospitals, recreational areas, public gardens and several other public amenities. The Project is at a very good proximity from school, market, banks & station. A location which allows to enjoy a chill breeze of beach on weekend by just driving for 15 minutes.
Located next to Virar, it has direct road access to the Mumbai Ahmedabad Highway (NH-8). Mumbai Chhatrapati Shivaji International Airport and Bus stand are also easily accessible from here. In addition, beautiful beaches (Kelva, Mahim and Satpati), ancient forts (Kelva and Shirgaon) and Manor Dam in the vicinity of Palghar make the place an attractive tourist getaway. Maharashtra’s largest fishing center, Satpati is also at a driving distance from Palghar West.
Real estate in Palghar is slated for growth, mainly, because of the proposed bullet train which will connect two main cities Mumbai and Ahmedabad. This town lie to the north of Mumbai and are on the periphery of the Mumbai Metropolitan Region. Coming back to the bullet train, the first train is likely to run by 2024. The current travel time between the two cities is 7 hours; the bullet train will cut it down to only 2 hours. 11 railway stations are being proposed along the route; on the Maharashtra side of the border besides the Terminal at Mumbai’s Bandra-Kurla Complex, Thane, Virar and Dahanu are likely to be the other stations.
Palghar is placed on the Western Line of the Mumbai Suburban Railway on the Mumbai Ahmedabad rail corridor. And is very easy for everyone to access the railway station. Last year, Palghar was given district status making it the Thirty Sixth district in Maharashtra.
About BM Group
BM Group (BM™) is a company established in early 90’s and is based in Mumbai, India. BM Group (BM™) serves for Property Development and Real Estate Consultancy of residential, commercial, warehouse, land, and retail leasing in different regions of Mumbai, Palghar, Thane, Ahmedabad, and Rajkot.
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