Virar Mumbai, Investment Opportunities:
Virar has come a long way from being a popular second home market to an emerging real estate hub. The opportunity for investment in Virar is projected to increase as a result of upcoming infrastructure improvements like a dedicated metro station & elevated corridor connecting to Churchgate & Alibaug. If you want to invest in Virar, this area is mostly a hotspot for affordable housing.
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A suburb of Mumbai, Virar is located to the north. While being a part of Maharashtra's Palghar District, the Mumbai Metropolitan Area is where it is located (MMR). The Vasai-Virar area has seen an increase in real estate activity; under-construction projects by reputable builders, such Agarwal Group, Rashmi Housing, and Poonam Developers, to mention a few, support this trend. Originally, this area was chosen by buyers for second home purchases. The people looking for work would also benefit from its connectivity to Thane via NH-48 and Mumbai via Western Express Highway. Both the currently under construction Virar-Alibaug Multimodal Corridor project and the projected Mira Road-Virar Metro project are large-scale infrastructural initiatives that are anticipated to increase real estate and housing investment in Virar.
Popular Virar growth drivers
Affordable housing market
Virar, which is located along the western coast, is home to many beautiful beaches. This has fueled the growth of resorts, homestays, and vacation rentals in the area. Virar, formerly a well-known holiday spot, has undergone a methodical growth as a result of the creation of the Vasai-Virar Municipal Corporation. 1 BHK flats account for around 60% of the local real estate. Also, this neighbourhood is reasonably priced due to the fact that about 80% of houses are available for less than Rs 50 lakh.
Increased price growth
In Virar, the cost of a square foot of real estate averages around Rs 6,000. Over the past five years, the area has had a nearly 25% gain and an average yearly price increase of over 8%.
With the construction of the metro route from Virar to Mira Bhayander, the annual rental yield in Virar is expected to rise to roughly 3%. A 1 BHK for rent in Virar is now offered for about Rs 7,500 per month. Tenants may be required to pay roughly Rs 10,000 & Rs 15,000 per month, respectively, for a 2 BHK and 3 BHK unit.
The main aspect luring investors to Virar is affordability. As a result, over the past five years, there has been a significant growth in real estate activity. The steel and rubber industries in Virar East, as well as commercial hubs including Parikh Commercial Centre, Bhaskar Commercial Complex, and Asset Hub, serve as important employment centres. Yet, for job prospects, individuals continue to favour travelling to Mumbai. There are many resorts and vacation rentals in Agashi and the surrounding districts of Virar West.
Connectivity and social infrastructure
Although Virar offers a good selection of medical centres and educational institutions, it lacks shopping centres.
Conveniences for society in Virar, Mumbai
Commercial hubs Educational institutions
Bhaskar
Commercial Complex
Rustomjee Cambridge International School
Parikh Commercial Centre St James English High School
Nalasopara Gurukul Wave International School
Asset Hub Matrix Academy School
Healthcare facilities
Riddhi Vinayak Multispeciality Hospital
Sahyog Hospital and Research Centre
Sanjivani Hospital
Recreational options
Rajodi Beach
Arnala Beach
Yazoo Amusement Park
Mahavir Hospital
Magnet Mall
Through NH-48, Virar has excellent road access to Thane (part of the Golden Quadrilateral). By NH-48 as well as the Western Express Highway, it is connected to Mumbai (WEH). Popular areas of Virar include Nalasopara and Vasai. Virar Railway Station on the Western Line of the Mumbai Suburban Network now serves as the region's train connection. Also, the extension of the Bandra-Versova Sea Link to make it easier to commute between Nariman Point and Virar and the sixlane Vasai-Bhayander bridge are all projected to improve the region's connection infrastructure.
Conclusion
An ambitious project that would seamlessly connect Thane, Palghar, and Raigad districts and significantly reduce travel time to Alibaug is the Virar-Alibaug Multimodal Corridor. The project is anticipated to provide jobs in the Virar, Bhiwandi, & Dombivali areas, which will support the area's future housing need. In conclusion, investors are drawn to the Virar real estate market by its affordability and sufficient availability of homes, but prospective homeowners should do their research first.
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