Affordable Housing Properties Increase The Speed Of Real Estate Growth In Vasai

Affordable housing properties increase the speed of real estate growth in Vasai


Randhir Pandey

In the western suburbs of Mumbai, Vasai is the new emerging locale area witnessing the demand and providing the both residential and commercial sectors. The major USP of the locality is the excellent connectivity to Mumbai Central Business District and reasonable capital values. As per Mr. Sunil Behra, the property consultant at Sai Properties stated that Vasai is seeing the continuous rise in the values since 6 to 8 months. As the residential capital value of the locality is noted as average escalation of 10 to 12 percent whereas the rental values have augmented by twenty percent throughout the same duration.

Vasai is strategically located within the suburbs of the city with an ample of space and traffic free roads. As the sub city is additionally undergoing the growth in the industrial and commercial sector. As there are forthcoming well planned commercial projects in the vicinity targeted to capture international companies together with small and medium enterprises. Due to the presence of manpower, cheap labour and low cost of operations is attracting several other new industries to establish their head office and so making an additional demand in both commercial and residential segments.

As the availability of green surroundings is aother reference catching the attention of young investors and consumers. The well set social and physical infrastructure such as colleges, roads, multiplexes, schools and hospitals in neighbourhood are scaling its potential as a real estate destination. As compared to the other upmarket localities of the city the capital value of the


property in Vasai

vary from Rs. 2500 to 4000 per sq ft. In the recent times the availability of private and public transports has been fuelled real estate activities and also enhanced the accessibility.

There are two forthcoming affordable residential projects which is coming in the location of Vasai by the renowned developer Shantee Constructions and Swastic Group. As the consumers can get 1BHK and 2BHK residential apartments in the cost bracket of Rs. 25 to 40 Lakh in Vasai.

The location Vasai is the forthcoming locality and is a developers paradise. The availability of infrastructure assets into civic amenities is proving to be advantageous for real estate growth within the locality and also the availability of pollution free environment in addition to its location.

Mumbai finds no mention within the list of places where the MHADA needs to purchase land for affordable housing . The promotional material issued by Mhada in Marathi newspapers in the month of August 15 seeks to purchase land from the market in urban locality under the province of its regional boards in Nashik, Amravati, Konkan, Pune, Aurangabad and Nagpur. This leaves Mumbai and therefore the nearest one will currently hope to get MHADA apartments is in Thane.

Former MHADA President Mr. Chandrashekahar Prabhu stated that MHADA creates lot of opportunities for housing development in Mumbai if it doesn\’t pass on its own plots to real estate builders for redevelopment. It is evident that the state government doesn\’t need the poor in Mumbai as stated by the BJP corporator Mr. Ashish Shelar from Mumbai. Housing activist and architect Ms. Neera Adarkar stated that at this rate Mumbai would presently have a scenario comparable to that of racial segregation in South Africa where the blacks had to possess a pass for night to stay back in city beyond dusk.

Mr. Shelar gave the statement that there are important pieces of land in Mumbai which may be used for housing development if there\’s a correct coordination between varied central and state agencies. He also stated that the state government should look at land which is available with the Mumbai Port Trust, the Airport Authority of India, the railways, etc and examine the different ways to use a part of them for reasonable housing. There are different cities as well where MHADA is seeking land from the real estate market for public housing are Sindhudurg, Solapur, Kolhapur, Jalgaon, Ahmednagar, Gondia, Chandrapur, Buldana, Washim, Jalna, Beed, Nanded, Osmanabad, Ratnagiri, Satara, Sangli, Dhule, Nandurbar, Wardha, Bhandara, Gadchiroli, Akola, Yavatmal, Hingoli, Parbhani and Latur.

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