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Vasai – a good investment in the long run

Vasai, a nondescript village a few decades back, has now become an interesting place for affordable housing. With hardly any industries then, the eastern part has become industrialized with small and medium scale industries producing a wide variety of goods. Consequently, it has impacted the real estate favourably. It is one of the most affordable real estate destinations, approximately 35 km to the north of Mumbai.

The going rate for apartments here falls between INR 5000 to 6000 psqft. The prices here are almost 35 to 50% less than Borivili, the nearest Western suburb of Mumbai, and Thane which are at a distance of approximately 34 km and 36 km respectively.

The Vasai-Virar city is one of the most populated areas in the Palghar District of Maharashtra. Its scenic locale has been the reason for many national and international video shoots. It is administered by the Vasai-Virar Municipal Corporation (VVMC) that oversees the civic and social infrastructure in the city. Rapid growth in Mumbai city and suburbs pushed people to opt for peripheral areas such as Vasai – Virar in search of accommodation. The rise in population in such areas prompted development in civic and social amenities.

Transport & Connectivity

Both the Western and Central Railways connect Vasai-Virar and the important stations here are Vasai Road, Virar and Nala Sopara. There are about 118 slow, semi-fast and fast trains running from here to Mumbai right through the day till about midnight. The frequency varies from 30 minutes to 15 minutes and sometimes earlier.

The Vasai-Virar town is also served by a large fleet of buses operated by Vasai Virar Municipal Transport (VVMT). These buses also operate to the interior villages and the neighbouring areas of Mira-Bhayandar, Thane and Mulund. As everywhere in India, auto rickshaws and private cabs also operate here.

The Vasai-Alibaug Corridor project of the Mumbai Metropolitan Region Development Authority (MMRDA) will improve connectivity between the two localities and major centres in Mumbai, Navi Mumbai and Thane. The Delhi-Mumbai Industrial Corridor (DMIC) is another one that will pass through Vasai. The proposed elevated rail corridor between Bandra-Virar Coastal Corridor and Churchgate-Virar will also fuel developments in Vasai and Virar.

Shopping & Entertainment

There are a few malls and multiplexes here for shopping and entertainment: Dattani Square Mall (Miraj Cinemas), Dreams The Mall (Carnival Multiplex), Viva Swastik Mall – K T Vision Multiplex, K Movie Star Multiplex. You also have exclusive shopping complexes like DMart, Dattatray and Shubalaxmi. There are many eateries and star hotels in Vasai. Golden Tulip Hotel & Spa, Saffron Suites, OYO Premium, Royal Hills, Sai Residency are some of the hotels here.

Industry

The eastern part of Vasai-Virar is largely industrialized while the western part is mainly residential and commercial. There are also some IT and ITeS companies located in Vasai. Besides, the industrial belt of Thane-Belapur which has a good number of multinational companies as well as big Indian corporates is a good hunting ground for employment.

Education

Vasai has a number of English, Hindi, Marathi and Gujarati medium schools, Junior and Degree colleges. It also has some Polytechnic and Engineering colleges as well as Management institutes. Some of the schools are B. K. S. English High School, St. Francis English High School, Carmelite Convent English High School, G J Vartak Vidyalaya (Marathi), K. K. Shah High School & Junior College (Gujarati), Rajiv Gandhi High School (Hindi). Among the colleges you have the St. Gonsalo Garcia College of Commerce and Arts, Vasai College of Science and Technology, Vidyavardhini Engineering College, Rajendra Institute of Management and Technology, College of Paramedical Science, etc.

Health care

There are a number of hospitals and private clinics in Vasai. Some of the hospitals are IASIS, Platinum, Cardinal Gracias Memorial, Kalpana Lifeline, Navjeevan and D’Souza that offer multi-specialty health care services.

Realty prospects

1RK, 1 and 2 BHK are the most preferred. Some builders also offer 3 BHK apartments. Rapid development is envisaged in the government proposals and in localities with relatively large development activity, such as Virar, Vasai and Mira-Bhayandar. The ready-to-move properties are at a premium over under-construction properties. However, there could be a reduction in prices in the present demonitised climate and it would make sense to negotiate a better deal, if you have legitimate funds to invest. It is generally said that one should invest in the bear market and sell in the bull market; in other words buy when the market is down and sell when the market is up.

Stanley Varghese for IndiaProperty.com

Image: By Superfast1111 (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons

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