Affordability Drives Real Estate In Nalasopara, Mumbai

Real Estate In Nalasopara has drawn the attention of potential purchasers eager to buy affordable apartments in the suburbs of Mumbai. Strong social infrastructure and easy access to Thane, Vasai, and Virar are two other growth factors that have benefited this area.

The Vasai-Virar City Municipal Corporation (VVCMC) is in charge of Nalasopara, which is located in the Palghar district of the Mumbai Metropolitan Region (MMR). Although the neighborhood is well-known for its small- and medium-sized businesses, it is also a well-liked region in Mumbai for reasonably priced real estate.

The majority of the migrant working population of Nalasopara is in need of inexpensive housing. The micro-market, which offers a variety of residential options and strong infrastructure, is currently one of the most populous locations between Vasai and Virar.

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Top Reasons For Boosting The Demand Of Real Estate Projects In Nalasopara

• Infrastructure And Connectivity

Route (NH 48). The region's interior roads and infrastructure are still in their infancy, despite the excellent exterior road links. The proposed road developments include a connection between Nalaspora and Nirmal and Link Road and Vasai. In the meantime, the region's connectivity quotient has increased with the completion of the Nalasopara-Virar Link Road. 

The State government has planned a 23 km long metro corridor (Purple Line 13 of Mumbai Metro) to connect Mira Road with Virar (5 km) in order to connect Nalasopara with the Mumbai metro network. Additionally, Nalasopara has a railroad station on the Western Railway line that is devoted to trains. The development of the suburban railway line connecting Vasai, Virar, and Panvel would enhance traveler satisfaction and thus raise demand for real estate in the area. In addition to having excellent connections, Nalasopara is home to a large number of excellent hospitals, theaters, and educational facilities.

• Price trends

In comparison to Mira Road, where property values range from Rs 7,350 to Rs 8,550 per sq ft, Nalasopara offers reasonably priced homes at an average value of about Rs 4,000–4,800 per sq ft.

In Nalasopara, over 75% of the housing demand is for 500–600 square foot, one-bedroom apartments that are readily accessible for between Rs. 15-20 lakh. The cost of a 2BHK apartment is approximately Rs 50 lakh. Because of its affordable prices and the proximity to the steel and polymer industries, the area also sees a significant demand for rental apartments. 

In Nalasopara, a 1 BHK apartment may be rented for as little as Rs 7,000–10,000 a month, while 2 and 3 BHK apartments can be rented for as much as Rs 10,000–15,000 and Rs 15,000–30,000 a month, respectively.

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• Limitations 

Illegal construction: Nalasopara has seen a huge surge in ramshackle construction due to the rising demand for homes. Even though VVMC has taken strong measures and demolished a number of unlawful developments, experts believe that in order to confirm the project's legitimacy, investors should thoroughly investigate the builder. Additionally, make sure a new project is registered with the Maharashtra Real Estate Regulatory Authority (Maha RERA) before investing in it.

Safety: Nalasopara has a high crime rate despite being a well inhabited area. Negative emotion has resulted from numerous past instances.

• Investment potential

When compared to the same period last year, the region's capital appreciated by a respectable five percent during the Jan.–Mar. 2021 quarter. Due to the lower investment costs and the likelihood that the market would improve after the completion of the existing infrastructure projects, small-scale investors are flooding the market even though the return on investment is not very high.

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Conclusion

All things considered, Mumbai investors in the mid-income range would still favor Nalasopara. Although the COVID outbreak momentarily altered market dynamics, analysts predict that once the industry stabilizes, it will undoubtedly experience growth.

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