Why should you invest in a property in Mira Road?

Mumbai is one city where owning a home might just remain to be a distant dream. However, one locality has cropped up onto the realty radar that is making this dream come true. Offering homes at affordable prices, Mira Road has become one of the most sought after vicinity by many property seekers who are keen on owing a piece of Mumbai. Below we tell you why investing in a property at Mira Road would be a fruitful for you.

Strategic location
Situated in the northern region of Mumbai, Mira Road is a suburban area that is fast developing into becoming a residential catchment area. Its seamless connectivity has attracted many real estate developers who are now coming up with many residential projects. A property at Mira Road that was initially barren is now dotted by many multistorey building.

Seamless connectivity
Proximity to the Western Express Highway and the International Airport has captivated many young home buyers’ mind. The presence of many arterial roads like Ghodbunder Road has eased access to other neighbouring areas like Thane and Navi Mumbai. The physical infrastructure developments initiated by the MMRDA () like widening of existing roads linking Bhayandar and Gorai has lured many home buyers to invest here. The proposed project to create a bus corridor along the Mahim and Mira Road stretch has roped in a lot of investment. The demand for apartments for sale in Mira Road have shot up thanks to easy connectivity to established areas like Navi Mumbai, Mumbai and Thane.

Developing social infrastructure
The presence of many schools and colleges like MIIT Institute have engaged many families to shift their base here. The proposition by the MBMC to improve the basic civic facilities has pushed capital values of apartments here. The plan to have more fire stations and up-gradation of the existing storm water drain systems have lured many local and national real estate developers to invest here. Apart from all these facilities, builders are luring potential home buyers by offering world class amenities like round the clock water supply, gyms, 24x7 power backup and a lot more.
The presence of many reputed healthcare units have attracted many retired personnel. The developments along the commercial belt have created the perfect blend of traditional and modern day amenities.

Appreciating property prices
Apart from offering good social infrastructure and great connectivity the locality provides an array of housing options. According to a recent report there are over 20 new upcoming projects in the area that range from being affordable to mid-segmented to even ultra luxurious. With there being an inherit demand for 1 BHK apartments for sale in Mira Road, an array of builders are offering home that fall under the budget of Rs 50 lakhs. According to data, capital values of apartments have escalated over 35 percent in the past two years. The current ongoing prices for homes are expected to hover anywhere between Rs 7,100 and Rs 7,900 per square feet.



Sulabha is a real estate expert and consultant from NCR. She deals with analyzing trends in the market of residential apartments in noida and commercial properties in Greater Noida

Why now is the best time to buy apartments in Vandalur

Vandalur is located in the south western part of Chennai. This micro market which was famous only for being home to the Arignar Anna Zoological Park is now making real estate waves. It is quickly earning the reputation of being one of promising real estate destinations in Chennai. So much so that there is increasing demand for properties such as apartments in Vandalur.

Several factors have played an important role in the rise of Vandalur real estate. Several infrastructural projects have improved the growth trajectory of this area.  Any area which has an important road running through it or lies close to a road of importance does well in terms of real estate. This is true of Vandalur as well. The Outer Ring Road is located in close proximity to this micro market. This road connects Vandalur to Nazrethpet. Areas which are located around this road are experiencing exponential growth because of the seamless connectivity that this road offers. Vandalur will also be home to a bus terminus which will be built upon 65 acres of land. This has attracted the interest of buyers and builders alike in plots for sale in Vandalur.

The going rate for apartments in Vandalur stands at INR 3600 per square feet on average. This is a dip of 26% when compared to the previous quarter when the prices stood at INR 4800 per square feet on average.  About a year ago, in the third quarter of 2013 the going rate for these properties stood at INR 5900 per square feet on average. The property rates have dipped by about 39% over the last year. The going rate for properties such as independent homes and villas stands at INR 3500 per square on average. About a year ago the going rate stood at INR 5800 per square feet on average.

There is maximum demand for 2 BHK apartments in Vandalur. This is followed by 3 BHKs. The most in demand unit size for apartments here falls below the 500 square feet range. This is followed by the 751 to 1000 square feet range. Buyers are willing to spend anywhere between INR 10 to 20 lakhs on properties here. This is followed by the INR 20 to 30 lakhs range. Per square feet buyers are willing to spend an amount which is lesser than or equal to INR 2000 here. This is followed by the INR 2501 to 3000 per square feet range.

Properties such as apartments in Chennai are attracting the Information Technology population which is working in the IT hubs in OMR. This is because the area is well connected to OMR. Since the area is located on the junction of the Vandalur Kelambakkam Road which connects the GST Road and OMR Road. This has been very advantageous for Vandalur. The Vandalur Kelambakkam Road in itself is being considered as a corridor for growth with a lot of developers coming up with projects along this stretch. Taking all these factors into consideration, one won’t be wrong in investing in properties such as properties in chennai.