Hi All,
The current rates of Virar float around 4500-5000 psqft making it an affordable investment destination within Mumbai. The other side to the coin is that there was an expo recently at Virar and most builders are offering fresh flats at No stamp duty/registration. This suggests cash crunch/low demand/etc...

Welcome your views on
- Potential of virar as investment
- Tentative time frame for returns to kick in (in current scenario)
- Areas within virar which are likely to develop faster
- Reputed projects (Global City, ???)

Thanks for your views.
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  • Potential : Looks promising only if rates at current levels are continued for coming 2-3 years, if RE falls down or crashes these are the areas which will see maximum downtrend, hence buy in the range of 3000-3500 do not pay more than that and for that you need to negotiate very hard , and you will get the deal thats for sure.

    Returns : Only if you buy in the above mentioned range

    Areas : Near to station or globa city and near adjoining areas

    Projects : Rustomjee .. Very Very Costly, HDIL looks good at these rates but go for Resale in PH 1 , Agarwal Group.
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  • Thanks for your views Ashish. Rustomjee is indeed exorbitantly priced relative to the area.
    I am looking at poonam nagar area which has few poonam and few agarwal constructions out there. The quoted rate is 4500+, even on resales. (not keen on very old resales). Are you aware of any specific projects of negotiating the 3500 odd? Do PM if that works better.
    Cheers!
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  • Virar looks promising to me ....no price correction has happened in western belt ...places like andheri..borivali....bhayander...all are showing positive trend so I m positive about virar...yes better location in west near stations should be the better ones to catch..my opinion...thanks...
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  • I forsee a huge potential for growth in Virar with a balanced development both residential and commercial including new employment opportunities coming up within Virar. With huge land parcels available pre planned infrastructure development will surely help sustaining the growth .

    As far as I am aware of good projects command 5000 -5050 per sq feet rates ,but at the same time these rates are based on actual carpet area and not the bloated once
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  • Anyone recommend good projects in virar?
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  • Virar no doubt has developed well and good potential. But as of now it's witnessing over supply of residential projects. Too many builders projects etc.
    Also rates are high with good projects asking 5000++
    So upside looks limited to me.

    Also station and other areas are getting too crowded day by day.

    For max returns I would prefer either Naigaon or Vasai east areas where rates are lower in range of 3500-4000 psf and these are closer to Mumbai and closer to highway.
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  • I would also look into projects on the Mumbai Nashik highway along the industrial belts. New projects like Sarvppratham Anandvann are niche and unique products in low ranges with a really good upside investment. In the past 2 months prices have gone up 10% already!
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  • Prices in virar have returned to the range of 4 k - 4.5 k.
    These were the prices prevailing in 2012.This has happened as there is too much inventory with the builders which is not getting sold. However , commercial on the other hand has picked up well and prices have almost doubled in 3 years.

    Looking at the current development with amenities provided by the builders , virar for sure appears promising.

    Also , lot of people have started taking possession making the area habitable however , electricity is accessible but water is provided through water tanks. As per authorities , water will be provided through regular pipelines.
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  • virar rates and decline

    Hi, I have invested in virar west HDIL layout 2 years back @4400 sq.ft , Intially there were multiple projects from govt planned in this area like elevated corrider , BKC type commercial hub , coastal rd , metro/Mono rail, viara alibaug corrider everthing got cancelled & Moved to navi mumbai , except alibaug corrider but that too without metro & brts lane as planned earlier , the rates have gone down crashing , is there any hope of recovery or rate appreciation , thousands of unsold flats , whats the prospect and horizon ? Request answer in more details if possible plz .
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  • Virar is totally buyers market

    1. It will take another year for VVMC water supply to start.
    2. Currently share auto has started from station till agarwal but that is during normal business hours. In case if you are late from work than auto ppl will charge a bomb.
    3. Rather than buying from builder directly look for investors flat. Early investors are ready to off load at rate of 3500 and below.
    4. Patience, wait and watch is key.

    It will take 3 to 4 years to fully develop the area. Incase if there is meltdown shortly which it seems there will be than it will take more time.


    Thanks,
    Nimesh
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