Nalasopara: An affordable real estate option in MMR
Nalasopara, a town within the Mumbai Metropolitan Region (MMR). The major demand for housing here is for the 1 room kitchen (RK) and 1 bedroom, hall kitchen (BHK) apartments even though, nowadays, you will find some builders offering 2 and 3 BHK apartments. The going rate for apartments here stands at INR 4000 per square feet on average. Though the prices have dipped marginally in the third quarter of 2016, this seems to be a temporary phase and industry sources expect the prices to move up in 2017, especially considering the thrust the Government has given in this year’s Budget for affordable housing.
Nalasopara which nestles between Virar and Vasai has a long of history, as a busy trade centre and an important seat of Buddhism in ancient India. Rapid urbanization started here when Mumbai became unaffordable for housing; and people started looking for places beyond the city and its suburban limits. As connectivity by road and rail improved real estate development received a fillip, as land was cheap.
Connectivity and lower prices are the main drivers for the interest in real estate here. Besides, the area is quiet and serene. The suburban Western Railway is the main rail link to Mumbai and its suburbs with a local train every 5 minutes. The road transport service is provided by the Virar Vasai Municipal Transport (VVMT) buses under the Virar Vasai Municipal Corporation (VVMC) hence commuting is easy for the residents. The Maharashtra State Road Transport Corporation (MSRTC) as well as private operators provides long distance bus transport. It also has auto rickshaws and private taxis on call.
The Chatrapathi Shivaji International Airport is located 39 km away. Virar and Vasai are 4 km away from Nallasopara. Goregaon, the well developed Western suburb of Mumbai is at a distance of 29 km Predominantly a middle class town with the working class employed mainly in the city and suburbs of Mumbai, Navi Mumbai and Thane, Nalasopara has all the trappings of a city in development mode: schools, hospitals, good shopping and entertainment and leisure activities. Education here gets a lot of emphasis as can be seen by many schools and colleges here. There are some good hospitals in Nalasopara. There are a few shopping centres like Lodha, Arihant, Martin, and Om Plaza Commercial Complex. Besides, the shopping centres in Vasai and Virar with their multiplexes and malls are also easily accessible.
The real estate scene in Nalasopara is mainly limited to first time buyers of affordable housing and also those who would want more space which would not be affordable in their current place of stay. Affordable pricing and good civic and social amenities make it an attractive destination for end users and investors who do not mind parking their surplus funds for future appreciation.
In a recent crackdown by the Nalasopara police on developers who were involved in illegal construction and fake documents, as many as 33 first information reports (FIRs) have been filed against these developers. It is, therefore, prudent to examine and get authenticated all relevant documents in matters of real estate ensuring that all land documents are genuine and the buildings are not constructed on government lands. Also, check the revenue / tax receipts and the latest encumbrance certificates (EC) of the property in question.
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