An Idea Whose Time Has Come: Affordable Housing in Palghar

Study of Residential Real Estate Development in Palghar by Master Sun Consulting pinpoints to the sudden spurt in residential real estate supply in the area and an increasing demand/absorption of the same.With the opening of much-awaited 63-km Virar-Dahanu railway line expected in 2011, the area is witnessing a tremendous surge in real estate activity esp. in the affordable housing segment . The most notable project is the recent launch by HDIL in Palghar ( 160 acres comprising of 20,000 flats)

Palghar is the first important town on the suburban railway network after Virar. Therefore it is a residential option for people who work in Vasai-Virar belt. A significant part of the Palghar town residents commute to Mumbai daily to make a living. Currently the commute is quite time consuming and inconvenient as it takes around 90 minutes to commute between Palghar and Borivali. With the expected start of the Virar-Dahanu line, it will become very convenient to live in Palghar and work in Virar/Vasai. While most of the 15-18 lakh people live in dense villages, Palghar town is seeing some good real estate industrial and residential development. 

According to Sarvajeet Chandra, Managing Partner, Master Sun Consulting “The profile of Palghar resident who are shifting to townships and flats are very varied. They may include SME Owners of units in Palghar/Boisar and their employees, residents of villages close to Palghar town who have sold off their land/bungalow, Government Officials in Palghar Taluka. An interesting trend is that some retiring couples from Mumbai have also started buying real estate in Palghar on account of low cost of housing and living. Also e a small but a significant set of investors have started buying into Palghar. Most developers are promising an appreciation of at least 500-750 psqf in 12-18 months”.

Sarvajeet feels that “Palghar is a good area for spending weekends once in a while. Therefore Palghar & Boisar is also an appropriate location for those planning to invest in second homes”. Second home seekers from Mumbai (Western Suburbs) and industrial zones of South Gujarat (Vapi, Valsad & Surat) have also started buying into Palghar.

Most of the residential development in Palghar is being done around Tembhode specifically near Dandekar Colledge and Satpati Road. This area is stretches 3-6 km

of Palghar railway station. It is not possible to acquire large tracts of land close to Palghar station and therefore Tembhode is a preferred area where land can be acquired. Besides Tembodhe area is close to some schools and colledge (esp. Dandekar colledge). So the hub of development activity is the Tembodhe region of Palghar town. This region is also close to Palghar-Boisar road.

The o affordable housing projects are priced in the range of Rs. 1500- Rs. 2000 per square feet. Some of the notable projects are

HDIL, Palghar (W), is the project which has caused the maximum excitement is the launch of an affordable housing township by HDIL. They have planned an integrated township development of 160 acres comprising of 20,000 flats, retail, school and other amenities. Their first phase comprising 5000 flats has been launched and is getting a good response.  

Haware Nakshatra. Tembhode,   is an affordable housing initiative by Haware Builders comprising of 1RK, 1BHK and 2 BHK apartments.  Haware Nakshatra is 3 km from Palghar Railway station and about 8 KM from Kelwa Beach. With around 800 units, the project plans to give possession from December 2011. 

Genesis Township, Rokadia Group, Palghar(E)  is  developing an integrated industrial township at Palghar. The project is very close to Palghar-Boisar road and thus is well connected to both Palghar & Boisar. The project is between Palghar and Boisar and is actually close to Umroli Railway station. The 150 acres Mixed Use Township at Palghar has industrial, commercial and residential development. The primary focus of this township is to sell industrial galas and industrial plots. The residential township ‘Indigo Riverside’ is spread over two lacs square feet. The project is divided into three phases. The possession for the first phase starts by March 2011 & third phase possession by December 2012.

Mahavir Garden, Tembhode Post, is a residential project launched by Mahavir Developers comprising of close to 900 flats has been launched. The configuration of flats is 1 BHK & 2BHK . There is a plan for a few retail shops, but apart from that no amenities are being provided.

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