Railways to catapult real estate in Mumbai suburbs Latest News

With the Panvel-Vasai-Virar railway line on the horizon, a completely new suburb is expected to emerge, thus giving rise to real estate aspirations

Not many know of Nilje and Navade railway stations that fall on the Panvel-Vasai-Virar railway line, where only three odd MEMU (Mainline Electric Multiple Unit) trains run in a day. But if the Railways has its way, it will finally start work on the project soon. The line, which will run across Thane, Diva, Dombivli, Kalyan-Shilphata (including Ghansoli and Airoli areas), is all set to be the next Ulwe in terms of the real estate market.

When completed, real estate prices on the Panvel-Vasai-Virar line will see a spike as well, say experts. Real estate consultant Rajesh Mehta says, “Remember how Ulwe was the only node in the city’s suburbs that witnessed growth? It was our only ray of sunshine in the past two years as a decent number of units were picked up here.” He says this trend would be replicated in Thane and Nilje owing to the sheer need for housing in the areas. He adds, “Areas like Diva and Kalwa have an urgent need for good housing as builders have constructed small buildings with many of them not having received legal approvals. Additionally, since the line would connect the outskirts of the eastern and western suburbs, it’s a boon to invest here now.”

Currently, Nilje and Navade have a going rate of Rs 5500 per sq ft. This is akin to the prices seen in Ulwe two years ago, as the rates have now touched Rs 7000-7500 per sq ft. The Panvel-Vasai-Virar corridor had become a distant dream but was revived by both, Mumbai and Delhi railway officials and relaunched under the Mumbai Urban Transport Project (MUTP) 3A in the 2017 railway budget. Soon after, Mumbai Railways began to prepare the Detailed Project Report (DPR).

“The World Bank has agreed to finance half of the project, and we expect construction to begin by mid next year,” says MRVC official, adding that, “The biggest hurdle was having to justify the need for a new line.“ Currently, only the MEMU trains and the state transport buses connect this particular part of the suburb to the rest of Thane and beyond. The state transport bus, for example, is almost five km away from residential areas along and around the Thane railway station.

Anita Chitale, a Girgaun-based teacher, thinks that buying a home there is a wise investment.
“It would make for a good second home.
We’d have to wait for the connectivity to improve,” she says.

POKHRAN ON COURSE

The long-awaited station between Thane and Mulund, along the Pokhran highway, has got a fresh lease of life after new design plans for the same were finalised by the Central Railway (CR) recently. Real estate experts say that the increased connectivity may result in an increase in commercial rates by 15-20 percent while residential property might see a five to 10 per cent jump once construction of the station starts.

The unnamed railway station would connect to Thane’s prime Central Business District (CBD) of Wagle Estate in less than 10 minutes. Located near the Thane Mental hospital, the station is designed to have state-of-the-art infrastructure within a three-storey structure equipped with lifts, escalators and CCTV cameras. The station is estimated to cost Rs 120 crore and will be built on a 14-acre plot of land, a significant chunk of which belongs to the Thane Mental hospital.

Asset advisor and real estate consultant Vishal Wadhwani feels that the new station would boost property rates near the two highways.
“Property rates in and around the highways will see a considerable hike, and it will fulfil a much-needed commuting demand to CBD areas as it will benefit the people who work in and around the Waghle estate.”

He further says, “These companies on this stretch have more than 1000 employees who travel from Kalyan and Dombivli and don’t prefer to commute to a CBD located on the Western line. So, on the whole, this will drive the prices towards the positive end.”
The areas in and around the highways will benefit from the property surge once the station is operational.
The Pokhran highways are seen as an even more desirable option after they were cleared of illegal structures that had occupied half the road.

The Thane Municipal Corporation has garnered a lot of praise for being able to clear out the highways, thereby allowing traffic to move freely, as well as planning of green spaces along the highways.

Other asset advisors like Rajesh Mehta echo similar predictions for the area in and around Pokhran. “There are no new areas left in and around Thane or Vikhroli to build on, so this railway station is godsend for both, developers and buyers, in finding alternatives that don’t exist right now,” he says, adding, “It could be seen as a piece of heaven in a chaotic area; it would mean a lot to developers, given that there is a severe slump in the industry as a whole.”

The new station will also decongest the overcrowded Thane railway station that is said to have the highest footfall in Mumbai at 6.54 lakh people per day.

Properties to look out in Thane:

Unique Greens (Thane West)

Dosti Desire (Ghodbunder Road)

Rumah Bali (Ghodbunder Road)

Kalpataru Expansia (Kolshet Road)

Vista Godrej Emerald (Ghodbunder Road)

Properties to look out near Ulwe:

Tricity Luxuria (New Panvel)

Wadhwa Wise City (Panvel)

Hill View Residency (Panvel)

Balaji Symphony (New Panvel)

Properties to look out near Thane :