Virar has progressed from a popular second home market to an emerging real estate hotspot. Future infrastructure developments, such as a dedicated metro station and elevated corridors connecting Churchgate and Alibaug, are expected to boost Virar’s investment potential even further. If you want to invest in Virar, here is everything you need to know about the neighbourhood.

Virar is a Mumbai suburb located to the north of the city. Although it is located in Maharashtra’s Palghar District, it is part of the Mumbai Metropolitan Region (MMR). Initially preferred by buyers for second home purchases, the Vasai-Virar region has seen an increase in real estate activity, with under-construction projects by reputable builders such as Agarwal Group, Rashmi Housing, and Poonam Developers, to name a few, confirming this trend. Furthermore, its proximity to Thane via NH-48 and Mumbai via the Western Express Highway is advantageous for the job-seeking population. Some ambitious infrastructure projects that are expected to boost real estate and housing investment in Virar include the proposed Mira Road-Virar Metro project and the under-construction Virar-Alibaug Multimodal Corridor project.

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Virar’s most popular growth drivers

Market for low-cost real estate

Virar, located on the western coast, is known for its scenic beaches. This has fueled the growth of resorts, homestays, and vacation homes in the area. Virar, formerly a popular vacation home destination, has undergone systematic development as a result of the formation of the Vasai-Virar Municipal Corporation. According to navimumbaihuses.com, 1 BHK apartments account for approximately 60% of the properties in the area. Furthermore, the availability of approximately 80% of properties within Rs 50 lakh makes this neighbourhood relatively affordable.

“Virar is a multicultural suburban region of Mumbai known as an affordable housing hub.” Over the last decade, the Virar real estate micro-market has seen tremendous infrastructure and realty growth. People are investing in Virar for three reasons: low-cost high-rise apartments, a peaceful environment, and good returns on investment (ROI).”

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Invest in Virar : Increased price appreciation

The average property price in Virar is around Rs 6,000 per square foot. In the last five years, the neighbourhood has seen annual price increases of more than 8% and appreciation of nearly 25%.

In terms of returns, Virar generates around a 3% annual rental yield, which is expected to rise as the metro corridor from Virar to Mira Bhayander develops. A 1 BHK for rent in Virar is currently available for around Rs 7,500 per month. Tenants may have to pay around Rs 10,000 and Rs 15,000 per month for a 2 BHK and 3 BHK unit, respectively. “Affordability is the primary factor attracting investors to Virar.”  As a result, real estate activity has increased significantly over the last five years. Major employment centres in Virar East include the Parikh Commercial Centre, the Bhaskar Commercial Complex and Asset Hub, and the steel and rubber industries. People still prefer to travel to Mumbai for job opportunities. Agashi and the surrounding areas in Virar West are well-known for their abundance of resorts and holiday properties.”

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Connectivity and social infrastructure

Virar has a good selection of educational institutions and medical facilities, but there are few retail outlets.

Invest in Virar : Social conveniences in Virar, Mumbai

Virar has excellent road access to Thane via NH-48 (part of the Golden Quadrilateral). The NH-48 and the Western Express Highway connect it to Mumbai (WEH). Virar’s popular neighbourhoods include Nalasopara and Vasai. Virar is currently connected to the railway network via Virar Railway Station on the Mumbai Suburban Network’s Western Line. Furthermore, the Churchgate-Virar elevated corridor project, the extension of the Bandra-Versova Sea Link to ease travel between Nariman Point and Virar, and a six-lane Vasai-Bhayander bridge are expected to strengthen the region’s connectivity infrastructure.

The Virar-Alibaug Multimodal Corridor is a large-scale project that will connect Thane, Palghar, and Raigad districts and reduce travel time to Alibaug by more than half. The project is expected to create jobs in the Virar, Bhiwandi, and Dombivali areas, paving the way for future housing demand in the region.

Finally, the affordability and ample residential supply attract investors to the Virar real estate market; however, homebuyers should exercise caution before taking the plunge.

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