Neral and Karjat – Preferred Destination for First Time Homebuyers

Authored by Prabhat Ranjan, Special Adviser at CREDAI MCHI RAIGAD A decade ago, the outskirts of Mumbai were known for the rapid presence of small and medium industries, than a residential space. Over the past few years, suburbs like Neral and Karjat have emerged as hubs for affordable housing, and have become two of the fastest growing areas in city’s outskirts. At the point when the real estate has become restrictive in Mumbai both, for end users and financial specialists, areas in suburbs are pulling in purchasers and giving better returns on investment (ROI). Having witnessed a phenomenal growth over the past few years with respect to connectivity and infrastructure, Karjat and Neral offer reasonably priced properties to buyers as compared to other locations in Mumbai and Navi Mumbai. Located within 1 hour from several commerce hubs like Thane, Panvel, Rasayani, Ambarnath, Dombivali, Kalyan and others, the location has several properties with housing options for buyers belonging to the mid and lower income segments. The cosmopolitan component of Neral, and robust connectivity with urban areas like Panvel draws purchasers on account of low prices. These factors are increasingly making it a fascinating hotspot for buyers. Properties in this region are expected to witness a fair appreciation rate, and demand for real estate in Karjat and Neral will continue to be high, due to the advantages they offer within a pocket-friendly budget. Some of them are as follows: Connectivity and Affordability: Connectivity and affordability have always constituted a huge chunk of the major decision-making factors for those looking to purchase a home. These factors have led to the stellar growth of the Karjat –Neral region. Soon, projects like the Trans -harbour link road as well as the Panvel-Karjat railway line will help reduce the travel time from Mumbai. Developers are constructing a wide range of residential and commercial projects, and incorporating quality amenities and infrastructure. These properties are available at extremely appealing and affordable prices, which is making the region, a preferred destination amongst first-time homebuyers. Infrastructure: With the significantly growing connectivity, builders and developers are now investing more in residential spaces of Karjat and Neral, wherein several grade ‘A’ townships are already in the development stage. This has added to the growing demand for housing in the locality. Accessibility of land packages has further empowered developers to construct townships in the region, leading to the estimation that the population will grow about four fold in next 10 years. Quality of education: Education is one of the most important aspects weighed ahead of buying or renting a property. Over the years, Neral and Karjat have grown at an unparalleled rate, with an availability of multiple schools and colleges that offer educational courses related to Engineering, MBA, Medicine and others, with expert faculties. Such significant growth related to the education industry piques the interest of first-time homebuyers. Clean Water Supply: Clean water is an essential and basic need of human beings. Even though areas like Neral and Karjat are in the outskirts of Mumbai, their clean water supply proves to be a significant cause of leaning towards a homebuying decision in these areas. Neral and Karjat are surrounded by lush greenery coupled with the sound civic amenities provided by local bodies. The greenery in the vicinity of Neral in particular, makes it a place where people can relax, with an eco-friendly environment that further enables them to lead a healthy lifestyle. Furthermore, Matheran, a famous and tourist friendly hill station is just few kilometres away. In entirety, the booming infrastructural development and emerging real estate projects make Neral and Karjat, preferred destinations for first-time home buyers.