While affordable housing in Mumbai is always highly in demand, its skyrocketing property prices and daunting waits have defined this segment. However, inflated property rates and constrained availability of land are forcing many Mumbaikars to look for nearby Tier 2 towns like Vapi and Silvassa as viable investment destinations. Being only a couple of hours away from Mumbai, these towns enjoy reasonable affordability, rapid infrastructure development, and thus offer considerable long-term growth potential.
Affordability over Mumbai’s Costly Market
Property prices in Mumbai, depending on the locality, range from ₹15,000 to ₹40,000 per sq ft. To say the least, one can imagine buying a house in suburban areas of Mumbai, such as Andheri or Thane, would cost more than ₹1 crore for a humble 1BHK. For instance, Vapi has a relatively much lower price of properties, with the range being between ₹3,000 to ₹6,000 per sq ft, thereby keeping the place far more affordable for any buyer. Silvassa gives even better rates, the rate of residential property being between ₹2,000 to ₹5,000 per sq ft, depending on location.
Strategic Location and Connectivity
Vapi and Silvassa are very close to Mumbai, hence there is a tremendous network of roads and railways. Vapi lies on the Mumbai-Ahmedabad Western Railway line, and with frequent trains running, it easily connects with the main cities. Silvassa, 25 km from Vapi, has the same connectivity but at the same time provides a quieter and more relaxed atmosphere. Development of the Mumbai-Surat industrial corridor also gives a boost to these towns, turning them into the hotspots for economic growth and real estate development in the future.
Booming Infrastructure and Industrial Growth
Vapi and Silvassa are located in rapidly industrious areas, which acts as a sound backbone for the local real estate market. Vapi has been home to Asia’s largest industrial estate, which houses over 1,500 industries-a factor that contributes to economic growth. On the other hand, Silvassa is a tax-friendly region. Hence, industries have found their way here, thereby providing a boost to employment which in turn is directly impacting real estate demand.
The infrastructure development, in the form of improved roads, healthcare facilities, and educational institutions, therefore, by the Gujarat government in these towns bolsters their appeal for any potential investor.
While Mumbai will always be coveted, the financial hardship and lesser opportunities make it tough for many aspiring homebuyers. Tier 2 towns like Vapi and Silvassa are looming as a viable alternative, promising to be affordable with excellent connectivity and promising good returns on investment. Considering the sky-rocketing prices of property in Mumbai, investing in such emerging markets could be a wiser, future-proof decision for Mumbaikars.
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