Karjat is part of the Mumbai Metropolitan Region (MMR) and located in Raigad district. It is an extended suburb of Mumbai and Navi Mumbai, with a population of 212,051.
With several engineering, pharmacy, mass media and advertising institutes driving it economically, Karjat is also the home of hill station Matheran and several treks, including Bhimashankar. It is a beautiful, scenic and hilly hamlet which is centrally located and directly connected by roads branching out to Murbad, Kalyan, Shahpur and Kasara Ghat on one side and Khapoli, Khalpur, Neral, Ambarnath, Badlapur, Panvel and Pen on the other. The entire Karjat-Kasara belt is dotted with farmhouses and agricultural fields.
Karjat is among the most preferred weekend destinations for residents of Mumbai, Pune and other urban areas in proximity. The availability of land parcels at low rates has made it conducive for affordable housing, and it now caters to the residential requirements of the Low Income Group and Middle Income Group segments.
Villa development in Karjat has seen least improvement in terms of supply and absorption trends as compared to other typologies. The fastest-selling residential formats are 1 and 1.5 RK, 1, 1.5, 2 and 2.5 BHK flats. Some of the larger high-end projects and those in advanced stages of construction have been quoting a rate between Rs 3500-5000/sq.ft. after an announcement of international airport.
Among the more prominent residential projects currently under construction at Karjat are Griha Shakti, Tater Florence and Skyline Riverside. Xrbia is a large project launched at Neral, spread over 23 acres having 30 towers of G+4 each and is currently priced at Rs 4,186 on carpet area.
The author is Local Director - Strategic Consulting, JLL India
