Vasai-Virar emerging out of Mumbai's shadows

The satellite area is emerging as a hub for affordable housing near Mumbai

With office premises shifting from south Mumbai to the city's western suburb and rehabilitation of slums going on full swing, the Vasai-Virar region in Thane district has emerged as a preferred destination for affordable housing.

With a growing population of more than 1.2 million residents Vasai -Virar is the fifth largest city in Maharashtra. Spread over 383 sq km of massive land, including forest cover and hilly terrain, it is governed by the Vasai - Virar City Municipal Corporation (VVMC).

Massive land bank has attracted many national level developers to the region with mega construction plans in coming futures. "Vasai - Virar sub region has witnessed the fastest growth of real estate as well as ancillary development overthe last two decades. The region's population has been increasing rapidly in this region owning to continuously improving connectivity, affordability of real estate prices and improved infrastructure. Over and above, the development approval process have been very quick, prompt and hassle free in this area, helping fast delivery of projects," said Joy Sanyal, National Director, Jones Lang LaSalle.
 

The population in the region was 194,262 during 1971 as per the census. It has seen a decadal growth rate of 32 per cent, 58 per cent, 70 percent and 221 per cent for the period between 1971-81, 1981-91, 1991-2000 and 2001-2011 respectively with the population for the region crossing 1.2 million in 2011.

According to study by Knight Frank, there are 240,082 residential properties and 36,277 commercial properties in four councils in the Vasai - Virar region. The incremental demand in the Vasai - Virar region would substantially increase from the current 276,359 units to 472,574 in 2021.Mehul Thakur, director of Viva Homes, one of the largest real estate developers in the region, said, "We have developed around 2 million sq feet inthe last few years and add another 1 million sq feet in two - three years."

Since its inception in 2012, the Vasai Virar Municipal Corporation(VVMC) has been very instrumental in rapid development of the Vasai - Virarcity. An annual budget of Rs 1266 crore for the further development of civic infrastructure in the region has been presented in 2012. Even the Ministry of Urban Development has taken Vasai - Virar under the Urban Infrastructure Development Scheme for Satellite Towns making it the only city from Maharashtra to be taken under this scheme.

There are many upcoming infrastructure projects in the Vasai - Virar region which will transform it from being a satellite city to a metropolitan city in the coming years. Increasing real estate prices in and around Mumbai has resulted in a shift of population, of low and middle-income households to this region.

Population growth rate of Vasai-Virar city has always been higher than greater Mumbai and the MMRDA region. The city is strategically linked to Mumbai by road and rail and even to other metropolitan regions. Promoted by the populist Hitendra Thakur family Viva Group is well known in constructing high quality residential and commercial spaces in the Vasai-Virar region. More than 7000 homes have been delivered by the group inthe region with another 5000 homes under construction and four upcoming malls.

For over 25 years the group has been leading the development of the Vasai -Virar region with its varied interests in infrastructure, real estate,education, hospitality, housing finance, media and logistics. Another major developer, the Swastik Group has contributed to the residential and commercial space in the region with its numerous projects over the years. It has formed a strong partnership with the Viva Group to bring in a surge of rapid development in the Vasai-Virar region.

The two business conglomerates are working together on many projects which include big township projects and an upcoming high end mall.Over the past few decades, the Vasai -Virar city has been witnessing a rapid growth in infrastructure along with a steady influx of population. The rail and roadways have strengthened by manifold in and around the entire region. These two factors combined together have paved way for a steady economic and industrial growth.These facilities are a necessity for any city to flourish as a commercial hub as well as a residential township. The last decade has seen the city take giant steps in laying the bricks for a strong foundation that will take them to new heights in the coming decades.

These developments will continue to make the city a place that provides excellent opportunities, for individuals and companies, not only to contribute to the growing economy of a strong nation but also to fulfill the dreams of millions. Cities are built to give dreams a place to grow bigger and in the coming decade the future City of Vasai - Virar will arrive turning those big dreams into reality, said Thakur.