Neral: Mumbai's Affordable Housing Hotspot
Vacationing at a hill station and living near one, are two different experiences, and the latter seems to be more like a dream. However, Mumbai's rapidly growing micro-market, Neral, is making this dream of many homebuyers come true. A part of the Mumbai Metropolitan City in Raigad district, Neral has till now, been a good location for second homes. However, the locality has been recently showing signs of becoming a hub for first homes as well. The popularity of Neral as a housing destination is attributed to its lush greenery, serene locales and availability of affordable housing.
PropGuide finds out the key features and major growth drivers of this town.
Connectivity in Neral
Located 83 kilometres from Mumbai, on a state highway, Neral is well connected to the National Highway 4 as well as established localities like Ambernath, Karjat and Panvel. In fact, increasing property prices in Badlapur as well as the saturated market of Dombivili and Kalyan, are making buyers look for alternate options in this city. Local train services run between Neral and CST on the Central Railway lines. Plus, there is public transportation within the city, provided by buses and rickshaws.
Livability quotient of Neral
The area has infrastructure encompassing shopping hubs, retail shops, healthcare centres, private clinics as well as educational institutions. Important IT/ ITeS hubs and upcoming special economic zones or SEZs in Navi Mumbai, are in the vicinity, offering good employment opportunities for the residents of Neral.
Infrastructural development in Neral
Some infrastructure projects are in the pipeline for the location, entailing expansion of the Badlapur-Karjat Road into a four-lane highway as well as upgrading of the Neral-Dasturi Naka-Matheran Road and Karjat-Murbad Road. Work on a new state highway, linking Panvel to Chakan via Neral, is underway.
Investment options in Neral
There is an availability of plenty of land parcels, along with under-construction properties and affordable apartments in Neral, many of which are launched by grade-A developers. However, rental demand is relatively low as the locality is newly developing, with extensive construction work still underway. Real estate companies such as Tulsi Estates, Sai Deep Constructions, Real Buildcon, Swastik Developers and OSB Group, have a major presence in the area. The average price of a residential property in Neral, is Rs. 2,831 per sq ft. Rental prices start from Rs 13,000 onwards, for 1-BHK homes.
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Integrated townships in Neral
The Neral-Karjat stretch is seeing a lot of activity in terms of new development plans viz. upcoming commercial spaces, government offices, as well as integrated townships spanning over areas as vast as 100 acres. These townships, launched by popular developers, are replete with social amenities like malls, medical facilities, dispensaries, local markets, clubs, schools, convenience stores, etc.