The rise of the Kalyan-Shil belt

The Kalyan-Shil belt is one such area, which has fuelled the growth in the real estate sector. The realty destination in Kalyan, encompassing the Kalyan-Shil belt has the potential to attract every section of the property buyers. The infrastructural supports around Kalyan-Shil belt are apt for attracting property buyers who are exploring a chance to earn a good return on investment. Deepak Goradia, vicechairman and managing director, Dosti Realty Ltd, said, “The Kalyan-Shil belt forms a part of the Mumbai Metropolitan Region (MMR), which is witnessing the development of new residential projects at a rapid pace. Leading developers from Mumbai, have projects coming up here. This particular belt has recently witnessed a boom, primarily due to the increasing prices in Mumbai's suburbs and the growing demand for affordable housing.A proposal for extending the Navi Mumbai Metro Rail to Kalyan too, has fuelled the growth for housing in the Kalyan-Shil area.“


Experts pointed out that with high property prices across most locations in Mumbai, the demand for affordable to mid-segment housing properties shifted to peripheral locations, such as Panvel, Kalyan-Shil Road, Ulwe, Talo je, Virar, etc. With the availability of large land parcels and Dombivali-Kalyan being in close proximity, the Kalyan-Shil Road started gaining the interest of developers as well as buyers. “The property prices that were in the range of `2,500-3,500 per sq ft in 2009 have increased now to `5,0006,500 per sq ft. However, compared to other locations in Mumbai, these property prices are some of the lowest, making it attractive for investments and enduse. In terms of location, the commercial business districts of Vashi, Mahape, Airoli, Koparkhairane and DAKC, are in the range of 12-18 kms, with Nilje being the closest train station. The Mumbai-Pune Expressway is at a distance of approximately 20 kms from the micro-market, whereas, the upcoming international airport at Panvel will be at a distance of about 25 kms,“ suggests Rohit Kumar, head of research, DTZ India.


Futuristic Innovations

Developments coming up in the Kalyan-Shil belt cater to all segments. Being township developments, residents of most of these projects enjoy various facilities and amenities provided for recreational purposes which include clubhouse facilities, gymnasium and health club, indoor swimming pool, tennis court, sauna, multi-purpose room, banquet hall, restaurant, etc. The apartments come with features like vitrified flooring, granite kitchen platforms with a stainless steel sink and glazed tiles, coloured glazed tiles, instant geysers, concealed plumbing with flush valve system, concealed copper wiring, etc.


Experts explained that most developers are offering sustainability features such as rain water harvesting, solar-powered street lights, generator back-up for common areas and sewage treatment plants in their proj ects. Such factors help in reducing the society maintenance charges for its owners. For safety and security, developers here offer intercom facility, 247 manned security at all access gates and CCTV network. Most of the projects also have large open spaces and gardens, which other locations in Mumbai usually don't have.


Win-win situation for buyers and sellers

It is important for developments to have smart incremental initiatives in technology and operating models, which will de-risk the investments and produce results in a tangible and timebound manner. Private players need to engage in outcome-based models, which can lay the foundation for efficacy of the innovative smart solutions they provide as well as prove that these solutions work in an Indian urban environment with its own unique challenges.


“Projects with such an elaborate list of amenities and facilities are however, priced higher than the standard market rates. However, buyers are willing to pay the premium for such projects as they offer significantly higher standards of living and convenience. Moreover, such properties are easier to rent if in case the buyers do not plan to occupy them. Such projects are, therefore, creating a win-win situation for buyers and developers, as a developer is able to sell the units at a premium price, whereas, the buyers get a better and convenient lifestyle,“ opined Kumar.


“The property market in the Kalyan-Shil belt looks very attractive to a homebuyer when compared with the market in and around Mumbai. This is due to the affordability factor coupled with good connectivity and infra development in and around the area,“ said Deepak Goradia, vice-chairman and managing director, Dosti Realty Ltd.


Source: the Times of India dated June 10, 2015