Shahapur property market: From holiday homes, to affordable housing


A nondescript town on the outskirts of Thane, is predicted to become a ‘suburb’ of Thane. Find out why Shahapur is being preferred by not just second home buyers but even first home buyers

Nestling amid rolling hills and kissed by gurgling streams in Thane district, Shahapur has been nothing more than a weekend getaway dotted with a few farmhouses owned by city slickers. Now it’s morphing from a second-home destination to one where affordable housing is the watchword. Yes, first-home buyers are putting down roots – and the down payment, on home sweet home.

So, why is a town like this suddenly becoming a traction point for serious home buyers and, consequently, investors?

 

Location, Location, Location

Situated 85 kms north-east of Mumbai and 45 kms from Thane, Shahapur is clean, green and healthy – three words that long ceased to describe neighbouring Mumbai. There’s a bonus too – the region has been declared a Non-Chemical Zone by the Government of Maharashtra.

 

Local Economy

A viable local economy is a pre-requisite to habitation and Shahapur’s is gaining momentum. As more and more home buyers invest in this region, hospitality ventures, residential and educational campuses are coming up here. All this activity has a multiplier effect and is stimulating the local economy.

Check out properties for sale in Shahapur

 

Spillover Effect

Shahapur may be affordable right now but it is expected to witness an appreciation in prices very soon. That’s because the new Central Business Districts (CBDs) in Mumbai’s suburbs and its periphery – Thane, Navi Mumbai and their surrounding areas, will serve as new economic growth drivers. This, in turn, will fuel demand for houses in Shahapur. Think about it – these new CBDs are only an hour’s commute from Shahapur.

See also: Should you invest in a retirement home?

 

Well-Connected

As for the long term, high-speed connectivity along new traffic routes, like the Alibaug-Virar Road-Rail linkage, promises to create high-growth locations in the middle of the ‘new peripheral city’. The latter proposes to stretch from Virar to Alibaug and Jawaharlal Nehru Port Trust through Shahapur to the Western Express Highway.

Santosh Naik, CEO of Disha Direct, reveals why he sees Shahapur as an affordable first-home destination for people from Mumbai, Thane and beyond. He points to a large township for affordable first homes which was launched a couple of years ago, and says it has received a very good response.

“I see Shahapur as a far-off suburb of Mumbai and Thane with affordable housing options, good educational, healthcare and recreation facilities. This is attracting investors who have already started buying property here,” says Naik.

Amit Kulkarni, director, Varasiddhi Infrastructure, points out that Shahapur is located along the Mumbai-Pune-Nashik triangle and is very economical compared to other second-home locations in this triangular region around Mumbai. It also the only location in this region that can be reached by suburban local tain. This allows even middle-class families to dream of investing in a second home here.

“This kind of connectivity allows Shahapur to be developed as a budget housing hub as well, which will take the region to the next level, allowing it to eventually reach urban status,” Kulkarni points out.

However, property prices in Shahapur are not its only USP. The catalytic forces that have turned it from being a downmarket location once to an emerging upmarket and high-potential zone are, large parcels of land available at reasonable rates; good infrastructure; its proximity to Mumbai, big money flowing in from investors and developers; scenic beauty and its appreciation potential.

 

Shahapur, at a glance:

  • Shahapur is one of the most affordable holiday home markets near Mumbai.
  • Also, emerging as a first-home market.
  • Attracting NRIs, HNIs and high-end weekend home buyers.
  • Very well-connected by road and rail.
  • Can be reached by Mumbai suburban local train. Asangaon is the nearest local railway station.

(The writer is CEO, Track2Realty)

 

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