Investing In Nala Sopara? Buy 1BHK Starting Rs 25 Lakh

India's financial capital Mumbai is among the most expensive property markets in the world. Without a doubt, finding an affordable property in the city is not an easy job. While narrowing down your options to buy an affordable property, you would certainly find the name of the locality Nala Sopara figuring in your list.

Tempted to invest here? Here's what you would want to know about Nala Sopara real estate market:

On an average, property values stand at Rs 4,326 per square foot (sqft) . One BHK units usually move in the market for Rs 25.50 lakh, 2BHK units for Rs 41 lakh and 3BHK units for Rs 65 lakh, depending upon the size, amenities, age of the construction, brand of the developer and proximity to strategic locations. With the market responding positively to the real estate law, prices are likely to move upwards in the coming future.

Check out the price trend in Nala Sopara from April 2013 through April 2017.

While the locality largely caters to the affordable housing segment, there is no lack of high-end projects. You can find a high-end property here within Rs 1.5 crore.  However, space becomes the main determinant of what will truly mean a high-end project. The capital values in such projects climb to Rs 5,500-6,000 per sqft.

Most affordable apartments within Rs 35 lakh are 1BHK units. Over 170 projects are ready for possession while 28 projects are under-construction in this locality.

Check out Property Options In Nala Sopara

In 2015, this satellite city had all the traits of a city in transition. About two lakh local train tickets were being purchased every day. It was mainly because the migrant population looking out for affordable housing had settled here. However, lack of amenities has put homebuyers in affix.

Connectivity is another weak point of the area. According to the VVMC website, 33 state transport buses ply the area, connecting Nalasopara Phata, Thane Kopari, Vasant Nagari, Vasai, Gaurai Pada, etc, making it a fairly well-connected area. However, according to the Vasai Virar City Development Plan, the estimated population of the area would be close to 22 lakh. To cater to this burgeoning population, the existing infrastructure, both physical and social, needs an update.

There have been several reports of illegal constructions popping up in and around Nala Sopara. In fact, the Vasi-Virar Municipal Corporation (VVMC) undertook a demolition drive bringing down unauthorised buildings of poor quality in Nala Sopara along with those in Pelhar, Valiv and Virar. The corporation's main focus was on chawls that cropped up overnight and units there were being sold for up to Rs 3 lakh. A national daily quoted VVMC Commissioner Satish Lokhande confirming that over 4,500 such constructions were razed early this year. There have also been instances of unauthorised construction on government land, using forged documents.

Reportedly, a special cell would check mushrooming of such homes that have violated the floor space index norms, among other developmental rules. As a homebuyer, if you want to check the legality of a project, you must verify it in the civic office. A developer is often asked to present facts about his project, its quality and amenities. Click to view what a scrutiny sheet for No-Objection Certificate for a completion certificate looks like.

The City Development Plan plans give Nala Sopara real estate a facelift by promoting the cooperation of public and private sectors of the economy to expand housing opportunities. Under the plan, it would also be ensured that occupants of the area have easy access to employment as well as to adequate services and facilities.

The Vasai-Virar Sub-Region (VVSR) would stimulate the production of very low-, low- and moderate-income housing by appropriately utilising incentive-based (land management, extra FSI, etc.) or capital grant based schemes.

Also, in line with the National Housing & Habitat Policy, 2005, the VVSR would promote the production of rental housing fostered by incentives, so that suitable housing choices are available and slum-like developments can be minimised.

Check out affordable real estate projects in Nala Sopara