All You Need To Know About Alibaug & Khandala Real Estate Market

Real estate giant, Hiranandani Group, is planning to leverage Maharashtra's two popular getaway locations — Khandala and Alibaug. The group, known for mixed-use integrated townships and destination developments, now plans to foray into the development of leisure homes, too. The projects planned for the two cities will witness an investment of Rs 6,000 crore, Rs 3,000 crore for each.

The projects

Mixed-use projects spread in an area 800 acres, 550 acres in Khandala and 250 acres in Alibaug, respectively, will be developed in a phased manner. The first phase of the project will include plotted developments for luxury villas, followed by integrated townships with leisure as the central theme in both these locations. The projects will also include luxury hotels, cruising clubs and water sports hubs. The location has Floor Space Index (FSI) or permissible development limit of 0.5 times.

MakaaniQ tells you what makes these weekend destinations the upcoming real estate micro-markets in Maharashtra:

Khandala

Average property price: Rs. 3,250 per sq ft

We all have known Khandala as the picturesque weekend destination for those in Mumbai and Pune. Connected to the two leading real estate markets through the Mumbai-Pune Expressway, the city is a tourism hub with many adventure spots with the presence of several hotels and weekend homes. The region is well connected to other suburban localities of Mumbai like Wadala, Powai, Panvel, Badlapur East, Matunga, Bandra West, Matunga, Mazagaon, Sil Phata, Pen and Chowk. Khandala has recently witnessed a rapid real estate development, too, especially after the boom in Pune realty market. The neighbourhood has a robust social infrastructure entailing shopping malls, hotels, restaurants and guest rooms. Besides, the area is offering new employment opportunities for people owing to commercial development which has bolstered the area's rental market.

Khandala at present has 14 ready-to-move, five under-construction and four soon-to-be-launched residential projects.

Alibaug

Average property price: Rs. 3,866 per sq ft

Alibaug, a coastal town near Mumbai, is now moving from a just a tourist spot to a well-developed real estate investment hotspot. A sought-after weekend destination among the elite class, Alibaug comprises of weekend homes, farmhouses and luxury villas. Renowned personalities like Akshay Kumar, Shahrukh Khan, Sachin Tendulkar and Ratan Tata own sea-facing bungalows in this locality.

The city is connected to Mumbai by ferry services that make it an ideal commercial hub as well. Renowned companies like Reliance and ONGC have set up manufacturing units in the region.

Excellent connectivity to Mumbai airport and the railway station at Pen, gives a strategic advantage for Alibaug. The first phase of the Hiranandani project in Alibaug will be called Goa-esque Alibaug and would comprise of 43 villa plots at Nagaon village each sized at 5,000 sq ft worth Rs 1 crore. Proposed Wadala-Uran Sea link and Rewas-Karanja bridge will further enhance the connectivity for this area. Alibaug's proximity to proposed New Mumbai SEZ (special economic zone) is another driving factor for the locality's realty developments.

Alibaug at present has 13 ready-to-move and seven under-construction projects.

Future trend for the localities

Owing to active infrastructure development in Khandala, the area is offering new avenues for commercial as well as residential development. Alibaug, too, is expected to see more development activities, now that big brands like Hiranandani have set foot here.