Friday, November 24, 2017

An idyllic opportunity

Palghar is drawing swarms of investors looking to grab a piece of picturesque land 

By Kavya Balaji

Driving out of the city on a weekend to a beautiful landscape is rejuvenating after a hectic weekly work schedule, and to be able to do that anytime is a luxury everyone craves for. Palghar stands out as one of the destinations with its cool climate and popular beaches. Palghar is the 36th district in Maharashtra and was carved out of the old Thane district in August 2014.

Palghar is connected to all major cities by road and accessible by the Mumbai-Ahmedabad National Highway (NH8). It is around 90 km from Thane, 100 km from Andheri and 113 km from Navi Mumbai.

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Palghar, due to its popularity as a famous tourist and weekend destination, is also becoming an investment hotspot for individuals seeking a second home. The prime vacation spots in Palghar include: Kelva Beach, Mahim beach, Kelva dam—a popular picnic spot, Satpati Beach—one of the largest beaches in Maharashtra and a popular fishing hub, and Sheetla Devi Temple. During the monsoons, the eastern hills of Palghar are home to several waterfalls and turn into a picturesque hangout for locals and tourists from Mumbai.

Scale of growth

Palghar is also home to a number of industrial townships that have many small-scale industries specialising in engineering, pharmaceuticals, plastics, textiles and notebook making. Maharashtra’s biggest fishing center, Satpati, is located around 8 km from Palghar railway station. There are farms growing chickoos, coconuts and palm. Rice is grown during the monsoon. A large part of Palghar’s population commutes to Mumbai daily to make a living. Palghar has its own District Court, Sub-registrar’s office and Inspector of Land Records.

A number of industrial houses such as Welspun, Macleods, Dales Remedies, Fredun Pharmaceuticals, Durian, Prime Notebooks, Sundaram Notebooks, Jayant Printery, Ginza Industries, R&S Electronics, Ebco, Raghuvanshi Exports, Abby Lighting, and Astamed Healthcare have set up shop in Palghar.

Development push

As a district, Palghar covers eight talukas—Palghar, Jawahar, Mokhada, Talasari, Vasai, Wada, Dahanu and Vikramgad. Palghar is the first developed locality after Virar, and is looking at rapid infrastructure development. The state government has set aside Rs 450 crore to create new infrastructure in the city. Education, healthcare and telecom sectors, along with utilities, are being upgraded. Besides, the nearby Boisar area in Mumbai Metrolpolitan Region (MMR) is witnessing rapid real estate development.

A number of players are already setting up affordable projects in the region including HDIL with which is developing Paradise City, Sathya Lifestyles and Poonam Park. Moreover, the proposed MumbaiAhmedabad Bullet Train will halt at Palghar, boosting connectivity and business growth.

Some of the real estate developers with projects in Palghar are HDIL, Veena Developers, Ariisto Realtors, Khushi Group, Poonam Developers, Oswal Realty, and K.K. Group. The present capital values in Palghar range from `2,500 to `3,200 per sq. ft. Naushad Panjwani, senior executive director, Knight Frank India, points out: “Palghar has witnessed a good absorption based on affordability factor. The average unit size is available anywhere between 500 sq. ft and 700 sq. ft

Both industrial and residential activity is expected to grow significantly in Palghar due to relatively cheaper land and labour. Besides, Palghar’s unpolluted environs and great weather remains a big draw. The city’s imminent development as an SME and industrial hub makes it one of the most sought after investment destinations today.

OLMdesk@outlookindia.com 

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