With a view to develop an alternative to Bandra Kurla complex in the eastern part of Mumbai Metropolitan region, the Mumbai Metropolitan Regional Development Authority (MMRDA) had planned another ‘Bandra-Kurla Complex-like Business Growth Centre (BGC)’ for Dombivli.

The proposal is lying with the state government. Once the proposal is accepted, the project will take off. The idea is to bring a ‘Business Growth Centre’ as named by MMRDA to Dombivli to invite industries here and provide opportunities to professionals so they don’t have to travel to Mumbai for work.

Rapid industrial growth in Thane district has necessitated such a move from the MMRDA. “The proposed business growth centre will bring industry to Dombivli. “Ultimately, the aim is to reduce travelling time of the working professionals within the Mumbai metropolitan region and help individuals to increase their productivity. Long ago, the MMRDA had identified a patch of land measuring 4.24 lakh sq mts for development of the business centre. The agency has sent its proposal for approval to the state government,” said an MMRDA official.

The business growth centre will be modelled on the Bandra-Kurla Complex (BKC) which was developed by the MMRDA on a 180 hectare plot. BKC houses the Bharat Diamond Bourse, financial institutions like Infrastructure Leasing and Financial Services (IL&FS), Mumbai Cricket Association headquarters, banks and other commercial offices of leading corporate houses. “BKC has all the amenities for business development. It was essentially developed to ease the pressure off south Mumbai and shift businesses close to places like Mahim and Andheri’s MIDC industrial complex. Employers benefited because productivity improved,” said another senior MMRDA official.

The BGC will aid and support the industries at Thane-Belapur belt, Information Technology (IT) parks near Navi Mumbai, special economic zone near Navi Mumbai and industrial complexes set up by the Maharashtra Industrial Development Corporation (MIDC) in the district. “During times of recession the region will benefit from the proposed business centre. MIDC has its industrial complex near Kalyan. It remains to be seen as to what facilities are offered at these centres. It will definitely reduce the travelling time for the employees, also save time and costs in transportation. It will provide stimulus to industrialisation in the region. As for housing requirements for the working professionals, Dombivli has numerous ready-to-move-in and under-construction units, in the budget range of Rs 1-1.5 crore. Most of the township projects are in the initial launch phase and offer 2 and 3BHK flats in a price range of Rs 45-80 lakh. Several small scale projects will be offering possession later this year, hence, impacting the total supply available in the area and giving investment options to investors.

These days, Boisar in Thane is growing as one of the favorite destination for established real estate developers to launch affordable projects. Here buyer can own a home in very reasonable price, which starts from Rs 15-25 lakh. Some big names are such as; Mahindra Lifespaces and few mores are undertaking the residential projects in Boisar and later these projects will cater the demand of homes in affordable price. Soon this locality will tout to be the hub of premium affordable homes in Mumbai.

What attracts the real estate developer in Boisar?

Now big names of industry have started the real estate projects and because of that this location is known as the hub for affordable homes due to availability of easy parcels of land. Real estate experts are saying it’s just a simple demand supply statistics, and said that it is expected that Boisar will receive the proper local demand for home in affordable price from those people, who are working in the Boisar Industrial area. These peoples are looking or homes in the range of Rs 10-15 lakh budget. This current demand always existed in the locality for real estate investment. Boisar locality is also witnessing the high demand from nearby locations such as; Virar, and more because these locations have gradually become expensive.

Buyers are not comfortable to buy property in Virar region due to increased property prices.  Boisar is one of the perfect locations where one can buy the property in affordable price with quality and basic amnesties. Boisar location is the preference of buyers to find the home within the Mumbai municipal limits beyond their means. Developer are realizing that people are targeting the Boisar region for owning the property, and the locality also offers the large land parcels, which are comparatively cheaper for developers to acquire land.

Boisar is also one of the best regions for investment as projects that were launched before three years with Rs 1,500 per sq ft are now stands in the range of Rs 3,000-4,000 per sq ft. Locations in affordable price is the primary venues for commercial establishments like; SEZs, IT parks and many more corporate houses because they are moving in these areas for better space availability in low price and also to access the suburban manpower. So, if you are looking for affordability near Mumbai than buy the property in Boisar because here you will not have to compromise on amenities and luxury.