Turbhe-Airoli stretch set to see sharp rise in realty prices spike

Real estate agents are expecting a hike in property prices in the areas stretching from Turbhe to Airoli, in anticipation of the cumulative effects of factors like increase in frequency of trains on the Thane-Vashi rail link, near completion of Rabale railway station and plans for widening of the Thane-Belapur road, currently being worked out.

At present, the Central Railways (CR) runs 18 services with a single rake between Thane and Vashi, nine from both the ends. However, once the proposal for increasing the services from 18 to 22 is approved by the CR headquarters, services will become operational. Railway officials expect to get the green signal within a week.

"We have done all the required ground work, and once we get the go-ahead the additional services will be in use, altering the time table slightly," said AK Tewari, additional divisional railway manager, Mumbai.

Trains currently take 36 minutes to cover the 18-km Thane-Vashi stretch, which the railways is set to bring down to 31 minutes. "This will be done by increasing the speed of trains and reducing the changeover time by the crew members at the stations," said Tewari.

The realty prices in the Thane-Vashi zone had grown steadily by around 5-7 per cent till 2004. However, last year saw an abnormal surge of property prices. "The last year prices have registered an increase of at least 25 per cent," said Rajesh Prajapati, president, Builders Association of Navi Mumbai.

"Increasing frequency of the train will attract people from Thane, Dombiwali, Ulhasnagar and Ambernath to buy a house in this zone of Navi Mumbai," said Anil Bagaria, another realty agent in Navi Mumbai. However, he added, there are no signs of immediate price hike as availability exceeds requirement in the area.

"Real effect of the rail link will be felt only when the frequency of trains reaches at least 15-20 minutes," Prajapati added.

Builders, however, expect the property prices to see a spurt immediately after Rabale railway station is completed, by the year end. "With Rabale station coming into the scene, the property in the vicinity will experience a hike in rates of at least by 15-20 per cent," he said.

"The property demand and prices are expected to spiral owing to the new railway connection, especially in the areas close to Rabale station," said Vipula Patil of Tramell Crow Meghraj Pvt Ltd.

According to the realty agents, the occupancy rates in the Thane-Vashi zone have been going up all the time. However, they are expected to rise around 30-35 per cent, particularly in Airoli, Ghansoli and Kopar Khairane.