1) WHY INVEST IN PALGHAR ? Palghar railway station The proposed bullet train when operational will speed up growth in Palghar. Real estate in Palghar, along with places such as Vasai-Virar, Boisar and Dahanu are slated for growth, mainly, because of the proposed bullet train which will connect two main cities Mumbai and Ahmedabad. These towns lie to the north of Mumbai and are on the periphery of the Mumbai Metropolitan Region. Virar will also gain from the proposed Virar Alibaug multi-modal corridor and the elevated rail corridor which will connect it to Churchgate. The Delhi Mumbai Industrial Corridor is also likely to boost real estate prices in Vasai and Virar. Coming back to the bullet train, the latest news is that the Japanese agency has submitted its final feasibility report of this project and it is estimated that the bullet train corridor will cost almost INR one lakh crore. If the work starts on the project by 2017, the first train is likely to run by 2024. The current travel time between the two cities is seven hours; the bullet train will cut it down to two hours. Eleven stations are being proposed along the route; on the Maharashtra side of the border besides the Terminal at Mumbai’s Bandra-Kurla Complex, Thane, Virar and Dahanu are likely to be the other stations. Palghar is located on the Western Line of the Mumbai Suburban Railway on the Mumbai Ahmedabad rail corridor. It is 35 km from Virar and 20 km from the Mumbai Ahmedabad National Highway (NH) 8. Last year, Palghar was given district status making it the 36th district in Maharashtra. Why should you invest in Palghar Palghar is a bustling industrial and educational hub servicing the villages around. The town is well connected by road and rail. Palghar is directly connected to towns such as Miraj, Pune, Vaduj, Thane, Bhiwandi, Aurangabad, Ahmednagar, Kalyan, Alibaug, Nandurbar, Bhusaval, Shirdi and Nashik. It is an important station on the Western Railway line of the Mumbai suburban railway. Local train services such as the shuttle, MEMU (mainline electric multiple unit) and EMU (electric multiple unit) as well as long distance trains halt at Palghar. The demand for new homes in Palghar comes mainly from end users and for smaller housing units of 1 bedroom, hall, kitchen (BHK) or 2BHK. Meanwhile, looking at the larger picture of real estate in Mumbai, it shows that though sales are slow, the prices have just leveled out and not exactly dipped. Many home buyers are waiting for the prices to fall a notch or two before they make the final plunge. But a vast majority find that the prices within Mumbai city is far too high to suit their budget and are looking at the suburbs and peripheral areas such as Palghar, where housing is still affordable. Incentives offered by builders However, on a brighter note, developers are getting a lot of enquiries which indicate that there is light at the end of the tunnel. On their part, builders in Mumbai region are offering buyers a number of discounts which include waivers, festive offers and so on. Many are offering a one-time discount of about 10% while others are offering waivers on floor rise charges. However, it would always be wise to invest in a ready-to- move-in apartment, vis-a-vis one which is still on the drawing board, howsoever sweet the offer from the developer is. Many of the builders are coming out with a number of schemes which give the home buyer a hefty discount if he puts in a large chunk of the cost upfront. According to research only 3.35% of the total unsold inventory of apartments in the Mumbai, Thane and Navi Mumbai are completed. It is also worthy to note that a majority of the unsold apartments have been priced at over INR 1 crore.