7 Reasons Why You Should Invest in Real Estate in 2024: The Future of the Housing Market in Kalyan

 7 Reasons Why You Should Invest in Real Estate in 2024: The Future of the Housing Market in Kalyan

Kalyan is a city in the Thane district of Maharashtra, located about 50 km from Mumbai. It is one of the fastest-growing cities in the Mumbai Metropolitan Region (MMR), with a population of over 1.5 million. Kalyan is also a major railway junction, connecting Mumbai with other parts of India.

If you are looking for a lucrative investment opportunity in the real estate sector, Kalyan might be the perfect choice for you. Here are seven reasons why you should invest in real estate in Kalyan in 2024:

1. Affordable prices: Compared to other parts of MMR, Kalyan offers affordable property prices for both residential and commercial segments. You can find many options for flats, villas, plots, shops, and offices in Kalyan, ranging from ₹ 20 lakh to ₹ 2 crore. The average price per sqft in Kalyan is ₹ 6,000, which is much lower than the MMR average of ₹ 10,000.

2. High rental returns: Kalyan is a popular destination for renters, especially those who work in Mumbai or Thane. The rental demand is high in Kalyan, as it offers good connectivity, amenities, and quality of life. The average rental yield in Kalyan is 3.5%, which is higher than the MMR average of 2.5%. You can expect to earn a steady income from your property in Kalyan, as well as benefit from capital appreciation.

3. Infrastructure development: Kalyan is witnessing a rapid transformation in terms of infrastructure development, which will boost its real estate potential. Some of the major projects that are underway or planned in Kalyan are:

Kalyan-Dombivli Smart City Project: This is a ₹ 3,400 crore project that aims to improve the urban infrastructure, mobility, governance, and livability of Kalyan-Dombivli. The project will include smart solutions such as smart parking, smart street lighting, smart water management, smart waste management, and smart public transport.

Metro Line 5: This is a 24 km metro line that will connect Kalyan with Thane and Bhiwandi. The metro line will have 17 stations and will reduce the travel time between Kalyan and Thane to 25 minutes. The metro line is expected to be operational by 2024.

Kalyan-Shilphata Road: This is a 6-lane road that will connect Kalyan with Shilphata, a major industrial and residential hub in Navi Mumbai. The road will ease the traffic congestion and improve the connectivity between Kalyan and Navi Mumbai. The road is expected to be completed by 2024.

4. Social amenities: Kalyan offers a range of social amenities for its residents, such as schools, colleges, hospitals, malls, multiplexes, restaurants, and parks. Some of the reputed educational institutions in Kalyan are:

Birla School and College: This is a CBSE-affiliated school and college that offers quality education from pre-primary to post-graduation level. The school and college have state-of-the-art facilities, such as smart classrooms, laboratories, libraries, sports complex, and auditorium.

Model College: This is a NAAC-accredited college that offers courses in arts, commerce, science, management, and computer applications. The college has a well-equipped campus, with modern infrastructure, qualified faculty, and extracurricular activities.

Some of the prominent healthcare facilities in Kalyan are:

Fortis Hospital: This is a multi-specialty hospital that provides comprehensive medical care, with specialties such as cardiology, neurology, orthopedics, oncology, and gynecology. The hospital has 70 beds, 24x7 emergency services, and advanced diagnostic and therapeutic equipment.

Kalyan Hospital: This is a 100-bed hospital that offers a range of medical services, such as general medicine, surgery, pediatrics, ENT, ophthalmology, and dentistry. The hospital has a well-trained staff, a fully-equipped ICU, and a 24-hour pharmacy.

Some of the popular entertainment and shopping destinations in Kalyan are:Metro Junction Mall: This is a sprawling mall that houses over 100 stores, a multiplex, a food court, a gaming zone, and a banquet hall. The mall offers a variety of brands, such as Shoppers Stop, Pantaloons, Reliance Trends, Max, and Lifestyle.

Kalyan Riverside Park: This is a scenic park that overlooks the Ulhas river. The park has a jogging track, a children’s play area, a musical fountain, and a boating facility. The park is a great place to relax and enjoy the natural beauty of Kalyan.

5. Employment opportunities: Kalyan is home to several industrial and commercial hubs, such as Kalyan-Bhiwandi Industrial Belt, Kalyan-Dombivli MIDC, and Kalyan-Shilphata Road. These hubs offer employment opportunities in sectors such as manufacturing, logistics, IT, and retail. Some of the notable companies that have their presence in Kalyan are:

Reliance Industries: This is India’s largest private sector company, with interests in oil and gas, petrochemicals, textiles, retail, and telecom. Reliance has a large manufacturing complex in Kalyan-Bhiwandi Industrial Belt, which produces polyester, polymers, and intermediates.

TCS: This is India’s leading IT services company, with a global presence in over 50 countries. TCS has a software development center in Kalyan-Dombivli MIDC, which employs over 2,000 professionals. The center provides IT solutions for various domains, such as banking, insurance, telecom, and healthcare.

6. Future growth prospects: Kalyan is poised for a bright future, as it is expected to witness a surge in population, income, and demand for real estate. According to a report by Knight Frank, Kalyan is one of the top 10 emerging cities in India, with a projected annual growth rate of 9.9% in residential sales and 8.6% in office space absorption by 2030. The report also ranks Kalyan as the 4th most affordable city in India, with a house price to income ratio of 4.4, which is much lower than the national average of 6.1.

7. Government support: The government of Maharashtra is committed to developing Kalyan as a smart and sustainable city, with various initiatives and policies. Some of the key initiatives are:

Kalyan-Dombivli Development Plan: This is a ₹ 6,000 crore plan that aims to improve the urban planning, infrastructure, and governance of Kalyan-Dombivli. The plan will focus on areas such as water supply, sewerage, solid waste management, roads, bridges, flyovers, and public transport.

Affordable Housing Scheme: This is a scheme that provides subsidies and incentives for the development and purchase of affordable housing units in Kalyan. The scheme offers benefits such as lower interest rates, reduced stamp duty, and tax exemptions for both developers and buyers.