Unprecedented Real Estate Boom in Pen, Khopoli, and Karjat - A 10 Year Synopsis

Studying real estate in Pen, Khopoli & Karjat

The latest study by IIT Bombay reveals a significant shift in the real estate landscape of regions like Pen, Khopoli, and Karjat over the past decade (2009-2019).

Ghar shares some of the notable insights from the real estate study in a point-wise manner:

Major Growth Centers: Pen, Khopoli, and Karjat have witnessed a surge in real estate development, overtaking traditional hubs like Thane and Navi Mumbai.

Vasai-Virar's Remarkable Growth: The region has experienced over 100% growth in built-up area, thanks to abundant land and established railway networks.

Expansion Trends in Mumbai and Thane: These cities are focusing on vertical expansion due to land saturation, unlike peripheral regions like Karjat, which are expanding horizontally.

Concerns Raised by Researchers: The study calls attention to the escalating growth's management by local councils and the need to prevent unstructured development.

Data Analysis Technique: The researchers used satellite imagery to analyze the urban sprawl, noting a discrepancy between the growth in built-up areas and population increase.

Comparison with Previous Studies: The research aligns with a 2016 MMRDA analysis, highlighting substantial growth in areas like Vasai-Virar, Ulhasnagar, and Alibag.

Potential Areas for Expansion: The study identifies Khopate, Ambarnath-Kulgaon, and Badlapur as promising zones for further development, predicting a bright future for real estate in these regions.

Findings on Protected Zones: Surprisingly, protected areas like Matheran also displayed significant growth, warranting further analysis to corroborate these findings.

Highlights:

Researcher Samarth Y Bhatia emphasizes the necessity of guiding local authorities to handle growth responsibly.

Geoanalyst Raj Bhagat Palanchamy observed a trend of urban sprawl in most Indian mega-cities, which was independent of the study.