Alibaug may see Rs 3K-cr investment in near future
Located just a short ferry ride away from Mumbai, the idyllic coastal town has long been a favoured getaway for city dwellers seeking respite from the urban chaos
image for illustrative purpose
Mumbai As the demand for upscale and serene living experiences continues to rise, the idyllic coastal town of Alibaug has emerged as a focal point for renowned real estate developers aiming to create luxurious havens away from the bustling city life.
Alibaug, located just a short ferry ride away from Mumbai, has long been a favoured getaway for city dwellers seeking respite from the urban chaos. Its pristine beaches, lush greenery, and tranquil ambiance have made it an attractive destination for those looking to invest in luxury real estate. This trend has caught the attention of several reputed developers who are now setting their sights on transforming this quaint town into a high-end residential hotspot.
These developers are not only drawn to Alibaug's natural beauty but also its strategic location. The town's proximity to Mumbai, along with improved connectivity and infrastructure, has made it an ideal location for high-net-worth individuals seeking a weekend retreat or a second home. Additionally, the Maharashtra government's push for the development of the Alibaug region has further fueled interest among real estate players.
A number of reputed developers like Hiranandani, House Of Abhinandan Lodha, Pushpam Group among others have resorts here which are based on a holiday home concept. Many of the resorts here are designed on themes that resonate with the local culture of well known international tourist destinations. These resorts consist of luxury villas with private pools and gardens, open showers, terrace Jacuzzis, international standard interiors, sloping roofs etc. In addition, these resorts provide for amenities like restaurants, Spa, Banquet hall, Party lawn, Gym, etc. Investors can invest in a home and earn rental income all year round. Given improved accessibility to Alibaug in the near future, makes it a sensible investment.
One of the key factors driving this trend is the evolving preferences of buyers. The ongoing pandemic has reshaped the concept of home, with more emphasis on spaciousness, privacy, and a connection to nature. Alibaug, with its expansive landscapes and relatively lower population density, offers a promising canvas for developers to craft these new paradigms of luxury living.
Talking to Bizz Buzz, Dr Sachin Chopda, Managing Director, Pushpam Group said, “Previously, the idea of investing in a second home or a farmhouse held popularity primarily among celebrities, high net worth individuals (HNIs), and the privileged class. However, following the pandemic, the notion of owning a second home is gaining widespread acceptance within the middle and upper-middle class as well. Additionally, the introduction of RoRo services and recently established water-taxi options has significantly reduced the distance between Mumbai and Alibaug, enhancing travel convenience.”
More recently, there has been a notable surge in demand from millennials and working professionals. This is attributed to the rise of remote work (WFH) and the adoption of hybrid work models. These individuals prefer secluded work environments, distancing themselves from the city's hustle and bustle. Such a choice enables them to achieve a healthier work-life balance. They can reside in larger homes nestled in the midst of nature, dedicating quality time to their families while also maintaining optimal work productivity, he said.
In recent times, a slew of ambitious projects has been announced, each vying to offer a unique blend of luxury, comfort, and exclusivity. These developments promise to bring state-of-the-art amenities, top-notch architecture, and breathtaking views to the discerning buyers. From sprawling villas with private beaches to lavish apartments overlooking the Arabian Sea, the offerings are as diverse as they are opulent.
According to industry sources, Alibaug is expected to witness an investment of approximately Rs 3,000 crore in the near future and an estimated 250 acres are likely to be developed in a phased manner with luxury villas and integrated townships likely to come up.
Last year, B-town's power couple Virat Kohli and Anushka Sharma purchased a massive 8-acre land in Alibaug. Now, according to reports, after obtaining all the necessary permissions from the local bodies, the construction work has kick-started on the plot and is in full swing. Recently, the star cricketer was in Alibaug to monitor the work proceedings of his palatial home, spread over 20,000 sq ft.
Alibaug is rapidly developing with new infrastructure projects coming up that will improve connectivity with Mumbai and adjoining areas and reduce travel time even further. These include 12 more jetties being planned in Alibaug, 6 laning of Mumbai Goa National Highway, 12 lane multi modal corridors from Virar to Alibaug, Mumbai Trans Harbour Link, which will reduce the travel time to 2 hours from Mumbai and Upcoming Navi Mumbai Airport. On the back of these infra developments, Alibaug earlier known as a second home destination, will now be seen as an attractive investment in the primary home market.
However, as the interest in Alibaug as a luxury real estate destination grows, there are concerns about maintaining the region's ecological balance and preserving its natural charm. Striking a delicate balance between development and environmental conservation will be a crucial challenge for both developers and local authorities.
In conclusion, Alibaug's transition from a serene coastal town to a haven for luxury living is becoming more evident as reputed developers recognise it’s potential. The influx of upscale projects not only reflects changing buyer preferences but also raises questions about responsible development. As the journey unfolds, stakeholders will need to collaborate to ensure that the allure of Alibaug's beauty endures for generations to come.
