Mumbai hotshots surf Alibaug’s property wave

Alibaugh beachCorporate India is descending on Alibaug for a different reason. The holiday spot, famous for its pristine beaches and a half-hour ferryride from Mumbai is witnessing brisk land deals by the city’s affluent names. It’s a long list comprising the who’s who of Mumbai’s corporate world—Mukesh Ambani, Gautam Singhania, Yash Birla. Anand Jain, Haresh Goenka, the Ruias and the Mittals—who have either bought or are in the process of buying large parcels of land in Alibaug.

The other names indude Ajit Gulabchand, Gagan Banga of Indiabulls, Rishi Agarwal of ABG Shipyard and Urvi Piramal. The sleepy villages in and around Alibaug are increasingly turning into an attractive investment destination, given its proximity to Mumbai and emergence of large format SEZ projects.

“We believe that Alibaug will soon become the primary residential zone catering to south Mumbai. Within the next decade, a lot of economic and commercial activity will be shifted to the Alibaug region,” says RameshJogani, managing director & CEO, Indiareit Fund, a real estate fund floated by Ajay Piramal. Recently, Indiareil formed a joint venture with Samira Habhats to develop 560 acres in Alibaug.

Ankeshwar Estates’ chairman, Devan Metha, who owns around 105 acres in Alibaug, claimed property prices in the region have gone up dramatically during the last two years. “Now, a beach-facing plot in Alibaug costs Rs 25-30 crore per acre. Over a dozen corporate honchos have bought properties in Alibaug and more are in the queue,” he says. 
Leading real estate developers and funds are also investing heavily in this tourist destination, as property prices in Alibaug have risen 500% during the past one year, say industry sources. Mr Metha said many professionals like bankers, doctors, lawyers and high net worth individuals are also buying plots in Alibaug. “Once the construction of Rewas Port is complete, the face of Alibaug will change completely,” he says.

Industry sources say that real estate developer Orbit Corporation is buying around 200 acres in Alibag to develop a township. When contracted, Orbit Corporation’s CFO Ram Yadav said: “Alibaug is the next emerging destination for property developers. It’s proximity to Mumbai and ferry service from the city are making the suburb an ideal destination for developers. We are scouting for land in Alibaug.”

Beach-side properties obviously invite huge premium compared to hillside plots. “Plots on the beach are 4-6 times expensive than the hilly areas. Hillside plots are available for around Rs 5 crore per acre,” says an industry official.

Source: The Economic Times

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