Property in Navi Mumbai: The Present Scenario

Navi Mumbai property at Makaan.com

Mumbai, for its larger part, was created without any concrete developmental plan. If you have ever been to this city, you must have seen the disorganized way in which the whole city stands. But if we talk about Navi Mumbai, the things are a bit different...It was carved out to decongest the metropolitan of its excess population and traffic. It was the first planned urban township of the metro that came into existence and  has put forth a new dimension to the realty market. In this blog post, let us talk about where the property in Navi Mumbai is heading to.

There are several small townships that exist within this planned township: Vashi, Ulwe, New Panvel, Taloja, Khargar, Sanpada, Kopar, Airoli, Dronagiri, Kamothe, and several others. From the beginning, these were expected to carry good real estate potential. The infrastructural development in the form of shopping complexes, hotels, IT parks, software giants reinforced the Navi Mumbai real estate to a considerable extent. This gave developers opportunity to raise prices so much so that the localities are now losing their tag of being 'affordable'.

The price rates in towns like Ulwe, and New Panvel have seen considerable price appreciation, in spite of the fact that they do not have adequate infrastructure and transport connectivity. Yet the builders are not willing to roll back the prices for property Navi Mumbai. The efforts of the government authorities to initiate frameworks of several projects too have gone awry. The delay in development of an airport in Ulwe is attributed to the opposition by the local inhabitants. Similarly the Sewri-Nhava Mumbai Trans-Harbour Link has suffered a major setback. Add to this the lack of amenities that have contributed further in waning of buyers' interest.

A 950-1070 sq. ft 2 BHK flat in Khargar, Sea Woods, Kamote, Pen, Ghansoli, and Taloja ranges anywhere between 70 lacs and 90 lacs. At Ghansoli, the prices are even higher: a 1100 sq ft. flat is available as high as 1 crore.

So, you see that Navi Mumbai has still to tread a long distance before it could stand out in the realty market.

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