Flats in Navi Mumbai No Longer Affordable

Flats in Navi Mumbai at Makaan.com

The developers PAN India are reaping what they had sown years back. They, to accumulate tons of wealth, kept on raising the prices on one pretext or the other. Though in some cases, their reasoning was genuine, in other cases, they let the appreciation happen by creating artificial demand. Take the case of flats in Navi Mumbai. The rates of residential properties in this city have scaled all the way up in recent years. The coveted developers, instead of sticking to the cut-rates, allowed the price escalation. What was the result? As the rates in Navi Mumbai (like other cities) scaled up, a buyer's sentiments turned negative. They wavered from making a purchase.

The trend continued and the demand eventually came down. With no buyers, the developers resorted to other means for bringing them back. Their freebie offers like sedans, ovens, LCDs and financial discounts in the form of zero EMI periods, nil preferential location charges, and one-time free parking did only little to lure back the buyers. The prices of flats in Navi Mumbai is still going high. A 2 BHK property in Khargar, Kamothe, Kalamboli, Nerul, Sea Woods, and Belapur has extortionately high rates: ranging between 50 lacs-1 crore, for a 2 BHK apartment.

The other localities like Taloja, Ghansoli, Juinagar, Ulwe, Mansarovar, Navde, Rabale, and Sanpada too have high rates. A two-room apartment in these localities are available between the range 30-90 lacs. As per the price trends collected from property websites, the tag of 'affordability' suits only to a few localities like Panvel and New Panvel. Such a situation can put the realty market in Navi Mumbai in jeopardy. If the rates are not depreciated, the real estate shall see a stagnation in the near future. It is high time that the builders and the developers let the price correct. Until that happens, Navi Mumbai shall follow the footsteps of Gurgaon, and Delhi, where the property bubbles have started bursting.

Makaan.com, one of the fastest growing real estate websites in India, lets you buy, sell, or rent flats in Navi Mumbai and other cities. Search on the basis of criteria like location, price, age, and type of property you prefer.

Property in Navi Mumbai to be Benefited by Infrastructural Projects

Navi Mumbai property at Makaan.com

Mind buying a real estate in Navi Mumbai? The city has already got tagged as being the top 6 most preferred locations in India and with several mega commercial projects coming on the scene, it can  easily be seen as the center of attraction for both bigwigs and common buyers. One of the fixins that have worked in its favor is the presence of affordable Indian real estate market. As per the analysis done by JLL(Jones lang LaSalle), the market trends shall continue in its favor and prices would continue to appreciate in the years to come.

Let's talk of Ulwe, a locality known for its planned structures and an upcoming airport project. Though the airport project is suffering from setbacks, yet when it comes into being, it shall relieve a big part of air traffic. Then, there is another project called Seawood-Uran rail network that is going to give a boost to the connectivity to other places. It is due to the bright prospects that the city carries with it in terms of infrastructural development that it is a much sought-after localities for buying flats in Navi Mumbai. Another favorable factor is affordability in terms of property prices. In July 2013, the rate/ sq. ft was Rs. 4663, much lower as compared to localities like Nerul and Seawoods.

A few other enterprises by some leading companies have been rolled out in the city. One such is by Cognizant Technology: A 23000 sq. ft. space to be used as office is coming up in Airoli. RIL(Reliance Industries) is considering relocation of its present office in Mumbai to Ghansoli. IBM   has proposed to start a work recovery center. These projects are going to give properties in Navi Mumbai a further boost. Considering this, it would be a good idea to entrust money into real estate investment here. In the last one year, the prices rates have appreciated by about 6%.

In localities like Nerul, Seawoods, and Ghansoli, the rates are quiet high. Occupied mainly by affluent population, Nerul and Seawoods-Darave together form the costliest places to live in Navi Mumbai. Theses localities owe their high rates to the planned constructions and good infrastructure. The price rate in Nerul this July was Rs. 9471 psf while in Seawoods, it was 8880/-. It is followed by Ghansoli  (Rs. 7368) and Khargar (Rs. 6499).

To locate properties in Navi Mumbai and other Indian cities, search our website Makaan.com. The portal lists properties like apartments, villas, lands, warehouses, and office spaces to be used by different types of users. The properties can be searched on the basis of their location, prices, age of construction, and amenities provided. 

Why Buy Property in Navi Mumbai?

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Developed to ease Mumbai off its jams, bottlenecks, and congestion due to overpopulation, the planned city of Navi Mumbai is the hot-spot for real estate. Comprising of many modern and well-planned localities like Vashi, Panvel, and Khargar, the city is deemed as a gainful and money-making market by the property developers, middlemen, and owners. The land is cheap here as compared to Mumbai and due to all the infrastructural facilities available, the developers have been reaping huge profits.

From a buyer's point of view too, purchasing a property in Navi Mumbai can be considered a fine option, considering the fact that the cost of purchasing as well as room rentals are comparatively cheaper if compared to the metropolitan Mumbai. A semi-furnished 2-BHK, 1050 sq. ft house on rental in a place like Khanda colony can be available at Rs. 7000/- while the same could cost anywhere between 20-80k in Kandivali (E)! In Navi Mumbai itself, a 1-BHK room is available for buying with price as low as 6 lacs, a figure that is difficult to imagine for a flat on Andheri-Dahisar road. This huge difference in price makes buying and selling flats in Navi Mumbai a cost-effective solution for lower and middle class.

Looking at amenities that the city offers, one is not disappointed. With a wide transport of network available in the form of BEST and NMMT buses, commuting to and from the city is not much of a problem. Some of the proposed projects like Vashi bridge, an airport to decongest traffic, a railway line connecting Vashi to Mankhurd have attracted the real estate investors here. Places like Ulwe, Vashi, and Panvel seem to be most promising Navi Mumbai property hubs. With many top-notch companies like Reliance, Patni, TCS, and others already made the place their stronghold, the future of real estate is bound to tread a positive trajectory.

In terms of modernization and facilities available, one can say that they are at par with other cities of Mumbai. The presence of  multiplexes, hospitals, schools, banks, restaurants and malls make the place alluring enough to buy property in Navi Mumbai.

Regarding the price trends over last 12 months, one can say that there is an increase of about 6%, While the psf (per square feet) figure in last July stood at Rs. 5470, this July, it is Rs. 5819. But over last three months, the prices of properties in Navi Mumbai saw a slight dip of 0.48%.

Buyers can search for flats/apartments/plots/shops/restaurant in the city over  major real estate sites. Makaan.com, India's fastest growing property website, has the listing of projects from leading builders and land owners.

Properties in Navi Mumbai are the new hot investment destination

Realising the fact that property in Navi Mumbai is no less than a gold mine, property developers are making bee line to build residential and commercial segments in this city. Moreover, with the proposals to develop the city from its administration, now all eyes are glued on the properties in Navi Mumbai.

Another reason of the rising demand of properties in Navi Mumbai is the unaffordable prices of houses in Mumbai and its suburbs. For such reasons, property in India developers are coming up with affordable projects in the city with easy finance for the urban working class.

According to a report, the residential market in Navi Mumbai witnessed a growth in the year 2012, due to the high interest rates and whopping prices of residential units in Mumbai. Home buyers are also shifting their investment option from Mumbai to Navi Mumbai because the flats are being offered by developers at modest rates. Despite the growth of the residential segment the prices have not become unaffordable because of the easy availability of manpower resources. 

Developers of Navi Mumbai property are coming up with attractive offers and schemes to woo home buyers and increase their sales. 

Not only residential segment is enjoying the boom of Navi Mumbai property but IT companies and businesses are setting up their base for operations proving the city as the next commercial hub. Small shops and offices that were once seen as small investments are now gaining high demand.

Navi Mumbai property not only attracts domestic investors but also NRIs are looking forward to invest in real estate. With the downfall of rupee and dollar appreciating in value they are eyeing for every possible opportunity to invest in property in Navi Mumbai. With such determination they are taking help of realty portals to find potential property in the city that can give good returns in the future. As a result, the demand for flats in Mumbai is rising.  For example, Makaan.com, a leading and highly preferred realty portal site, is the favourite of home buyers as it allows them to identify the right market and invest in the potential real estate or flats in Navi Mumbai that are good investment options.

The biggest news is that Navi Mumbai property posses all the features of a serious growth and expansion of various businesses thus making it a favourite destination for business professionals.

So, home buyers who are waiting for the right moment to invest in potential properties can consider Navi Mumbai realty market as the safe bet.