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.

Makaan.com is a property sites where you can search residential and commercial spaces to buy, sell and rent. The properties from leading developers and brokers are available over portal. Choose as per your budget and preference for locality.

Why Buy Property in Navi Mumbai?

Property at Makaan.com

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.