Mumbai and Its Problems

Mumbai real estate is termed as one of the most expensive real estate markets across the world. Mumbai real estate is always in demand due to lack of space and unabated population migration. Lack of space has also led to increase price in rental as well as residential properties in Mumbai. Although Mumbai does not face electricity or water supply shortage, the city is plagued with several other problems.

Traffic management is extremely poor in the city. It often takes one hours to reach a destination that is just a few kilometers away. Roads have potholes which makes traveling a task in itself. During rains the situation becomes worse as the drains get clogged and the city comes to a standstill. Almost every year Mumbai witnesses a day when the city is shut down due to incessant downpour. 

Although Mumbai local trains are considered as the lifeline of the city, traveling in local trains during peak time is almost impossible. Even the first class compartments are no better. Even during non-peak hours traveling in local train is nothing less than a nightmare as people throng a train as soon as it arrives on the station.

Properties in Navi Mumbai has thrived inspite of all these limitations partly due to lack of space and partly because it is a land of opportunities and employment. The city is a dream destination for many. Many people who want to achieve something in life, come to the city to fulfill their dreams, little they realize that living in Mumbai is not easy. One has to constantly rush and run to earn their living. Cost of living is also too high in Mumbai and owning a piece of land in real estate Mumbai is just out of question. Mumbai being the financial hub of India should also scale up its infrastructural facilities that match it prowess.

Residential Properties in Navi Mumbai

Earlier, Navi Mumbai properties were bought by all those who could afford a property in Mumbai. The satellite city of Mumbai was developed in order to handle population migration. Navi Mumbai property was the saving grace for any seeker planning to buy a property in the financial hub of India. But like any other area Navi Mumbai too have seen a steep rise in property prices in the last few years.

Renewed interest from NRI's, development of infrastructure, broad roads, has attracted several people to shift their commercial properties to Navi Mumbai. Navi Mumbai properties for sale are available for much lower rentals and therefore several corporate companies are keen to shift to the city. Many people who had invested in Navi Mumbai properties some years ago have reaped huge benefits. Some people have also seen a double digit ROI. Some people had also invested in Navi Mumbai property to get a decent rental income. But with inflation and lack of space in Mumbai- Navi Mumbai is also witnessing lack of real estate space, which means the prices of Navi Mumbai property have escalated.  

Real estate investors are displaying a keen interest to invest in commercial and residential Navi Mumbai properties as the satellite city of Mumbai is witnessing some confounding developments such as development of IT parks, up-coming spacious knowledge hubs, Exhibition and Convention Centre, announcement of Navi Mumbai International Airport, SEZ, etc. Already this city is considered as a center for the steel market.

Property in Navi Mumbai attracts many as several people who are not able to buy a property in Mumbai are able to buy spacious property in the city. In the satellite city of Mumbai one can find properties in Navi Mumbai that fit into everyone's budget. From premium properties in Navi Mumbai to mid-segment housing; every person will be able to search for a suitable Navi Mumbai property for himself

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.

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?

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.