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An Overview Into Navpada's Real Estate Market

Author
Blox Social
Posted on
Jun 26, 2023
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Navpada is a developed luxury sub-locality in Thane West in Mumbai, situated at a short distance from Ghantali, Kopri, and Bhaskar Colony. It is an upscale residential locality and is known for its constantly changing property prices. Situated along the Eastern Express highway, Navpada is famous for its vibrant retail market.

It is considered to be one of the safest localities in Mumbai and is one of the oldest areas of Thane; the area is quite well-developed as well. However, people often find the area a bit congested due to its narrow roads and little parking space. 

Some important facts about the real estate market in Navpada are given below to help interested people make the right decision:

For People Interested in Buying Property 

There are currently more than 100 properties for sale in Navpada, and a majority of these are in multistory residential apartments. With a Y-O-Y change in apartment prices currently around 11.9%, Navpada promises to prove a forfeitable option for real estate investment. The average per-square-foot price of the apartments in the locality is around ₹23550.0. Some major under-construction and completed high-rise residential projects in the area include Spenta, Countdown OutSmart, Kanakia Eternity Residence, Lakhani Empire Towers, and Giriraj Dreams. 

For People Interested in Renting Property

Currently, there are only about 50 properties available for rent in Navpada in Thane. The average monthly rent in the area is between ₹21,000 and ₹44,400. Of these, around 10 properties are within the affordable range, with an average rental value of less than ₹24,000 per month. Around 9 properties are within the mid-segment range and have a rental value between ₹24,000 and ₹29,000 per month. There are more than 30 properties in the premium range that have a monthly rent of more than ₹29,000. Iris at Kashish Park is the most popular society for renting a residential property in Navpada.

Reasons For Investing In Property In Property In Navpada

Despite being one of the oldest sub-localities of Thane, Navpada is a luxury hub and is quite well-developed. The area has several residential projects under development, providing great investment opportunities for interested individuals. Some key reasons that make investing in Navpada a great option include the following. 

  • Affordable Property Rates

Nearly 14% of all the properties available for sale in Navpada are priced between ₹1Cr and ₹1.2Cr, while 11% of properties are priced between ₹1.6Cr and 1.8 Cr. Like in other suburbs of Mumbai, 2BHK apartments are the most preferred choice of investors and hence account for more than 43% of all properties available for sale. Nearly 83% of all projects in Navpada are in the form of multistory apartment complexes with all modern facilities and amenities. 

  • Excellent Connectivity with Different Parts of Mumbai

Navpada is situated quite close to the Central line of the Mumbai Suburban Railway, besides which the trans-harbour line ensures great connectivity to various parts of Mumbai. The locality's proximity to LSB Marg, Thane-Belapur Road, and Eastern Express Highway also ensures excellent connectivity by road to major suburbs of Mumbai. The recently completed Mumbai Metro Line 4 has further enhanced the connectivity of Navpada with the metro city. The Mumbai international airport is also located within a distance of just about 20 km from the locality.  

  • Well-Developed Infrastructure

Navpada has some of the most renowned educational institutions within a short distance, enhancing convenience for the residents. These include Indo-Scottish Global School, GEIS MH High School and Jr. College, Saraswati Education Society, New English School & Jr. College, and Satish Pradhan Dnyansadhna College. People in the area can also enjoy shopping and various fun activities at the various malls located within a distance of 5 km. These include the Viviana Mall, R Mall Thane, Korum Mall, R Mall Mulund, and Eternity Mall. The healthcare infrastructure of the area is also quite good, with well-known hospitals like Kaushalya Medical Foundation Trust, Horizon Hospital, Infinity Medisurge Centre, Platinum Hospitals Mulund, Sapphire Hospital, and Jupiter Hospital offering their services here. 

Conclusion 

Overall, Navpada is a premium locality in Thane that offers great property options for investment at relatively reasonable prices. The excellent connectivity and well-developed infrastructure ensure a great living experience for the residents. Moreover, Navpada's proximity to various IT and business hubs makes it further attractive for working-class people seeking an excellent property option that is not too far from their place of work.  

 

Real Estate