Which is the perfect location to invest in a property? Which real estate market will bring me the best returns? Which is the place where a flat will make for a comfortable home and a great financial investment? Navi Mumbai is the answer to all these questions.
Navi Mumbai is one of India's handful of planned cities. Unlike Mumbai, where the growth has been largely organic and demand-driven, the City and Industrial Development Corporation (CIDCO) has planned this city to be the perfect blend of commercial and residential development in the midst of natural greenery and splendour.
With several IT parks, such as the Reliance Corporate Park, Mindspace, and Gigaplex IT Park, coming up in the city, young professionals and entrepreneurs are clamouring to take advantage of the affordability and amenities that Navi Mumbai flats have to offer. Several major colleges and higher education institutions, hospitals, and amusement parks are also moving to Navi Mumbai. This is the foundation of the growing interest of homebuyers in the city.
For the past several years, homeowners and real estate developers have shown keen interest in the suburbs of Mumbai over the older, more established neighbourhoods of South Mumbai. The availability of space, excellent infrastructure, and affordability have been important factors that have prompted this shift in focus. Navi Mumbai, however, seems to be the hotspot to outdo all Mumbai suburbs regarding residential development and home sales. Besides large, luxurious homes, Navi Mumbai flats offer the distinct advantage of living in a clean, pollution-free environment. Add to this the highly developed social infrastructure, and it is easy to understand why homeowners are flocking to invest here.
Much of Navi Mumbai's growth and the city's prospects are predicated upon the immense infrastructural development undertaken by CIDCO and the Maharashtra state government. As with any sprawling city, connectivity is the key to demand in and around Mumbai.
The Sewri Nhava Sheva Trans Harbour Link (Shri Atal Bihari Vajpayee Trans Harbour Link), a 22 kilometre 6-lane expressway connecting Sewri in Mumbai with Navi Mumbai, is the feather in the cap of MMRDA. Apart from being the longest sea bridge in the country, the expressway will connect to the Mumbai-Pune expressway and the upcoming new airport in Navi Mumbai.
It is not surprising, then, that the city's residential housing demand is only set to soar.
While the entire city of Navi Mumbai is experiencing unprecedented growth in development and demand, some neighbourhoods stand out in terms of their potential for returns.
Apart from these, Kharghar, Shilphata, Karanjade, Kalamboli, Panvel, Khanda Colony, Koperkhairane, Kamothe, Taloja, Roadpali, New Panvel are the residential neighbourhoods attracting a great deal of interest.
After examining the various reasons that make Navi Mumbai an attractive investment, let us look at the city's real estate price trends. According to current estimates, average property prices in Vashi have gone up from about INR 10,500 per square foot in 2018 to about INR 20,000 in 2023. Similarly, In the same time frame, property rates in Ulwe have increased from INR 5600 per square foot to nearly INR 9500 per square foot. Such phenomenal asset value appreciation has prompted investors to buy Navi Mumbai flats rather than under-construction projects in Mumbai.
Navi Mumbai is one of the most attractive micro markets in Mumbai, and the fabulous growth story of this city is only getting started.
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