Is it Profitable to Buy a House in Navi Mumbai in 2023?
Navi Mumbai is an extended suburb of Mumbai that is famous for being one of the largest planned satellite cities in India. The city was originally developed to ease the increasing pressure for new properties to accommodate the countless people coming to Mumbai every year. However, in recent years, the region has become the preferred choice of people seeking a better lifestyle and profitable property investment options in and around Mumbai.
Statistically, there has been a 1.8% increase in the demand for properties in the first quarter of 2023. This is mainly because the city has witnessed exponential growth in the number of exciting and affordable real estate projects that fulfil the needs of a wide range of property investors. Moreover, it offers a better standard of living compared to Mumbai while providing all the facilities and amenities within a short distance.
Investing in property in Mumbai is definitely a profitable option, especially in areas like Khargar, Airoli, JNPT Township, Taloja, and Panvel.
Some reasons that make real estate investment in Navi Mumbai a great choice are explained below.
Decent Appreciation In Property Price
Navi Mumbai has been witnessing a significant increase in property prices year after year. The city offers a vast scope for real estate development in both residential and commercial sectors. Several upcoming infrastructure projects in the region and the constantly increasing demand for different types of property have assured investors of a higher growth rate. Furthermore, the involvement of some of the leading real estate developers has helped in creating new opportunities for decent returns on investment.
Major Infrastructure Projects Under Development
Navi Mumbai is experiencing rapid infrastructure development, which will prove beneficial for investors in various ways. The ongoing development of Navi Mumbai International Airport, Navi Mumbai Metro, Trans Harbor Link Road, and the Virar-Alibaug Multimodal Corridor are all set to change the pace of real estate growth in the region. These projects are set to enhance the connectivity of the region besides improving access to social infrastructure and employment hubs in Mumbai city.
A Growing Rental Market
Investing in property in Navi Mumbai provides people with an option to create an additional source of income by renting the property. There is a huge demand for rental properties in areas like Panvel, Nerul, JNPT Township, Khargar, and various other localities. The large-scale development of commercial real estate and employment hubs in the region is expected to further enhance the demand for the already strong rental market. Consequently, investing in property in Navi Mumbai now can help people enjoy a high rental yield that is likely to increase by a significant margin every year.
Affordable Pricing Of Properties
Another good reason to invest in property in Navi Mumbai is the affordability compared to similar properties in Mumbai and even Thane. In addition to the lower price of the property, investors can enjoy other benefits, which include a low-interest rate on home loans, flexible payment plans offered by developers, direct cash discounts of 5-10% offered by some developers, and low booking charges with the provision of zero EMI payment until possession is granted. All these factors have contributed significantly to making Navi Mumbai a major hotspot for property investment.
Large-Scale Commercial Real Estate Development
As mentioned before, Navi Mumbai is undergoing extensive real estate development in the commercial sector and is all set to become the next industrial hub. Several leading companies are opening up offices in the region, and many companies are also moving their operations from the Mumbai CBD to this evolving city. The region has also witnessed significant growth in the setting up of IT and corporate parks, which are evolving as new employment hubs for people seeking a better life and career.
Better Quality Life
Navi Mumbai is a well-planned city, and hence the property options of its various localities, including JNPT Township, offer the good quality living sought by investors. Almost all major real estate projects in the region offer the benefit of large green areas and open spaces. Moreover, the sound social infrastructure in the region ensures that people do not need to travel too far to gain access to good education, excellent healthcare facilities, or even decent shopping and recreational avenues.
Conclusion
Navi Mumbai offers a perfect combination of good quality life, excellent infrastructure, and great connectivity, making it the perfect place for profitable property investment.
Get in Touch
Let our experts help you answer your questions
Get in Touch
Let our experts help you answer your questions
In the real estate dynamic, picking between a 2 BHK and a 3 BHK home is similar to organising an ensemble of ventures. Every choice presents its own unique advantages and disadvantages thereby making the choice between them a confusing task. To make your task easier, we have curated this detailed blog to help you choose between 2 BHK to 3 BHK as per your requirements. So, without further ado, let’s dive straight into the blog.
Vastu is an ancient Indian system of architecture and design that aims to create harmony between humans and nature by balancing the five elements - earth, water, fire, air and space.
Kicking off 2024 on a high, Mumbai’s real estate market is set to experience a reported 5% increase in its residential sector. Nevertheless, Premium properties continue to be a huge draw among homebuyers, courtesy of an increased standard of living among Mumbaikars. Flats in the commercial capital come in all shapes and sizes, from studios to affluent penthouses.
