Mumbai real estate market is known to be one of the most lucrative ones in the country. The city has seen constant and steady growth over the years, and there are several factors that drive such development. However, there are also a bunch of challenges witnessed by the market, such as a rise in construction costs, regulatory changes, and liquidity issues. Just a couple of years back, the pandemic also had a substantial influence on the property market in Mumbai.
As a result, Mumbai has seen an upsurge in prices and a decline in the spaces available for construction. No wonder more and more people are planning to buy a home in Navi Mumbai – a place that can offer a similar way of living at an affordable rate.
Today, we are going to discuss how the area offers some of the smartest investment options and discuss the property rates in Navi Mumbai.
Kharghar
Kharghar emerges as a rapidly developing enclave, presenting an array of amenities that justifies its property rates in Navi Mumbai. This locality has a bunch of well-known institutions and amenities in the vicinity. These include the Convent of Jesus & Mary High School & Junior College, Kharghar Medicity Hospital, and Little World Mall, which make lives much more comfortable for the residents.
Additionally, Kharghar's strategic location offers excellent connectivity to major employment centres like Taloja Industrial Estate, CBD Belapur, Ghansoli, Vashi, and Airoli, all reachable within an hour's drive. Furthermore, the forthcoming airport is conveniently situated just 12 kilometres away, adding to the area's appeal.
For those seeking a secure investment opportunity in Navi Mumbai, Kharghar stands out as a favourable choice. Over the last five years, the average rate per square foot for carpet area in this area has increased to ₹15,500, demonstrating a growth of 18.8% while offering a competitive rental yield of 7%.
Shilphata
Located at the junction of Kalyan-Shilphata Road and National Highway (NH)-48, Shilphata is an emerging community experiencing rapid growth, witnessing a remarkable price surge of over 20% in the past year, with the current average property rates of Shiphata in Navi Mumbai standing at approximately Rs 7,650 per square foot.
The area's real estate prospects are set to be further bolstered by upcoming infrastructure projects like the Ghatkopar-Ghansoli Link Road, the Airoli-Dombivali Tunnel Road, the Kharghar-Kalyan Monorail, and the forthcoming Navi Mumbai Airport, all expected to enhance its value. Shilphata's rental market benefits from its proximity to the commercial centres of Airoli and Palava Experia, with a significant inventory of 2 BHK homes available for both purchase and rental purposes.
Taloja
Taloja, a meticulously planned suburban area developed by Maharashtra's City and Industrial Development Corporation (CIDCO), is situated adjacent to the Old Mumbai Highway (NH-4). It is divided into two segments, offering a blend of affordable residential properties and commercial structures. While the Mumbai International Airport is approximately 45 km away, Taloja Panchnand Railway Station serves as a vital transportation hub for the locality.
Additionally, the government has proposed the construction of Taloja Metro Station on Line 12, further enhancing connectivity. Key developers like Konark Realtors, Abode Developers, and Eankay Homes Ltd. are actively engaged in real estate projects in Taloja. Over the past year, the real estate prices in Taloja have surged by more than 10%, presently averaging at Rs 6,150 per square foot.
Karanjade
Karanjade, a suburban residential area conveniently located off the Mumbai-Pune Highway (NH-48), offers excellent connectivity to Panvel and Navi Mumbai. This locality is known for its affordable housing options, including multi-story residences within secure gated communities. The average property price in this Navi Mumbai region stands at Rs 6,350 per square foot, reflecting a year-on-year increase of approximately 7%.
Factors contributing to its real estate expansion include its proximity to Panvel town, industrial zones like the upcoming Navi Mumbai International Airport, and Jawahar Industrial Estate and Panvel Industrial Estate. The Panvel Harbour Line train station is also conveniently situated just 3 kilometres away. Here, the average monthly rent for a two-bedroom apartment would be approximately Rs 11,400.
Conclusion
All these predictions indicate that the property rates in Navi Mumbai suburban area are bound to increase and thus hold the potential for yielding greater returns on investments. So, if you are planning to buy a property or invest any time soon, Navi Mumbai is your best bet!
