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The Driving Forces Behind Navi Mumbai's Real Estate High

Author
Blox Social
Posted on
Apr 25, 2023
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Navi Mumbai, a planned city situated on the west coast of India, has been experiencing a significant surge in its real estate market. The city is part of the Mumbai Metropolitan Region and is divided into two regions - South Navi Mumbai and North Navi Mumbai. With its well-planned infrastructure, clean environment, and educational and healthcare facilities, Navi Mumbai has become a popular destination for residential and commercial real estate investments. If you are looking to buy flats in Navi Mumbai, here is why you shouldn’t think twice. 

Infrastructure Development

Navi Mumbai has undergone significant infrastructure development in recent years, contributing to the city's growth and development. The underway construction of the Navi Mumbai International Airport and the Navi Mumbai Metro Rail project has been a significant catalyst for the city's real estate market. The airport is expected to significantly boost the city's economy, attracting new businesses and job opportunities. The metro rail project will provide an alternative mode of transportation, reducing commuting time and improving connectivity within the city.

Self-sufficiency and planning

Another driving force behind Navi Mumbai's high real estate is the city's reputation as a self-sufficient and well-planned metro city. Navi Mumbai is known for its clean and green environment, with ample open spaces and greenery. The city has several parks, recreational facilities and gardens, making it an ideal place to live for individuals, couples and families alike.

Strategic Location and Infrastructure

Navi Mumbai's strategic location on the west coast of India, coupled with its planned development, has attracted many investors and developers to the region. The city covers 344 square kilometres and has a well-connected transportation system that includes major roads, railway lines, and upcoming airports. Major roads include the MTHL-Panvel Coastal Road, NH 348A, Sewri-Nhava Sheva Trans Harbour Link and Palm Beach Road. The Chhatrapati Shivaji International Airport is already in operation, and the Navi Mumbai International Airport is currently under construction. This infrastructure development has increased the city's connectivity, making it an attractive destination for investors and homebuyers.

Proximity to Mumbai

Navi Mumbai's proximity to Mumbai, the financial capital of India, has been another significant driver of the city's real estate market. Many people who work in Mumbai prefer to live in Navi Mumbai due to its lower cost of living and improved quality of life. This has resulted in an increased demand for residential properties in the city. 

Planned Development

Unlike Mumbai, Navi Mumbai was developed with a master plan in mind. The city has been designed to provide a better quality of life for its residents, with ample open spaces, greenery, and a well-planned road network. The city's infrastructure has been developed keeping in mind its future growth, which has contributed to its popularity among investors and homebuyers. 

Availability of Varied Property Types

Navi Mumbai offers a wide mix of apartments in varying configurations ranging from 1 BHK to 5 BHK, which has contributed to its popularity among middle-class homebuyers. The city also offers larger apartments, independent houses, studio apartments, villas, penthouses, duplexes, and more. Apartments here have an area starting from 280 sq ft and going up to huge spaces of 4500 sq ft as well. One can also find there are villas, bungalows and independent homes with areas of up to 6000 sq ft. This variety of options has contributed to the city's growth in real estate, with homebuyers able to choose properties based on their preferences and budgets. Additionally, there are numerous PMAY and MHADA housing schemes, making it easier for people with lower budgets to own their dream homes.

Presence of Reputed Builders and Developers

Several reputed builders and developers have invested in Navi Mumbai's real estate market, bringing with them innovative and sustainable construction techniques, modern amenities, and world-class designs. These developers have contributed significantly to the growth of the real estate market in the city, with their premium projects becoming highly sought after by homebuyers.

Growing Job Opportunities

Navi Mumbai has emerged as a hub for businesses across different sectors, from IT and manufacturing to healthcare and hospitality. The city's growth as an industrial and commercial hub has led to an increase in job opportunities, attracting people from across the country. Navi Mumbai is home to several major employment hubs, including the Mahape MIDC, Millennium Business Park, and Reliance Corporate Park. Companies such as UNITECH Consultancy, Neolite Infotech India Pvt Ltd., Softnext Solutions Pvt Ltd., and others are present here. Many other business parks have also come up in recent years, attracting numerous companies, both national and international, to the city. This growth in employment opportunities has led to a surge in demand for real estate in the city, with people looking to live close to their workplace.

Good Connectivity

Navi Mumbai has excellent connectivity to Mumbai and other parts of Maharashtra. The city is well-connected through a network of highways, expressways, and railways. The upcoming Navi Mumbai International Airport and the Navi Mumbai Metro Rail project will further improve connectivity within the city, making it a more attractive location for real estate investment.

Educational and Healthcare Facilities

Navi Mumbai has a range of excellent educational and healthcare facilities that deem it a perfect location for families. The city has a range of renowned schools and colleges offering quality education to students. Some of the reputed educational institutions are OES International School, Indian Management School & Research Centre, Kola Educational Institute, FCRIT Navi Mumbai, Pillai College of Engineering, etc.

It also has several hospitals and healthcare facilities, like Panacea Hospital, Apollo Hospitals, and Terna Sahyadri Speciality Hospital & Research, that provide world-class medical services to its residents.

Conclusion

Navi Mumbai's real estate market is booming, and it's not difficult to see why. Navi Mumbai's real estate market is booming, and it's no surprise, given the range of factors driving its growth. The city's well-planned infrastructure, clean and green environment, excellent educational and healthcare facilities, and thriving employment sector have made it a sought-after destination for both residential and commercial investments. The mix of affordable and premium properties catering to different income groups, coupled with the development of new infrastructure and amenities, suggests that the growth of Navi Mumbai's real estate market is set to continue in the coming years.

Real Estate