Counted among upcoming locations in Navi Mumbai, Dronagiri offers a viable first home destination for entry level Buyers. Compared to other locations it offers good quality residential apartments with modern amenities at a very economic price- ranging roughly between INR 4000- 4500 PSF. In comparison other key residential locations in Navi Mumbai are much more expensive. For instance, Vashi and Nerul are priced at INR 13,000 and 9,400 PSF respectively. Even nearby locations such as Ulwe and Panvel are priced higher at INR 5,750 and 5,350 respectively.
Emerging Residential and Commercial Market
At the moment, Dronagiri is one of the fastest growing locations in Navi Mumbai, registering an annual price appreciation of roughly 30% in the recent past. Its closeness to employment hubs such as Jawaharlal Nehru Post Trust (JNPT), Oil and Natural Gas Corporation (ONGC) and other industrial areas such as Ulwe and Panvel are driving demand.
Both investors and business communities are bullish over the prospects of Dronagiri. The euphoria is also emanating from the strategic advantage that Dronagiri offers. The place is close to the upcoming new international airport in Navi Mumbai and will be conveniently linked with Mumbai through soon to be completed Mumbai Trans-Harbour Link.
CIDCO, the developing body is not keeping any stone unturned in developing a top class infrastructure in Dronagiri in the form of better drainage and road transport system, a mistake that was done in case of nearby Ulwe that resulted in negative sentiments among some of the buyer segments.
Future Potential
As mentioned above, in the recent past the property prices have appreciated by roughly 30% annually. On the backdrop of high demand, similar robust numbers are expected to follow in the coming time as well.
The high growth is primarily driven by three fundamental factors. Firstly, Dronagiri is closely placed with upcoming industrial areas of Navi Mumbai such as Ulwe and Panvel, thereby enjoying high demand from buyers, employed in these places. It is itself as well an emerging commercial location.
Secondly, its strategic location enhances its significance. It is closely placed with the upcoming Navi Mumbai Airport and hence will be one of the pioneer in the future commercial and residential development that is expected to unfold in Navi Mumbai, post the airport becomes operational. Likewise it will be conveniently linked with Mumbai through soon to be completed Mumbai Trans-Harbour Link.
Thirdly, Dronagiri is still priced moderately when compared to other locations in Navi Mumbai, which gives ample scope for price hike in the future.
