Navi Mumbai is less than an hour away from the Chhatrapati Shivaji Terminus at Mumbai by train. According to experts, Navi Mumbai is definitely the affordable housing hotspot of the future due to its comparatively lower prices, good road and railway connectivity and growing infrastructure. After the announcement of the Navi Mumbai airport project, real estate investors have deployed investments in and around Navi Mumbai.
Prices of land are comparatively lower in Navi Mumbai and several residential ventures have come up over the last 2-3 years. Navi Mumbai offers lower rentals along with decent connectivity to both Pune and Mumbai and this has drawn many companies in the banking and financial services and IT sectors to set up offices here.
The NAINA (Navi Mumbai Airport Influence Notified Area) project is the biggest such planned township in all of Asia and will come up for rehabilitating individuals who will be displaced by the mega airport project. Navi Mumbai has easily available land parcels and this will boost the increase in affordable housing units. Electricity, water and sewage facilities are readily available and there is steady demand for affordable housing units here.
There is a buyer shift from 3-4 BHK units to 1-2 BHK units in Mumbai on account of skyrocketing property prices. However, Navi Mumbai still has innumerable budget propositions which are priced in the Rs.30-50 lakh range. The proposed development of SEZs at Kalamboli, Dronagiri and Ulwe and the international airport at Panvel may spark a massive infrastructural boom in Navi Mumbai and this will rub off wonderfully on the real estate market.
The Mumbai Trans Harbour Link has already obtained government approval and this will boost the real estate market in Navi Mumbai hugely. Navi Mumbai has also transformed into a major healthcare and educational hub with leading hospitals like the DY Patil Hospital & Research Centre, Fortis Hospital and others located here. The Bharati Vidyapeeth and SIES College are also among many reputed educational institutions here. Navi Mumbai benefits from its easy access to the MMR belt and several CIDCO infrastructural initiatives.
Navi Mumbai has a lot of scope for future development and growth. Several MNCs have already set up their offices in Navi Mumbai and this has spurred demand for social amenities and residential units alike. CIDCO is focusing hugely on the development prospects in Navi Mumbai and residential real estate demand should hit the roof in the near future!
