As overcrowded as the ‘city of dream’ is, so is the scenario of residential accommodations of Real Estate in Mumbai. Since the main city of Mumbai is already full up to the brim, people have started moving towards the suburban regions. One popular location that has attracted great attention is Navi Mumbai. The locality covers a pretty big area and enjoys proximity to the commercial hubs of Thane, Dombivali and Panvel.
Last year, the City and Industrial Development Corporation (CIDCO) freed about 4750 acres of land for the development of residential units which was earlier under the government authority for building hospitals, public gardens, etc. Only a part of the total land is allocated to the private builders for providing accommodations to people. The coming of new international airport near Panvel is another reason for Navi Mumbai’s realty boom.
The micro market saw a great deal of ups and downs in its price trend graph. Prices saw a good hike during March-April 2015 but again fell down to reach the same position in July 2015. The average price recorded for Navi Mumbai Real estate was Rs 6,006 at the end of July ‘15.
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Kharghar, Ghansoli and Koparkhairane are some localities that have witnessed good demand over time and have prices much higher than the Navi Mumbai’s average property price in general. Some affordable localities of this micro market are Ulwe, Panvel, New Panvel and Roadpali. The interior areas of Airoli village are quite affordable and are expected to see modern development in the coming time. Those who invest now in these locations can get good returns in future.
Most of the real estate projects in Navi Mumbai fall in the price bracket of 40-60 lakhs which makes it a perfect buy for the middle income group. Real estate experts opine that these homes are going to meet the demands of property buyers to a large extent. However, they should not hamper the natural beauty of the location. It is only the outskirts of Mumbai that still have the greenery alive. Hence the builders should try to keep their residential developments as eco-friendly as possible.
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