A satellite town or satellite city is a concept in urban planning that refers essentially to smaller metropolitan areas which are located somewhere near to, but are largely independent of larger metropolitan areas. Like Navi Mumbai is a satellite city of Mumbai.
With the new concept of ‘smart cities’, satellite cities will see an improvement in infrastructure, and connectivity. The satellite cities in Mumbai like Navi Mumbai, Dombivali, and Thane have seen a sudden upswing in the real estate market. They have grown into a destination for end users and investors likewise. The real estate prices are still within reach as compared to the city of Mumbai, where sky is the limit and these projects offer all modern amenities and facilities with A-class construction.
Mumbai’s satellite cities have various advantages than just being a mixed use realty development. Besides providing its residents with a superior quality of living in the form of connectivity, electricity, drainage, water, and other amenities, they also enable to propel the local economy. The coming up of an International Airport in Navi Mumbai and IT parks are a boon to the area around Mumbai and to its real estate market.
Pointing at the evolving destinations of Mumbai, experts reveal that with the advent of the airport in Navi Mumbai, the residential real estate outlook for the areas of the upcoming towns around here looks very, very positive. Many developers are hounding the areas around here for affordable housing projects. The concept of satellite cities, means planned townships and away from the congestion of the city. People now prefer the concept of planned townships as compared to the hustle of the city with its ever rising prices.
With a limited budget the satellite towns around Mumbai are a sound option for the present buyer and with a lot of new offices coming up and business houses shifting to these places the economy is boosted. Because of urbanization these townships offer all the facilities found in the city in fact sometimes better.
Affordability is an important factor in the real estate market of these satellite cities, the other aspects are connectivity, better living conditions, facilities. With a lot of business houses coming up here people prefer these areas to living in the congested city of Mumbai where things are beyond the reach of the common man.
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