Lifestyle

Navi Mumbai property market: An overview

[ecis2016.org] The more modern and newly planned extended township of Mumbai, Navi Mumbai is growing fast. Particularly, it has witnessed a significant rise in demand for property since the proposal for the new international airport in the region

Mumbai, not being able to keep up with the rapid growth of population, has undergone major expansion and Navi Mumbai is one planned township that started being developed from 1971. Over the years, Navi Mumbai has grown into a well-connected, well-planned and relatively less-polluted extension of Mumbai city having a robust infrastructure.

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CIDCO which is the planning and administrative body, took up the development of 95 villages around Mumbai, which have now grown into cities and are divided into North Navi Mumbai and south Navi Mumbai. The aim was to decongest Mumbai, as well as expand industrial and commercial activities. The polycentric pattern of planning and development of this area has ensured that the Navi Mumbai real estate sector witnesses an even distribution of residential and commercial development.

Today, this planned region spans across 344 sq km of land area and has 150 kilometres stretch of creek line. Nearly 45% of the land area is reserved for green zones. When CIDCO started with its development activities in the region, its main objective was to provide affordable housing to all the sections of society, specifically concentrating on the lower income group (LIG) and middle income group (MIG). It has achieved this aim to a very large extent.

Navi Mumbai ensures world-class infrastructure and healthcare facilities to all its residents. Using modern technology and showcasing beautiful architectural designs, Navi Mumbai’s skyline is transformed by famous Indian architects and contractors who undertook the housing projects. Their names include Hafeez Contractor, Shirish Sukhatme, Achyut Kanvinde, Ratan Batliboi, etc. One of the latest and most coveted developmental projects in the region is the Seawoods Estate situated on 2,30,000 sq ft of land area in Nerul. It features exclusive apartments in Navi Mumbai, duplex penthouses and villas.

 

Connectivity with nearby Navi Mumbai localities

Read also : New Panvel property market: An overview

Residents in and nearby Navi Mumbai localities can be assured of great connectivity through its wide roads and most importantly railway connectivity which is Mumbai’s lifeline. Further, Navi Mumbai Metro is presently under construction and is expected to connect areas of Belapur, Kharghar, Taloja and Pendhar. The Thane Creek Bridge, Taloja Creek Bridge and Panvel Creek Bridge also offer easy road connectivity to reach Greater Mumbai. Youngsters in search of jobs and migrating to Mumbai often prefer to stay in Navi Mumbai owing to its affordability, better connectivity and cleanliness.

[ecis2016.org] Property rates & trends in Navi Mumbai

 

Schools in Navi Mumbai and other social amenities

CIDCO has undertaken massive beautification work in the area and has been very vigilant in the protection of greenery. As a result, Navi Mumbai now boasts of 175 public gardens, 3 water bodies, 16 detention ponds and 28 holding ponds. CIDCO has also indulged itself in identification and maintenance of numerous Nature Parks and Valley Parks in the area.

Further, an estimated 22.5% of the population in Navi Mumbai are school-going children and a number of premier schools and colleges in Navi Mumbai have been set up in recent years that has gradually transformed Navi Mumbai into earning the title of an educational hub.

 

Physical infrastructure in Navi Mumbai

Recently proposed and planned infrastructure by CIDCO focuses on water supply. It includes recently developed Balganga Dam Project, development of 4 lakh metres of pipeline for supply of water and Hetawane Water Supply Project.

Read also : Chembur: Social infrastructure and lifestyle

Navi Mumbai is also said to experience considerable rainfall and disposal of rainwater and proper drainage is a critical issue and challenge that is taken care of by CIDCO. An effective storm water management system is being designed to prevent high occurrence of flooding.

 

India’s real estate giants and top builders in Navi Mumbai have successfully completed residential and commercial projects catering to the demands of people from all income groups. Price trends in Navi Mumbai show that the prices are on the rise but properties are still affordable when compared to Greater Mumbai. Estimated prices include:

  • Rs 6,000-Rs 15,000 per sq ft in Nerul
  • Rs 6,000-Rs 8,000 per sq ft in Kharghar
  • Rs 4,000-Rs 7,000 per sq ft in Ulwe and Panvel

 

Reasons to invest in Navi Mumbai

Developments in recent years have influenced real estate price trends in Navi Mumbai to a great extent, thus, making it a perfect location to make property investments. The upcoming Navi Mumbai International Airport is expected to provide a further boost to the realty market which already boasts of a well-developed modern day township. In a nutshell, the emergence of Seawoods Estate as an exclusive residential complex and the upcoming Millennium

Check properties in Navi Mumbai

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Source: https://ecis2016.org
Category: Lifestyle

Debora Berti

Università degli Studi di Firenze, IT

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