The Booming Realty Segment of Navi Mumbai
Navi Mumbai has emerged as a preferred real estate destination among the investors and buyers. With the increasing space crunch in the financial city of India, Mumbai, investors have shifted their focus to Navi Mumbai. Read on to have an overview of the real estate scenario of Navi Mumbai.
Navi Mumbai is one of the largest international planned cities. It is the city, which was developed with an aim to reduce the congestion from Mumbai. The limits of Navi Mumbai are from Thane to Uran. The city has marked a rapid development and has come up with a number of excellent residential as well as commercial projects ensuring world-class infrastructure and modern facilities. Navi Mumbai has abundant green ecosystems and open areas.
Reasons for increased demands of properties
The main reason why it emerged as the investors favorite is the availability of apartments and projects within the reach of the investors. The flats and apartments in Navi Mumbai are bigger and spacious as compared to those available in Mumbai, and the prices are still not sky rocketing.
The better quality of life in Navi Mumbai has lured a number of potential investors to put in their hard-earned money. There has been flocking of people from different parts of country to Navi Mumbai because of the obvious reasons, affordable property, good quality of life and increased job opportunities. The plans to construct a new airport in Navi Mumbai are in pipeline. The airport is expected to ease the transportation from other states as well.
Commercial development has also spurred the social infrastructure in Navi Mumbai. The opening of schools, colleges and health care centers in localities like Nerul, Kharghar and Vashi has also led to increased demand of properties. Nerul is a township with excellent social infrastructure, while even Kharghar has also turned out to be a major educational hub.
New corridors for growth
There are a number of developed areas in Navi Mumbai, which include Vashi, Nerul, Airoli, New Panvel, Kalamboli to name a few. Some of the areas, which are now emerging as the hottest real estate destinations are Kharghar, Kamothe, Panvel and Ulwe. There are big construction activities undergoing in these areas. The city hosts a big number of high-end and luxurious properties that ensure great infrastructure and social life. These residential units and projects provide a number of facilities and amenities, such as swimming pools, sports complex, shopping complexes, car parking areas, and many others.
Not only the residential, but also the commercial real estate segment is also quite dynamic now. The city has witnessed investments from the corporate giants, both national and international. The main reason for these developments is the available of affordable properties across different localities in Navi Mumbai. Being the financial capital of the country, Mumbai becomes the obvious choice for the investors, but due to space crunch and increase prices of properties, the companies are now eyeing towards Navi Mumbai, which is well connected to the Mumbai region.
The commercial development in the city has been a main reason for good social infrastructure in Navi Mumbai. Localities like Nerul, Kharghar and Vashi have a number of reputed educational institutions as well as health facilities. Nerul has been developed as a residential township, which has established social infrastructure, while Kharghar is emerging as an important educational hub.
Then, there is Panvel, which has superior infrastructure and ensures affordable residential properties. A like Noida, Navi Mumbai has also been a market driver and created a number of job opportunities. Navi Mumbai has experienced an increased investor demand, because affordability plays an important role for attracting the investors.