What makes Navi Mumbai, an attractive real estate destination?
Navi Mumbai, one of the planned townships in the country has witnessed an enormous amount of growth in the past few decades. The growth is exponential and the real estate market in Navi Mumbai has reached greater heights. Localities which were unknown decades back are developed with high rises. Infrastructure development has contributed to the growth of these areas. The proximity of the city to the financial capital, Mumbai is one of the greatest advantages of the market. The city is developed with a planned approach to replicate the financial capital.
City and Industrial Development Corporation of Maharashtra (CIDCO) has planned and developed Navi Mumbai. As Mumbai was running out of space, development of Navi Mumbai looked very necessary. Availability of large land parcels for developments have contributed to the massive growth of the locality. Navi Mumbai has witnessed an enormous amount of development in infrastructure.
Developments in the form of wide roads, footpaths, flyovers, over bridges, recreation centers, excellent road and rail connectivity, open spaces, etc. Infrastructure was planned even before the establishment of settlements.
The attractive pricing of properties and the presence of good infrastructure along with improved connectivity has gained the attention of corporate companies. Proximity to the Mumbai city is another factor which has contributed to the development of IT sector in the area. The rapid development of IT sector in the country has pulled in a lot of investments into this area.
Corporates looking out for large spaces to accommodate a large number of employees started moving into Navi Mumbai. The residential developments have grown to greater heights. The demand is majorly driven by the employees in these corporate sectors. Many micro markets have attracted investor interests.
The availability of job opportunities and the affordable pricing of housing projects are the major factors contributing to the growth of the residential market. Many youths have migrated from Mumbai and other parts of the country to Navi Mumbai for jobs. The city holds everything for providing a better lifestyle for the residents. Affordable housing, premium housing units, better social infrastructure such as schools, colleges, hospitals, entertainment and recreational options, shopping units, malls, restaurants and all necessary amenities.
The government is taking several development measures for the growth of the city. One of the recent initiative by the government to develop Navi Mumbai into a smart city adds to the future growth. The city is slowly transforming into one of the well-developed cities. Navi Mumbai International Airport is one of the ambitious project, which on implementation will transform the value of the city.
The property prices in the micro markets located around this project are seeing developments in various angles. The property prices are skyrocketing. Investing in one of these micro markets will give a good return on investment. The metro project and the Mumbai Trans Harbour Link project on implementation will further improve the connectivity of the city to Mumbai.
If you are planning to invest in Navi Mumbai, you can consider localities such as Panvel, Ulwe and Kharghar. These are considered as some of the top investment destinations in the city.
Reshma is a Research Expert from Navi Mumbai. She has written extensive research papers on the economic scenario and real estate market in India. She shares his views on real estate on Indiaproperty.com