Here are some of the facts about Navi Mumbai’s current real estate scenario:
1.Residential and commercial status:
The City Industrial and Development Corporation of Maharastra is the primary authority that recognizes the city limit as commercial and residential subdivisions. Navi Mumbai comes in both these categories, and it makes a very attractive place for Builders in Navi Mumbai to take advantage of this rapid development. The areas of Ulwe, Kharghar, and Panvel are witnessing a rise in the housing projects.
Navi Mumbai has many commercial advantages that have huge opportunities for employment and income generation in many channels. The commercial advantage of Navi Mumbai is the upcoming International airport that is to be built on a budget of Rs.16,700 crores and over 2,268 hectares of land. The Special Economic Zone with particular attention to IT and financial services is all set to create a pool of job opportunities at all levels is set to be developed on 2,140 hectares.
By way of the sea, the Mumbai Trans Harbour link is an under-construction 21.8 km, freeway grade road bridge connecting the Indian city of Mumbai with Navi Mumbai. Once completed, this bridge would be the longest sea bridge in the country.
This infrastructural development of Navi Mumbai is one of the facts that keep Navi Mumbai a preferred area for investment. This rapid commercialization has also led to a rise in many housing Projects in Navi Mumbai.
When investing in a housing project in Navi Mumbai, the buyer will decide the location based on the amenities of the project along with the locational advantage of hospitals, parks, recreational centers like malls, theatres and many more. All these advantages are available in Navi Mumbai and the areas of Panvel, Kharghar, and Ulwe boast these amenities on a grander scale.
Capital appreciation is also very evident in Navi Mumbai. There are reports suggesting that there has been 8% appreciation of rental income in Navi Mumbai. The area of Navi Mumbai presents affordable housing when compared to the expensive apartments of Mumbai. The Navi Mumbai is also known as the Satellite city owing to its growing footprint of grade-A, and superior grade-A, office developments. It also has an established IT and BFSI-backend corridor. Geographically, Navi Mumbai is also in very close proximity to Mumbai and Pune thereby making it very advantageous for people to enjoy the benefits of both the cities.
These are some of the facts of the current real estate market in Navi Mumbai. These reasons point out to the fact that investing in Navi Mumbai is beneficial and advantageous for middle-class buyers.