Navi Mumbai: Property Values Go Up By 25-45% in 2 Years
With Mumbai residential real estate becoming unaffordable, Navi Mumbai emerged as a cheaper alternative for many home buyers. The area saw rapid development in civic and social infrastructure as well as connectivity to Mumbai.
Continuously improving infrastructure led to a growth in demand. With the demand going up, property values too have shot up in recent times. Several nodes in Navi Mumbai have witnessed more than 20% increase in property values in the last 2 years.
Airoli
Once considered a developing node in Navi Mumbai, Airoli has undergone complete transformation in the last few years. The area has various ongoing residential projects along with many commercial establishments. Airoli is now one of the first localities to come in mind for many potential buyers in Navi Mumbai. There are several companies such as Accenture, Patni, Siemens and Capgemini that have their offices here. Developers such as Shah Group Builders, SK Builder and Developer and Riddhi Siddhi Group among others are very active here.
The area is directly connected to Mumbai via the Airoli bridge (Mulund-Airoli Link Road). The Thane-Belapur Road is another important road in Navi Mumbai that connects the locality to the Belapur business district and Vashi. There are regular NMMT and BEST bus services within the locality as well as to Mumbai. The harbour line of Mumbai’s suburban railway network provides train accessibility to the node.
All the commercial activity and continuous demand for residential projects have resulted in an increase in property values. For example, the average price per sq.ft. was about Rs. 6,900 in 2011 whereas, it went up to Rs. 10,200 per sq.ft in 2013, marking a hike of approximately 47% in two years. This means that a 2-BHK apartment of an average size of 1,000 sq.ft. is available for a budget of Rs. 1 crore.
Kharghar
Kharghar has emerged as another important locality in Navi Mumbai. Developed by CIDCO, it is adjacent to Belapur CBD. It also has the Taloja Industrial Estate to the east. The locality is easily accessible via the harbour line of Mumbai suburban railway. It is also just about 10 minutes away from the Mumbai-Pune Expressway and 15 minutes away from NH-4. There are regular NMMT and BEST bus services to the locality.
Apart from good connectivity to Mumbai and other localities in Navi Mumbai, the locality enjoys a good civic and social infrastructure. CIDCO recently built a 1.8 km skywalk to facilitate hassle-free movement for pedestrians between the Kharghar railway station and city node. There is a Navi Mumbai Metro station expected to come up in Kharghar. The node is surrounded by Beautiful Kharghar hills and Taloja Creek.
Continuous development in the locality and its proximity to the business districts has led to continuous demand for residential projects and hence an increase in property prices over the last two years. Property values went up from an average of Rs. 6,040 per sq.ft. in 2011 to 7,500 per sq.ft. in 2013, marking a hike of approximately 25%. Hence a 2 BHK apartment of average size of 1,000 sq.ft. can be bought for approximately Rs. 75 lakhs.
Kopar Khairane
Kopar Khairane has also emerged as an important residential hub in recent times. The locality was built mostly on reclaimed land. It has good connectivity to surrounding areas and commercial locations. It also has the famous Dhirubhai Ambani Knowledge City. The locality itself houses the Millennium Business Park with several IT companies such as Patni, Allied Digital, L&T Infotech among others.
The locality can be accessed from Mumbai by the Sion-Panvel Expressway through Vashi or by the Airoli bridge through Airoli and Ghansoli. The locality has regular local train services from Thane as well as bus services from NMMT and BEST. Apart from good connectivity and business centres, the locality has a very good social infrastructure.
All these have led to continuously growing property prices in the locality. The average property price grew from Rs. 7,100 per sq.ft in 2011 to Rs. 9,200 per sq.ft in 2013, marking an increase of 30% in the last two years. An average 1,000 sq.ft, 2 BHK apartment can be bought for a price of about Rs. 92 lakhs.
With many localities in Navi Mumbai growing in infrastructure and demand increasing in these localities, Navi Mumbai may soon compete with Mumbai in property values.
