3 BHK Housing Units Fare Better in Seawoods, Nerul and Kharghar
The areas of Kharghar, Nerul and Seawoods in Navi Mumbai are seeing more 3 BHK and above homes in recent times. These units account for about 20-36% of the total number of flats being constructed in these areas in the last three months. An interesting thing to note is that buyers too prefer these kinds of housing units. There are certain reasons why more customers are preferring larger units in these areas.
Connectivity
Navi Mumbai is very well connected to Mumbai via the Palm Beach Road on one side and National Highway (NH 4) on the other side. It is also connected to the main city of Mumbai through the Vashi bridge. Navi Mumbai has access to Pune via the Mumbai-Pune Expressway. The Mumbai suburban railway network covers most of the major areas such as Vashi, Nerul and Panvel in Navi Mumbai.
Navi Mumbai also has a good mass transportation system. There are BEST and Navi Mumbai Municipal Transport (NMMT) buses that are available throughout Navi Mumbai. The upcoming Navi Mumbai metro line is from Belapur to Taloja via Kharghar. With a good connectivity and transportation system, many people prefer Navi Mumbai as a residential destination.
Lower prices
When one compares property prices in Mumbai to those in Navi Mumbai, one easily sees the reason for buying a 3 BHK and above unit here. In Mumbai, a typical 2 BHK apartment would cost more than Rs. 1 crore whereas in areas such as Kharghar, Nerul and Seawoods, a 3 BHK is available for that price. Hence, more people who have that budget prefer to buy a 3 BHK unit in these areas rather than buying a smaller unit in Mumbai.
Property consultants say that residents in Navi Mumbai follow a certain thought process. A 2 BHK unit in these areas would cost between Rs. 80-90 lakhs on an average. Most buyers don’t mind spending just a few more lakhs to purchase a bigger house. The difference in property prices is not as significant as the difference in property size.
Realty trends
There are several developers coming up with new projects in Nerul, Kharghar and Seawoods. Some of them are Mahavir Builders, Juhi Developers and Siddharth Developers. The size of a 3 BHK apartment in these areas is typically between 1,300 and 3,000 sq.ft. The price of a 3 BHK unit in Seawoods would cost between Rs. 2-4 crore wheres it would cost between Rs. 1.2-4 crore in Nerul. A 3 BHK apartment would cost between Rs. 85 lakhs-2.5 crore in Kharghar.
The realty prices in these areas are however on the rise owing to the increasing demand from local residents as well as people from Mumbai and neighbouring areas. The average capital value in Kharghar saw a rise from Rs. 6,500 to Rs. 7,100 per sq.ft in the last year. In Nerul, the average capital value increased from Rs. 9,000 to Rs. 11,000 per sq.ft. It increased from Rs. 8,900 to Rs. 10,500 per sq.ft in Seawoods in the last year.
