Karjat in Navi Mumbai Scores Well on Affordability
Karjat is a sub-district in the Raigad district and an upcoming locality in the Mumbai Metropolitan Region (MMR). The locality lies close to the Panvel area in Navi Mumbai. The area is also slowly emerging on Mumbai’s real estate market due to its affordability.
Factors driving growth
The locality lies on the banks of Ulhas River and near the Western Ghats. Though far from the main city of Mumbai, it is well connected to the Chhatrapati Shivaji Terminus via regular local trains. It is also well connected to Panvel and Khopoli in Navi Mumbai. There are several major roads that provide connectivity to Karjat. Some of these include the Mumbai Pune Expressway, NH-3, NH-4, NH-17, Nasik Highway and Goa Highway. There are also several state highways that provide good connectivity to the area. The Mumbai Trans-Harbour Link (MTHL), once completed, will significantly reduce the travel distance and time between Mumbai and Karjat.
Besides road and rail, the area is close to Navi Mumbai’s upcoming international airport in the Panvel area. The area is also close to several industries and holiday spots. There are good number of educational institutions in the locality which also has decent social infrastructure. The locality attracts a good number of tourists, people involved in film shooting and adventure sports, spa hospitality and plantations due to the scenic beauty of the locality. The tourist spots of Lonavla and Matheran are situated close to the area.
Real estate
The scenic beauty, presence of good educational institutions, proximity to the upcoming airport as well as good connectivity and affordable housing are the key drivers of real estate in the locality. Property values in the area are in the range of Rs 2,100-3,600 per sq. ft. Karjat has witnessed a decent appreciation in property values from about an average of Rs 2,500 to about Rs 2,700 in the last one and half years.
There are several builders and projects already available in Karjat. Some of the known builders in the area include Signature Group, Space India and Zanira property Pvt Ltd. The most common housing type and configurations include 1 and 2BHK apartments, with a very small number of 3 and 4BHK apartments. The lower configuration properties find demand from people working in the nearby industries. A 1BHK apartment may be bought for a price of about Rs 9.3-16.7 lakh while a 2BHK apartment may be bought for about Rs 18.7-23 lakh.
The area has overall grown in the last couple of years and has a good potential for future growth. Hence, Karjat is a locality to be on your radar for its property values and growth prospects.
