Ulwe, Kamothe and Kharghar in Demand for Smaller and Affordable Houses
Finding an Affordable Home in Mumbai in today’s scenario is extremely difficult. In the situation where property prices are continuously rising in Mumbai, there are few localities such as Kharghar, Kamothe and Ulwe that may provide a bit of relief for people who are searching for affordable houses.
Property prices for even a 1, 2-BHK property are at an all time high in Mumbai. Even in Navi Mumbai, prices have almost touched the sky making it extremely difficult for buyers to own a house in or around Mumbai. In these conditions, there are certain localities in Navi Mumbai such as Kamothe, Kharghar and Ulwe where one may hope to find affordable properties in the range of Rs. 25 lakhs to 1 crore and above. As such, these areas are facing increasing demand.
Along with the demand for affordable houses, there are other reasons such as infrastructure projects, good connectivity, high prices in neighbouring localities and good social infrastructure responsible for growth in demand for these three localities. However, the unique selling point of these three localities is the wide range of values at which residential properties are being offered.
Infrastructure projects and connectivity
Some of the Infrastructure Projects already present here are the Mumbai-Pune expressway, Sion-Panvel highway and the Panvel bypass which are accessible from all three localities. Other proposed projects are the Nhava-Sewri sea link and the Navi Mumbai International Airport. There is an upcoming Seawood-Uran suburban rail network that will connect Ulwe to prominent office hubs. Ulwe promises good connectivity in the near future to the Mumbai-Pune expressway and Palm Beach Road. Both are just 2 km and 2.5 km away respectively.
Kamothe has very good connectivity to Kalamboli, Kharghar and Panvel. It is located along the Mumbai-Pune expressway, which connects it to Belapur CBD. It also has the Mansarovar and Khandeshwar railway stations along the harbour line, both at a distance of 2 km from Kamothe. Kharghar is just 4 km away from the proposed Navi Mumbai International Airport. It is also called the CBD (central business district) of Navi Mumbai. All these projects and upcoming IT MNCs in Navi Mumbai are expected to drive up property prices in the next 8-10 years.
Real estate
Apart from these Infrastructure Projects, these three localities have good social infrastructure. There are many hospitals such as the Metro Hospital and MGM Hospital. There are also many schools and colleges in the vicinity. Other amenities in the vicinity include a golf-course, metro station, parks and malls.
Many builders are already developing residential projects in these areas. Some of them are Dreams Group, Imperial Enterprises and RSM Lifespaces in Ulwe, VUB Group and Juhi Developers in Kamothe, and Paradise Group, Adhiraj Constructions and Devkrupa Enterprises in Kharghar. The residential projects are more focused on 1,2 and 3-BHK apartments, especially in the range of Rs. 30-45 lakhs.
Property trends in Ulwe, Kamothe and Kharghar
The second quarter of 2013 has seen the maximum growth in demand for 1 and 2-BHK properties in these three locations. Kamothe saw a growth of 56%, followed by Ulwe at 47%. Kharghar witnessed the lowest demand of 32% for 1-BHK properties. The maximum growth in demand for 2-BHK properties in these three locations was 48%. Following is a table comparing the prices for 1, 2-BHK properties in these three locations.
Prices for 1, 2-BHK apartments
|
Locality |
Avg. Price per sq-ft (in Rs) |
Area in sq-ft |
Price for property (in Rs) |
|
Ulwe |
4,720 |
315 – 725 (1-BHK) 775 – 1270 (2-BHK) |
14.5 – 34.5 lakhs 36.5 – 60.0 lakhs |
|
Kamothe |
5,400 |
300 – 760 (1-BHK) 700 – 1300 (2-BHK) |
16.0 – 41 lakhs 37.0 – 71.0 lakhs |
|
Kharghar |
6,630 |
300 – 860 (1-BHK) 610 – 1250 (2-BHK) |
19.5 – 57.0 lakhs 40.0 – 83.0 lakhs |
Prices for 1, 2-BHK independent houses
|
Locality |
Avg. Price per sq-ft (in Rs) |
Area in sq-ft |
Price for property |
|
Ulwe |
4,470 |
360 – 660 (1-BHK) 970 – 1200 (2-BHK) |
16.0 – 23.75 lakhs 43.0 – 53.75 lakhs |
|
Kamothe |
5,240 |
500 – 690 (1-BHK) 850 – 950 (2-BHK) |
26.0 – 36.0 lakhs 44.5 – 50.0 lakhs |
|
Kharghar |
10,340 |
340 – 650 (1-BHK) 970 – 1100 (2-BHK) |
35.0 – 67.25 lakhs 1.0 – 1.35 crore |
The tables show that in all three locations, despite high per sq-ft rates, the developers are able to deliver the projects at affordable rates in response to the high demand for affordable properties. The property rates as seen from the table are very low compared to other localities in Navi Mumbai such as Nerul and Vashi where prices go beyond 1 crore for 1, 2-BHK properties. Ulwe is currently the most affordable while Kharghar is the most expensive among the three localities for properties in the 1, 2-BHK bracket.
