Where to Earn Good Rentals in Navi Mumbai

With property prices going up in Mumbai and the improving infrastructure as well as job opportunities in Navi Mumbai, more people are moving towards the latter. People who work in the CBDs such as Vashi and Belapur usually prefer rental properties while people who want to settle down in Navi Mumbai prefer to buy property in localities such as Nerul, Seawoods and Palm Beach Road.

There are several localities that provide rental properties in Navi Mumbai. If you are an investor and intend to rent out a property, following are some localities that fetch a good rent.

Kharghar

Kharghar is an important area and a central business district (CBD) in Navi Mumbai developed by CIDCO. It is considered the third most developed area after Vashi and Nerul in Navi Mumbai. The locality is surrounded by two major highways and the Kharghar hills. The locality is also adjacent to the Belapur CBD. The Taloja Creek and Taloja Industrial Estate are situated to its east. The locality is connected by the harbour line of Mumbai suburban railway. It is also just about 10 minutes away from the Mumbai-Pune Expressway. NH-4 is about 15 minutes away from the locality. There are regular BEST and NMMT buses to the area.

Kharghar has a proposed metro station, which will be part of the Navi Mumbai metro. The proposed Navi Mumbai International Airport is about 20 minutes away from the locality. There are some famous institutions in Kharghar including the National Institute of Fashion Technology (NIFT) and Tata Memorial Hospital (Cancer Research Institute). CIDCO has also built a 18-hole golf course, malls and a Central Park. Kharghar has large open spaces, greenery and the Pandavkada waterfall that attract people during monsoon.

Due to the connectivity, proximity to Belapur CBD and social amenities, several people prefer to rent houses in the area. The common units available for rent are 2 and 3BHK apartments. The approximate monthly rent of a 2BHK apartment is about Rs 12,000-20,000 while that of a 3BHK apartment is about Rs 16,000-25,000.

Nerul

Nerul is an upscale locality in Navi Mumbai preferred by buyers who want to live a luxurious life outside Mumbai. Yet, the locality also witnesses a good number of rental properties. The locality is favourite among the upper middle class population. The locality lies on three highways in Navi Mumbai. These are the Sion-Panvel Expressway, Uran Road and Palm Beach Road. Sion-Panvel Expressway connects Nerul to Mumbai and the Uran Road connects the locality to the proposed Ulwe SEZ. There are several NMMT and BEST buses available to the area. Belapur CBD is just about 5 km from the locality.

Nerul has an excellent civic and social infrastructure with good roads, decent electricity and water supply. It also has a good social infrastructure including institutions such as Premier Government Institute of Merchant Navy and Terna Engineering College. There are several hospitals, commercial centres, restaurants and entertainment facilities around the area. Due to the proximity to the Belapur CBD and good infrastructure, several people prefer to rent a property here.

The most common configurations available for rent are 2 and 3BHK apartments. While the approximate monthly rent of a 2BHK apartment is in the range of Rs 17,000-25,000, the approximate monthly rent of a 3BHK apartment is about Rs 20,000-30,000.

Kamothe

Kamothe is considered a fast growing node and an affordable locality in Navi Mumbai. It is situated along the Mumbai-Pune expressway. The expressway connects the locality to Belapur CBD. Kamothe is well connected to Kharghar, Kalamboli and Panvel. It has the Khandeshwar and Mansarovar railway stations in its proximity, both on the harbour line of Mumbai suburban railway. The locality lies an hour away from Mumbai. There are regular ST (state transport), NMMT and BEST buses to the area. The proposed Navi Mumbai International Airport is expected to be constructed in Panvel and adjacent to Kamothe.

The area has a growing civic and social infrastructure. As such, there are a few good properties available for rent in the locality. A 2BHK apartment is the most commonly available configuration in the area, though there are a few 3BHK apartments available for rent. The approximate monthly rent of a 2BHK apartment is about Rs 9,000-15,000 while that of a 3BHK apartment is about Rs 12,500-20,000.