Nerul Sees 30% Growth in Two Years
If you are looking to buy a property within the range of Rs. 1-2 crore in the periphery of Mumbai, Nerul in Navi Mumbai is a very good bet. There are different factors that support the growth of the locality. While the locality is beyond the affordability range, the area is a favourite among the upper middle income group. The area has also shown about 30% appreciation in the last two years. Various factors support the area’s growth.
Location and connectivity
Nerul lies on three important highways in Navi Mumbai viz., the Sion-Panvel Expressway, Palm Beach Road and the Uran Road. The Sion-Panvel Expressway connects the area to Mumbai while the Uran Road connects Nerul to the proposed SEZ in Ulwe, Dronagiri and Kalamboli. Uran Road also connects the area to the proposed Navi Mumbai International Airport. One can reach Mumbai via the Sion-Panvel Expressway within half an hour. Palm Beach Road connects the area to several other localities in Navi Mumbai.
Nerul has several BEST and NMMT buses that run at regular intervals between Nerul and other areas. The Belapur CBD is less than 5 kms from Nerul and takes about 10 minutes to reach from Nerul.
Infrastructure and amenities
The area has excellent roads and good connectivity to other parts of the city. There is decent electricity and water supply in the area. The area has a good social infrastructure in terms of educational institutions such as DY Patil International School, Terna Engineering College and Premier Government Institute of Merchant Navy. There are also hospitals such as Terna Sahyadri Hospital & Research Centre and Padmashree Dr. DY Patil Hospital & Research Centre. Other social amenities include restaurants and other entertainment facilities.
Real Estate Trends
The area is more popular among the upper middle income and higher income groups. Most properties available here are 1 and 2-BHK apartments in the range of Rs. 50 lakhs to 1.6 crore. The typical covered area of a 1-BHK apartment is in the range of 450-620 sq.ft and that of a 2-BHK apartment is 650-1,150 sq.ft. There are few 3 and 4 BHK apartments available with covered area starting from 1,250 sq.ft. Some of the prominent builders in the area are Ratan Properties & Projects, Sunny Real Estate Consultants and Neel Sidhi Enterprises.
A 1-BHK property would cost about Rs. 45-65 lakhs whereas a 2-BHK apartment would cost between Rs. 65 lakh to 1.35 crore. A 3 and 4-BHK apartment would cost approximately Rs. 1.4-2.8 crore. Property prices in Nerul have picked up rapidly in the last two years. The area witnessed an appreciation of about 30% in the last two years. The capital value in December 2011 was approximately Rs. 8,100-9,000 per sq.ft and about Rs. 10,800-11,500 per sq.ft in December 2013.
Nerul has rapidly developed as a potential real estate option for both end-users and investors. The locality is expected to see continuous growth in demand and yield good returns in the next 5-7 years due to its proximity to commercial centres.
