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Mumbai, the city of dreams is growing at lightening speed itself. The construction phase began in early 1970’s and is ever increasing. Navi Mumbai is rapidly growing with some awesome and wonderful properties investments that you can get your hands on.
Its construction is managed completely by CIDCO. It has a large number of financial companies based at a area called Belapur owned by CBD. Other projects like Navi Mumbai International Airport, Navi Mumbai SEZ and the area’s communication along with south Mumbai are some of the large infrastructure projects included in Navi Mumbai. To improve communications with south Mumbai Nhava Sheva to Sewri Sea Link road is being built. Upon completion of these projects, property prices are expected to soar high to 20x to 30x as compared to current prices.
Some social, civic and physical infrastructure are already well-established like Airoli, Gansoli and Kharghar. End users mostly characterize these neighborhoods. Mostly these areas are priced high between Rs.8,000 to Rs.10,000 making it difficult for the people with limited budget buy property here.
However, looking at the growing demand for housing in the city Navi Mumbai areas like Ulwe, Panvel and Koperkhairane are being developed by CIDCO. Many real estate dealer have brought land pockets in Ulwe and launching projects near the International Airport in Navi Mumbai; due to this property rates are increasing by 5% per annum. Some of the renown developers that are launching their residential projects in Ulwe are lakhani Developers, Kaamdhenu Realtors, Need Siddhi Developers and the Paradise Group.
A proposed Metro Phase I route has been created between Pendhar and Belapur. Metro Phase II route is extended Khandeshwar. Major Construction groups like Hiranandani, Harware and Arihant have various projects spread across Taloje, Uran and Panvel.
Currently prices in regions like Kamothe, Taloje and Uran vary between Rs. 4000 to Rs. 6500 per sq. ft. These areas are observed to have a ise of 4 to 6% hike annually and upcoming projects are estimated to be priced between Rs. 7000 to Rs. 9000 in the coming three to four years.
The project NAINA (The Navi Mumbai Airport Influence Area) has included 270 villages within its ambit. CIDCO has formulated new development rules for these areas. These areas are expected to increase significantly in the coming 3 to 5 years. Residential Projects arising in these areas are like Taloja, Kalamboli, Panvel-Vashi, Nilaje and Navade.
Navi Mumbai is supposed to soon catch up with the rising property market in Thane or Mumbai.
Source :- http://blog.indiahomes.com/navi-mumbai-real-estate/upcoming-areas-navi-mumbai-property-investment/
