Navi Mumbai Property Market

Navi Mumbai properties are likely to see a sharp appreciation in prices in coming years, mainly because of the proposed airport in Panvel. The project is near to completion. The craze for real estate in Navi Mumbai is increasing among investors. They are fast buying properties in Kalamboli and Panvel area to avail healthy returns in future. Land prices have gone up in the proximity of the Nhava Sheva port in Panvel. Rates are believed to have witnessed a 100% increase.

Property prices in Vashi and Khargar have also gone up, and hover between Rs 2,500-Rs 4,000 a square feet. A year ago, the prices used to stand at Rs 1,800 to 2,200 a square feet. Real estate agents in Navi Mumbai have already evaluated their profits in selling any property near to the proposed airport. The development is certainly going to push the prices of residential as well as commercial property in Navi Mumbai .

Some locations in Navi Mumbai such as Vashi and Nerul have high real estate value. A number of construction activities are taking place within the jurisdiction of Navi Mumbai Municipal Corporation. However, residents in Kharghar are still waiting for the skyscrapers as they are not allowed in the region because of the safety considerations linked to the proposed airport.

Ongoing real estate activities including development of both the commercial and residential properties will help Navi Mumbai to transform into a ‘super city’. Also, the area has undergone a paradigm shift in all aspects including social and physical infrastructure like education and health care facilities.

The city will come up as one of the most accessible areas in Mumbai and property prices in Palm Beach Road will be close to the city’s most famous Marine Drive after around five years down the line.

Amitabh Kumar, a writer by profession has been part of content research team of magazines, journal dealing with NRI, non resident Indian news, stories, and issues. Presently he is content writer at Real estate India