Navi Mumbai – A Haven for Affordable Properties
The real estate prices in Mumbai as everyone knows has gone way out of the common man’s reach. Unless you are a multi-billionaire like Mukesh Ambani or the King of Bollywood, Shahrukh Khan you can forget about owning a piece of property in Mumbai. But all hope is not lost for those who are on a budget. There are affordable residential projects that are cropping up in the localities of Navi Mumbai which might be the answer to your prayers.
There is already a good amount of demand for residential properties in Navi Mumbai. There are several factors that are driving people towards this area. Infrastructure is the key here. Great connectivity to Mumbai and Pune by road and rail is already in place. There are several proposed infrastructure projects in the pipeline as well including a Metro, the Mumbai Trans Harbour Link and the Navi Mumbai International Airport. When the plans for the airport were announced there was a lot of enthusiasm shown by the realty sector. But the project did not take off as expected and this sent property prices spiralling downwards. With the Maharashtra government stepping in and clearing the hurdles blocking the project, it has been given another lease of life. Once all the proposed projects near completion that property rates will only go up in areas which will benefit from them.
Another reason why Navi Mumbai has caught the fancy of those looking for a property is because of the presence of employment generators such as SEZs and IT parks in the area. A fair majority of property seekers in Navi Mumbai belong to the working class.
Affordable properties in Navi Mumbai are priced between INR 4, 000 to 6, 500 psqft. Areas which are emerging as top choices in Navi Mumbai are Panvel, Ulwe, Kharghar, Karanjade & Taloje. Here one can find an apartment for as low as 10. 8 lakhs. Some of the affordable projects here are Sinic Ozone, Water Edge, Vaastusiddhi Alps and Golden Empress. If you want to buy apartments in navi mumbai for under 40 lakhs, the localities to watch out for are Ulve, Panvel, Kamothe, Virar West and Mira Road. Taloje has risen as an ideal destination for affordable housing with about 80% buyers preferring 1 BHK apartments.