Navi Mumbai, the planned city in the west coast of Maharashtra has attracted many people and now has a large number of the population residing here. The realty market in the area is doing well.
The plan was to make 14 nodes with the best connectivity through road and rail. The region is well connected via road and rail. Now, the metro, which on completion will provide the locality with the best of the connectivity. Other physical infrastructures like power supply, water supply, sewage facilities were planned and designed. The infrastructure facilities available here are many times better than many suburbs of Mumbai. The planned approach is then best approach applied in this region and this has led to the growth of this locality to a greater extent. The market has grown to a large extent in terms of population and with other development. Major infrastructure projects are proposed in the region. This is also another reason for the rate of properties in Navi Mumbai to increase with an increase in demand.
Though the locality has the second largest population in the MMR, the density of population is much lesser compared to Greater Mumbai and this acts as an important factor in the real estate market in the area. The locality has a good place in terms of literacy rate of more than 95 percent and has good social and civic infrastructure facilities. The locality gives a good quality of life.
The announcement of the international airport in Navi Mumbai has contributed to the rapid growth of the locality. This has played a major role in the real estate market of the city. The commercial market in the area is also doing a good part in the market. These reasons led the market in attracting the major hospitality players in the market. Major hospitality players like InterContinental Hotels, Taj Group, Marriott International have all planned their projects in the market and is expected to be operational in the next three to five years. The major reason for the development is the proposed infrastructure along with the availability of large land parcels at a cheaper cost. The properties in Navi Mumbai are now available at a cheaper cost and this is expected to be the right time to make an investment here. After the implementation of these projects, the property prices are expected to increase rapidly. Real estate experts are predicting a good increase in the capital values of properties here.
The commercial real estate plays a crucial role in the residential market. The availability of large office spaces is attracting many big companies. Many companies are planning to shift their base here as the prices of the residential market are in the reasonable range.
The city now has large lands available for development and infrastructure facilities. The suburbs and few areas still lack of smooth and fast connectivity. The proposed international airport and the proposed SEZs at Ulwe, Dronagiri and Kalamboli are going to boost realty segment of the area. This will increase the employment opportunities and this will make an impact on the residential, commercial and hospitality market. The realty market is promising and will continue to grow in the future.
Pratheepa writes for indiaproperty.com, a leading online portal dedicated for real estate sector in the country. It provides property marketing solutions for buyers, seller, and real estate agents.