Properties In Mumbai: Considering Navi Mumbai

Three decades ago the industrial hub of Mumbai was Nariman Point before which it was mainly Kalbadevi and Bhuleshwar

. Although business activities in those areas continue to increase, physical space too continues to constraint them from increasing exponentially. Hence today we see that Lower Parel can be called the biggest business hub but the future seems to be inclined towards Navi Mumbai.

For it is only here where expansion of both commercial and residential real estate wont hit the upper limit for quite a long while unlike the case with currently available properties in Mumbai! This factor justifies why an increasing number of investors and buyers are looking at Navi Mumbai along with many others as listed below.

Infrastructural Development

Navi Mumbai is way more organized as compared to the Mumbai city. There are several sectors well connected with roads going all the way around them. This has also helped retailers, hospitals, schools and commercial complexes set up in a systematic manner instead of crowding in one area only which usually happens when theres limited space. Flyovers, lesser traffic problems and spacious construction are definite pros.

Then there are the on-going developments the monorail, the international airport and road widening other than the usual work happening in the SEZs (special economic zones).

Education and Employment

Several IT and knowledge parks are setup here due to which the income group with sufficient disposable income, are buying and renting properties here closer to their workplace. This same trend can also be observed with flats in Chennai along its southern belt. There are more than 80 schools, 40 colleges, 10 malls along with the already established engineering colleges, DY Patil University and cricket stadium, hospitals, gardens, festival grounds, etc.

Affordable Housing

Most people who are looking for properties here are basically looking for affordable housing without sacrificing on basic amenities like electricity, water, proximity to markets, schools, banks, transport and medical services and so on. Buying property from an established builder here is not a stretch as is in the main city.

Government-financed Development

The SEZs and areas like Panvel are the localities where the government is investing in development. Regions beyond, such as Ulwe are also under their spotlight and serve as good investment destinations due to their extreme affordability. But people looking for houses to live in must not chase low rates but rather the other factors like basic amenities, safety, convenience and connectivity to work areas, childrens future needs and so on, before buying a house in Navi Mumbai. Some areas like Nerul and beyond even have similar rates as that of a 2 BHK flat in Nagpur a fast upcoming tier II city! This does imply that Navi Mumbai does have great investment potential available for the masses.

While Mumbai continues to become increasingly expensive, Navi Mumbai has come forth as an affordable housing destination. This article explores why.

by: Lucy liu

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