Why are Real Estate Companies in Mumbai Choosing Ulwe

Jul 19
08:22

2016

Martin Desouza

Martin Desouza

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Several real estate companies in Mumbai are launching their projects in Ulwe. Compared to the rates of a 2 BHK apartment in Mumbai, buying an apartment in Ulwe is affordable.

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In Mumbai,Why are Real Estate Companies in Mumbai Choosing Ulwe Articles Ulwe is being considered one of the best destinations to invest in real estate. It is being expected that by 2020, price appreciation in the property market of Ulwe will be 70%. According to the real estate experts, this region will be reaping the advantages of having two Special Economic Zones (SEZs). This will impact the real estate market in the locality to a great extent.

One of the SEZ in Ulwe is the Navi Mumbai SEZ (waterfront) which has been planned by the Maharashtra Government and CIDCO (City and Industrial Development Corporation of Maharashtra Limited). This waterfront SEZ is almost complete and is spread over 80 hectares.

Several real estate companies in Mumbai are launching their residential projects in this region. Considering the price appreciation this region will be offering, many home buyers from Mumbai and Navi Mumbai have started investing in properties in Ulwe. They are considering the prospect that once companies start coming in this region, there will be more job opportunities and more employees coming in. All of these employees will either rent or buy a property in Ulwe. Therefore, they are buying properties to reap benefits in the coming years.

Many small and large real estate companies have started showing their interest in Ulwe. In 2014, there were approximately 30 new projects in this region at various stages of construction. Many of the residential projects in Ulwe offer a wide range of apartments within the affordable and luxury segment.

About Ulwe

Ulwe is basically a node city of Navi Mumbai and most part of it is still under construction. Currently, the infrastructure projects and residential sector are being developed in this region to ensure that connectivity is easy and all infrastructure facilities are in place before companies start coming in. Once everything is in place, this property market will witness a major boost in property rates, helping investors reap good returns who entered early in the market.

According to Magicbricks, in 2014, the average capital value of Ulwe ranged between 4700 to 5700 INR per square feet. Today, these rates have increased significantly. A 1BHK apartment spread in 350-700 square feet area can be bought within 20-45 Lacs INR price range in Ulwe whereas a 2BHK apartment can be bought within the price range of 45-80 Lacs INR.

If you are looking for a 3BHK luxury apartment in this part of Navi Mumbai, you might have to shell around 80 Lacs to 1Crore INR. A 2BHK flat can have area between 850-1500 square feet area, whereas for a 3BHK flat, the area can range between 1400-1700 square feet.

Currently, investors are driving the real estate market in Ulwe. Not just Mumbai and Navi Mumbai, but investors from Pune are also investing in this city. Compared to the rates of a 2 BHK apartment in Mumbai, buying an apartment in Ulwe is still affordable. However, it will take 5-6 years for the overall development to take place.