Examining Navi Mumbai's Property Market in Detail

Aug 28 10:21 2015 Astin Sharon Print This Article

Navi Mumbai has always been a preferred property market for buyers who want better affordability and more housing options.

A 1 BHK flat on rent in Navi Mumbai without brokerage Airoli is a little expensive in recent times as compared to earlier years. However,Guest Posting Navi Mumbai will always be a preferred destination owing to its relative affordability in comparison to areas in the central parts of Mumbai even after an increase in prices. However, rentals are set to go up even further with the laying of the foundation stone for the Rs. 4, 000 crore project, the Special Economic Zone or SEZ at the JNPT or Jawaharlal Nehru Port Trust. This is expected to spur growth of capital values and property prices in Navi Mumbai to a large extent.

According to the president of the Maharashtra Chamber of Housing Industry or MCHI, Arvind Goel, Navi Mumbai should be developing further over the next couple of years owing to the launch of several governmental projects related to SEZs and industrial projects. As a result, your desired 1 BHK flat on rent in Navi Mumbai without brokerage Airoli could be more expensive than anticipated owing to an overall rise in capital values which will impact rental rates as well. As per estimates, 2 BHK apartments in Navi Mumbai can be garnered within the Rs. 70-90 lakh price band. However, prices should be going by approximately 20-30% in Navi Mumbai in recent times and demand for commercial property will also go up by leaps and bounds owing to the development mentioned above. There are approximately 250 industries that are dependent in many ways on the realty segment and a boom will lead to development in these industries as well.

The SEZ will be fully operational in the near future and land has been fully acquired for this landmark project as well. The central government is the sole owner of the land at present and there should not be any unwanted delays or lags to worry about now. There are several other ancillary developments that are set to take place as a result of this development, namely the widening of the road network to at least 6 or even 8 lanes and several other infrastructural improvements. Navi Mumbai will witness huge growth in areas like Airoli and the entire Belapur-Thane belt.

This entire region will steadily be a hub for the service industry and the property market in the city has grown immensely owing to the predominance of the IT industry in the area. Navi Mumbai is expected to witness skyrocketing growth over the next three to four years. There will be loads of investors attracted by developments in Navi Mumbai and this will also lead to a boom in property prices as a result. Townships will also be increasingly developed in Navi Mumbai owing to commercial progress and other developments. However, the government should exercise caution in order to ensure that developers do not scale up prices suddenly owing to the upcoming SEZ. This will hinder steady growth of the property market and lead to huge saturation in the market in the long run.

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