Navi Mumbai an Affordable Option for Mid-Range Buyers

Bangalore: Navi Mumbai emerges out as an ideal option for those who are in a hunt for affordable housing. Greenery and a pleasant ambience is what you get here, the residents of this locality claim that life in Navi Mumbai is incomparable and far better than rest of the Mumbaikars, their only grievance is the long commute hours to their offices in Mumbai’s commercial districts but this doesn’t seem to bother them much, reports Namrata Kohli of MagicBricks.com Bureau.

Anshuman Magazine, Chairman& MD, CBRE South Asia, stated that “Navi Mumbai is witnessing a lot of development on the residential front, especially in locations like Kharghar, Panvel, Kamothe, Ulwe, etc. The capital value in these developing areas would be in the range of 3,500-6,500 per sq ft. However in established locations like Nerul, Vashi, Palm Beach road, etc for investment grade buildings the capital value would be in the range of 7,500-12,000 per sq ft.”

In Navi Mumbai, Vashi and Nerul witnessed the maximum growth in real estate. Other places like Kharghar and Panvel are also becoming real estate hotspots because of its close proximity to the proposed Navi Mumbai International Airport. Outskirt areas like Airoli, Seawoods and Belapur are also witnessing real estate movement as they lie in proximity to Mumbai.

Besides its lush green and tranquil atmosphere, Navi Mumbai offers open spaces and there is less congestion resulting in fast movement of people. “Time is measured in distance at Navi Mumbai, and not that distance is measured in time taken, as it is in Mumbai. Meaning if the time from Belapur to Vashi is eight minutes, it will take exactly eight minutes to reach Vashi. This is unlike Mumbai where if you were to go from Andheri to Goregaon, you cannot predict whether it will take half an hour or two hours. If the place of work is within Navi Mumbai, it is an ideal situation,” according to Gopal Thakur, a realtor, RST Enterprises.

In Navi Mumbai, the average size of a two bedroom apartment (2BHK) is nearly 1000 square feet, which ranges from 850-1250 square feet. Adding to it, the average rental per month for a two bedroom apartment at Kharghar is about 8500 to 15000 per month. Whereas, the average monthly rental for the same 2BHK apartment at Vashi is 18, 000 to 25, 000 per month and in new areas like Kamothe and Panvel offers 7500- 10, 000 per month and in Airoli, it is 10, 000- 15, 000 per month.

It is believed that the best place to reside in Navi Mumbai is the premium 8 km long stretch of Palm Beach road from Vashi to Belapur. The apartments in Palm Beach towers ranges from 1200-3000 square feet for 2-5 bedroom and the monthly rental for this place is about 20,000-1, 00,000, for two bedroom and 5 bedroom apartment respectively.