Real estate is a booming industry of the growing Indian economy today. As far as Mumbai and Navi Mumbai are concerned the real estate industry prospects are really huge. As far as private or commercial properties or lands are concerned, the prices are rising day by day.
Navi Mumbai was actually developed to provide relief from over congested and huge traffic of Mumbai. Navi Mumbai consists of New Panvel, Vashi, Kalamboli, and Kharghar; including Nerul, Belapore all of which are booming as far as real estate is concerned. Navi Mumbai is built with lot of planning and, it offers a range of residential, commercial and land properties at affordable rates. Many industries have been developed within a short span. This is especially a plus point for the middle class people.
Prospects of Navi Mumbai in real estate
There are a range of Navi Mumbai apartments which are used for residential and commercial purposes. For those who seek a 2 BHK apartment in Navi Mumbai at a price below Rs. 40 lakh, they can choose residences from places like Panvel, Urana and Taloj. . In areas such as Nerul, New Panvel, Kamothe, Koperkhairane, and Waraj, one can buy a 2 BHK flats with prices from approximately Rs. 15 lakh. For higher price properties Rs. 20 – 25 lakh, apartments for sale are available at Khalapur, Dhronagiri and Ulwe. In Rs. 25-45 lakh range, one 2 BHK flats in Vashi, Navda, Kalamboli, Raodpali and Khandeshwar. The growth of industries have increased the property rates.
Kamothe is another fast growing node of Navi Mumbai. The new international airport has opened up new doors for the property mongers, investors and businessmen’s. The mega project is increasingly contributing towards development of real estate business and many other industries in Navi Mumbai and Mumbai in general. The wonderful Mumbai-Pune Expressway is a great advantage. The property prices of New Panvel, Vashi and Kalamboli are also rising and have been proved to be quite profitable.
Navi Mumbai, was once witnessing high property rates, is now seeing a downturn. Today more and more clients are getting inclined towards other sectors and regions. This downturn could be a result of some problems in the infrastructure projects. The market, the industry and political factors all are responsible for the problem which the real estate industry is facing at present.
Navi Mumbai was primarily built up to reduce the stress on Mumbai. The City and Industrial Development Corporation (CIDCO) has contributed a lot towards the development of the region. The Central business district (CBD) which is one of the largest commercial areas in Maharashtra is located in in Belapur, Navi Mumbai. The connectivity of Navi Mumbai, the long Highways, and the huge skyscrapers all are symbols of the prosperity the city and the region is witnessing at present. . Navi Mumbai has a huge population today. It is a cosmopolitan region today and hence real estate business along with other industries and its contribution towards the basic economy of the state are extremely crucial.
At present a lot of Government intervention and public awareness both are required to alter the situation. The rising prices of properties are a huge concern. The prices must be brought down to make it both affordable and profitable.