The solution to the growing population of Mumbai and the considerable problem of congestion that it is facing comes in the form of Navi Mumbai. Mumbai is facing the imminent process of undergoing stagnation in terms of infrastructural development and affordable residential properties. Navi Mumbai comes as a refreshing alternative to the people who are looking for a place near to the ‘Financial Capital’ of India and which offers good connectivity to the neighbouring areas. Navi Mumbai is one of the world’s largest planned urban townships and has already seen a boom in the real estate market, with a population of more than 1 million and rising. The demands for new properties are increasing year after year.
As mentioned in 99Acres Insite Report for the January – March 2015 quarter, the capital values of Navi Mumbai has increased around 3 percent. There are many reasons for the price rises here; two of them being the laying of the foundation stone for the Rs 4,000 Crore special economic zone at Jawaharlal Nehru Port Trust (JNPT) and the proposed development of Trans Harbour Link Road between JNPT and Sewri. The growth of the Thane-Belpur industrial belt is also changing the real estate scenario in that area.
Transportation of Navi Mumbai has already turned out effective and provides good connectivity in and around the city. The local train network connects to most of the populated regions and the government-run buses offer access to almost all the parts of the city. The building of Navi Mumbai International Airport is also going on in a great pace and is expected to increase the connectivity to other important cities.
Location AdvantagesNew Panvel is a node in Navi Mumbai and is planned, hence it appears much organised. New Panvel is fast becoming an IT hub with a number of IT parks and also home to a number of industrial areas. The biggest project here is the Mega City Project which will be set up by the Gulf Finance Housing and supported by the state government. It is the only Indian mega city to be featured on National Geographic’s ‘Super Cities of the World’ and will have three parts viz. Energy City, IT City and Entertainment City.
New Panvel is also near to the proposed international airport and also provides good connectivity to the financial and business areas of Mumbai. The JNPT is also located close to the area. Apart from that its proximity to good weekend getaway destination makes it one of the most preferred destinations for property buyers and investors.
Upcoming ProjectsAs New Panvel is becoming a goldmine for investors and real estate developers, there are a huge number of residential development projects going here. Some of the upcoming projects are mentioned below:
Tirupati Balaji CityBuilt on a land area of 4 acres,
Tirupati Balaji City is a residential development in the Vihighar, just a short drive from New Panvel, Navi Mumbai. It is being built by the prominent developer, Tirupati Balaji Group, and is expected to be up for possession in March 2017. The property offers 1BHK – 3BHK apartments which are sized between 325 sq ft and 959 sq ft. A variety of modern amenities like swimming pool, club house, gym, power backup, 24-hour water supply and reserved car parking are provided here. The prices of these apartments range from Rs. 12.25 Lakh to Rs. 31.99 Lakh.
Ecostar Qualcon Green MeadowsEcostar Qualcon Green Meadows is a luxuriously designed property in New Panvel, Navi Mumbai and is developed by Ecostar Qualcon Properties. It offers spacious 1BHK and 2BHK apartments with sizes ranging from 405 sq ft to 942 sq ft. Up for possession in December 2016, the property provides modern amenities and facilities like kids’ play area, power backup, 24-hour water supply and reserved parking. The prices of these apartments are between Rs. 17.36 Lakh and Rs. 34.01 Lakh.
If you are looking for great returns of investment in Navi Mumbai, it is a good option to buy properties in New Panvel area.
Hasib is a foodie and an avid reader with the same voracious appetite. He is interested in the real estate market and frequently writes about the changing scenario of the realty market and investing prospects in different locations. Reach him @ twitter, Google+, LinkedIn