Real Estate Market Scenario in Navi Mumbai

Real Estate Market Scenario in Navi Mumbai

Mumbai has been shining with glory when we talk about the types of residential properties, ranging from the apartments to lavish bungalows. Mumbai has offered shelters to both rich and poor. The prices of the residential properties in Mumbai have been skyrocketing, and this gave the suburban areas around Mumbai to flourish. One of such areas is Navi Mumbai, because residential properties are relatively cheaper here, and in the near future, the prices will certainly soar as the demand is on the rise.

Vashi and Kopar Khairane have been the areas that have witnessed some different real estate trends in the recent time span of 2-3 months. Vashi has marked itself as a rental destination, while the Koper Khairane is not the investment hub.

According to the latest market reports, Vashi has seen a sudden hike in the monetary values of the apartments, past few years because of increased demand of the residential properties and the absence of new supplies. This situation is quite tough, as it has made the residential properties in Vashi unaffordable. The market value of Vashi is up, and this is the reason why people wish to buy a property there and get settled. However, seeing the increased prices of the residential properties, investors have now opted for rented accommodations.

Vashi: If the sources are to be believed, there has been a constant rise in value of residential properties, particularly apartments. In addition, the construction of new buildings in the area also could not fulfill the increased demand of residential properties. This condition has created a tough situation for the realty segment and has made properties in Vashi unaffordable for the middle class, particularly the lower middle class section.

Kopar Khairane: There is a continual hike in the rental rates in Kopar Khairane since 2008, and since then they have been very stable. The rentals of the residential properties in the Vashi and Kopar Khairane for a one, two, three, and four BHK apartments are available in varied ranges, which are INR 14,000, 16,000, 18,000 and 30,000 respectively. The rentals of the properties also depend on the locality and number of rooms. If the property has big parking space available, the rent can go up without any doubt.

People who are considering buying a residential property in Vashi, have shifted their focus to Koper Khairane due to obvious reasons, which are the affordable rates of the property. According to the experts, there is a clear difference of around Rs 3000-4000 per square feet between the prices of properties in Vashi and Kopar Khairane.

If the apartments in Vashi are available in a range of Rs 10,000-11,000 per square feet, then the same are available in a range of Rs 7000-8000 per square feet in Koper Khairane.

Currently, Navi Mumbai has been the target of the real estate builders and developers, and a number of residential projects are going to hit the zone, which will certainly solve the space crunch for the increasing population within the city. In addition, a number of multinational companies and corporate giants are opening up their offices in Navi Mumbai, thus generating newer job opportunities for the residents and making the place a hot spot for real estate investments.

Seeing the broader scope of real estate investments in the area, NRI are also considering Navi Mumbai as a potential investment zone. Mostly, NRI have made investments in the big commercial properties, and the demand for the same is surging day by day.