Real estate news on Navi Mumbai: Rs 78 lakh flat reaches Rs 1 crore in 1 year

Price Trends, SEZ, Residential Properties, Mumbai Navi
Posted on Jun 16, 2014
Airoli, one of the most developed Node cities of Navi Mumbai, is witnessing a rise in the capital values of apartments in the area. According to Magicbricks data, an apartment priced Rs 78 lakh in Jan-Mar 2013 quarter is being sold for Rs 1 crore in Jan-Mar 2014 quarter.

Major reason behind this price rise is escalating demand facing saturation in supply. There are no new land and properties available in the area, which has led to demand of resale properties.

“The supply has almost dried up. There is no new land available for the developers to bring their projects. Whatever projects that are available are being consumed very quickly. What remains are the resale properties that have caused a rise in the prices of properties,” says Sudarshan, owner of 1 Step Property Consultant, a brokerage firm active in Airoli and other Navi Mumbai areas.

A 1BHK apartment in the area will cost you between Rs 50 lakh-Rs 70 lakh while to buy a 2BHK apartment one will have to shed Rs 80 lakh to Rs 1 crore. To buy bigger units such as 3BHK and 4BHK, one will have to pay over Rs 1.5 crore.

“Investors from Mumbai put their money here to gain good returns and now they have started selling it as the capital values have increased and reached a saturation level,” says Pramod Mishra of TM Real Estate, a broker firm.

Why Airoli

Airoli is one of the well-connected nodes of Navi Mumbai through rail, road and bridge. Mulund-Airoli Bridge, one of only two of such bridges that join Navi Mumbai to Mumbai is present in the area. This bridge is considered the lifeline of the locality. This is why even with the increased prices, people still are looking for properties here.

“Most of the people working in Mulund, Bandra and other parts of Mumbai and Thane prefer living in Airoli because of its developed residential sectors,” says Dhananjay Yadav, owner of a brokerage firm-Spring Inc.

Thane-Belapur road passes through the area. BEST bus services join the area to Vashi, Chembur, Sion, Mulund, Bhandup, Powai, Dindoshi & Borivali. Along with it NMMT Volvo buses, auto-rickshaws and taxis are also available that take people even to parts of Mumbai. Airoli Railway station gives the area a decent connectivity to Mumbai, Navi Mumbai and Thane. “Frequent local trains have reduced the time consumption and more people now prefer staying here,” says Yadav.

“Airoli is very close to Mumbai and is well-connected through the bridge. This is the advantage that no other nodes have,” adds Mishra.

Availability of IT Park and IT SEZ in the area, that too very close to Airoli railway station, also adds to its advantage. Several IT, ITES, BPOs and other companies have their office here. “Employees working in these companies prefer living here. Those who are outstation people live on rent while most of these employees are local and they are looking to buy properties here,” says Yadav.

Though there are industrial area and SEZs in other nodes as well, Airoli has both. Several industries and commercial companies have set up theirs shop here.

Even though the prices haves surged in the past one year in the area, they still remain below the average property prices in Mumbai and a few nodes of Navi Mumbai, such as Vashi and Nerul. The area still remains one of the best bet to buy property near Mumbai provided one gets their hand on it before it gets sold.

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