Real estate news on One-BHK units are popular in Airoli

Commercial Properties, IT/ITeS, Price Trends, SEZ, Residential Properties, Mumbai Navi
Posted on Jun 19, 2014
Airoli, one of the developed node cities of Navi Mumbai, is lately witnessing an increasing demand for 1-BHK apartments. Two major reasons behind this are the limited budget of buyers and the increasing number of bachelors in the area. “Most of the clients are young people who have just started working and are looking for a home,” says Dhananjay Yadav, owner of Spring Inc.

According to the Magic-Bricks.com data, the cost of a 1-BHK apartment in the area is within Rs 55-70 lakhs. A 2-BHK apartment is priced between Rs 80 lakhs to Rs 1 crore. For a 3 or 4-BHK apartment, one has to spend over Rs 1.2 crores. “Several middle-class people, just starting their families, having a limited budget for an initial investment, settle for smaller units because of the high prices of bigger apartments in the area,” he adds.

Though Airoli is more of an end-user driven market, investors are also present in the area. They too, are opting for smaller units. “It is easy for the investors to sell and buy smaller apartments in comparison to the bigger ones,” says Pramod Mishra of TM Real Estate. It can also not be denied that smaller units give better rental returns. “It is fairly easy to rent a 1-BHK apartment, as there are a number of takers,” he further adds.

Find 1 BHK in Airoli, 1 BHK in Navi Mumbai

Even with high prices, Airoli remains a preferred locality because of its direct connectivity to Mumbai. The Mulund-Airoli Bridge has played a major role in the citys expansion in the recent times. People working in Mumbai are also buying a property here. They prefer the locality as the apartments are cheaper in comparison to those in Mumbai and they can easily travel to their offices since the area is well connected to Mumbai, Navi Mumbai and Thane through road and rail.

Airoli also boasts of a well-developed social infrastructure, with a number of schools, hospitals, banks, malls, restaurants, departmental stores, etc. The residential sectors are well planned with wide roads, ample water and electricity. Initially developed by CIDCO (City and Industrial Development Corporation), the area is now maintained by NMMC (Navi Mumbai Municipal Corporation). CIDCO is also developing an International Diplomatic Enclave (IDE) in Airoli that will be home to consulates of several foreign countries. The area will also have facilities like international schools, auditoriums, exhibition spaces, health clubs, restaurants and housing complexes.

Along with being a well-developed residential area, Airoli is also a commercial hub. The area has an IT SEZ (Information Technology – Special Economic Zone) and an Industrial zone. Several big and small IT, ITeS, BPOs and other commercial companies, are present in the area. Initially, several people of Mumbai and Navi Mumbai had invested in properties here. Now, with prices increasing, they have started selling their properties. This has led to an increase in the supply of 1-BHK apartments by 10 per cent. However, the supply still does not meet the growing demand. New properties are being consumed quickly and re-sale of properties has already started in the area. With an increasing number of incoming work force and reducing supply of apartments, the prices of residential properties in Airoli, is expected to go up in the next 1-2 years.

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