Real estate news on Will Navi Mumbai properties see high pricing as Mumbai?

Real Estate services, SEZ, Residential Properties, Mumbai Navi
Posted on Dec 22, 2014
Wide roads, planned settlements, greenery around- Navi Mumbai is better explained as modified version of Mumbai which has the capacity to uphold the bustling population. But will the new town see strong dynamics as the old city? Well, Magicbricks tells you if yes, how?

Proposed infrastructure

Trans Harbour Link Road, Jawaharlal Nehru Port Trust SEZ, international airport at Panvel, laying of railway tracks are some of the growth drivers in Navi Mumbai that is attracting buyers interest in the area. “Sewri in Mumbai is Rs 18,000 per sq ft while Panvel is Rs 4,000 per sq ft. Once the connectivity gets eased up the equilibrium will be set which will appreciate the real estate values in new town,” says Ravi Ahuja, executive director, Cushman & Wakefield.

Good demand

The city is comparatively affordable, has more open spaces and planned infrastructure which invites buyers with long term vision to invest in the realty.

Attractively priced

Golf course, natural and artificial water bodies, themed park and an international stadium makes Navi Mumbai no less than a self sustained city. Still, a 2BHK property can be bought here within Rs 50 lakh in localities like Kharghar, Ulwe or Kamothe. If no, why?

Proposed but not yet executed infrastructure

Infrastructures proposed in Navi Mumbai are although planned but not yet executed. This is hampering the sentiments of prospective buyers.

Weak job market

“Jobs creation should be the main motive of the development authority as travelling for work from here is difficult especially if he is employed in Mumbai town, near Nariman Point or close to Lower Parel,” says Tej Mayenkar, a local resident.

Backward social infrastructure- Entertainment hubs, shopping malls, schools and colleges have still not entered Navi Mumbais landscape. This is keeping immediate buyers away from the real estate grounds here.

Hence, it would be a matter of wait and watch whether policy reforms, speedy approvals and project implementation would change the face of Navi Mumbais realty or will further delay the growth.

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