Real estate market scenario in Navi Mumbai

Mumbai has shone with glory when it comes to the types of residential properties, ranging from apartments to luxurious bungalows. Mumbai has offered havens to rich and poor alike. Residential property prices in Mumbai have skyrocketed, and this has caused the suburban areas around Mumbai to flourish. One such area is Navi Mumbai, because residential properties are relatively cheaper here, and in the near future, prices will certainly skyrocket as demand increases.

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 Koper Khairane is not the investment hub.

According to the latest market reports, Vashi has seen a surge in apartment money values ​​in recent years due to increased demand for residential properties and the absence of new supplies. This situation is quite difficult as it has made residential property in Vashi unaffordable. Vashi’s market value has gone up, and this is why people want to buy property there and settle. However, seeing the rise in residential property prices, investors have now opted for rental accommodation.

Vashi: If the sources are to be believed, there has been a steady increase in the value of residential property, particularly apartments. In addition, the construction of new buildings in the area was also unable to meet the increased demand for residential properties. This condition has created a difficult situation for the real estate segment and has made properties in Vashi unaffordable for the middle class, particularly the lower middle class.

Kopar Khairane: There is a continuous increase in rental rates in Kopar Khairane since 2008, and since then they have remained very stable. The rents of the residential properties in Vashi and Kopar Khairane for 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. Property rents also depend on the location and number of rooms. If the property has a large parking space available, the rent can definitely go up.

People who are considering buying a residential property in Vashi, have shifted their focus to Koper Khairane due to obvious reasons, which is the affordable property rates. According to experts, there is a clear difference of around Rs 3,000-4,000 per square foot between property prices in Vashi and Kopar Khairane.

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

Currently, Navi Mumbai has been targeted by real estate builders and developers, and a number of residential projects are coming to the area, which will no doubt solve the shortage of space for the growing population within the city. Also, several multinational companies and corporate giants are opening their offices in Navi Mumbai, bringing new job opportunities for the residents and making the place a hot spot for property investments.

Seeing the wider scope of property investments in the area, NRI is also eyeing Navi Mumbai as a potential investment zone. Mostly NRI has made investments in the large commercial properties, and the demand for them is increasing day by day.