The Real Estate Market Of Navi Mumbai
Navi Mumbai, which was formerly known as New Bombay, is located on the west coast of the state of Maharashtra, India. Developed as a twin city of Mumbai, it is one of the most strategically planned cities of the world. The city stretches from Airoli near Thane in the north, to Uran in the south.
This city is a part of the Mumbai Conurbation. Navi Mumbai Municipal Corporation (NMMC) has also been rated amongst the richest corporations in Asia.
Being the twin city of Mumbai, it also enjoys the status which comes along. This makes the citys realty market all the more attractive, not only for buyers but also for developers.
Talking about property in Navi Mumbai, undoubtedly it has witnessed exponential growth and is still growing. And there is no reason why it should not be growing. Not only capital prices but also rental prices in Mumbai are touching sky and business organizations are finding it extremely difficult to cope up with the overheating property values. If we compare Navi Mumbai to main Mumbai, here prices are pretty less in comparison to Mumbai, and the condition of infrastructure here is not as congested as the main commercial areas of Mumbai.
Recently, a slew of IT and ITeS companies has established huge facilities in Navi Mumbai and are quite happy with the viability of operating their businesses from the place.
Navi Mumbai is all set to get world-class infrastructure with several ambitious projects in progress. One of the biggest projects lined up for the area, which apparently can change the face of real estate here is an international airport. It is likely to place real estate in the attention of international companies and investors. Another factor which gives the area an upper-hand is the road connectivity. Large scale construction is going on to build a Transharbour link between Colaba-Uran-Sewri-Nhava while a road bridge between Mulaund and Airoli is expected to set property prices on fire.
According to a property agent, who deals in properties of Navi Mumbai, "The kind and size of infrastructure projects that are under development in Navi Mumbai have potential to generate massive demand for commercial real estate in Navi Mumbai, lets see what happens in future."
If things go as they were planned, it is anticipated that Navi Mumbai might emerge as one of the most accessible areas in the city of Mumbai and prices on its Palm Beach Road might get closer to the citys famous Marine Drive some years down the line.
Considering this, several leading Maharashtra politicians have put in a lot of money to purchase Navi Mumbai land. Besides real estate developers, several politicians in the state and from outside have invested in flats of varying sizes depending on their ability to raise funds.
To end congestion in Mumbai, Navi Mumbai was set up in the year 1971. City and Industrial Development Corporation (CIDCO) of Maharashtra was also set up in the same year to maneuver the growth and development of Navi Mumbai, a huge experiment in urban planning then. At that time, Cidco had acquired 344 square km of land that now comprises Navi Mumbai.
A dedicated four-lane (12 km) expressway will take passengers to the entrance of the new airport (from Nava to Panvel), barring the 22.5-km six-lane trans-harbour bridge that will link south Mumbai to Nava.
In simpler words, it will take close to 40 mins to reach the new airport from the Oberoi or Taj, which is far less than it takes from south Mumbai to Santa Cruz airport.
Two major railway links have been planned between the existing Santa Cruz airport and the new Panvel (Navi Mumbai) airport through a metro, which is being built by Mumbai Metropolitan Region Development Authority, and a new ring rail network linking Panvel to Vashi.
Besides that, a hovercraft is has been proposed that will link Navi Mumbai to south Mumbai near the Taj, which will help in covering the distance in around 45 minutes.
Though many projects are in the planning stage, this is exactly what is leading to the huge surge in land prices in the area.
The most expensive and the most developed areas of Navi Mumbai are Vashi and Nerul. Being the most popular regions, Vashi is called the king of Navi Mumbai while Nerul is known as the queen of Navi Mumbai.
Sukhpreet Kaur writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estateindustry.It is a forum where buyers, sellers and brokers can exchange information, quickly, effectively and inexpensively. At 99 acres, you can advertise a property, search for a property in India , browse through Navi Mumbai Real Estate and Properties.