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An Overview of the Navi Mumbai Real Estate Market

Modeled out in 1971 to be the new urban township of Mumbai, Navi Mumbai is today one of the fastest developing cities in the country. The sands of time have turned Navi Mumbai into one of the most attractive locations for people interested in residing near Mumbai. You can find a number of educational institutes, medical healthcare facilities, and seamless connectivity & transportation services in this well-planned city. Today, Navi Mumbai is becoming the New Jersey of Mumbai, owing to the rapid development in terms of infrastructure and connectivity.


Infrastructure & Connectivity
The infrastructure and connectivity of the Navi Mumbai are quite commendable when compared to its neighboring city Mumbai, which has become saturated over the years. It is the largest planned city in the world and has seen amazing development in terms of infrastructure and connectivity under the management of CIDCO aka City and Industrial Development Corporation of Maharashtra Ltd. While CIDCO administered the basic infrastructure of the city like roads, electricity, and water, every other infrastructural development in real estate has been performed by the private builders in Navi Mumbai.


The city has been strategically placed on the maps of Maharashtra to provide seamless connectivity to not just different parts of the state but also different parts of the country. The city has its very own railway station which was built by CIDCO to improve connectivity and develop the neighboring areas. Traveling from Navi Mumbai to different neighboring cities has also been made convenient with the BEST bus service. In the southern Panvel area, the Navi Mumbai International Airport would be created which would connect it with different countries of the world. The Navi Mumbai Metro line is also under construction and would provide quick connectivity to different parts of the city.


Navi Mumbai is a newly formed planned city in the suburbs of Mumbai. According to the 2011 Indian census reports, the planned township of Navi Mumbai has a population of around 1,119,477. Out of this number, the city housed 611,501 males and 507,976 females. The literacy rate of this newly formed city is quite good at 91.57% as compared to the overall literacy rate of the country. While talking about the sex ratio of Navi Mumbai, the city does not have a very good sex ratio. There are just 831 females for every 1,000 males in the city. The child sex ratio is also very low at just 901 girl children for every 1,000 males.


Life Style
The life style of the people of Navi Mumbai is quite vivacious and flamboyant, almost similar to the people of Mumbai. With all the utility services like banks, restaurants, hotels along with a number of tourist attractions, this planned city takes care of all the requirements of its inhabitants. There are a number of shopping malls like Center One, Little World Mall, Palm Beach Galleria, Seawoods Grand Central, Citi Center, Raghuleela Mall and Glomax that attract the people of Navi Mumbai with their branded stores. To fulfill the shopping needs of the shoppers of the city, there are a number of super-marts like Reliance Fresh, More, Apna Bazar etc., scattered in different parts of the city. Along with impeccable shopping facilities, there are many multiplexes, amusement parks, and other entertainment options and tourist attractions to keep the people of the city amused.


Key localities in Navi Mumbai  
Although Navi Mumbai is a newly formed well-planned city, still there are some localities in the city that attract more people than others. As the city developed, many localities in Navi Mumbai got a facelift and many others were newly formed. Here is a list of the key localities in Navi Mumbai are: Khargar, Khopoli, Panvel, Taloje, Ulwe, Ghansoli, Sanpada, Seawood, Nerul, Belapur, etc.


Real Estate Market
The real estate market of Navi Mumbai is quite dynamic with a number of projects under construction. It is primarily a market that is driven majorly by investors and industry. It has become an attractive location for the end buyers to buy industrial property since the boom of industrial activity in 1990. Every year a number of housing projects are launched in Navi Mumbai to fulfill the increasing residential property need of the people. Talking about the price trend in Navi Mumbai, most of the property in Navi Mumbai lies in the bracket of 40-60 lakhs. Property can be purchased in Navi Mumbai from around 4,500 Rs. per square feet to 12,900 Rs. per square feet. Investing in Navi Mumbai now would be a good idea as the price trend of the city indicates greater returns in the future. Most of the areas of the city like Sanpada, Adaigaon, Airoli, Kutak Bandhan, Ulwe etc., have seen a positive price trend in the past years and are predicted to witness price upsurge in the future as well.


Builders in Navi Mumbai
Builders in this city have identified the need for different real estate property in Navi Mumbai, be it residential, commercial or industrial, and come up with new projects to satiate this need. There are a number of builders in Navi Mumbai that have played a crucial role in the rapid development of the city. The top builders in the city are: Kanakia Spaces, Lodha Group,Wadhwa Group, Kshitij Builders and Developers, Runwal Realty, Bharat Infrastructure, Monarch Universal, etc.


Projects in Navi Mumbai
All types of projects can be found in Navi Mumbai. From residential property like apartments, builder floors, flats, bungalows and villas to commercial properties like office space, showrooms, shops, space in shopping malls etc., everything can be found in this city. This city has property for all the dreamers. One can find property that fits every budget here, whether it is luxury living space or budget flats.


Govt Projects in Navi Mumbai
Navi Mumbai International Airport aka NMIA is one of the grandest government projects launched in this city. The city is getting the biggest infrastructure boom in the country and the government has invested a whopping INR 53 crores in this development. Affordable housing, metro rail project, highway expansion are some of the projects that would trigger this infrastructure boom in Navi Mumbai. The various government projects in Navi Mumbai are governed by CIDCO or City and Industrial Development Corporation. Hi! Searching for Property? Let's Chat