Real Estate Scenario in Mumbai, India

Navi Mumbai-the Second Business Hub of Maharashtra

Navi Mumbai or New Bombay grew up to ease the burden of Mumbai or Bombay and facilitate growth and development. Mumbai being the business capital of the country is always overpopulated, which in term has been affecting the quality of life and development. So, to relieve the burden and pressure of Mumbai, a new township has emerged along the west coast of Maharashtra. This new planned city has been proposed by the Government of Maharashtra in 1971.

Ever since its emergence, Navi Mumbai has made its own place in the business, industry, technological and educational field. For good governance Navi Mumbai is divided between North zone and South Zone. Some of the well known places in Navi Mumbai are Panvel, Kopar, Airoli, Khargar, and Uran. It is well connected with Mumbai by rail and road. There are ample public bus and cab services for people to travel across the places smoothly. People can easily travel to Kurla as well as Andheri from Navi Mumbai through local trains. Its proximity to Mumbai-Pune Highway, NH-48, NH-66 and Panvel Railway Station has facilitated commutation for people further. Moreover, the newly constructed Sea-link road has connected Navi Mumbai with Mumbai. It is hoped that once the construction of the International airport in Navi Mumbai gets completed, it will expedite the transport system, and save time.

Real Estate Scenario

Real Estate Scenario

Navi Mumbai being a well planned city is always a preferred destination to the business and industry giants. Global business houses like Siemens, McDonald’s, Morningstar, Inc., Bureau Veritas, Bizerba, Reliance, Accenture, and Larsen & Toubro have set up their head offices and branch offices here. Besides, there are numerous renowned schools, colleges that offer courses in engineering, medicine, hotel management, business management, interior designing etc. Thus, being equipped with all the amenities and facilities, Navi Mumbai has become the future address of many people. Even the NRIs are pondering over exploring opportunities here.

Real Estate in Navi Mumbai

  • With years Navi Mumbai has turned up a home to many people, who have come here initially to look for job opportunities. As a result ‘Real Estate’ business here is experiencing an upsurge. As more and more people are settling down here, the demands of property in Navi Mumbai are increasing every day. Some of the hot favourite destinations of the investors in property in Navi Mumbai are Panvel, New Panvel, Uran, Kewale etc. People who want to buy their own flats or think of renting a flat prefer these places for their living. In Panvel the newly built apartments are available at a rate of Rs. 7.2k per sqft. People can choose from a plethora of 2, 3, 4 BHK flats as per their requirements and choice. The overall prices of these flats range from Rs. 82 lakhs- 2crore. Similarly, in Uran area the 1, 2 BHK apartments are available at a price from Rs. 37.5 lakhs-60.5lakhs.
  • Thus, we see that the value of the flats depend on the area where it is located. Before purchasing a flat, people always consider its locality and proximity to their workplaces, schools and colleges etc. Judging upon the area and amenities, people are ready to shell out extra money for a property in Navi Mumbai. Consequently, the real estate investors are riding on their fortune in Navi Mumbai.

  Mumbai- the Business Capital of India

We all know that Mumbai is the one of the most over populated and busiest cities of India. Everyday lakhs of people come to Mumbai for a living. Many among them finally settle down in the city to enjoy its warmth and facilities. Equipped with excellent infrastructure, well connected transport system, world class amenities, Mumbai is always a hot favourite destination to people. As a result, real estate business is always flourishing here. Over the years new projects in Mumbai are coming up.

New projects in Mumbai are chiefly located in the areas like: Vile Parle, Santacruz West, Powai, Parel, Prabhadevi, Malad West, and Andheri West etc. All these are known to be the posh areas of Mumbai. To have an apartment in one of these places is a dream to many people and they are ready to pay extra for their dream apartments in any of these places.

Here, we are trying to give you some idea about the new projects in Mumbai. 2, 3 BHK apartments in Lower Parel are available at Rs.42.5k per sqft. The total value of such flats is from Rs. 3.68 crore-6.83 crore. Again at Prabhadevi 3, 4 BHK flats are priced at Rs. 46.29k per sqft. The overall value of such flats ranges from Rs. 7. 33 crore-9.81 crore. In Malad West, 2, 3 BHK apartments are available at Rs.1.86crore- 2.33 crore, while that in Powai can be settled for Rs. 1.71 crore-5.7 crore.

All these houses are fitted with modern amenities, earthquake resistant structure, 24×7 securities, Service Lift, Community arena, Children’s play area, gymnasium etc. They are spacious and full of air and light. The builders also guarantee the rust proof bathroom fittings and shock proof electric wirings.

The real estate investors and builders in Mumbai are making good business through these new projects. These new projects also reflect the economic condition of the people as well as the country. Indeed, these projects are the indicator of the economic growth of the country.

It is worth noting here that the buyers of new apartments in these new projects can available the EMI facilities at the government rate of interest.

Before drawing conclusion, we must mention the brokers and broking agencies who act as a catalyst between the buyer and the builder. They not only help the buyers to find their dream homes but also provide legal assistance to finalize the deal by preparing the deed and other necessary documents. Besides, they guide the buyers for obtaining the home loans and settle the EMI procedures with the bank.

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Article Author Details

Lara Buck

I am blogger with strong passion in writing for various topics such as Home Improvements Business, Health/Fitness, Lifestyle, Home décor, Travel, Automotive and lot more.