Buying a home in Navi Mumbai is potentially one of the great investment options. Considering the ideal living conditions, rapid infrastructure growth, and relatively affordable rates, it is the perfect time to invest in residential properties in Navi Mumbai. Read on to know how Navi Mumbai can give unprecedented property price appreciation in the upcoming years and the top 10 reasons why you should buy a home in Navi Mumbai.
Being an emerging real estate location, buying a home in Navi Mumbai is a viable investment option. It is because emerging localities have the full potential to give you higher returns. On the other hand, the property price in the already developed localities can peak out and remain stable. Therefore, buying a home in Navi Mumbai is a perfect option for a comfortable lifestyle and also from an investment standpoint.
Another important thing that highlights the rise of Navi Mumbai is an increase in property prices over time. For example- New Panvel, one of the main residential localities in Navi Mumbai has witnessed a 6-7% increase in property annually over the last five years. Kharghar, Taloja, Ghansoli, Kamothe are some of the other localities that have witnessed the upward trends for properties in Navi Mumbai.
So, these multiple factors collectively make Navi Mumbai a perfect option for real estate investment. In this article you will get the top 10 reasons why buying a home in Navi Mumbai is a good investment option.
- Quality of Life
- Positive Property Price Appreciation
- Upcoming Infrastructure Projects
- Positive Rental Landscape
- Continuously Growing Demand
- Commercial Development
- Social Infrastructure
- Robust Connectivity
- Quality Residential Projects
- Best Real Estate Projects for Buying a Home In Navi Mumbai.
Quality of Life
From the quality of life perspective, buying a home in Navi Mumbai gives you two main benefits. First, you get accessibility to the large green open areas that are perfect settings for residential properties. And second, an excellent social infrastructure. The presence of good healthcare facilities, educational institutions, and easy access to employment hubs makes Navi Mumbai an ideal place for investing in residential properties.
Navi Mumbai is on the 3rd rank for the quality of life index. Whereas, the other major cities such as Mumbai and Thane rank 36 and 16 respectively. Here is the comparison of the major cities in Maharashtra on the basis of Quality of life according to the survey conducted by the Ministry of Housing and Urban Affairs-
The Quality Of Life factor has upscaled the demand for residential properties in Navi Mumbai. The city has offered comfortable living in comparison to the strained Mumbai city.
Positive Property Price Appreciation
The increase in the property price over a period of time is called property price appreciation. It is one of the most important parameters that decide the return on investment on the properties.
For better investment outcomes, the emerging localities are better options as compared to the already developed ones. Navi Mumbai is an emerging city with huge scope for development. So, buying a flat property in Navi Mumbai ensures that the property rates will increase at a higher rate considering the future growth of the city.
Here are the price trends for some of the most important residential hubs in Navi Mumbai-
So, there has been an upward trend in property prices in Navi Mumbai. The main reasons for this consistent positive price appreciation in Navi Mumbai are-
- Development of the Region
- Upcoming Infrastructure projects
- Improved Connectivity Network
- Industrial Development
- Increased Demand for the properties
The property prices in Navi Mumbai are increasing at a much higher rate as compared to the already developed regions of Mumbai. This highlights the significance of Navi Mumbai for investing in residential or commercial properties.
Upcoming Infrastructure Projects
Infrastructure projects have a direct impact on property prices. Therefore, it is necessary to consider the upcoming infrastructure before investing in a residential property.
Currently, Navi Mumbai has many key infrastructure projects that will redefine the growth of the region. These projects will improve the connectivity and access to employment hubs and the social infrastructure of Navi Mumbai city.
Important upcoming infrastructure projects In Navi Mumbai are as follows-
Navi Mumbai International Airport
Navi Mumbai International airport is the most important infrastructure project for the growth of the city. The new airport is expected to be operational in 2024 (Phase 1) and will cater to 10 million passengers annually after the completion of the first phase.
The Airport will be connected to the Chhatrapati International Airport through the Metro Line. Also, the six-lane Mumbai Trans Harbour Link will connect the Navi Mumbai International Airport to Mumbai city. The strategic location of Navi Mumbai International Airport at Panvel gives easy access from the other localities in Navi Mumbai
How Navi Mumbai International Airport makes buying a flat in Navi Mumbai a good investment option.
- The region will attract International companies and will create employment hubs. This will increase the demand for the residential properties and hence will appreciate the properties in Navi Mumbai.
- The demand for rental properties will also increase. The property buyers can get continuous income from renting out the properties in Navi Mumbai.
- The presence of an International airport will have a positive impact on enhancing the quality of the social infrastructure.
- The availability of the airport will develop Navi Mumbai on the commercial front.
- The return on the investment on the properties in Navi Mumbai will be impressive.
Navi Mumbai Metro
The upcoming Navi Mumbai Metro Line Phase One will connect the CBD Belapur and Pendhar through 11 stations- CBD Belapur, Sector 7, CIDCO Science Park, Utsav Chowk (Kharghar), Sector 11, Sector 14, Central Park, Pethpada, Sector 34, Panchanand, Pendhar. The total length of the Metro Line 1 will be 11.10 Km. The Metro line will increase the interconnectivity of the Navi Mumbai region.
The Navi Mumbai Metro will connect the residential hubs to the industrial regions in Navi Mumbai. The residential properties will get the benefit of price appreciation with this new connectivity option.
In the future the Metro Line 2 Taloja MIDC – Khandeshwar, Line-3: Taloja MIDC – Pendhar, Line-4: Khandeshwar – Navi Mumbai International Airport (NMIA) will also enhance the connectivity of the Navi Mumbai Region.
Trans Harbour Link Road
The Trans Harbour Link Road will be a 21.8 km bridge that will connect Mumbai (Sewri) to Navi Mumbai (Chirle). The project will reduce the traveling time significantly. It will enable Navi Mumbai to get access to the commercial regions of central and south Mumbai.
By 2032, 100,000 vehicles are expected to commute on the Trans Harbour Link Road. The numbers will increase to 150,000 by 2042.
Virar-Alibaug Multimodal Corridor
The Virar Alibaug Multimodal Corridor will connect some key nodes such as Mumbai-Pune Expressway, Bhiwandi Bypass, NH-8, NH-3, NH-4, and NH-4B, and NH-17. The Virar Alibaug MultiModal Corridor will boost connectivity among the main industrial regions. This will result in the commercial development of the Navi Mumbai.
The coastal road will connect the two main localities in Navi Mumbai, Kharghar, and Panvel. The coastal road strengthens the interconnectivity of the Navi Mumbai region with the three flyovers and the bridges. The coastal road will provide a key role in connecting the residential and commercial points in Navi Mumbai.
Positive Rental Landscape
Buying a flat in Navi Mumbai also gives you the option to get continuous income through renting out the property. The current renting landscape of Navi Mumbai is strong. There is already a demand for rental properties in the key areas such as Panvel, Kharghar, Nerul, Kopar Khairane, etc.
Here are the rental price trends in key localities in Navi Mumbai-
Rental yield is an important parameter to indicate the annual returns from the property. The high rental yield means that the property gives higher annual returns. The rental yield is expressed in a percentage of the original property value received through rents.
Here is the Formula For Gross Rental Yield –
Rental Yield = [ Annual Rental Income on Property / Total Value of Property ] x 100
In Navi Mumbai, there has been an increase in rental yield on the properties and therefore there are possibilities of getting the higher rental income from the properties.
If you are buying a residential property for higher returns in the form of rents, choosing the emerging localities in Navi Mumbai is a good option. Currently, the New Panvel and Panvel sub-localities such as Palaspe Phata, Karanjade have shown the exponential demand for residential properties.
With the creation of employment hubs, the demand for residential properties will increase exponentially. The Navi Mumbai International Airport will be an important factor for boosting the rental landscape of Navi Mumbai Real Estate.
Affordability is the main factor for buying a property in Navi Mumbai. In comparison to Mumbai, Thane, and Pune, Navi Mumbai offers quality real estate projects at much lower rates. This combination of affordability and the high quality of life makes Navi Mumbai an ideal place for buying residential properties.
Here is the comparison between Mumbai, Thane, and Navi Mumbai on the basis of Carpet Area price.
Buying properties in 2021-2022 in Navi Mumbai will also give you the benefit of the current market affordability factors such as-
- Lower Interest Rate on Home Loans. Banks are offering interest rates below 7% which is the lowest in the last fifteen years.
- Under section 80C you can get the tax concession upto Rs. 1.5 Lakh on the principal Home Loan amount.
- Flexible Payment plans are offered by the developers.
- Some developers are ready to pay stamp duty and registration charges reducing the burden on the buyer.
- Direct cash discount of 5-10% offered by some developers.
- Lower booking charges and No EMI till possession offers.
The Covid-19 pandemic subdued the housing prices in the major cities in India. This increased the inventory of the real estate properties as the supply was more than the demand. So, to boost the real estate market, the government and developers ensure the affordability to the property buyers.
Continuously Growing Demand
High demand for residential properties increases property prices. And therefore the demand is important for getting higher returns from the properties
The demand for residential properties has been continuously growing in Navi Mumbai. The primary reason for this is the commercial development of the locality and the upcoming infrastructure projects. The creation of the new employment hubs the demand for residential properties in Navi Mumbai.
The Navi Mumbai International Airport will provide employment opportunities in Navi Mumbai and therefore will play an important role in increasing the demand for residential properties.
The commercial development of Navi Mumbai has contributed greatly to the demand for residential properties. Vashi, Nerul, CBD Belapur, Ghansoli, Airolli, Taloja are some of the important employment hubs in Navi Mumbai. The strong connectivity of Navi Mumbai gives easy access to these employment centers.
Navi Mumbai is becoming the next industrial hub. The leading companies have decided to set up the office in Navi Mumbai considering all the key benefits it offers. There has been a recent trend where the companies from the established Central Business District of Mumbai are moving to Navi Mumbai.
The Navi Mumbai International Airport has attracted the MNCs in Navi Mumbai and it will further push the commercial development of the region by bringing the World’s leading companies to Navi Mumbai.
The IT industry is developing rapidly in Navi Mumbai. Vashi, Nerul, Belapur, and Airoli are becoming the new IT hubs of Navi Mumbai. This increased presence of the employment hubs and the corporate parks will be beneficial for the property buyers in multiple ways.
Navi Mumbai offers quality social infrastructure. The healthcare facilities, educational institutes, and retail shops are easily accessible and provide quality services. Here are some of the leading hospitals, educational institutes, and retail shops in Navi Mumbai.
Leading Hospitals In Navi Mumbai:
Fortis Hiranandani Hospital, Apollo Hospital, Terna Speciality Hospital, and Research Centre, Reliance Hospital, Kopar Khairane, MGM Hospital, D Y Patil Healthcare Nerul.
Leading Schools and Colleges in Navi Mumbai:
Ramrao Adik Institute of Technology, MGM Medical College Navi Mumbai, A C Patil College Of Engineering, Pillai’s College of Engineering and Research New Panvel, D Y Patil Medical College.
Leading Retail and Entertainment Zones in Navi Mumbai:
Seawoods Grand Central Mall, Inorbit Mall Vashi, Raghuleela Mall, Orion Mall Panvel
Navi Mumbai is not only connected well with its internal localities but also with the surrounding developed cities such as Thane and Mumbai. Sion Panvel Road, Mumbai Pune Expressway, Palm Beach Road, and JNPT road are the main roads that strengthen the connectivity of the Navi Mumbai region.
The Harbour Railway Line provides connectivity to the key part of Navi Mumbai and other surrounding regions such as Mumbai and Thane. Also, the network of NMMT buses allows the residence to get connected to the available employment hubs in Navi Mumbai.
The upcoming infrastructure projects such as Navi Mumbai International Airport, Navi Mumbai Metro, Trans Harbour Link Road, Virar Alibaug Multi-corridor, and the new coastal road will Improve the overall connectivity of the Navi Mumbai.
Quality Residential Projects
Because of its perfect setting for residential properties and growth prospects, many leading developers have shown interest in Navi Mumbai. The township models and the lifestyle-oriented real estate projects in Navi Mumbai have provided multiple options to home buyers.
Here are the key qualities of the real estate projects in Navi Mumbai
- Provides modern-day amenities and facilities to the home buyers.
- The Township models of real estate provide social infrastructure and all the end-to-end services.
- Offer open green spaces and a serene neighbourhood.
- Gives the affordability as compared to Mumbai, Pune, and Thane city.
- Complete scope for property price appreciation.
|Real Estate Project||Developer||Location|
|L&T Seawoods||L&T Realty||Seawoods|
|Sai World Empire||Paradise Group||Kharghar|
|Arihant Clan Alishaan||Arihant Superstructures||Kharghar|
|Arihant Advika||Arihant Superstructures||Vashi|
|Arihant Anaika||Arihant Superstructures||Taloja|
|Marathon Nex Zone||Marathon Realty||Panvel|
|Sai World City||Paradise Group||Panvel|
|Kalpataru Park Riviera||Kalpataru Group||Panvel|
|Arihant Aspire||Arihant Superstructures||Panvel|
|Hiranandani Fortune City||Hiranandani Group||Panvel|
|Godrej Hill Vista||Godrej Properties||Panvel|
|Wadhwa Wise City||Wadhwa Group||Panvel|