NAINA: Good News For Navi Mumbai Real Estate
Navi Mumbai has seen rapid development in recent years. Real estate prices in Navi Mumbai have shot up quickly owing to rapid increase in population. Like Mumbai, affordable flats in Navi Mumbai were starting to look like unrealized dreams. However, project NAINA (Navi Mumbai Airport Influence Notified Area) , announced recently, promises to kick start demand and supply in the affordable residential segment. Planned to be completed in a decade, NAINA is spread over an area of 600 sq. km. around the upcoming Navi Mumbai International Airport.
More convenience for less
The NAINA project will provide residential options for people around the new airport and will cover parts of Panvel, Karjat, Khalapur, Uran, and Pen. With the suggested infrastructure in place, NAINA is likely to become the most sought after project in the Mumbai Metropolitan Region (MMR) . The primary reason for the high absorption rates is the range of affordable flats in Navi Mumbai, which has led to professionals, employed in Mumbai, opting to live in Navi Mumbai. This has also led to many companies setting up offices here. NAINA is the planned area around the airport and is expected to further improve the living standards, hence upgrading the Navi Mumbai real estate significantly.
Infrastructure to facilitate connectivity
NAINA will be ready to accommodate a population of 80 lakh in 30 years. Construction of roads and bridges would be overseen by the town planning agency, while the internal development would be done by private developers. Announcement of NAINA has also led to an increase in the rates of resale property in Navi Mumbai, which is fast emerging as one of the most feasible cities in the country to live in. Very soon, the city will have efficient connectivity through all kinds of public transport. Navi Mumbai International Airport is already being developed, while the Mumbai Trans‐Harbour link and Multi‐modal corridor will be very close to NAINA. Moreover, Navi Mumbai Metro Rail will be up and running before the end of next year and will provide connectivity till Uran, the farthest point in Navi Mumbai. CIDCO has also announced 24-hour water and power supply to the area.
Good time to invest
This level of infrastructure planning is a key factor behind the increased property rates in Navi Mumbai. Many new offices have opened here, including KPOs, BPOs and IT Parks. Not only that, many schools, as well as medical and engineering colleges, have become part of the skyline, thus boosting the rates of property in Navi Mumbai. The prices for real estate in Navi Mumbai currently range between Rs. 3,000 and Rs. 15, 000. At present, Panvel and Taloja are the most affordable locations in Navi Mumbai. Comparatively, Airoli falls under the expensive category in terms of property for sale in Navi Mumbai due to the fact that most of the infrastructure like schools, colleges and offices are located in and around the area.
Already, the enormous excitement generated around the project has seen a rise in the property rates, and they are expected to soar higher as the area develops further. Gradually, as the projects reach completion, the lowest rate per square foot is estimated to be close to Rs. 10,000. With prices being low, this is a very good time for investors in Navi Mumbai.