Nerul: A Promising Real Estate Destination In Navi Mumbai
Navi Mumbai’s Nerul has emerged as one of the prime real estate destination with many new developments taking place in the locality. After the Navi Mumbai Municipal Corporation (NMMC) announced that the first draft of its new development plan will be ready by October this year, Cidco has now invited bids for leasing a 1.3-hectare plot in Nerul for a residential-cum-commercial development.
The project, located at the prime Sector 19A of Nerul, is priced at a base rate of Rs 95,461 per square metre and can be accessed through the Sion-Panvel highway and the Palm Beach Road. The location makes this property strategic for both commercial and residential establishments.
While the scheme booklet sale began on May 31, one could purchase these until June 15. However, June 20 is the last day of bid submission.
Along with this development, many new projects are coming up in Nerul, making it a hotbed for real estate.
Here’s why you should also be looking at investing in the emerging real estate market of Nerul.
The locality
Nerul is a strategically located area that can be accessed through all three important highways passing through Navi Mumbai – the Palm Beach Road, the Sion-Panvel Highway and the Uran Road. Known as the upmarket residential and commercial node of Navi Mumbai, Nerul is the third most developed zone of the city. Nerul is known to have a huge floating population from south Mumbai area making it an upmarket real estate destination with many middle-range and high-end properties.
Infrastructure
The locality is known to have a well-developed physical infrastructure. With well-developed roads, gardens and connectivity through rail and road, Nerul has all that a homebuyer would need.
It also has many schools and colleges, including Don Bosco Senior Secondary School, DAV Public School, Delhi Public School, MGM Law College, D Y Patil University, among others. The locality is also known for its sports complex named as DY Patil Stadium, which is a state of art cricket facility.
In terms of connectivity, road and rail are primary modes of transport. Brihanmumbai Electric Supply and Transport (BEST) and Navi Mumbai Municipal Transport (NMMT) buses are available for those travelling across Mumbai, Thane, Kalyan-Dombivali, Panvel and Uran. For those who want to travel by rail, Nerul is connected to the city on the Harbour line, part of the Mumbai Suburban Railway.
Property price
For those looking for property in Nerul can make a move now as prices have dipped. While a 1BHK here starts at Rs 40 lakh, a 2BHK can be bought at a starting price of Rs 1.35 crore, a 3BHK for Rs 1.82 crore and above, and a 4BHK for Rs 3.55 crore and above. The average base rate price of property in Nerul, as of April 2018, stands at Rs 12,589 per sqft.
Key projects
There are over 118 projects in Nerul of which 108 are ready to move in. Most of these projects are sold-out and hence, are available on the resale market. These include Lotus Acropolis, Maithili Emerald Bay, Lexcon Tower and Reputed Sea Breeze Palm, among others.