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.