The real estate in Mumbai City has crossed the pricing bars, making the options irrelevant for budgeted home buyers. Therefore, Navi Mumbai is now a preferred destination for people to buy affordable and luxury properties while staying in close proximity to Mumbai City and Thane.
Most of the big industrialists and manufacturing brands have their production factories and offices in the thriving areas of Navi Mumbai. Both residential and commercial real estate has evolved in the area due to affordable land prices. There are no boundaries on how fast Navi Mumbai has grown over the past decade.
But still, if you have any questions on why choose Navi Mumbai and end your search for a new home, then this article will add clarity to your decision.
Infrastructure Development is Stepping Up Year-on-Year Step
Good infrastructure implies necessary quality amenities alongside easy connectivity. In all of Navi Mumbai, Vashi is stated as the best-developed locality of the region and offers three-way connectivity to the residents, connecting Mumbai, Panvel, and Thane.
Belapur, another popular locality, is home to major government offices of MPSC (Maharashtra Public Service Commission), CIDCO, Consumer Court CBD, and others. Moreover, several small and medium enterprises here in Belapur and other parts of Navi Mumbai create seamless employment opportunities.
Thus, Navi Mumbai is more demanding among tenants. So, if you are buying a home for the sake of financial investment, then why not seek passive income through rental yields?
After Vashi, Kharghar is the next most premium locality of Navi Mumbai and is on fast-track development. You get all amenities and facilities here, such as reputed hospitals, malls, schools, clubs, parks, and colleges. The entire roadways network in Navi Mumbai is well-connected through National and Express Highways.
Affordable and Budgeted Property Options
Looking for a 2 BHK flats for sale in Navi Mumbai will cost you fairly cheaper than buying one in posh localities of Mumbai City. Pricing specifies Navi Mumbai as one of the ideal destinations for you to buy your new home. The average price appreciation of properties in Navi Mumbai is reported to be around 9.5% in the past five years.
Thus, you will be investing a nominal amount in owning a home in Navi Mumbai, which you can sell at a massive profit after at least ten years of holding onto it. The appreciation rate is expected to rise even higher, with ample upcoming developments being proposed for the region. The average price per sq. ft. for properties in Navi Mumbai is around Rs. 9,000, and the rental yield is around Rs. 26,000 per month.
Hence, you have the opportunity of attaining high ROI in the long run or attaining a passive income that will gradually increase.
Upcoming Developments in Navi Mumbai
With the various upcoming developments on the way, the real estate demands of Navi Mumbai will further escalate in the forthcoming years. Hence, your investments today will have a greater chance of experiencing high appreciation. For your insight, some of the developments that will help boost the real estate demands of Navi Mumbai are:
- Reliance Industries Ltd. has leased around 4000 acres of land in Navi Mumbai for building an economic hub on global standards.
- Approval has been sanctioned for the construction of more than 94,000 budgeted homes for buyers within the low-income group.
- The Metro Line 1 of Navi Mumbai will build an 11-km corridor connecting Kharghar, Pendhar, Taloja, and Belapur.
Navi Mumbai is a great place to both live and work! You can enjoy a lavish lifestyle by spending time at premium shopping malls or live an average life by visiting busy flea markets. There’s something for everyone at Navi Mumbai. So, if you feel convinced about buying a property in Navi Mumbai, Blox is here to help!
If you want to compare the cost of 2 BHK in Navi Mumbai for properties of top developers, Blox will help you set your pricing bar. With Blox, you can filter out properties based on location, budget, and property type. When you find the one you like, book your site visit right away!