With property values reaching new heights inMumbai, end users are still positive about buying their dream home within the Metropolitan region. Housing Sentiment Index (HSI), a report jointly developed by IIM-Bangalore (IIMB) and Magicbricks (MB), reveals that 72 percent of the total home buyers in Mumbai are looking for property to reside in.
Here are a few localities of Navi Mumbai where an end user can think of buying his home -
With developing infrastructure and existing transport facilities, Kharghar is also the top most preferred locality of Mumbai as per PropIndex (Jan-Mar 2014), the India Apartment Index by Magicbricks. “Kharghar realty is drove by connectivity. This area has upcoming Navi Mumbai Metro Rail connectivity which will connect Belapur to Pendhar in Phase I and to Navi Mumbai International Airport in later stages,” says Aadesh Changani, a local property dealer.
Apart from this, Sion-Panvel Expressway that meets with Mumbai-Pune Expressway is already operational which connects the area to Mumbai.
As per Magicbricks’ listings, the area has maximum supply of 2BHK apartments which are available within the price range of Rs 28 lakh-2 crore. Majority of the projects are ready to move and offer units in price of Rs 60-70 lakh.
Located just next to Kharghar, Kamothe is one of potential areas of Navi Mumbai where an end user can invest. The area is catered by Navi Mumbai Municipal Transport Buses which connects the region with Mumbai, Thane and Vashi.
Infact Kamothe is also a stoppage of BEST (Brihanmumbai Electric Supply and Transport) buses which runs till Dadar. “Kamothe is served by railways stations of Mansarovar, Khandeshwar and Kalamboli where all local trains has their stoppage and adds to the accessibility from Mumbai CST and Wadala,” says Azmat Shah, a local broker active in the area.
As per Magicbricks’ listing, a 2BHK apartment in Kamothe is available at starting price of Rs 35 lakh. The area offers ample of ready to move flats which act as an advantage for the location.
Panvel is one of the premium localities of Navi Mumbai where new development is coming up at a fast pace. Although maximum projects are under construction and are slated to be delivered in next 12-18 months, home buyers are investing at the initial stages of construction due to lower values.
“Because of ample water and power supply, even middle class buyer is investing here as the projects are cheaper when they are in soft launch. The area is expected to gain 30-40 per cent rise in values once the area gets completely developed and the Navi Mumbai International Airport gets functional,” says Ashwani Singh, senior consultant, NK Consulting.
As per Magicbricks’ listings, an under-construction 2BHK flat is available for Rs 24 lakh whereas a ready-to-move flat is offered for Rs 40 lakh. With market experts expecting price correction, home buying for Mumbaikars may get easier in time to come.