Navi Mumbai Ulwe Property Latest Price – where we look at the increasing interest in this segment and the comparisons with various popular nodes in Navi Mumbai.
The Ulwe region is going to reap the advantages of having two Special Economic Zones (SEZs). One of them, the Navi Mumbai SEZ (Waterfront) is almost complete, while work on the Navi Mumbai SEZ (Airport) is underway. Both these SEZs are expected to impact the real estate market of the locality in a major way.
Planned by the Maharashtra Government and City and Industrial Development Corporation of Maharashtra Limited (CIDCO) in Ulwe, the Waterfront SEZ is spread over 80 hectare and the Airport SEZ has an area of about 500 hectare.
According to Sumit Jhetwani, a consultant with India Realtors, a brokerage firm active in the area, “Several home buyers from Mumbai and Navi Mumbai have already started investing in properties in the area. They are attracted by the prospect that once companies start coming-in they will bring new employees to the area. All these employees are then expected to buy or rent properties here.”
While overall real estate prices in the Mumbai Metropolitan Region have remained tempered, Navi Mumbai Ulwe Property Latest Price in areas such as Madh-Marve, Majiwada-Kasarvadavali and Ulwe are likely to get costlier if certain proposed transport infrastructure projects take shape as per the stated timelines, according to an industry report released Wednesday.
Real estate research and consultancy firm Knight Frank expects prices in the sea-front Madh-Marve to increase by about 14.2 per cent every year on the back of improved connectivity due to a proposed Versova-Madh sea bridge, and the Nariman Point-Kandivli coastal freeway. The geographic advantages of the two places may further blow up the property rates.
Similarly, properties in Majiwada-Kasarvadavali may get more expensive by about 11.2 per cent due to the state government’s plan of constructing a Metro rail corridor from Wadala to Kasarvadavali over the next five years.
The report estimates Ulwe to continue to see an uptick in price at 9.7 per cent rate per year. Prices here have already inflated over the past few years in expectations of the proposed Navi Mumbai International Airport and the much-delayed Sewri-Nhava Mumbai Trans Harbour Link.
Madh-Marve is the most expensive of the three destinations where Knight Frank has forecast a growth with an average rate of Rs 13,500 per square feet. Property at Majiwada-Kasarvadavali currently costs an average of Rs 6,000 per square feet, while Navi Mumbai Ulwe Property Latest Price in Ulwe are hovering around an average Rs 5,000 per square feet.
Not only buyers, small and big builders have also started showing interest in the area. As of now, over 30 new projects are active in the locality, as per data. These projects are at various stages of construction offering a wide range of apartments ranging from affordable to mid segment.
SEZs – “The Ulwe Waterfront SEZ is completely for the IT/ITES companies and is divided into three parts – A, B and C. The construction work is almost complete and final handover is expected to be in March 2015,” said an NMSEZ official.
As per data, the average capital values in Navi Mumbai Ulwe Property Latest Price is currently in the range from Rs 4,700-5,700 per sq ft. Price of a 1BHK apartment, having 350-700 sq ft covered area, ranges from Rs 17-45 lakh, while 2BHK units are priced between Rs 40-80 lakh. Sizes of such units vary from 850-1500 sq ft. The prices of 3BHK units range from Rs 70 lakh to Rs 1 crore with area varying from 1400-1700 sq ft.
As of now, Ulwe’s real estate market is driven by investors. “Besides investors from Mumbai and Navi Mumbai, some from Pune are also investing here,” says Rahul Dedhia, owner of a broker firm.
Buyers, looking to settle or invest in Ulwe must keep in mind a horizon of at least 6-8 years when the overall development happening in the locality will not only make it liveable, but is also expected to give good returns.