In Navi Mumbai, especially the property near Navi Mumbai international airport areas are the most preferred because of the locations and infrastructure. The future belongs to Navi Mumbai.
Navi Mumbai will also get two Metro Lines leading up to the airport. Line I connects CBD Belapur to Pendhar, from where Line II will then go to Khandeshwar, with an extension to the Navi Mumbai airport.
The NMIA is strategically located close to Kopar, close to Panvel. Leading developers believe that the MTHL sea link is a much awaited project which will open the 700 sq km of property near Navi Mumbai international airport, that is hardly 20-25 minute away from South Mumbai. It will be a big boost for the Navi Mumbai real estate sector and will also cut the down the skyrocketed prices of the South Mumbai and will boom the prices in Navi Mumbai — particularly in property near Navi Mumbai international airport, namely Ulwe and Panvel.
Every metro city has seen a common story in many families. Parents purchase a house in a location then considered to be the city’s periphery. The area was under-developed, too far from the city centre, had bad roads and poor train connectivity. So, few preferred to stay there. Over the next 10-15 years, things changed. The area developed, connectivity improved, the locality is now part of the city suburbs, and the property is at least 20-25 times the initial value.
The best example is Gurgaon. The city as it is today barely existed three decades earlier. It now buzzes with malls, metros, designer showrooms and houses some of the world’s biggest companies.
Real estate experts believe the same story will be repeated today with property near Navi Mumbai International Airport region.
Projects within the city that cater to the middle class (mid-segment) have become expensive. Developers will be very cautious on raising prices in this category for at least the next three-four years, as any increase would affect the demand. This also means returns on investing in these would be less. But, demand in affordable housing property near Navi Mumbai International Airport is growing and will see better returns.
Though the definition of affordable housing varies, experts say it is best to go by what the Reserve Bank of India classifies as priority sector lending. Home loans up to Rs 48 lakh in metros and Rs 30 lakh in other centres are now part of the directed lending, as long as the cost of the property is not more than Rs 55 lakh and Rs 35 lakh, respectively. But, many such projects are also available starting at Rs 15-25 lakh.
Localities for Property Near Navi Mumbai International Airport