Impact of Upcoming Navi Mumbai Airport on MMR Real Estate


Posted on 24th September 2018 Author: Planet Homes



Navi Mumbai real estate is booming and becoming a favorite place for home buyers and investors. The infrastructure and amenities that Navi Mumbai realtors provide are advanced and with the increasing social infrastructure like big shopping malls, theaters, hospitals, universities and international schools and well-structured parks, roads and affordable neighborhood, the real estate prices are getting higher day by day.

About Navi Mumbai International Airport Project

Recently, Prime Minister Narendra Modi announced to build second international airport of Mumbai, the Navi Mumbai International Airport which will be built in Mumbai’s Kopra-Panvel area. GVK Power Infrastructure has signed a contract with CIDCO (City Industrial Development Corporation Ltd) for the establishment and building of this airport.

Impact on MMR Real Estate

MMR (Mumbai Metropolitan Region) real estate comprises of Mumbai, Navi Mumbai, Thane and Powai. Soon areas like Panvel and Kharghar will be coming under the range of MMR. With the announcement of international airport, Navi Mumbai real estate market has seen a drastic shift in buyer interest.

  • Hike in Real Estate Prices

This has positively impacted the real estate market of Navi Mumbai and majorly of the areas in and around Panvel like Ulwe, Kharghar, Taloja, Kamothe etc. These are the micro markets that have already started seeing growth in real estate.

MICRO-MARKET

Q2 YEAR

AVERAGE PRICE

Q2 YEAR

AVERAGE PRICE

Panvel

2014

4100

2017

4400

Kamothe

2014

6250

2017

6500

Kharghar

2014

6000

2017

6000

Taloja

2014

4300

2017

4700

Ulwe

2014

5200

2017

5300

 

  • Advanced Amenities

Navi Mumbai has been always considered to be a major hotspot for its affordable housing, good connectivity of railway and roads and social infrastructure. Now with the addition of the airport, the city has got one more feather into its cap to attract real estate investors.

 

  • Increase in Industries

Navi Mumbai has grabbed the attention of many MNCs and big Indian companies as it provides huge floor plates in affordable prices as compared to other big parts of the city. The commercial real estate business is also predicted to grow in Navi Mumbai.

  • More Employment Opportunities

With the increasing commercial industries, the employment opportunities will also be at the peak in the coming years. People residing outside Mumbai, that aspire to build their careers in the big city have a huge scope to do so.

This is the best time to invest in Navi Mumbai real estate, as the prices have still not increased drastically but are soon set to reach a real estate high after the completion of Navi Mumbai International Airport, which is scheduled to be completed in 2019.

 

 


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