Real estate prices of residential properties in Navi Mumbai are set to appreciate between 7 to 14 per cent on yearly basis for the next few years thanks to the new infrastructure projects currently in the pipeline.
The Navi Mumbai Metro Line 1, Navi Mumbai International Airport and the Mumbai Trans Harbour Link (MTHL) are expected to ease connectivity and boost Navi Mumbai property market, say real estate experts.
New metro line operations to drive property rates
Line 1 of the Navi Mumbai Metro running between Belapur and Pendhar, started operations on November 17. This, experts say will boost the real estate micro-markets of Kharghar, Belapur and Taloja along the 11 km route.
The metro’s biggest impact will be in two micro-markets – Pendhar and Taloja – pushing up prices of apartments by 5 to 15 percent, according to local brokers.
The per square foot rate in Taloja on an average is in the range of Rs 6,000 to Rs 7,000, and the price may increase by 5-8 percent due to the metro connectivity. The monthly rent for one- and two-bedroom apartments in this area ranges from Rs 10,000 to Rs 20,000, local brokers added.
22-km MTHL set to open soon, propelling Ulwe's property prices
On the other hand, the much talked about 22-km Mumbai Trans Harbour Link (MTHL) which is all set up to open to motorists by the end of the year will boost property prices in Ulwe, a hotspot micro-market in Navi Mumbai.
According to experts, residential prices in Ulwe have doubled over a decade. A two-bedroom apartment in Ulwe is being sold for as much as Rs 1 crore.Rents for one and two-bedroom apartments are between Rs 7,000 and Rs 20,000, depending on the area and the building.
Residential prices in Ulwe have doubled over a decade
"In 2016 and 2017, a 1 BHK apartment in Ulwe cost Rs 25-30 lakh and that went up to Rs 35-40 lakh in 2020 after Covid-19. Now, in 2023, the price of a 1 BHK apartment is in the range of Rs 50 to 60 lakh. This is majorly because of the upcoming MTHL corridor and prices also appreciated big time due to the upcoming Navi Mumbai airport," said Bharat Singh, a broker from Ulwe.
Navi Mumbai Airport Set to Elevate the City
The new Navi Mumbai Airport too is expected to be a game-changer for the satellite city. It will to bring Navi Mumbai on the international stage and boost economic activities, which in turn will lift the local real estate market, say experts.
Prices in areas near the upcoming airport range from Rs 5,000 to Rs 15,000 per square foot. Rents for one- and two-bedroom apartments are between Rs 10,000 and Rs 20,000.