The residential landscape of Mumbai has changed drastically in the past few decades as a result of increase in demand and the property prices. This has led to the scarcity for land available for development. As a result, several homebuyers looking for best flats in Mumbai to live in, have now shifted towards the comparatively affordable and spacious residential space of Navi Mumbai. The area not only offers competitively priced homes, but also provides a lifestyle at par with Mumbai. With time, Navi Mumbai has transitioned from being the alternate city of Mumbai, to being the first choice for homebuyers to live a quality life in. Many iconic commercial and residential properties in Navi Mumbai, have earned it the tag of one of the most well-planned cities in India.
Below are few reasons why homebuyers prefer investing in a property in Navi Mumbai:
Location and connectivity
Navi Mumbai is well connected with Mumbai, Thane, and Panvel. With ongoing infrastructural projects like the Trans-Harbour Link, Metro Rail, and the Navi Mumbai International Airport, the region will become easily accessible. Navi Mumbai has a wide array of roads and express highways, that link it to Pune, Bangalore and Goa easily. Nodes like Ulwe, Seawoods, Panvel, etc., are gaining popularity with realty developers. Homebuyers prefer areas that are a hub for social activities, yet also offer a luxurious lifestyle. Seawoods in Navi Mumbai offers both. For instance, L&T Realty West Square , the latest phase of L&T Seawoods Residences offers the perfect amalgamation of luxury and convenience. Situated next to the Grand Central Mall, these flats are roughly 10 minutes away from the Palm Beach Road and 20 minutes away from the proposed Navi Mumbai International Airport.
More space than mainland Mumbai
The limited scope of infrastructural development in Mumbai has further led to Navi Mumbai being the next best option for investment. Localities such as Kharghar, Seawoods and CBD Belapur, are more developed locations because of spacious residential projects with modern social amenities and infrastructure. Navi Mumbai is still expanding, with projects coming up in nodes as far as Panvel, Uran and Taloja. The city is greener than Mumbai, hence making it a preferred choice for homebuyers looking to get away from the hustle and closer to nature.
Social infrastructure and recreation
Unlike others, Navi Mumbai is a preferred social hub. It is host to many popular hangout places, such as the Grand Central Mall or parks like Central or Wonder’s Park, which have propelled the growth of the city and have enhanced the area’s overall livability ratio. Apart from popular hotspots such as Flamingo point, Nerul lake, etc., developers in Navi Mumbai are now bringing into play innovative rooftop concepts to facilitate an enhanced living experience. The region has high-end shopping malls, wholesale markets, and the best of local and global brands. Nodes such as Belapur CBD, Seawoods have some of the most incredible opportunities to hang out with friends and family. The region also has world class healthcare facilities, such as Apollo Hospital, Fortis Hospital, MGM Hospital etc. It also has access to top educational institutions such as Ryan International School, Delhi Public School, Amity University etc.
Property prices vary across nodes in Navi Mumbai. More buyers are opting for investing in properties for future use or resale, due to higher ROI and greater appreciation. The property price is usually appreciated by 30-40% post completion of these projects. Most properties bought as investment might fetch better appreciated returns in the next couple of years. Many also buy properties closer to the infrastructural developments like the Navi Mumbai International Airport, Metro, or Trans-harbour Link. L&T Seawoods Residences is developed as one of India’s first Transit Oriented Development and embodies the true meaning of convenience. The 2 BHK and 3 BHK flats in Seawoods offer a high ROI if bought for investment purposes, and a premium lifestyle if bought for living in.
Navi Mumbai has shown exceptional growth in the real estate sector due to the above reasons. Therefore, if one is looking to buy a flat in Navi Mumbai, it is worth considering investing in a property in this satellite city.
Disclaimer: Stock image used for representational purposes only