MUMBAI: The price at which you get a 1-BHK apartment in Andheri or Ghatkopar, can get you a 2-BHK in localities like Panvel and Kamothe. These suburbs of Navi Mumbai have been witnessing a steady demand for 1 and 2-BHK apartments, owing to their competitive pricing. “A 1-BHK apartment in Panvel and Kamothe, sized between 500 and 700 sq ft, is available for Rs 35-40 lakhs and a 2-BHK apartment of 750-1000 sq ft area, costs anywhere between Rs 80-85 lakhs,” informs Paritosh Bhasulm of PropTiger.
At the other end, if you are looking for a similar property in the western suburbs of Mumbai, such as Andheri and Ghatkopar, you may have to stretch your budget by almost double. For instance, in Andheri, you may get a 500-700 sq ft apartment within Rs 80-90 lakhs and in Ghatkopar, it is within Rs 80 lakhs to Rs 1 crore.
Aditya Deepakdas of Neo Builders Ltd, says, “Panvel and Kamothe suit the pockets of many middle-income home buyers. In addition to affordable properties, the fact that the western suburbs of Mumbai are now congested, has pushed up the demand in these areas.”
Kiran Laxman Narangikar of Canara Properties, opines, “The advent of several new commercial buildings, office spaces and showrooms in Vashi, is one of the prime reasons why buyers and builders have started considering these far off locations.”
In terms of connectivity, the two localities are situated close to the Mumbai-Pune Expressway. Proximity to Pune is another advantage for these areas. People who have been residing in Pune but want to reap rich rewards of investing in Navi Mumbai’s real estate, see a potential option in Panvel and Kamothe.
Looking at the prospects of Panvel and Kamothe, several real estate developers have come up with residential projects in these locations. This includes Indiabulls Developers, Marathon Group, Mega Fortune and Neo Builders. In sync with the demand, most of these real estate developers are offering 1 and 2-BHK properties in these areas.
The long uncertainty over the Navi Mumbai international airport project has a partial impact on the aspirations of people who have been planning to a buy property in either of these localities. However, the long-term prospects look promising, considering the demographic profile of Mumbai region.