MUMBAI: Looking to invest in Navi Mumbai? Nerul, Airoli and Palm Beach, are localities that offer property investments that garner constant returns. According to MagicBricks.com data, these localities have witnessed a hike of 12-19 per cent in capital values in the last one year. Property experts say that the clearance of the proposed Navi Mumbai Airport is the factor that has pushed property prices in these localities.
“Prices in Navi Mumbai have seen a noticeable spurt because it is well-connected to other parts of Mumbai through the NH-4 and the Palm Beach Road and by railways, in the centre,” says Abhay Kumar, chairman and managing director, Grihapravesh Buildteck Pvt Ltd
Palm Beach is one of the most sought-after premium residential localities of Navi Mumbai. Thus, the area sees constant demand for housing which is further pushing up the property values. Data reveals that the current property values, range from Rs 13,800-14,800 per sq ft. “Palm Beach is where everyone wants to own a home, as it offers a luxury status. The apartments along this road, have a sea view. The low supply and high demand is another reason for the rising property values. The low supply has also given a push to the resale market in the locality,” says Ketan Tanna, owner, Twin City Realtors, a city based realty firm. Apart from this, Palm Beach Road, a 10-km long 6-laned road, connects the area to Nerul and Sanpada of Navi Mumbai. The road also connects Palm Beach to Thane and Belapur.
According to the data, the current prevailing property prices in the locality, range from Rs 10,800-11,400 per sq ft. The real estate market in the area, rides on good connectivity, infrastructure and a wide options of various property types.
Nerul is well-established, in-terms of roads, lighting, sewage and drainage systems, which is pushing the residential demand.
“Nerul has renowned schools such as St. Xavier’s, DPS and Apeejay School and a few major educational institutes like SIES College of Arts, Dr DY Patil College, Terna Medical and Engineering College, among others,” says Asokan Kunjan of GEO Realty, a local realtor in the area. Apart from this, the area is about an hour and half drive from the Chattrapati Shivaji International Airport.
At present, the property values in the area range from Rs 6,700 -13,800 per sq ft. The commercial setup in Airoli has pushed the residential demand here.
The commercial office projects are offering international standards of amenities and services. Also, good connectivity through the Eastern Express Highway, has given a further impetus to the growth of the residential property market of Airoli.