MUMBAI: Property rates in the Eastern Mumbai District (EMD) which encompasses Karjat, Neral, Shelu and Khopoli are expected to double by 2017, according to Brick Eagle, a financial services platform for affordable housing development in India.
"Property investment here remains a good, safe, low-risk investment with average rates of Rs 3000 per square foot and an upward trend incomparable to other areas in the real estate market," it said.
"Based on trends seen in Navi Mumbai and Panvel, it is estimated that property prices will continue to rise to Rs 6,000/sq ft by 2017, Rs 8,000 per sq. ft. by 2020, Rs 15,000 per square feet by 2025 and to an astounding Rs 30,000 per square feet by 2030; an incredible 900% appreciation in 16 years," it added.
The report said that with upcoming infrastructural improvements and developments like the construction of the 12 lane multimodal corridor, the ambitious Delhi Mumbai Industrial Corridor, the expansion of educational and IT infrastructure and the slated extension of rail connectivity, "the Eastern Mumbai District is well poised to become a self-sustaining metropolis