The New Real Estate Future of Navi Mumbai

Navi Mumbai was developed to be the buffer city to Mumbai in order to lift up some of its congestion. In the past few years rapid infrastructural development, it came out of the shadow of Mumbai becoming an entity of its own. With the development of the upcoming new Navi Mumbai International Airport along with other infrastructural developments around the project, the real estate profile of this city is likely to change significantly in the coming years.

Some reports say that the literacy rate here is 98% with an average monthly income of Rs 25000. Based on this it can be presumed that Navi Mumbai has huge growth potential. There are several areas within the city that are now becoming real estate hot spots. The major one that caught the eye is Panvel. Many real estate developers are now turning towards this city in order to promote residential development. Probably due to the fact that this area is a prime location that sits just outside the Greater Mumbai region.

Many residential real estate projects are under construction in order to fulfill the growing demand of the population. Some real estate giants such as Godrej, Supreme Holdings & Hospitality India Limited have their luxurious projects being developed such as the Godrej Golf Meadows and the Belmac Riverside being among the best residential projects in this city.

Panvel has seen a huge improvement in growth in the past few years. This growth has been displayed as the transition from Old Panvel to New Panvel that consists of large luxury townships and established medical and educational facilities. This change has forced people to invest more in Panvel’s real estate. The property prices are on par with what we can expect in more developed areas such as Mumbai and Thane. There are a number of options to choose to range from apartments to villas and condos available for all types of budget. The presence of major schools and universities such as the Delhi Public School, Ryan International School, Amity University, major healthcare institutions such as Panacea and Life-Care Multi Speciality Hospital have made Panvel a perfect location to invest in your new home.

The price trend of the property market in Panvel has seen a huge leap in the 3rd quarter of 2010 mainly due to the required clearances for the upcoming international airport. As the development of the airport advances the prices will increase gradually. Panvel offers a variety of residential project options across various configurations for all budgets that start from affordable housing to premium penthouses and villas. The excellent transport connectivity with the land of futuristic infrastructure has made Panvel and in turn Navi Mumbai a thriving location for real estate activity.