Real Estate in New Mumbai
Navi Mumbai, a twin city of Mumbai developed in 1972, is the largest planned city in the world. Situated right next to the commercial capital of India, Mumbai, on the eastern seaboard of Thane Creek, Navi Mumbai has emerged as an ideal spot for People working in Mumbai. The Real Estate Market in New Mumbai has grown in leaps & bounds over the last few years. This growth is a result of many factors that have made it stand where it is today. The excellent infrastructure has made it a much preferred commercial as well as residential hub. The Property Market in New Mumbai will continue to grow exponentially as the Government is making efforts to make it retain the status of ‘One of the best cities in the World’.
By allowing the Real estate market to flourish in this way, Navi Mumbai will also see much development in terms of its existing infrastructure, economy & other facilities. Industrial and commercial property in New Mumbai has seen a great demand because of its proximity to a bustling metropolitan like Mumbai. But in the recent times Mumbai has been unable to accommodate the burst of population growth which has become a burden on its infrastructure. As a result New Mumbai has emerged as a hotspot destination for those looking forward to enjoy the comforts of a big city while being away from the problems of scarcity & too much crowd. Factors that have positioned Navi Mumbai as a dream destination for Real Estate Market are:
- Navi Mumbai is close to APMC which is the largest market in Asia when it comes to wholesaling of fruits, vegetable & grains
- Good transportation systemWell planned design
- Round the clock electricity and water supply
- Presence of major industrial & commercial firms
- Initiatives by the Government to develop SEZs
- Availability of inexpensive office space
When it comes to commercial segment then the increase in the number of IT firms cannot be left out. But along with that it is interesting to note the role played by a conglomerate like Reliance which is responsible for much development in this region. Even the Government is keen to fuel the growth in the real estate market and this is evident from the fact that it is allowing foreign investments that are in turn increasing the economic growth. The infrastructure & development in New Mumbai has been planned very well which is marked by the presence of stunning wide roads, flyovers & bridges, beautifully planned gardens and recreational areas and various Malls. Shopping Mall Development in Navi Mumbai is also on the rise with many builders who have joined the mad rush to be the first to develop world class Malls & multiplexes.
Right now there are many options available for entertainment but as people realize the need for more inexpensive options, even the current crop of Malls & multiplexes will fall short. This will result in a gap of demand v/s supply for which the Builders should be ready. With the advent of new companies each year, the construction of builder’s floors in Navi Mumbai, Luxury & service apartments for Executives is also set to increase. With progress like this it would be right to exclaim that the Navi Mumbai will soon outshine its twin sister Mumbai in terms of providing a World Class environment to live in.