Navi Mumbai is now becoming one of the preferred locations for real estate investments for the MumbaiKars. The area of Navi Mumbai is also well-known for its Infrastructural advantages along with industrial and technological developments around the corner.

Given the impact of demonetization in 2016 and the fluctuation of the home interest rates slowed the performance of the real estate market in the country. Next, came the implementation of Goods and Service Tax (GST) which replaced the other commonly levied taxes around the country. The aim of GST was to bring about uniformity in the commodities and its prices. However, confusion prevailed in all sectors as there were many adjustments to be made.

Nevertheless, the real estate market especially the Projects in Navi Mumbai started witnessing a rapid investment streak. This activity could be related to the implementation of the Real Estate (Regulation and Development) Act which aims to secure the interests of buyers and regulate the real estate market.

Why Navi Mumbai?

Real estate in Navi Mumbai recovered earlier than its counterparts across the country due to its strategic and locational advantages.RERA is also one of the factors that have pushed buyers to seek out builders developing projects in Kharghar and other areas of Navi Mumbai.

Navi Mumbai provides access to the bustling cities of Mumbai, Pune and is well connected to the national highways.

Navi Mumbai also has the dual advantage of being recognized as commercial and residential space by the City Industrial and Development Corporation of Maharashtra (CIDCO). CIDCO has also further allotted 800 acres of land for the development of Navi Mumbai.

If a buyer is interested in purchasing a Flat in Kharghar or any other areas of Navi Mumbai, they will have the advantage of having access to reputable hospitals, schools, play areas and other means of entertainment. Navi Mumbai also boasts of well-planned and maintained water and sewage system.

In terms of price, Navi Mumbai is a better option when compared to the places of Mumbai and Pune. The skyrocketing costs make it difficult for a salaried person to buy a flat in Mumbai. However, there are builders in Navi Mumbai who offers Projects in Kharghar or flats in Ulwe for half the price of Mumbai.

From the commercial viewpoint, Navi Mumbai is a good investment as there are many IT parks and the upcoming Special Economic Zone (SEZ) that will not only give rise to employment opportunities but also return in the form of rental income.

Navi Mumbai has also been recently ranked at the top in the survey for ease of living index. The location of Navi Mumbai enables the buyer to have best of both worlds as beautiful landscapes surround Kharghar and Navi Mumbai also has many options for entertainment like malls, shopping complexes, restaurants, coffee shops and many more.

It is safe to say that the real estate market of Navi Mumbai has recovered and is well on its way to becoming one of the most preferred locations for buyers to invest. The impact of RERA and GST has guaranteed the buyers a safe and worry free process of procuring their dream home.

Source: http://siddhivinayakhomes.co.in/the-resurgence-of-real-estate-in-navi-mumbai/