The real estate market is getting back to its pace after the run-ins with demonetization, GST, and RERA. Most of the metros and cities are maintaining the same prices or have experienced a little fluctuation. The satellite city of Navi Mumbai is one of those places that witnessed an upward rise in the sales of Projects in Navi Mumbai and its surroundings.
The Navi Mumbai real estate is going through booming phase due to its locational advantages. The real estate. The Real Estate (Regulation and Development) Act is one of the major factors that boosted the property of Navi Mumbai.
The Real Estate (Regulation and Development) Act was implemented to protect the interest of the home buyers and raise investments in the real estate. After, the implementation of the RERA, the real estate developers in Navi Mumbai have seen a consequential rise in the sale of properties.
It has become mandatory for all real estate developers to adhere to the rules of the RERA. Even the slightest alteration in the building has to be apprised to the buyer by the builder. RERA has given an opportunity for a lot of authentic Builders in Navi Mumbai to offer world-class projects to home buyers.
The imposing of GST also launched the market into a state, of confusion and the increasing clarity has also prompted buyers to invest in projects around the country.
Not only the reforms of RERA and GST but the location and infrastructure developments have made the area of Navi Mumbai more enticing. The City and Industrial Development Corporation’s (CIDCO) has been in the projects of establishing SEZs at Dronagiri, Ulwe, and Kalamboli in Navi Mumbai which is to be well-connected by road, rail, sea and air transport. The traffic from these employments can guarantee a rental income for buyers investing in projects in Navi Mumbai leading to an increase in property purchase.
The Navi Mumbai international airport has also boosted the real estate scenario of Navi Mumbai. The massive and rapid development of CIDCO which has allotted more than 800 acres of land for further residential and commercial development has accelerated the investment.
These properties come with a lesser rate than compared to the skyrocketing real estate prices in Mumbai. The flats in Ulwe or Taloja are available at a starting rate of Rs.4500 to Rs.9000 per square feet. Projects in Navi Mumbai are also in close proximity of operational and upcoming IT parks and Navi Mumbai Special Economic Zones. The locational advantage of Taloja, a bustling property in Navi Mumbai is perfect for people and gives them easy access to the highways and the areas of NH-4, Kharghar, Kalamboli, and Sheelphata, etc.
The Mumbai Trans Harbour link is an under-construction 21.8 km, which is a freeway grade road bridge connecting the bustling Mumbai with Navi Mumbai. Once completed, this bridge would be the longest sea bridge in the country thereby appreciating the land value of the city.
The real estate of Navi Mumbai is well on its way to recovery due to the project and infrastructural development by the CIDCO. The implementation of RERA and GST also has paved the way for the buyers to be directly benefited by purchasing properties only from genuine Builders in Navi Mumbai who can clear the conditions and the norms set by the authority. All in all, an investment in Navi Mumbai is good investment decision.