An increase in capital value at Nerul, Airoli and Palm Beach
As per the data, Nerul, Airoli and Palm Beach, are localities that provides the real estate developers constant returns. These localities have witnessed an increase of 12 to 19 percent in the capital value in the last one year. The property experts mentioned that the approval of the Navi Mumbai Airport is the factor that has pushed property prices in these localities.
Mr. Abhay Kumar, chairman and managing director, Grihapravesh Buildteck Pvt Ltd, says that the cost in Navi Mumbai have seen appreciation because it is well connected to the other parts of Mumbai through the NH-4 and the Palm Beach Road and by railways, in the centre.
PALM BEACH
The Palm Beach is one of the most famous residential locations of Navi Mumbai. That’s why the areas witnessed the constant demand for housing which is further pushing up the property values. The record says that the current value of the property is around Rs 13,800-14,800 per sq ft.
Mr. Ketan Tanna, owner, Twin City Realtors, says that the Palm Beach is the place where everyone wants to live because it provides the luxury status. Another reason of increased price of property is low supply and high demand.
NERUL
As per the data, the current property price in this locality is range from Rs 10,800-11,400 per sq ft. The real estate market in the area, rides on good connectivity, infrastructure and a wide options of various property types. Nerul is well developed in terms of its roads, lighting, sewage and drainage systems, which is increasing the residential demands.
Mr. Asokan Kunjan of GEO Realty says that Nerul is famous for schools such as St. Xavier’s, DPS and Apeejay School and a few major educational institutes like SIES College of Arts, Dr DY Patil College, Terna Medical and Engineering College, among others. Except this, this area is about an hour and half drive from the Chattrapati Shivaji International Airport.
AIROLI
Currently the value of property is from Rs 6,700 -13,800 per sq ft. The commercial market of Airoli is responsible to increase residential demand in this area. The projects of commercial offices are providing standard facilities. Moreover, the connectivity through the Eastern Express Highway is also responsible for the growth of residential property in Airoli.
Source: The Times of India
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