Vashi turns into a sought-after real estate destination!

With the city over-flowing and people continually moving in, looking for occupation and an opportunity to live their dreams, Mumbai has slowly turned into an extremely crowded and expensive area, from a point of view of real-estate investments. Owing to this, many investors are now looking for areas outside the city, though not disconnected and at a comfortable distance from Mumbai’s several business hubs. One of these well-developed and less cluttered areas is Vashi, an extremely planned city that was once a small village which was then breathed life into and developed by CIDCO.
The average price of real estate in Navi Mumbai is currently Rs. 10,500 per sq ft while prices in the nearby suburbs of Belapur, Nerul and Ulwe are approximately Rs. 8,000, Rs. 9,000 and Rs. 4,500 per sq ft. From these, the Ulwe area has the highest demand for homes falling in the price ranges of Rs. 20 to Rs. 50 Lakh. Those looking for real estate in Vashi however, usually settle for 2BHK homes. Vashi is known to be one of Navi Mumbai’s first nodes to have developed in a planned way by CIDCO. The area is well-connected and well-equipped with necessary infrastructure developments, including education institutions like Saint Mary, Saint Lawrence, Sacred Heart High School, Ryan International and Avalon Heights International School. Health facilities are also easily available in the area.

Navi Mumbai developer, Devang Trivedi says, “Vashi was one of the first areas to be developed in Navi Mumbai. The high demand for housing in Vashi, which could not be contained, spilled over into areas such as Nerul and Belapur. With prices increasing in these areas, Ulwe is the next destination, buyers are opting for.”
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Property sales in Mumbai increase tremendously in January!

Individuals looking to invest in property in Mumbai are in for a heyday. As per recent reports, the sales of homes in Mumbai have risen exponentially, pushing up the registrations of houses in the city by 26% in January alone! On a month-on-month basis, reports state that that the growth over December has been nearly 10%. And that’s not the most surprising part yet! The sales in December grew by nearly 42% over November 2012, further proving that property in Mumbai is indeed in demand, contrary to the rumors that floated earlier, stating that there has been a slowdown in the real estate sector.

Quoting Kejal Mehta and Pratik Shah of Prabhudas Lilladher, “The year-on-year growth in sales for the ‘City’ sales & ‘Suburb’ sales was 26 per cent this time around, as against last month (December 2012) where the sales growth came only from suburban Mumbai. The impact of island city launches like that of Lodha’s Blue Moon and Bombay Realty’s Island City Centre is further likely to strengthen registration numbers in Q2 of calendar year 2013.”

Also, real estate companies in Mumbai have earned a lot more than their counterparts across the country, particularly Oberoi Realty and India Bulls Real Estate who have performed exceptionally during the fourth quarter of 2012. A report states, “With companies steadily repaying debt and exhibiting caution on land bank addition, the company fundamentals as well as balance sheets are witnessing an improvement. Support from the RBI, in terms of a softer interest-rate regime could help in kick-starting sales.”

And it isn’t just the sale of property in Mumbai that has been rising tremendously. The lease registrations have increased too, gaining profits for flat owners. Lease registrations in Mumbai have increased by 13% month-on-month while there has been a 20% increase year-on-year. Also, these sales haven’t increased across Mumbai. A few property areas in Mumbai like Vasai-Virar, Thane and Navi Mumbai have enjoyed a better growth while the heart of the city remains stagnant.

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