Best locations to find flats in Navi Mumbai

CIDCO, the de facto owners for all property inNavi Mumbai has developed an elaborate plan of action to restore back life in the much sluggish Navi Mumbai real estate market. The new plan of action is ready to boost up the property market by auctioning almost hundred plots in the year 2015. The plan comes at a time when the sky rocketing property prices have hindered the sale of properties across all areas of Mumbai.  Since its inception in 1972, CIDCO or City and Industrial Development Corporation of Maharashtra has developed real estate in Navi Mumbai into what it is today. Lately developers accused CIDCO for favouring rationing through tenders, which has led to increased prices.

By implementing this plan, CIDCO will be in a better position to clear its stand. The first auction by the corporation took place in June 2015 where six plots where auctioned. This led to a net income of INR 294 crore for the company. Some of the locations preferred for future commercial as well a residential projects are around Nerul and CBD Belapur. CIDCO auctions these plots to developers only after proper checks and completion of the processes so that the lands are free of any encumbrances. The corporation is emphasizing on providing residential property in Navi Mumbai on mass based housing schemes.

CIDCO targets to fetch INR 3000crore through auctions this year. The corporation has set up a marketing department that would target auctioning at least one scheme every month, which would include selling 8-9 plots each. After the plan is implemented in full swing, much land shall be made available to the developers. The cheaper the prices of these lands, the lesser will be the project cost and the lesser would be the property prices of these constructions. Those looking for affordable flats in Navi Mumbai would find it easier to get residential property in these appropriate projects.

Due to its smooth connectivity with the eastern suburbs and development of IT and financial services, Navi Mumbai has become a hotbed for investment by developers and buyers alike. Several proposed infrastructure projects would further boost the real estate market of the city. Already, locations of Nerul, Ulwe, Thane, Panvel, Taloja, Kalamboli and Karanjade are boasting of new projects that are offering affordable residential properties. A decent 1BHKflat with an area of 500-700sq.ft. would range between INR 25-40lacs depending upon the amenities and location of the property.

It is well indicated by real estate gurus to take advantage of the diminishing prices of properties and invest the real estate market of Navi Mumbai.