Navi Mumbai - Property Price Overview
Navi Mumbai, developed in 1972 to decongest the city of Mumbai is the largest planned city in the world, managed by one of the richest corporations in Asia, The Navi Mumbai Municipal Corporation. With an area of 163 square kilometers, the city is home to 1.2 million of Indian population. The Maharashtra Government, as per the plans is shifting many industrial hubs and commodity markets in Mumbai to Navi Mumabi. It has become home to many of Mumbai based software companies. The Government has set up software parks to meet the increasing demand. Navi Mumbai has seen much of transformation as far as real estate sector is concerned.
Top 10 localities in Navi Mumbai on the basis of maximum real estate action are Kharghar, Kamothe, Sea Woods, Nerul, Panvel, Ulwe, Belapur, New Panvel, Airoli and Kalamboli. The average per square feet (psf) rate for Navi Mumbai in March’12 is around 5436/- which is a rise of 16% in the past 12 months.