Infrastructure projects in the Navi Mumbai area are driving the residential real estate market in the region as the annual housing stock in the vicinity of Navi Mumbai’s Airoli is expected to cross 1.85 lakh units by 2030, according to a report by Liases Foras, a real estate consultancy firm.
The report stated that the real estate growth in Airoli can be attributed to robust connectivity, competitive and economical property prices, proximity to key business hubs, and easy access to essential social infrastructure.
Presently, the housing market in proximity to Navi Mumbai’s Airoli has more than 1,100 active projects with a cumulative supply of about 1.94 Lakh units, of which around 51 percent have been sold, leaving around 96,700 units marketable in the current year, the report highlighted.
The report further highlighted that the annual housing inventory grew by 50 percent, from 64,500 units in Q2 FY2020-21 to 96,700 units in Q2 FY2024-25, and by 16 percent from 83,500 units in Q2 FY2022-23.
Following the trend post-COVID, and in response to the rising demand from the growing population, it is expected that the market will achieve an average CAGR of 13.5 percent over the next five years, reaching an annual housing stock of more than 185,000 units by 2030, the report said.
It said that major infrastructure projects including, the under-construction Airoli-Katai Naka freeway, proposed Ghansoli Airoli Palm Beach extension, under-construction Vikhroli-Badlapur metro line, under-construction Navi Mumbai airport, upcoming Goregaon-Mulund link road and proposed Kalwa-Airoli elevated rail corridor are set to propel real estate markets around Navi Mumbai’s Airoli into a significant upward trajectory.
Pankaj Kapoor, Managing Director, Liases Foras said, “The area in and around Airoli presents as a goldmine for home seekers, investors and businesses as the housing stock is expected to nearly double to 1.85 lakh units by 2030. Separately, the seamless connectivity with 30-40 percent less travel time to important business hubs and the upcoming Navi Mumbai International Airport, positions Airoli as a prime destination and solidifies it as a growth driver of Navi Mumbai.”
As for affordability, with 1 BHK units starting at Rs 34 lakhs and averaging Rs 67 lakhs, and 2 BHK units averaging Rs 1.3 crore, the neighbourhoods of Navi Mumbai’s Airoli offer a middle ground between upscale and luxury neighbourhoods such as Ghatkopar, Vashi, and Mulund, Powai, and more economical options like Thane, Kalyan, Dombivli, and Ulhasnagar.
Coupled with time-saving infrastructure developments, established social infrastructure, abundant housing opportunities, and a growing business ecosystem, Airoli in Navi Mumbai sits at the epicentre of a prospering enclave and has the potential to emerge as one of the best business districts in the Mumbai Metropolitan Region, the report highlighted.
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