With a growing demand for residential spaces in Navi Mumbai, the rentals in Vashi, a prominent business district in Navi Mumbai, have been rising steadily. Still, there are many locations nearby like Kharghar, CBD Belapur and New Panvel which can be considered for renting a home under Rs 15,000 a month.

Vashi is a well-developed locality in Navi Mumbai, and the real estate market there has witnessed rapid growth due to excellent social infrastructure. Growth drivers like the Navi Mumbai International Airport (NMIA), Mumbai Trans-Harbour Link (MTHL), Navi Mumbai Metro, affordability, prudent town planning and lack of air and noise pollution as compared to Mumbai, are expected to increase demand in Navi Mumbai in the coming years.

A significant chunk of this rising demand will be in the affordable section. While it is difficult to find a place to rent within Rs 15,000 a month in Vashi, there are three other localities nearby, which have comparable infrastructure and can be considered as good alternatives.

Kharghar

Although Kharghar is primarily a residential township, it also houses several prominent educational institutions, leading to the locality being called the education capital of Navi Mumbai. The residents of Kharghar are mostly students enrolled in the nearby higher education institutions and working professionals employed in companies situated in Vashi, CBD Belapur, and Panvel. Kharghar has an abundance of nature’s bounty as well in the form of large swathes of green space, and pleasant weather.

Rental trends: The majority of residential inventory available in Kharghar consists of apartments. According to Mumbai Insite Report Oct-Dec 2020, average rental demands hover around Rs 19 per sq ft. Well-built 1 BHK apartments with a carpet area of 380 sq ft to 800 sq ft are available for rent between Rs 7,200 and Rs 15,000 per month.

Vipul Saraiya, Owner, DG Property Consultants, states, “Rentals are expected to increase only marginally over the next year, due to the ongoing economic slowdown amid the COVID-19 outbreak. Although, as the Navi Mumbai Metro gets operational by the end of this year and the MTHL gets operational by 2022, residential demand shall pick up robustly and will reflect in rentals.”

Commercial proximity: Kharghar is roughly eight minutes away from the Central Business District Belapur (CBD Belapur), which is the largest CBD after Vashi, Bandra-Kurla Complex, Nariman Point and Worli. CBD Belapur houses various private companies’ offices and government administrative offices. The Reserve Bank of India also maintains a branch there. Kharghar is only about 18 minutes of car drive away from Vashi.

Connectivity: Although Kharghar is well connected with the rest of Navi Mumbai by bus, a metro station is currently under construction, which shall connect Kharghar to Pendhar, near Taloja. Kharghar is also well-connected by rail through its railway station. The upcoming Mumbai Trans-Harbour link, which will expedite connectivity between Mumbai and Navi Mumbai, is roughly 50 minutes away by car.

 

Social Infrastructure in and around Kharghar

 

Educational Institutions

 

Healthcare facilities

Shopping Complexes

National Institute of Fashion Technology

Nirmaya Hospital

Seawoods Grand Central Mall

Institute for Technology and Management

Fortis Hiranandani Hospital

Prime Mall

Saraswati College of Engineering

 

Kharghar Medicity Hospital

Glomax Mall

 

New Panvel

Popularly known as Khanda Colony by locals, New Panvel was developed on marshy lands by the City and Industrial Development Corporation of Maharashtra (CIDCO), after land scarcity issues were faced in Panvel. Therefore, New Panvel has had the benefit of prudent town planning as compared to Panvel, which got developed more reactively as an answer to increasing population levels. Residential apartments constitute the majority of inventory in New Panvel.

 

Share of Residential Inventory in Kharghar, New Panvel, and Belapur, Navi Mumbai

Source: 99acres.com

Rental trends: One can easily find a well-built 2 BHK residential apartment with a carpet area of around 600 sq ft to 1,000 sq ft under Rs 15,000 per month in New Panvel. According to Mumbai Insite Report Oct-Dec 2020, the average weighted rental ‘asks’ in New Panvel range around Rs 13 per sq ft. Vipul Saraiya of DG Property Consultants opines that rentals in New Panvel are kept in check by enquirers’ first preference of living in Kharghar. New Panvel is considered the second-best affordable option in Navi Mumbai. The rentals here may not see an increase until the MTHL becomes operational, which might take another two to three years from now.

Commercial proximity: New Panvel is roughly 16 minutes away from CBD Belapur and about 26 minutes away from the business district of Vashi. Working professionals employed in Panvel-based companies also prefer to reside in New Panvel, due to the locality’s excellent social infrastructure.

Connectivity: The key route connecting New Panvel to locations mentioned above is the Mumbai-Pune Express Highway. The Panvel Railway station is about eight minutes of car drive away from New Panvel. The upcoming Navi Mumbai International Airport will roughly be a 20 minutes car drive, while the forthcoming MTHL will be around 30 minutes from New Panvel, by similar transport means.

 

Social Infrastructure in and around New Panvel

 

Educational Institutions

 

Healthcare facilities

Shopping Complexes

BBAs Bunts Institute for Higher Education

Lifeline Hospital

Orion Mall

Pillai College of Engineering

 

Ashtivinayak Hospital

K-Mall

St Joseph High School

 

Panacea Hospital

Fountain Square Mall

 

Belapur

Belapur, or more commonly known as CBD Belapur, is one of the fastest-growing regions of Navi Mumbai due to its twin availability of commercial and residential projects. The eastern part of Belapur accommodates more residential projects than commercial ones, while western Belapur offers the opposite composition.

 

Share of Configurations in Kharghar, New Panvel and Belapur, Navi Mumbai

 

Rental trends: Residential apartments constitute the majority of the available inventory in Belapur, with many decently built 1 BHK units being available for a monthly rent of Rs 15,000. According to data from Mumbai Insite Report Oct-Dec 2020, average weighted rental ‘asks’ are approximately Rs 27 per sq ft. Vipul Saraiya avers “There are many working professionals employed in CBD Belapur-based companies who prefer staying right by their offices, and this is the locality’s most significant growth driver. Residents enjoy Belapur’s township concept, in the form of commercial, shopping and residential spaces all being available under one roof.”

“Although, there are still many who find Belapur as more polluted, crowded and less peaceful, as compared to Kharghar, which is only about a 10-minute drive. Thus, Kharghar is an alternative which always limits the growth potential of Belapur’s residential space,” he further added.

Commercial proximity: The business district is a five-minute drive from the residential area of Belapur, thus being very convenient for working professionals employed in the region. The business complexes of Vashi and Panvel are only about 18 minutes and 21 minutes away, respectively.

Connectivity: Belapur has a railway station which connects it to the rest of Navi Mumbai. A metro station is also being constructed nearby the railway station, which would connect CBD Belapur with Pendhar, near Taloja.

 

Social Infrastructure in and around Belapur

 

Educational Institutions

 

Healthcare facilities

Shopping Complexes

Dr DY Patil University

 

Apollo Hospital

Kalpataru Shopping Complex

Bharti Vidyapeeth High School

 

Dr Jairajs Hospital

V Time Square

Radcliffe School

 

MGM Hospital and Research Centre

Trinity Goldmine

 

With well-planned social infrastructure, affordability and several upcoming transport infrastructure projects, Navi Mumbai will become a very attractive region for people currently living in Mumbai as well as for those migrating to Mumbai from other parts of the country. Although, what is notable is that there are many regions near the more affluent Vashi, like the ones discussed in this article, which offer wonderful living experiences and are more affordable as well.