- Date : 23/10/2023
- Read: 3 mins
Spotlight is on Ulwe Navi Mumbai property rates where the new harbour link and Navi Mumbai's new airport are doing wonders for the real estate.
The increase in the prime residential property rates in Mumbai has been the sixth highest in the world, from April to June this year. Next year, it is likely to be the highest in the world. Improvements in infrastructure development are welcome news for the real estate market. Take Ulwe for instance. This quiet, less crowded node in Navi Mumbai is expected to see a massive real estate boost.
Ulwe is emerging as a popular property destination, along with locations like Taloja, Dronagiri and Uran
MTHL is expected to be completed by December 2023, and Navi Mumbai's new airport in 2024
Connectivity with South Mumbai is key to the popularity and rise in property prices in Ulwe and its Navi Mumbai vicinity
Ulwe is 41 km away from CST railway station
Ulwe’s Brush with Development
Ulwe is a part of the satellite city of Navi Mumbai, which comes under the Mumbai Metropolitan Region. Although a part of Navi Mumbai, you have to travel south of the Panvel Creek across the Belapur bridge to reach here.
The Mumbai Trans Harbour Link (MTHL) is going to bring Ulwe much closer to Mumbai. The 21.8 km project will connect mainland Mumbai with Chirle, which is just 6.3 km from Ulwe. It will do wonders for Mumbai-Ulwe connectivity.
Another development that is set to revitalise Ulwe Navi Mumbai property rates is the new airport in Navi Mumbai. This airport is situated within just 7 km of Ulwe.
Demand for Property in Ulwe, Navi Mumbai
Property rates in Ulwe have been rising for quite some time now. 6-7 years ago, a 1BHK in the region was available for Rs 25-30 lakh. By the time COVID-19 arrived, similar properties were priced at Rs 35-40 lakh. At present, the price of the same property may cost you Rs 50-60 lakh.
Overall, property rates in Ulwe have doubled in the last five years. Presently, the ongoing projects in Ulwe can cost you up to Rs 20,000 per square foot. There are multiple projects commanding a square feet price of Rs 9,000 to Rs 12,000.
Room For Improvement
It is presently tagged as a quieter area which is ideal for families and for post-retirement settlers. However, a lack of entertainment and F&B options may seem discouraging for young adults. Besides, it relies on Nerul and Belapur for good medical facilities.
The way Mumbai is expanding and connecting its suburbs, don’t be surprised if Ulwe homeowners become millionaires in the coming months. And with world-class infrastructure coming its way, it doesn’t seem like a bridge too far.
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Disclaimer: This article is intended for general information purposes only and should not be construed as insurance or investment or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.