Property value in Navi Mumbai’s Ulwe node expected to rise 145% in five years, according to a report
A report by property firm Knight Frank has analyzed the Mumbai real estate market and pointed out the possible highest real estate returns for residential property investors over the next five years.
According to the report, Navi Mumbai’s Ulwe node is one of the three Mumbai areas that are expected to appreciate the most over the period. The other two areas are Wadala and Chembur. Property rates in Ulwe are expected to rise 145% while in Wadala and Chembur it may hike by 133% and 125% respectively. Of the listed 13 areas, seven spots in the top position belong to Mumbai and Pune.
According to the property firm, the listed areas will develop owing to factors such as infrastructure development, job creation, and lifestyle change. Property prices in Ulwe node are expected to appreciate because of new infrastructure projects, such as suburban rail connectivity, the proposed Navi Mumbai airport and the trans-harbor creek bridge. The IT and IT-enabled services industry will drive job creation in Navi Mumbai, which will generate more housing demand.
The top five cities in India for investment opportunities are Mumbai, Delhi, Bangalore, Chennai, and Pune, as per the study. From these cities, the property firm has identified 13 zones that would see an appreciation in its property rates by over 90% in the next five years.
The top three areas are in Mumbai, followed by Noida Extn and Dwarka Expressway in the NCR, Hinjewadi in Pune and Medavakkam in Chennai.
Source: The Times of India
