Navi Mumbai was established in 1972 as a beautiful
and twin city of Mumbai. It is well connected by Vashi Bridge, the foremost
objective behind the rapid development of the metropolitan was to decongest the
overfull city of the Mumbai. Popularly known for largest planned city in the
world, it was formed to meet the emerging demand for real estate. It is well
known place for both commercial and residential purposes with many top
buildings, shopping malls, SEZs and IT parks.
CIDCO has engraved out 12 codes for the rapid
development of the region. Twelve codes are divided into two regions North and
South. In the previous five years, North Navi Mumbai has perceived 15-20%
upsurge in the prices on year over year base. It has resulted in the upsurge in
the residential demand in the area.
South Navi Mumbai is growing rapidly driven by five
planned infrastructure ventures. These
are Mumbai Trans Harbour Link, Navi Mumbai Airport, Navi Mumbai Special
Economic Zone, Navi Mumbai Airport, Navi Mumbai Metro and Belapur-Uran Rail
Link. Prices in South Navi Mumbai are driven mainly by several planned large
scale infrastructure schemes.
Navi Mumbai has been experiencing a slump, the
foremost reason for which is the postponement in the key infrastructure
schemes. Price and demand sluggishness is expected in this region in the next
two years apart from limited number of new launches due to decrease in the land
availability.
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