The annual housing stock in the area of Navi Mumbai’s Airoli is predicted to surpass 1.85 lakh units by 2030, driven by strong connectivity, affordable and competitive real estate prices, close proximity to important business centres, and simple access to necessary social infrastructure, according to a report by Liases Foras.
According to the report, major infrastructure projects such as the proposed Ghansoli Airoli Palm Beach extension, the under-construction Vikhroli-Badlapur metro line, the under-construction Navi Mumbai airport, the Goregaon-Mulund link road, the proposed Kalwa-Airoli elevated rail corridor, and the under-construction Airoli-Katai Naka freeway are expected to significantly boost the real estate markets in the Navi Mumbai neighbourhood of Airoli.
More than 1,100 active projects with over 1.94 lakh units are currently available for purchase in the property market in Navi Mumbai’s Airoli. Of these, 51% have already been sold, leaving about 96,700 units available for purchase this year. These developments provide a large selection of unit sizes and designs, meeting the interests of both investors and numerous purchasers.
The research also said that the yearly housing inventory increased by 16% from 83,500 units in Q2FY22-23 and by 50% from 64,500 units in Q2FY20-21 to 96,700 units in Q2FY24-25. In keeping with the post-COVID trend and in response to the expanding population, the market is predicted to increase at an average annual compound growth rate (CAGR) of 13.5% over the next five years, reaching a housing stock of over 185,000 units annually by 2030.
An attractive business environment has been established for both employers and employees because of Airoli’s commercial spaces, close proximity to important corporate centres, and thriving IT sector. Additionally, Airoli’s investment potential and liveability quotient are further enhanced by its 25-minute access to more than 325 educational institutions, 140 healthcare facilities, and 120 shopping destinations.
Regarding affordability, the neighbourhoods of Navi Mumbai’s Airoli offer a compromise between more affordable options like Thane, Kalyan, Dombivli, and Ulhasnagar and more upscale and luxury neighbourhoods like Ghatkopar, Vashi, Mulund, and Powai. 1 BHK units start at Rs 34 lakhs and average Rs 67 lakhs, while 2 BHK units average Rs 1.3 crore.
Source: Financial Express
