Hotspot: Navi Mumbai offers attractive rental yields

Airoli is one of the most promising real estate investment destinations in Navi Mumbai. It is a part of the Mumbai Metropolitan Region (MMR) and is managed by the Navi Mumbai Municipal Corporation.  Providing excellent overall connectivity via the Mulund-Airoli bridge, Kalwa bridge, and the Thane-Belapur Highway, this locality has emerged as one of the best urban destinations to live and work in Navi Mumbai.

It has 28 sectors and two primary residential areas and is now well empowered with well-developed social and civic infrastructure. Many major workplace hubs such as the Airoli Knowledge Park, the iGATE Knowledge Park (previously called Patni Knowledge Park), Dhirubhai Ambani Knowledge City, Print City of the Times of India Group, Empire Tower and Raheja Mind Space have been created in this node on the back of its good connectivity, land availability and relatively lower rentals as compared to other parts of the MMR.

Airoli is one of the hottest destinations for information technology in Navi Mumbai. Many Infotech giants such as IBM, Accenture, Wipro, Capgemini and Cognizant have set up their bases here.

Some of the commercial investment options available in Airoli are in Mindspace, Empire Tower and Reliable Tech Park on the Thane Belapur road.

Being strategically located with seamless connectivity to key areas of Mumbai, Airoli has seen immense demand for commercial and residential real estate developments. The Mulund-Airoli Link road has been a boon to this region, as it drastically reduces commuting time, thereby accelerating demand for properties. 

Importantly, Airoli is also well connected to some of the upmarket retail establishments in the vicinity and is backed by excellent public services and a plethora of entertainment choices. All these factors contribute to a unique residential experience while also increasing Airoli’s pull-factor as an employment hub. 

The area also hosts good educational institutions, which also contributes to the locality’s attractiveness as a lucrative residential property investment destination now and in the near future. 

Property rates in Airoli currently range between Rs 8,634 and Rs 13,089 a sq.ft., depending on the location, project’s completion status, and available amenities. 

The Airoli residential property market also offers good affordable housing schemes by well-known developers. The rental rate in this locality is the among highest in Navi Mumbai, with the average rental rates at Rs 20-24 a sq ft.

The locality will benefit from the spill-over demand created by major upcoming infrastructure projects such as the Navi Mumbai International Airport, Trans-Harbour Link and Navi Mumbai Airport Influence Notified Area. The area is a proof that improved connectivity and influx of jobs  can entirely transform a suburb.

The writer is managing director– Mumbai, JLL India