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The planned satellite township of Navi Mumbai has witnessed tremendous real estate development in recent years. It is fast emerging as the answer to the two pressing questions that home buyers face in Mumbai - rapid saturation and escalating property prices. Kopar Khairane is a fast-developing micro-market of Navi Mumbai, whose realty market has been sending out increasingly positive signals. It is one of the nodes of Navi Mumbai.
Many large multinational companies have set up their corporate offices in Kopar Khairane, resulting in steep rise in the demand for residential and commercial units. A large number of investors, both from Mumbai and Pune, are choosing Navi Mumbai as their second home destination, and Kopar Khairane ranks high on their list of preferred destinations because of its location near the Mumbai-Pune Expressway and very good connectivity to various key city centres via its strong rail and road network. It is connected by the local train network to CST, Thane, Vashi and Panvel.
Several infrastructure initiatives are adding value to this location. These include the proposed international airport in Navi Mumbai and infrastructure projects such as the Kopar Khairane-Vikhroli Link Bridge and Sion-Panvel Expressway, and the proposed metro line which will connect the eastern suburbs of Navi Mumbai. The social and general infrastructure at Kopar Khairane is improving rapidly and many quality educational institutions and hospitals are close at hand. The residential supply here is robust, with many reputed developers offering a wide spectrum of residential options at relatively affordable prices. Some projects even cater to the requirements of the luxury segment.
This combination of favourable market attributes has attracted a massive amount of investors and end-users to Kopar Khairane. Rental values in this micro-market currently range from Rs 14,000-35,000 and capital values for residential properties Rs 9,300-12,800/sq ft. Appreciation here is 12-15 per cent per annum.
The author is CEO, Residential Services, JLL India
