Why Vashi Must Be On A Long-Term Investor's List
Navi Mumbai's Vashi is one of the most popular suburb residential localities. One of the most developed nodes of the Navi Numbai micro-market, Vashi saw property prices rising while rates declined in major Indian cities.
In April 2013, the average per square foot (sqft) value stood at Rs 7,400. By September 2017, prices reached at Rs 10,700 per sqft. If this movement encourages you to invest here, there is no lack of readily available properties either. There are 48 projects available in the primary and secondary sales market, with prices starting at Rs 55 lakh. According to data available with PropTiger.com, a 2BHK unit on an average will cost Rs 1.08 crore while a 3BHK unit is priced close to Rs 2.70 crore.
Vashi also has a well-maintained mode of transportation, including air-conditioned buses run by the Navi Mumbai Municipal Corporation (NMMC), connecting various points of the city. It also has well-equipped health services, malls and leisure spots like resorts and gardens.
The locality also has a rich rental stock. A tenant can rent a 1BHK unit for Rs 6,000 per month on an average. Properties in the size range of 1,250-2,500 sqft can be rented for Rs 40,000-60,000 per month. The rent also depends upon the exact location of the house and the amenities. The security deposit may run up to Rs 3 lakh.
Who is looking to buy and rent?
Vashi is known for its low-pollution environment and yet the location doesn't make you compromise on the conveniences such as malls or key workplaces. In fact, Vashi has also helped areas like Nerul and Kharghar gain ground owing to the close proximity of these places to Vashi. Those who have to miss out on this locality choose the next best at a close distance.
Vashi is connected to the main city of Mumbai via a toll bridge over the sea. Some time back, the city's new freeway from Chembur to South Mumbai had further cut down the traveling time. Furthermore, to make the suburb connectivity stronger, more infrastructure projects are in pipeline, including the Navi Mumbai Metro Line-1, and other roads linking it to various parts of the city. Vashi is also close to Pune (about a two-and-a-half hour drive). There are many office-goers shuttling between the two cities over weekends.
Look into the future
Experts say that prices in Vashi will appreciate irrespective of the delay or development of an airport in Kopar-Panvel area. While areas like Kharghar and Panvel bank on the airport for their development and property value appreciation that is not the case with Vashi which is well-developed already. However, if the airport is built, Vashi's property value will skyrocket.