MONEY
Driven by robust connectivity, competitive and economical property prices, proximity to key business hubs, and easy access to essential social infrastructure, the annual housing stock in the vicinity of Navi Mumbai’s Airoli is expected to cross 1.85 lakh units by 2030, according to a report by Liases Foras. The report says that, major infrastructure projects including the under-construction Airoli-Katai Naka freeway, proposed Ghansoli Airoli Palm Beach extension, under-construction Vikhroli-Badlapur metro line, under-construction Navi Mumbai airport , under-construction Goregaon-Mulund link road and proposed Kalwa-Airoli elevated rail corridor are set to propel real estate markets around Navi Mumbai’s Airoli into a significant upward trajectory. Presently, the housing market in proximity to Navi Mumbai’s Airoli has more than 1,100 active projects with a cumulative supply of about 1.94 lakh units, of which 51% have been sold, leaving around 96,700 units marketable in the current year. These projects offer a wide range of options in terms of unit configurations and sizes, catering to the needs of many homebuyers and investors alike. Also Read: Who bears the burden of a loan after the borrower’s death? The report further highlighted that the annual housing inventory grew by 50%, from 64,500 units in Q2FY20-21 to 96,700 units in Q2FY24-25, and by 16% from 83,500 units in Q2FY22-23. Following the trend post-COVID, and in response to the growing demand from the growing population, it is expected that the market will achieve an average CAGR of 13.5% over the next five years, reaching an annual housing stock of more than 185,000 units by 2030. Pankaj Kapoor, Managing Director, Liases Foras, said, “The area in and around Airoli presents as a goldmine for home seekers, investors and businesses as the housing stock is expected to nearly double to 1.85 lakh units by 2030. Separately, the seamless connectivity with 30-40% less travel time to important business hubs and the upcoming Navi Mumbai International Airport, positions Airoli as a prime destination and solidifies it as a growth driver of Navi Mumbai.” Complemented by the presence of commercial spaces in Airoli, its proximity to key business hubs and a vibrant IT industry has created an appealing business ecosystem for both employers and employees. Additionally, the 25-minute access to over 325 educational centres, 140 healthcare hubs, and 120 shopping hotspots further enhances Airoli’s investment potential and liveability quotient. As for the affordability, with 1 BHK units starting at Rs 34 lakhs and averaging Rs 67 lakhs, and 2 BHK units averaging Rs 1.3 crore, the neighbourhoods of Navi Mumbai’s Airoli offer a middle ground between upscale and luxury neighbourhoods such as Ghatkopar, Vashi, and Mulund, Powai, and more economical options like Thane, Kalyan, Dombivli, and Ulhasnagar. Kapoor added, “The economical rentals within 30-min travel, starting at Rs 6,500 per month for 1BHK and 12,000 per month for 2BHK, also presents a huge opportunity for steep growth in return on investment and capital value for those entering the market at a lower base.” None
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