Airoli: A promising Micromarket of Mumbai
Airoli located off the main Navi Mumbai is one of the popular real estate destinations which is slowly witnessing a massive interest from buyers and investors alike. Located close to suburbs like Mulund and Thane, Airoli offers the advantage of low real estate prices located at close proximity to developed areas of Navi Mumbai and Thane. Being managed and administered by NMMC (Navi Mumbai Municipal Corporation), Airoli is a good investment option due to its close proximity to various industrial parks.
Good Road Connectivity: In what can be termed as the biggest USP or Airoli which is helping the area transform into a micro market near Mumbai is the good road connectivity to all parts of Mumbai and Navi Mumbai. The Thane- Belapur road connects it to both Thane and Vashi. The Eastern Expressway is also in close proximity making Airloi a preferred real estate destination for residential and commercial investors.
Close Proximity to Commercial Centers: Airoli offers a great rental opportunity for investors as the area is located at close proximity to various commercial hubs and OIT parks. Some of the prominent commercial centers at a close distance from Airoli include the likes of IT SEZ Raheja Mindspace, MIDC Tech Park, Patni Knowledge Park and industrial belt at Ghansoli. Professionals working in such industrial parks and IT companies are giving preference to Airoli both as rental and outright purchase for their residential homes.
Prices Witnessing Substantial Increase Over Time: Real estate prices have witnessed a massive increase in the last 4 to 5 years as Airoli has witnessed large scale infrastructure development and good road connectivity. The average real estate prices in Airoli which hovered in the range of INR 4000 to 4500 per square feet in 2008-09 have now witnessed an increase and reached the levels of INR 8000-9000 per square feet on an average. The prices are substantially lower than other peripheral areas of Navi Mumbai including Mulund where the price range is between INR 10,000 to 14,000 and Bhandup where the prices range from INR 9,500 to 13,000 per square feet.
Be Careful of Approval Issues: While Airoli clicks all the areas for a perfect real estate destination with its prices and potential upside, the one thing every buyer needs to be careful is to choose the projects wisely. Airoli being a green belt has a number of mangroves and trees and projects regularly face environmental clearances delays. Builders have to take permission from both the State Environment Impact Assessment Authority (SEIAA) and Coastal Regulatory Zone (CRZ) before the projects are approved. Investing in a project not approved by authorities can be an investment dampener in Airoli.
There is huge real estate demand for Luxury flats in Airoli especially because of lower rates than in Mumbai. The soaring real estate markets in Mumbai means many middle class population cannot afford it. In the coming years, demand for suburbs of Mumbai is only increasing.
