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Friday, 13 February 2015
Expat NewsBurst: Prices in Taloja To See An Upwards Trend
As central Mumbai localities are out of reach for several property seekers, the upcoming suburban areas are the saviors. One such location is Taloja in Navi Mumbai, which offers properties at a lower price along with sound social infrastructure and connectivity.Taloja has gained prominence among property seekers due to its strategic location, connectivity and affordability.
Taloja is located in close vicinity to Kharghar which is the Central Business District (CBD) of Navi Mumbai.In addition, the upcoming International Airport at Panvel will be located at a distance of about 15 kms from the locality.
The construction of the Navi Mumbai Metro, phase-1 is ongoing currently, giving hope to the residents of the area. This will connect the 11 km stretch between Belapur to Pendhar which will further meet Taloja. Once functional, the phase-2 will connect the MIDC and Taloja to Khandeshwar, an extension to the proposed airport. Taloja is also in close proximity to NH-4 and the Old Mumbai-Pune Highway, ensuring convenient travel to parts of Mumbai, Thane and Pune. All those looking to invest here may look forward to increase in real estate values because of the upcoming infrastructure development.
“Among all localities of Navi Mumbai, Taloja is gaining buyer attention due to its proximity to Mumbai. Travelling from Badlapur and Karjat takes a minimum of 2-3 hours to any part of Mumbai while, from Taloja, the same distance in covered in just over an hour and a half. This is one of the reasons why several buyers are opting for Taloja,“ says Ranjit Jha, proprietor at Jha and Associates. Affordability
Although in terms of property prices, Badlapur and Karjat offer housing in the same price range as Taloja, but still, the future seems to be in favour of the latter.Ashutosh Limaye, head-research and real estate intelligence, JLL India, says, “Badlapur, when compared to Taloja, does not have its own economic driver. Not only this, Taloja also has better access to the city and is well-connected to the upcoming Panvel Airport.“
At present, 1 and 2-BHK units are the most popular in Taloja. Further, depending upon the size of the flat, prices of 1-BHK units vary from Rs 14-30 lakh. A 2-BHK unit, with sizes varying from 900-1,200 sq ft, would be available in a price range of Rs 20-60 lakh, depending upon the brand of the developer and the exact location.In fact, 1-RK units are also popular and cost Rs 15-20 lakh.
Taloja is equipped with all the basic social infrastructure with malls located within 3-10 km, fashion tech nology colleges, international schools, golf course, technical institutes, central park and the Tata Cancer Hospital in the vicinity.
“At present, values in Taloja are Rs 3,500-4,500 per sq ft, which are expected to rise to Rs 7,000-8,000 per sq ft, taking into account the upcoming developments and the soon to be functional infrastructure,“ says Saurabh Tiwari, proprietor, Bricks and Values. Looking at the current scenario, end-users have outnumbered investors. Local realtors unanimously agree that those living on rent in Mumbai are opting to buy property in Taloja. Considering the ongoing and upcoming infrastructure development followed by strategic location and affordability shows that buying in Taloja can be a smart investment decision.