Best 10 Localities in THIRD Mumbai for Property Investment

Table of Contents

• 1. Introduction
• 2. Top 10 Localities in THIRD Mumbai
  • Karnala
  • Sai
  • Chirner
  • Palaspe
  • Koproli
  • Rasayani
  • Ulwe
  • Airoli
  • Panvel
  • Kharghar
• 3. Conclusion

With 'THIRD Mumbai' emerging as a key growth corridor, areas like Palaspe, Kharghar, Ulwe, and Panvel are witnessing rapid infrastructure development. The Navi Mumbai International Airport and Mumbai Trans Harbour Link (MTHL) are driving property demand. This article explores top investment hotspots and why these areas promise high returns.

Top 10 Localities in THIRD Mumbai

Karnala

Located just 20 km from the upcoming Navi Mumbai International Airport and a 25-minute drive from Panvel, Karnala is a popular weekend destination known for its lush green landscapes and recreational attractions. The area is home to several resorts and amusement parks, making it a preferred getaway for city dwellers.
Two of Karnala's biggest highlights are the Karnala Bird Sanctuary, a haven for nature lovers and bird watchers, and the historic Karnala Fort, offering panoramic views and trekking opportunities.

With the Third Mumbai concept driving infrastructure and connectivity, Karnala is poised for significant real estate growth. As demand for eco-friendly living spaces and investment hotspots rises, this locality is set to witness a property price boom, making it an ideal choice for investors and homebuyers looking for a balance of nature and urban accessibility.

Sai

Situated south of the upcoming Navi Mumbai International Airport, Sai is just a 40-minute drive from the airport, offering promising future connectivity. Nestled along the Patalganga River, this serene location is currently a village, but it holds immense potential for transformation.

As part of the Third Mumbai development plan, Sai is expected to witness rapid urbanization with improved infrastructure, real estate projects, and enhanced connectivity. With its strategic location and proximity to key upcoming developments, this area is set to become a sought-after residential and investment hub in the near future.

Chirner

Chirner, a picturesque village located approximately 12 km from Navi Mumbai and a 25-minute drive from the upcoming Navi Mumbai International Airport, is gaining attention in the real estate market. Situated along the Mumbai-Pen Highway, the area offers scenic views of the Ransai Dam, enhancing its appeal.

Currently, the real estate landscape in Chirner is primarily composed of residential plots. For instance, plots measuring around 1,089 square feet are available, with prices ranging from ₹2.8 lakh to ₹5.5 lakh, depending on the exact location and amenities. 

As part of the "Third Mumbai" development plan, Chirner is poised for significant growth. Its strategic location, coupled with ongoing infrastructure projects, positions it as a promising area for future investment. Potential buyers and investors should consider exploring opportunities in Chirner, given its anticipated appreciation in property values.

Palaspe

Located in Panvel, Palaspe is a growing real estate area due to its good location and transport links. It is 45 km from Mumbai and 10 km from the upcoming Navi Mumbai International Airport. The area is well connected by the Mumbai-Pune Expressway and Mumbai Trans Harbour Link.

Property prices in Palaspe average ₹10,052 per sq. ft., with 1 BHK flats ranging between ₹26 lakh and ₹32 lakh. Demand is rising due to ongoing infrastructure projects and metro extensions.

Notable projects in the locality include Arihant Aspire, Marathon Nexzone, and Paradise Sai World City, offering modern amenities and investment potential. With affordability and urbanization, Palaspe is set to become a prime residential and commercial hub in Navi Mumbai.

Koproli

Koproli, a locality near Navi Mumbai, is surrounded by villages such as Kacherpada, Khopate, Pirkone, and Jui. Its proximity to Jawaharlal Nehru Port Trust (JNPT) has led to the development of logistics and warehousing facilities in the area. Additionally, Koproli is conveniently located near Navi Mumbai and the upcoming Navi Mumbai International Airport, enhancing its connectivity and appeal.

In terms of real estate, property prices in Koproli start at approximately ₹5,500 per square foot, with an average price of around ₹6,019 per square foot. For instance, 1 BHK flats are available in the range of ₹29.5 lakh to ₹35 lakh, depending on the specific project and amenities offered.

The combination of strategic location, industrial development, and improving infrastructure makes Koproli an attractive option for both homebuyers and investors looking for growth potential in the Navi Mumbai region.

Rasayani

Rasayani is a rapidly developing suburb in Navi Mumbai, situated near the Mumbai Highway. The area boasts essential amenities, including schools, colleges, a train station, and markets, ensuring a comfortable lifestyle for its residents. While connectivity is commendable, the locality currently experiences a shortage of entertainment options.

In terms of real estate, Rasayani offers a range of properties catering to various budgets. The average property rate is approximately ₹6,550 per square foot. For instance, a 1 BHK flat is available in the price range of ₹22 lakh to ₹28 lakh. 
Overall, Rasayani presents a blend of affordability and growth potential, making it an attractive option for homebuyers and investors alike.

Ulwe

Ulwe, a rapidly developing node in Navi Mumbai, has garnered significant attention due to its strategic location and infrastructural advancements. Positioned near the upcoming Navi Mumbai International Airport and the Mumbai Trans Harbour Link (MTHL), Ulwe offers enhanced connectivity to Mumbai and surrounding regions.
Reports suggest that an average property rate of approximately ₹14,100 per square foot in Ulwe. A 1 BHK flat is available in the price range of ₹43 lakh to ₹67 lakh depending upon specific location within Ulwe, amenities offered, and the credibility of the developer.

Ulwe's growth trajectory is further bolstered by the development of the MTHL and the proximity to the new airport, making it a promising destination for both homebuyers and investors.

Airoli

Airoli, a prominent suburb in Navi Mumbai, has evolved into a sought-after residential and commercial hub due to its strategic location and robust infrastructure. Its proximity to major business districts and seamless connectivity via road and rail networks make it a preferred choice for professionals and families alike.

Current Property Prices:Average property rate of approximately ₹19,550 per square foot in Airoli. A 1 BHK flat is available in the price range of ₹65 lakh to ₹92 lakh. Recent Developments:Airoli is experiencing significant growth, with housing stock expected to surpass 1.85 lakh units by 2030, driven by ongoing infrastructure projects and increased demand.

In a notable commercial development, HDFC Bank has leased an entire 8-storey building, encompassing 4 lakh square feet, in Mindspace Airoli West, underscoring the area's emergence as a premium business destination. 

These developments highlight Airoli's rapid transformation into a major residential and commercial hub within the Mumbai Metropolitan Region.

Panvel

Panvel, located in Navi Mumbai, has emerged as a significant residential and commercial hub due to its strategic location and ongoing infrastructural developments. The area benefits from excellent connectivity via major highways and the Mumbai-Pune Expressway, making it a preferred choice for homebuyers and investors.

Average property rate of approximately ₹12,950 per square foot in Panvel. A 1 BHK flat is available in the price range of ₹33 lakh to ₹65 lakh.

Panvel's growth trajectory is further bolstered by the development of the Navi Mumbai International Airport and other major infrastructure projects, making it a promising destination for both homebuyers and investors.

Kharghar

Kharghar, a prominent node in Navi Mumbai, has rapidly transformed into a sought-after residential and commercial hub. Its strategic location, coupled with robust infrastructure and green spaces, makes it an attractive destination for homebuyers and investors alike.

Current Property Prices:
Average property rate of approximately ₹17,150 per square foot in Kharghar. A 1 BHK flat is available in the price range of ₹60 lakh to ₹1 crore.

Recent Developments:In a significant move, Godrej Properties has secured three adjoining plots totaling 6.5 acres in Kharghar, with a projected revenue potential of ₹3,500 crore. This acquisition underscores the area's growing prominence in the Mumbai Metropolitan Region's real estate landscape. Furthermore, ongoing infrastructure projects, such as the Navi Mumbai International Airport and metro connectivity, are anticipated to further boost Kharghar's real estate market, enhancing its appeal to prospective buyers and investors.

These developments highlight Kharghar's rapid ascent as a prime real estate destination, offering a blend of modern amenities and strategic connectivity.

With infrastructure growth, metro expansions, and the upcoming Navi Mumbai International Airport, THIRD Mumbai is set to become a real estate hub. From affordable housing to premium investments, these locations offer strong growth potential. This is the right time to invest in Mumbai's expansion and secure high returns.

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