With the increasing demand for residential spaces Rent flat in kharghar Navi Mumbai, rentals in Vashi, a popular Navi Mumbai business district, have been steadily increasing. Currently, there are several nearby locations such as Kharghar, CBD Belapur, and New Panvel that can be considered to rent a home under Rs 15,000 a month.

Vashi is a well-developed location Flat for rent in kharghar Navi Mumbai and there, due to its excellent social infrastructure, the real estate market has seen rapid growth. Development drivers such as Navi Mumbai International Airport (NMIA), Mumbai Trans-Harbor Connection (MTHL), Navi Mumbai Metro, affordability, urban planning, and lack of air and noise pollution compared to Mumbai are expected to increase demand in Navi Mumbai in the years to come.

img1: Affordable flats for rent in kharghar Navi Mumbai

There will be a big chunk of the growing demand in the affordable segment. Though finding a place to rent within Rs 15,000 a month in Vashi is difficult, there are three other nearby locations that have a comparable infrastructure and can be considered as good alternatives.

About Kharghar

While Kharghar is primarily a residential township, it also houses many prominent educational institutions, resulting in the locality being named Navi Mumbai’s educational capital. Flats for Rent in Kharghar residents are mainly students enrolled in nearby institutions of higher education and working professionals employed in companies located in Vashi, CBD Belapur, and Panvel. Kharghar also has an abundance of the riches of nature in the form of large swathes of green space and good weather.

Rental Trends: The bulk of Kharghar’s residential inventory consists of flats. Well-built 1 BHK apartments are available for rent within Rs 15,000 per month, with a carpet area of 380 sq ft to 420 sq ft. According to the navimumbaihouses.com Insite Report (Jan-Mar 2020), from Jan-Mar 2019 to Jan-Mar 2020, average weighted rental ‘asks’ in Kharghar increased by nine percent.

“Rentals are expected to increase marginally over the next year due to the ongoing economic downturn in the COVID-19 outbreak,” says Vipul Saraiya, Director, DG Property Consultants. But, as the Navi Mumbai Metro becomes operational by the end of this year and the MTHL becomes operational by 2022, residential demand will be robustly picked up and reflected in rents.

Commercial proximity: Kharghar is approximately eight minutes from the Belapur Central Business District (CBD Belapur), the largest CBD after Vashi, Bandra-Kurla Complex, Nariman Point, and Worli. 1 BHK Flats for rent in Kharghar CBD Belapur houses the offices of various private companies and the administrative offices of government. India’s Reserve Bank also maintains a branch over there. Kharghar is only around 18 minutes away from Vashi by car drive.

Connectivity: While Kharghar is well linked by bus to the rest of Navi Mumbai, a subway station is currently under construction, connecting Kharghar to Pendhar, near Taloja. Also, Kharghar is well connected by rail via its railway station. The future Trans-Harbour Mumbai link, which will accelerate connectivity between Mumbai and Navi Mumbai, is about 50 minutes away by car.

About New Panvel

New Panvel was established on marshy land by the City and Industrial Development Corporation of Maharashtra (CIDCO), popularly known as the Khanda Colony by local residents, following land scarcity issues in Panvel. Flats for rent in New Panvel has also benefited from conservative urban planning compared to Panvel, which has grown more reactively as a response to increasing population rates. Residential apartments make up the bulk of New Panvel inventory.

Rental trends: A well-built 2 BHK residential apartment with a carpet area of about 600 sq ft to 650 sq ft can easily be found in New Panvel under 15,000 Rs per month. According to navimumbaihouses.com Insite Report (Jan-Mar 2020), from Jan-Mar 2019 to Jan-Mar 2020, average weighted rental ‘asks’ in New Panvel grew by nine percent, Saraiya of DG Property Consultants is of the opinion that New Panvel rentals are kept in check by the first preference of the enquirers to live in Kharghar. New Panvel in Navi Mumbai is considered the second-best affordable option. The rentals here do not see a rise until the MTHL is operational, which could in the future take another two years.

img2: Rent Flat in kharghar Navi Mumbai

Economic proximity: New Panvel is approximately 16 minutes from Belapur CBD and approximately 26 minutes from the Vashi business district. Working professionals working in companies based in Panvel also prefer to reside in New Panvel due to the excellent social infrastructure of the locality.

Connectivity: The Mumbai-Pune Express Highway is the main route linking New Panvel to the above-listed locations. Panvel Railway Station is about eight minutes away from New Panvel by car drive. The upcoming Navi Mumbai International Airport will be about 20 minutes driving by car, while the upcoming MTHL will be about 30 minutes driving from New Panvel by similar means of transport.

About Belapur

Belapur or more commonly referred to as Flats for rent in CBD Belapur is one of Navi Mumbai’s fastest-growing regions because of its twin availability of commercial and residential projects. Belapur’s eastern part accommodates more residential projects than commercial ones while Belapur’s western part provides the opposite composition.

Rental trends: Residential apartments make up the majority of the inventory available at Belapur, with many decently built 1 BHK units available for a monthly rent of Rs 15,000. n According to data from the navimumbaihouses.com Insite Report (Jan-Mar 2020), from Jan-Mar 2019 to Jan-Mar 2020, average weighted rental ‘asks’ have dropped by four percent. “There are many working professionals employed in CBD Belapur-based firms who choose to live right by their offices, and this is the most important growth factor for the locality. Residents enjoy Belapur’s township concept, everything being available under one roof in the form of commercial, shopping, and residential spaces.

“But many still find Belapur more polluted, crowded and less peaceful than Kharghar, which is only about a 10-minute drive away. Thus Kharghar is an alternative that constrains Belapur’s residential space’s growth potential, “he added further.

Commercial proximity: The business district is a five-minute drive from the Belapur residential area, making it very convenient for the region’s employed working professionals. The Vashi and Panvel market complexes are just about 18 minutes away respectively, and 21 minutes away.

Connectivity: Belapur has a railway station linking it with the remainder of Navi Mumbai. Near the railway station, which would connect CBD Belapur with Pendhar, near Taloja, a metro station is also being built.

With well-planned social infrastructure, affordability, and many upcoming transport infrastructure projects, Navi Mumbai will become a very desirable area for people living in Mumbai today as well as for those commuting from other parts of the country to Mumbai. Although, what is noteworthy is that there are many regions close to the more affluent Vashi, such as those discussed in this article.

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