Education and its impact on Navi Mumbai realty market
Real estate growth in Navi Mumbai
Of all the factors that have contributed immensely to the growth of Navi Mumbai, access to schools and colleges has been an important criterion.
For that reason, property prices also tend to be higher in locations like Vashi, Sanpada, Nerul which are close to established educational institutions.
The Oxford of the Eastern suburbs is the title is commonly used in context with Navi Mumbai because of the number of reputed schools, colleges and management institutions in the region. Apart from the real estate spaces required for the many educational institutions seeking to make an entry or to expand in Navi Mumbai, this fact has also served to drive demand for residential real estate. Many families prefer living in Navi Mumbai because of the variety of schools and colleges available within easily commutable distances. Reputable developers make it a point to source plots in areas that have ready access to these institutes by private and public transport. Large schools too have responded by ensuring that their own school bus services reach all parts of the city. In fact, access to schools and colleges is an important criterion for families who are looking for homes in Navi Mumbai. For that reason, property prices also tend to be higher in locations which are close to established educational institutions. Nevertheless, the marginal premium that home buyers pay for this convenience is still far lower than it is in the mainland city of Mumbai. Nor does proximity to schools and colleges necessarily carry the same market clout in all cities. In a city like Mumbai, home buyers are primarily concerned with buying flats that allow them to travel to and from work. In smaller cities like Navi Mumbai, the public transport system may not be cutting-edge, but most families find that their personal vehicles suffice for most commuting purposes. Shopping in suburbs like Vashi is an enjoyable experience as it has all the brand malls and shopping hubs that are available in the neighbouring cities like Thane and Kalyan. Navi Mumbai has more hospitals, clinics and assorted healthcare facilities per square kilometer than most other cities in Maharashtra. With a number of other home buying considerations taken care of in many of Navi Mumbai’s established and upcoming areas, proximity to schools continues to be high on priority list of property buyers. In this way, the growth of real estate and educational institutions are interlinked in Navi Mumbai.
