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Maharashtra, one of the largest states in terms of population and area, happens to be one of the hottest destinations for the realtors and investors in India. It is bordered by Chhattisgarh from the Eastern side, MP from Northern edge, AP from South Eastern end, and Goa from South Western side.
Mumbai, the largest city, is the capital of Maharashtra and houses the headquarters of almost all insurance companies, major banks, mutual funds, and financial institutions; not to mention tons of sizzling Bollywood stars, and the Bollywood industry itself. Maharashtra real estate sector has experienced a steady increase in the property rates over the past few years.
After successes in the software fields in the adjacent states, Maharashtra too set up information technology companies in Nasik, Nagpur, Pune and Mumbai. This has paved the way for the set-up of umpteen residential projects in the surroundings of these gigantic technology parts, so as to attract IT professionals.
The massive investment in the capital and rental value of both commercial and residential properties is more evident due to the availability of basic amenities and well-built infrastructure.
The rapid financial progress of the region has attracted not only corporate people, but also common citizens from all corners of the nation to make substantial investments in the Maharashtra property markets.
Property Rates in Different Regions of Maharashtra
Maharashtra is home to the most expensive commercial and residential properties in India, which are mainly concentrated in Pune, Navi Mumbai and Mumbai. All these realty markets have amazing prospects with luxury hotels, commercial projects, big malls, high end residential flats and apartments all over the place.
Property Prices in Mumbai
Monthly rental of a 2 BHK flat in Mumbai is close to INR 15,000, and the rates may go up to as high as Rs. 25,000. The value of 1 BHK flat would start from Rs 25 lakhs, while spacious 2 BHK flats with modern amenities, like children play area, swimming pool, huge garden, gym, easily cost more than Rs. 65 lakhs. Monthly rental of a 2 BHK flat in Mumbai is close to INR 15,000, and the rates may go up to as high as Rs. 25,000. The value of 1 BHK flat would start from Rs 25 lakhs, while spacious 2 BHK flats with modern amenities, like children play area, swimming pool, huge garden, gym, easily cost more than Rs. 65 lakhs. If you want a fully furnished 3 BHK flats, it may cost well above a crore rupee pretty easily. The average commercial property rate in Mumbai for shops is Rs 20,000 per sq. ft.
The land rates in prime areas easily run over the Rs. 25,000/sq.ft. mark. Of course, the rates in other areas of the Maharashtra real estate sector are lower than the rates prevalent in Mumbai.
Navi Mumbai is Property Rates
Most of the software companies in Maharashtra have established their offices at Navi Mumbai, and there are a lot of shopping malls, banks, and other leading properties here.
The property rates of residential flats in Airloli and Taloja Panchanand, Navi start from Rs. 3000/sq-ft, and it shoots up to as high as Rs. 4500/sq-ft for prime properties. So, if you don’t want to invest heavily in Mumbai, you may consider Navi Mumbai as the next best choice amongst the cities in the Maharashtra property markets.
Pune Real Estate Market
In Pune, the property rates have appreciated between 10% to as much as 70 percent in Baner, Wakad, Hinjewadi, etc. Talegaon on the Pune-Mumbai express highway is seeing a rapid improvement and property realtors are taking up large projects so that multinational and Indian companies establish more manufacturing facilities in the vicinity. The price of residential properties starts from Rs 1000-1700 per square feet and the rates for industrial plots ranges from Rs 25 to 75 lakhs/ acre.
As per the recent estimates, Pune would need more than 40,000 properties every year to meet its housing requirements. So to deal with this issue, Maharashtra government has now given a green signal to private real estate builders for creating fully integrated townships in the city.
Nagpur Property Market
Nagpur is one of the most promising real estate investment locations in India; it attracts commercial industries due to its strategic location and there is abundant labor or workforce available at lower prices. The residential property rates starts below Rs 650-1500/ sq-ft, while the plots and lands are available from Rs. 1000 onwards.
Nasik Realty Market is Booming Up With Upsurge in Tourism Revenues
Nasik, yet another growing city of Maharashtra, located just 220 kms from Pune and 170 kms from Mumbai. Various leading property developers, like Raheja Group, Nirman Group, Sanklecha Constructions, and DSK Groups have entered the city with mega IT,housing projects, and Special Economic Zones (SEZ). The residential property rates between Nasik-Pune roads start from Rs 700/sq-ft, while the property rates in College road area are 2,000-2,500 Rs/sq-ft.
The rates are relatively lower in and around Mahatma and Samarth Nagar, costing about Rs. 1,800-2,200/sq-ft, and prices go down further near Peth Road and Dwarka, falling in the range of Rs 900-1600/sq-ft.
Maharashtra will remain the safest bet for investors since the industrial climate rests on the nation’s most qualified, committed and professional workforce. The thrust of construction companies and housing boards to offer more residences to the growing population has taken Maharashtra property to newer heights.
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