Rabale Witnessing Transformation in Its Realty Market When it comes to the residential property market in Navi Mumbai or the Mumbai metropolitan region (MMR), Rabale’s real estate market doesn’t stand out. However, this ‘unsung hero’ of Navi Mumbai’s realty is witnessing rapid transformation in its realty sector and may soon see a revival of its property market. Connectivity and accessibility Rabale is a neighbouring area to both Airoli and Ghansoli, some of the most prominent commercial hubs in Navi Mumbai. Due to its proximity to Airoli, the area is well connected to suburban Mumbai via the Airoli Bridge. The area also lies on Thane-Belapur Road, which connects it to CBD Belapur as well as the industrial areas in Thane. There are several BEST and NMMT buses that provide regular transport services here. Apart from road, the Rabale railway station lies on the Thane-Vashi/Panvel section of the Mumbai suburban railway. There are regular local trains that ply on this route. Currently, the area is far from the Mumbai International Airport. However, with the upcoming new airport in Panvel area, it will be just about 20 km from the new airport. Rabale itself was known to be an industrial hub and still houses one of the biggest industrial belts in the region. Due to the important roads, the area is well connected to all important industrial areas in Navi Mumbai. Amenities The area was once home to the population which worked in the nearby commercial and industrial hubs. As such, there were very basic amenities in the area. However, with the transforming scene in its real estate, the area is now witnessing improved availability of amenities. The area has good wide roads connecting it to different areas. It is also in proximity to the forest area in Navi Mumbai and hence, has a lot of green cover. There are also a number of industrial and commercial establishments in the area. Real estate trends Rabale’s real estate market grew well when Airoli and Ghansoli witnessed a huge splurge in commercial development, but supported only small independent houses that could be bought by the workforce working in the industries nearby. However, the area and the profile of workforce has slowly started changing with the features of the nearby areas. The area has started witnessing an increased growth in multi-storeyed apartments.
Rabale has now started offering 1 and 2BHK apartments. A 1BHK apartment has a built up area of about 350-650 sq. ft, while a 2BHK apartment has a built up area of about 650-1,050 sq. ft. One may buy a 1BHK apartment for about Rs 30-50 lakh while a 2BHK apartment is available for about Rs 60-90 lakh. Property prices in the area are in the range of Rs 5,800-6,800 per sq. ft. These property prices have not only attracted the middle-class buyers but also a few well-to-do buyers. While the area does face a few civic issues such as illegal constructions and encroachments, with a proper implementation of policies, the area is sure to attract a good number of buyers. Source: CommonFloor.com For Latest Updates on Real Estate Updates, Property News and Cities Infrastructure Developments Visit: http://www.commonfloor.com/guide
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