Navi Mumbai: Davos real estate deal to drive city’s economy for decades

Navi Mumbai: With a number of mega infrastructure projects nearing completion, Navi Mumbai has become one of the sought-after destinations for investment in the real estate sector. The recent World Economic Forum meet in Davis has also brought the city on the international map.

Berkshire Hathaway HomeServices Orenda India will develop and operate physical and social infrastructure assets on a 1,000-acre land parcel in Raigad, close to the upcoming international airport in Navi Mumbai. The multi-year MoU with the firm was signed by the Maharashtra Government in Davos, where Chief Minister Eknath Shinde was present.

Berkshire Hathaway India will help develop an ecosystem for industrial, commercial, healthcare, education and residential development. The State Government has assured to provide land parcels. The collaboration is a joint venture between the Mumbai Metropolitan Region Development Authority (MMRDA) on behalf of the state.

Moreover, the work of Navi Mumbai International Airport (NMIA) is underway and is expected to become operational by the end of 2024. Former president of the Builders Association of Navi Mumbai (BANM), Haresh Chheda said that Panvel periphery is emerging as the new destination with a lot of opportunities. “The real estate sector will drive the economy for the next couple of decades,” said Mr Chheda.

Despite a world-class infrastructure in Navi Mumbai, multinational companies prefer Gurgaon, Pune and Bangalore. According to real estate experts, the majority of the projects developed in Navi Mumbai are by local developers and they don’t match the requirements of such companies. However, with a number of projects like the international airport, MTHL connecting Mumbai and Navi Mumbai, and Navi Mumbai Metro among others are nearing completion, developers from other places are showing interest. 

However, city developers said the development in Raigad shouldn’t only be on paper. “The development is big in real estate, especially for Navi Mumbai. However, it must be executed on time. The state government also makes it public where the land is available,” said Mr Chheda, adding that the real estate sector works on demand and supply. “If supply is coming, creating a favourable demand is also important,” he said.