Navi Mumbai sees a boom in real estate development; check out what developers have to say

Navi Mumbai sees a boom in real estate development; check out what developers have to say

Low mortgage rates, stamp duty exemption, desire to upgrade living spaces, and savings gathered during the pandemic, are contributing to the market’s rapid revival

Neha SinghUpdated: Wednesday, June 28, 2023, 08:28 PM IST
article-image

Buyers are lapping up the housing units in the major residential property markets in Mumbai and Navi Mumbai. Navi Mumbai is located on the western coast of Maharashtra, India. It was built in 1972 as Mumbai’s newest urban township.

Navi Mumbai was primarily built to accommodate the city of dreams’ expanding population. The areas and localities of Navi Mumbai are either fully developed or developing rapidly. This makes the area a wonderful investment location for purchasing land. Areas like Vashi, Nerul, Belapur, Konkan, Pune, Kharghar, Airoli, Panvel, Ulwe, and Sanpada are on the radar of several real estate developers.

The real estate market is currently in a recovery phase. Low mortgage rates, stamp duty exemption, desire to upgrade living spaces, and savings gathered during the pandemic, are contributing to the market’s rapid revival. FPJ got caught up with the real estate developers to understand the growth that has taken place in the past few years and how the upcoming projects in the region will benefit potential buyers.

Raajesh Prajapati, MD Prajapati Group, and Founder President, CREDAI MCHI, Raigad

“As major development is moving towards Navi Mumbai, the surrounding districts are emerging as a hub for work and pleasure. Over the years, Navi Mumbai has changed. The taste of customers has evolved significantly, making some of the leading micro markets including Dronagiri, Panvel, Taloja, Khandeshwar, and Ulwe popular among home-buyers. The area offers an affordable township than the rest of the MMR by drawing crowds to the well-developed neighbourhood and strong social infrastructure. Now, with the development of large-scale projects like the Navi Mumbai International Airport (NMIA) and Mumbai Trans Harbour Link (MTHL) connecting Mumbai to Navi Mumbai, the region is expected to witness a major demand for both commercial and residential settlements. The construction of high-rise buildings and skyscrapers will soon come into existence. Currently, our under-construction lifestyle projects are situated at Dronagiri and New Panvel, which have world-class amenities including swimming pools, clubhouses, etc. Large-sized 1/2/3 BHK flats have been designed keeping in view the requirements of home-buyers of the region. There is good demand for commercial and residential premises and we have sales of over two-third of the total number of units.”

Parth Chhajjer, Promoter, Arihant Superstructures Ltd

“In the last five years, I would say we’ve seen the metro project take off and it is almost at the completion stage. The Mumbai trans-harbour link from Sewri to Nhava Sheva, which is one of the country’s largest infrastructure projects, is expected to be completed in the next 18 to 21 months. At 22 km, it is the longest sea bridge in India and the second longest in the world. It is a big mega project, which is going to ease the connectivity of the traffic between Mumbai and Navi Mumbai. Prime Minister Narendra Modi attended the construction’s inauguration, and now, with Adani taking over Mumbai Airport, this also falls under the entity that has taken over from the GVK group. With Adani Group coming into the picture, the project has taken off well and the construction of the first terminal and runways is in full swing. In the next three to four years, we should see at least the first flight taking off from the new airport. This airport is double the size of the existing Mumbai airport in terms of passenger handling capacity. As a result, it will be a huge gamechanger for Navi Mumbai and the surrounding real estate — not just for housing and commercial purposes but also for other aspects such as logistics parks, industrial estates, etc. Many new forms of real estate will come up near the airport as well, apart from housing and offices. We (Arihant Superstructures Ltd) have 18 projects as a group today, and 15 are in the Mumbai MMR region. We have many projects that are within five to seven-kilometre radius of the existing airport. It is a travel distance of maybe 15–25 minutes from the current sites. People speculating on these projects will benefit because there will be a good price appreciation shortly after these mega-infra projects are completed and operations begin. It will be a positive thing for people making investments in our projects, be it in Panvel, Kharghar, Taloja, Khopoli or Karjat. They are close to the airport. The airport is going to be a gamechanger for the real estate in this area, especially when you talk about appreciation of the capital.”

Haresh Chheda, President, BANM, Navi Mumbai

“The major development of Navi Mumbai is the airport. As a result, infrastructure is being built in and around the airport. As crores of rupees are spent on infrastructure connectivity, Mumbai will be one of the topmost destinations in India. International Airport, Metro, an advanced trans harbour link, and a dedicated national railway freight corridor, are connecting at Panvel, which is going to be a massive development hub. Apart from the above-mentioned projects, there are several redevelopment projects taking place under UDCPR (Unified Development Control and Promotion Regulations), which was recently announced by the state government. The Floor Space Index has subsequently increased the skyline of Navi Mumbai and we will see several towers coming up as vertical development is going to gain momentum.”

RECENT STORIES

Ecos (India) Mobility Submits Draft Paper To SEBI For IPO Fundraising

Ecos (India) Mobility Submits Draft Paper To SEBI For IPO Fundraising

How Data Is Enabling Innovation In Biomedical Devices For Healthier Lives

How Data Is Enabling Innovation In Biomedical Devices For Healthier Lives

Heralding Mediated Dispute Resolution Over Litigation: The Mediation Act, 2023, Future Of Indian...

Heralding Mediated Dispute Resolution Over Litigation: The Mediation Act, 2023, Future Of Indian...

Force Motors Shifts Gears: Exiting Tractors And Connected Activity Business At The End Of FY24

Force Motors Shifts Gears: Exiting Tractors And Connected Activity Business At The End Of FY24

'From Shop Floor To Success': Anand Mahindra Backs Elon Musk's Call For Recognition Of Manufacturing...

'From Shop Floor To Success': Anand Mahindra Backs Elon Musk's Call For Recognition Of Manufacturing...