Navi Mumbai: As several infra-projects near completion, housing developers look forward to earning big money this festival season

Amit SrivastavaUpdated: Saturday, October 09, 2021, 07:37 PM IST
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Representative Image | AFP

As a number of important infrastructure projects such as the Belapur-Uran suburban train network, MTHL, Navi Mumbai metro, among others near completion, housing developers from the satellite city look forward to earn big money this festival season.

Builders Association of Navi Mumbai (BANM) claims that ready possession units are available and people who were held up in purchasing a house due to COVID-19 are now making enquiries.

This festive season, developers are seeing renewed interest from the investor segment, which is considering this to be the best time to invest in property - an ideal asset, given the low-interest rates, tax benefits, and deal sweeteners on offer.

CIDCO has already received the Dynamic Clearance Certificate from the Central Ministry of Telecommunications for phase 1 from Belapur to Pendhar section. They are now expecting to start the commercial operation of Metro by year-end after getting the remaining clearances. Similarly, the jetty at Nerul is almost ready and after Diwali, the ferry services may start.

In addition, around 52 percent of work on the Mumbai Trans-Harbour Link (MTHL), the mega project that will connect Mumbai with Navi Mumbai, has been completed, and by October 2023, it will be available for the public. The MTHL will connect Mumbai with the Ulwe node of Navi Mumbai. The Ulwe node is in the developing stage and it is also near to the proposed Navi Mumbai International Airport (NMIA). Apart from this, the Belapur/Nerul-Uran train service is likely to start by September 2022. At present, the train service is available up to Kharkopar (Ulwe).

Haresh Chheda, president of BANM said that the fence seaters are now taking a call to buy a home. “The fear of the third wave of COVID has faded away and now home buyers are making enquires,” said Chheda, adding that there is a sufficient number of ready-to-possession units are available in developing nodes like Ulwe, Taloja, Dronagiri and Kharghar. “The rate of interest on home loans is very low and attractive for home buyers,” added Chheda.

As Navi Mumbai is looked upon as a destination for affordable housing, Panvel and adjoining areas are good options. Dr Niranjan Hiranandani, MD, Hiranandani Group said, “From the Navi Mumbai International Airport and Mumbai Trans Harbour Link; from on-going Metro lines to road and rail linkages, Panvel is all set to be the ‘hot and happening’ real estate hub in Navi Mumbai’s periphery.” He added that the Hiranandani Group is very optimistic, given the augmented sales especially from the end-user segment at its project in Panvel.

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