Navi Mumbai: Developers Eye Lucrative Opportunities As Infrastructure Projects Near Completion

Navi Mumbai: Developers Eye Lucrative Opportunities As Infrastructure Projects Near Completion

One of the reasons for this is the fact that there is lack of connectivity.

Amit SrivastavaUpdated: Wednesday, June 28, 2023, 12:18 AM IST
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With a number of important infrastructure projects like Navi Mumbai metro, MTHL, and Belapur-Uran suburban train network either completed or nearing completion, developers from Navi Mumbai are eying to encase in days to come. Developers’ body says that investors will get a good return for investment along the 11km stretch of Navi Mumbai stretch as the project is ready and will be operational soon.

Last week, CIDCO received the safety certificate for line 1 of the Navi Mumbai metro from CMRS. Now, Taloja which is currently accessible with private vehicles or by a couple of buses from NMMT, will be easily accessible for citizens. A large number of housing projects are lined up and even CIDCO has been constructing thousands of homes under Prime Minister Awas Yojana.

Major demand in the affordable housing segment

While other parts of Navi Mumbai saw a sharp rise in prices after Covid, there was not much change as Taloja lacked connectivity. Kharghar is accessible by railways and frequent services from NMMT. With Metro services, the Pendhar-Taloja belt is not well connected. Real estate experts see the major demand in the affordable housing segment which will see upto 20 percent price rise.

At present, a one BHK flat starts at ₹20 lakh in Taloja and it is likely to see ₹1 to 2 lakh or 5 to 10 % appreciation in the coming months.

In addition, apart from earning from Metro services, CIDCO is looking for a new source of revenue. In 2021, the CIDCO board has already resolved to make an amendment to the General Development Control Regulation (GDCR) to support its infrastructure projects. However, the amendment would require approval from the state government.

Additional FSI can be granted for the Metro corridor

As per the CIDCO Board, with an amendment in the GDCR, additional FSI can be granted for the Metro corridor. This is in line with the Government of India’s Transit-Oriented Development (TOD) policy and the Government of Maharashtra’s TOD. It means that if the proposal gets approval a radius of 500 meters from the Metro station can be developed up to 4 FSI, depending upon the availability of other infrastructures like the width of access roads. “This will be a boost for the real estate along the Metro line and high rises buildings can be constructed,” said a real estate consultant from Navi Mumbai.

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