Navi Mumbai: The imminent commencement of the Navi Mumbai Metro has sparked a real estate resurgence in Taloja, making the once less-connected area easily accessible for citizens. With the 11 km stretch of the Navi Mumbai Metro having become operational, real estate developers predict a favourable return on investment, prompting a surge in housing projects.
Taloja, previously relying on private vehicles or limited Navi Mumbai Municipal Transport (NMMT) services, is now poised for substantial growth with enhanced connectivity.
Navi Mumbai Metro to open doors for investors
The Navi Mumbai Metro is set to open up opportunities for investors, with a multitude of housing projects already in the pipeline. CIDCO's ongoing construction of thousands of homes under the Prime Minister Awas Yojana (PMAY) further adds to the optimistic outlook for the region.
While other parts of Navi Mumbai experienced a post-COVID surge in property prices, Taloja lagged behind due to its connectivity challenges. Real estate experts now anticipate a significant demand surge, particularly in the affordable housing segment, foreseeing a potential 20 percent price rise.
Navi Mumbai's blooming real estate
Presently, a one BHK flat starts at ₹20-25 lakh in Taloja, and experts predict a ₹2 lakh or 5 to 10 percent appreciation in the coming months. The improved connectivity through the Navi Mumbai Metro is expected to drive demand, making the Pendhar-Taloja belt more attractive to homebuyers.
CIDCO explores new avenues
In addition to the economic benefits brought by the Metro services, CIDCO is exploring new revenue sources. A proposed amendment to the General Development Control Regulation (GDCR) aims to grant additional Floor Space Index (FSI) for the Metro corridor, aligning with the Transit-Oriented Development (TOD) policies of both the Government of India and the Government of Maharashtra.
Pending approval from the state government, the amendment could enable the development of a radius of 500 meters from the Metro station with up to 4 FSI, contingent on the availability of supporting infrastructures such as access roads. Real estate consultants in Navi Mumbai anticipate that this move would boost real estate development along the Metro line, allowing for the construction of high-rise buildings and further enhancing the region's growth prospects.