Navi Mumbai: The ambitious plan of the Mumbai Metropolitan Regional Development Authority (MMRDA) to develop a 350-square-kilometer settlement along the city's harbour has created a buzz among developers in Navi Mumbai. They are looking at the project as a game changer for the real estate in the city which will drive the economy for the next couple of decades.
As major infrastructure projects like the Mumbai-Trans Harbour Link (MTHL), and Navi Mumbai International Airport (NMIA) are nearing completion, Navi Mumbai will easily be accessible from Mumbai and other parts of the country.
Haresh Chheda, the immediate past president of the Builders Association of Navi Mumbai (BANM) said that the proposed new town will be from others. “The new town will first get infrastructure like transport and housing projects will come later,” said Chheda. He added that since the whole project will be along the coastal area with one side sea facing and another creek, it will be another Sought Mumbai.
Though MMRDA has not shared details of the plan, it is learned that the new town will come up in the vicinity of MTHL. “The MTHL is landing near Chirle village and in years to come, major infrastructure development will be seen in the area,” said an official from MMRDA.
New town will be bigger than Navi Mumbai
The proposed new town will be spread across 350 sq. km while Navi Mumbai is only 344 sq. km. “It means the proposed new town will be bigger than Navi Mumbai and similar infrastructure will come up,” said a developer, having a project in Dronagiri. He added that it will be another exit point of Mumbai like Vashi.
Prakash Baviskar, president of NAINA Builders Welfare Association (NBWA) and general secretary of Marathi Bandhkam Vyavsayik Association (MBVA) said that he is aware of the development as this was announced by Dr Sanjay Mukherjee during a programme held in Mumbai last month. However, he said that details of the location have not yet been announced.
Meanwhile, there is a fear among developers as there will be a shift of attention of investors and home buyers to new areas and the existing nodes where the development has just picked up may face challenges especially nodes like Pushpak Nagar, Rasayani, Panvel and Ulwe. “The demand in the Ulwe node has already come down with the development of Pushpak Nagar. This news will add another woes for developers,” said a real estate broker.