Located in the eastern trans harbor of Mumbai, Navi Mumbai has emerged as a favourable realty destination. From a rustic expanse of barren land to a bustling locus of the real estate market, Navi Mumbai has come a long way. The following article takes a quick look at the same.
Navi Mumbai—an Overview
Lying on the western coast of Maharashtra, Navi Mumbai is a planned satellite township of Mumbai. Developed in 1972, Navi Mumbai is the largest planned township in south Asia. Since long the decision to build a city across the western coast was in the cards with the primary of decongesting the island city of Mumbai. As an island city, Mumbai had its own physical limitations. The city of Navi Mumbai was seen as an alternative for the millions who thronged the City of Dreams every day to make a living.
Social Infrastructure in Navi Mumbai
Navi Mumbai has been developed by the City and Industrial Development Corporation (CIDCO) who cared out 14 small townships with a view of widespread development. CIDCO planned and developed the entire area including railway stations, commercial and retail spaces. Most importantly the Central Business District (CBD) of Belapur is among the pivotal commercial area of Navi Mumbai.
The Creek Road, Vashi Bridge and The Sion Panvel Expressway was constructed and opened to the public. However, the township noticed a sudden growth in the demographic profile and economic activities during the early years of the 1990s when a wholesale agricultural market was commissioned and a commuter railway line connecting Vashi to Mankhurd was inaugurated. Other basic social infrastructure includes broad roads, four/six lane highway and flyovers.
Real Estate Scenario in Navi Mumbai
Some of the old areas of Navi Mumbai include Nerul, Belapur and Vashi whereas some of the upcoming localities are Roadpali, Kharghar and New Panvel. Buyers, investors and end-users can invest on properties in Roadpali, New Panvel, Vashi and other localities. According to latest reports, the property rates in Navi Mumbai varied between Rs. 3000–Rs. 4500 in the residential bracket and Rs. 4000 –Rs.7000 in the commercial segment.
Several factors have been responsible for turning Navi Mumbai into a forthcoming township that is soon expected to be bustling with life. Most important is the fast improving social infrastructure that in turn boosted the commercial activities of the township. Various companies especially the software ones, both domestic and multinationals have set up their offices in Navi Mumbai. Companies like Hexaware Technologies, Patni Computer Systems, TCS and others. All these companies are located in an IT park named the Millenium Business Park. Reliance Group of Industries also has its presence in Navi Mumbai.
Other major markets in Navi Mumbai include a large steel market and a wholesale fresh fruit and vegetables market. Other major landmarks comprise the Jawaharlal Nehru Port, and the CBDs of Belapur followed by Mahape, Vashi and Nerul. The Navi Mumbai Special Economic Zone (SEZ) located in Kalamboli and Dronagiri are aimed at providing economic growth and job opportunities. Situated at a close proximity to the proposed Navi Mumbai International Airport, the SEZ has already attracted investments almost worth Rs. 50,000 crores.
Considering the growing commercial importance of the town, it is definitely not surprising that residential property in Roadpali, New Panvel, Sanpada and Airoli have witnessed a boom. Noted builders and developers like Arihant Universal Group, Shah Group and others have invested crores of monetary resources in order to develop the residential vista of Navi Mumbai. The residential projects that are coming up are not only packed with facilities like car park, swimming pool but have been designed ergonomically to minimize wastage.
The retail sector has also affirmed development in the true sense of the term. The area is dotted with utility services like banks, schools, restaurants as well as shopping malls. Vashi has malls like Inorbit Mall and Raghuleela Mall. Construction of malls has already begun in areas like Nerul and Khargar.
From an undeveloped stretch of land to one of the most preferred and fast developing real estate destinations in and around Mumbai, Navi Mumbai has come a long way. More than the price band, what is attracting end-users to the new township is the quality of life it has to offer. With increasing demand for property, Navi Mumbai is slated to emerge as the most expensive residential location among Mumbai suburbs by 2016 as per the research conducted by a firm Liases Foras in its project titled ‘Future Outlook of Real Estate in Mumbai Metropolitan Region’.