Infra push to realty growth in Navi Mumbai, Panvel

Mumbai: Navi Mumbai and Panvel are undergoing a major makeover and are all set to become the next Mumbai 3.0. This is being done in order to decongest the island city, improve connectivity, provide more affordable housing, and bring prosperity to people living across the MMR region.

Talking to Bizz Buzz, Ashok Chhajer, chairman Arihant Superstructures says, “Wide range of 15 projects in MMR and one of the highest market shares in making affordable to premium luxury projects 12000 homes under construction.”

Navi Mumbai has transformed itself from a dormitory city to major mega city within a span of 25 years, he said. A new era of horizontal development of bungalow; villa living is opening in Panvel region.It is seen as the top hotspot real estate destination of India today. The average age group in affordable housing is today reduced to 32 years age of home buyer showing the strengths of this region, he added.

Navi Mumbai has travelled from 1988 as a dormitory city to a major city which today holds all air water and road top class; with largest employment generator and the golden eye of the state Chief Ministers.

Navi Mumbai caters to Rs 25 lakh a 1 BHK house today to Rs 15 crore of sea facing apartment in Vashi. This is the perfect mix. Government is poised to boost tourism in a large way as the coastal region in Alibaug makes the best nature.

Navin Makhija, Managing Director, The Wadhwa Group said, “The Navi Mumbai and Panvel region is seeing a complete transformation and it will change completely in the next 2 to 3 years, where we expect prices to rise to astronomical levels.”

Apart from MTHL, there are several other infrastructure projects that are in various stages of completion. These include Navi Mumbai International Airport (NMIA), Ulwe Coastal Road connecting MTHL and NMIA, International Corporate Park at Kharghar touted as BKC 2, Navi Mumbai Integrated Industrial Township, 30-km-long suburban rail corridor connecting Karjat with Panvel, Extension of Sion-Panvel expressway, Metro connectivity between CSM International Airport and NMIA, Nerul Passenger Water Transport Terminal and future Metro lines in Navi Mumbai.

These projects, once completed, will bolster economic development in the MMR, increase employment opportunities for the people, and provide housing across different price segments for the people in the region.

Real estate prices in Mumbai that are anywhere within 50 minutes of travel from South Mumbai are priced not less than Rs 35,000 per sq ft. This is in sharp contrast to Panvel, where travelling across the harbor by the MTHL takes 50 minutes; but surprisingly property prices here are just one-third to that of Mumbai. In this short commute time, a home buyer or investor gets a more reasonably priced home that comes along with better infrastructure and cleaner air to breathe with a higher Air Quality Index (AQI).

The Navi Mumbai International Airport will be completed in four phases between now and 2032. On completion, a total of 142,000 direct and 200,000 indirect jobs are estimated to be created as a result of the project. The government is also planning a quick mass transit system. It has approved a new 33.15-kilometer Metro Railway project connecting Navi Mumbai International Airport with Mumbai’s Chhatrapati Shivaji Maharaj International Airport.

The Ulwe Coastal Road will help connect MTHL to the Navi Mumbai International Airport. This connector will drastically reduce travel time and provide ease of travel to commuters, commuting between Mumbai and Navi Mumbai. The 7-km long road will connect MTHL Junction to Amra Marg Junction in Belapur.

Plans are afoot to develop Kharghar into an International Corporate Park on the lines of Mumbai’s BKC; conveniently located just 12 kilometers away from the upcoming Navi Mumbai International Airport. It will consist of corporate offices, hospitality, educational institutions, entertainment, and healthcare facilities for the residents. Work on the 30-km-long suburban rail corridor connecting Karjat with Panvel has also started. This route will reduce the travel time from CSMT to Karjat by more than 20 minutes. It will provide an alternative route from Mumbai to Karjat via Panvel. This suburban corridor will enhance economic development in the fast-developing areas of Panvel, Karjat, and NAINA (Navi Mumbai Airport Influence Notified Area).