As the older nodes of Navi Mumbai get saturated, residential development has moved towards extended locations such as New Panvel, Kamothe, Kalamboli, Ulwe, Uran and Khandeshwar. The growing demand for residential units has seen a steady price rise in most of these locations, the major reason being the planned infrastructure development in the city. Further, due to the successful execution of infrastructure projects, prospective buyers have more confidence in the execution of upcoming projects such as the Navi Mumbai International Airport, Metro, Mumbai Trans Harbour Link etc.
Several large and small scale real estate developers have purchased land parcels within the primary influence zone of infrastructure projects. For example, several developers have recently launched their projects in Ulwe which is near to the newly planned international airport. The residential rates in Ulwe have seen a CAGR growth rate of around 20 per cent between 2010 to Q1 2014. Developers who currently have residential projects in include Kaamdhenu realtors, Lakhani developers, Paradise group, Neel Siddhi developers etc. Similarly, the region where the proposed Metro phase 1 route between Belapur to Pendhar and the Phase 2 route which extends till Khandeshwar has also witnessed several residential projects.
Some of the major developers in the Navi Mumbai region include Marathon group, Kalpataru group, Hiranandani group, Indiabulls group, Karnala Infrastructure, Haware group and Arihant Universal.
Residential prices in the Panvel, Uran, Taloje, Kamothe region ranges between Rs 4,000 to Rs 6,500 per sq.ft. The residential prices in these locations have seen a compounded average growth rate of around 12 per cent between 2010 to 2013. With the several upcoming infrastructure developments, the prices in these nodes are expected to be in the range of Rs 7,000-Rs 9,000 over the next 3-4 years.
Also, with the inclusion of 270 villages within the Navi Mumbai Airport Influence Area (NAINA) and the new development regulations being developed by CIDCO for these locations, the capital values is also set to witness significant growth over the next 3-5 years’ time frame. Some of the other upcoming residential locations such as, Kalamboli, Taloja, Navade, Nilaje, Vasai-Panvel belt have also witnessed significant residential developments in recent times.
Following are the upcoming nodes in the region:
DRONAGIRI: Planned as one of the largest node by CIDCO on an area of 2,592 hectares, this node has dedicated warehousing and industrial zones. Located to the south of JNPT, this location is ideal for port-based activities. There are several residential developments that cater to the employees of ports and other industrial hubs. Some of the residential developers who have projects in this node include Vishwa Green, Paradise group etc. The current per sq.ft. rates in new projects range between Rs 3,500-Rs 4,000.
KALAMBOLI: Kalamboli was primarily an industrial location with several dedicated industrial and warehousing zones. Most of the developments are mid housing projects by developers such as Juhi Developers, Regency group, NeelSidhi group, Springdale group etc. Developers are also developing premium projects including bungalow schemes nearby to this location. The current per sq.ft. rates in new projects range between Rs 4,000-Rs 5,500 per sq.ft.
PANVEL: Panvel is an important upcoming node with most of its villages falling within the NAINA. Several new residential projects in New Panvel have come up in locations such as Adai, Sukhapur, Vichumbe, Usarli etc. Residential developments have also commenced along the Matheran and Bhimashankar road which is expected to be widened in the near future. Some of the active developers in this region include Karnala group, National builders, Marathon Realty, Shikara group, Kalpataru, Monarch Universal etc. The main feature of this node is Konkan Railway, which has connected New Panvel to other states of India. The current residential rates are in the range of Rs 4,000-Rs 6,500 per sq.ft.
ULWE: The development and maintenance of Ulwe is being undertaken by CIDCO. The proposed international airport site planned near Ulwe has had shown its impact on the residential and land rates as far as 5-10 km radius of the upcoming airport site. The current residential rates are range between Rs 5,000-Rs 7,000 per sq.ft.
— The author is Assistant Manager, Colliers International