NAVI MUMBAI: THE RIGHT INVESTMENT
20th October 2015 Source Times Of India E-Paper
Navi Mumbai has emerged as the most preferred investment destination because of of its `affordable luxury' housing options
The satellite city has witnessed a major transformation in the last two decades. The city has grown in a systematic order, starting with sectors such as Vashi, Belapur and Seawoods. The presence of business districts in Vashi and nearby areas, improvement in basic infrastructure, has attracted potential home-buyers to invest in Navi Mumbai. “The lone purpose of creating Navi Mumbai was to prevent congestion in Mumbai city. CIDCO played a powerful promotional role in the economic development of the new city. This development was done in distinctive phases, as thought by the planners. The employment base of Navi Mumbai was planned to encompass manufacturing, trade and commerce (wholesale and warehousing), as well as services sector jobs,“ says Manish Bathija, MD, Paradise Group Builders & Developers. According to Subhankar Mitra, local director strategic consulting, JLL India, “Navi Mumbai was added as the last mega settlement zone of the MMR region in 1970s; other cities and conurbations already existed prior to the creation of this satellite city. Today, Navi Mumbai's success, as a city, is vouchsafed by its tremendous growth over time.
In a span of four decades, it has not only caught up with the existing settlements, but also become the second-largest settlement city within the MMR, in terms of population share. In the last decade, Navi Mumbai has grown at an incredible rate of 88 per cent, which is the highest growth rate in the region.” Infrastructure growth has been taking place at a rapid pace, which is a prime reason for the development of the city. “The super city, Navi Mumbai boasts about 45 per cent of land reserved for green zones and open-to-sky activities. The city has 14 well-planned nodes with water supply backed by 450 MLD capacity, a separate electrical circle facilitating 200 MW of power, a network of major and minor bridges, flyovers, road-over bridges and a couple of footover bridges, strung along a railway network from CST to Panvel and Thane to Panvel,“ says Ashok Chhajer, chairman and managing director, Arihant Superstructures Ltd. The hi-tech city will also witness the metro railway and international airport in the coming times. Each node like Kharghar or Vashi is divided into sectors and has all the amenities, be it school, hospital, gardens, markets, playgrounds, recreational areas and shopping malls. “Since this city is favourable among real estate investors when compared to Mumbai, there is a good demand for property in Navi Mumbai,” adds Bathija.
The availability of residential properties providing af fordability and luxury, excellent connectivity across the state and forecasted growth potential of the region, make Navi Mumbai an ideal residential location. “With speedy industrial development in and around Navi Mumbai, the demand for residential properties is expected to rise even further. Considering the above factors, the property rates of this city have escalated and are today almost at par with Mumbai,” says Mayur Shah, managing director, Marathon Group.
When it comes to affordable housing, Navi Mumbai is a hit destination. Chajjer mentions, “Affordable housing is missing from Mumbai and Navi Mumbai is the answer for affordable housing projects, which are from Rs 3000 to Rs 6000 per sq ft. Though premium areas of Palm Beach command high prices, the nearby areas like Panvel are quite affordable and also happen to be the growth centre destinations. There are professionally managed companies, which have customer pro-policies and adopt best business practices in the real estate sector. Customers can bank upon such companies that will provide affordable housing with all the amenities.“ “Navi Mumbai is looking forward to the infrastructure projects, which would drive the economy for the region. The JNP SEZ would also bring job opportunities with their investment plan of Rs 4000 crores in the region,” concludes Chajjer.
Quick Byte
Today, Navi Mumbai’s success, as a city, is vouchsafed by ts tremendous growth over time. In a span of four decades, it has not only caught up with the existing settlements, but also become the second – largest settlement city within the MMR.