Real estate in Navi Mumbai is all set to witness yet another boom with the prime minister Narendra Modi laying the foundation stone for the Rs 4,000 crore special economic zone at Jawaharlal Nehru Port Trust (JNPT).

Navi Mumbai where the property prices are as high as those in Thane is all set to witness a surge in prices, says Arvind Goel, president of Maharashtra Chamber of Housing Industry (MCHI), Navi Mumbai unit.

According to Goel, the inauguration of government-owned SEZ holds a lot of significance for Navi Mumbai. Currently, a 2BHK in Navi Mumbai costs Rs 70-90 lakh. A 20-30% rise is expected. Arvind Goel, says demand for commercial property will also go up. “There are 250 supplementary industries, directly and indirectly dependent on real-estate sector. A real-estate boom will develop them as well,” he said.

In three years, the SEZ will start. Since land for the 277-hectare zone is already acquired and in possession of the central government, no delay is feared. Widening existing road network to 6-8 lanes and development of service are also proposed to facilitate the vehicular traffic movement within the city.

The Thane-Belapur belt, known as an industrial belt, is slowly turning into a realty belt with the swanky residential and commercial complexes replacing the smoke stacks. “Just as the property market in Pune developed immensely, thanks to the IT industry. Employment is main factor for the growth of the housing industry and cities. Similarly, Navi Mumbai will grow in the next five years as there will be lots of employment opportunities with new start-ups, BPOs, KPOs and other new age industries coming up in the satellite township,” a realty watcher explained.

“Now developers will buy huge tracts of land in Panvel and other locations to develop townships. It’s a good sign that Navi Mumbai is developing. It will become another developed city in the near future,” says Manohar Shroff, chairman of Shivam Developers, adding that housing and real-estate will attract lots of investors to Navi Mumbai.

Some developers have added a note of caution for their colleagues who are gung-ho about the development of real estate on the back of SEZ planning. They say that the builder fraternity should not create a false euphoria about the housing project or it might turn out to be another bubble burst.

Navi Mumbai is trying to solve the problems of overpopulation in Mumbai. However, the township have a good chance to become one of the largest planned cities in the world and boasting the excellent socio-infrastructure including rail and road connectivity with Mumbai and supply of power and water. In the period of 2009 to 2014, this satellite township has witnessed more than 80% growth in property prices, and in Mumbai real estate sector has witnessed the average growth of 70%.

 Games changing infrastructure in Navi Mumbai: Good to stay and best to invest

•   Navi Mumbai International Airport (NMIA).
•   Mumbai Trans Harbour Link (MTHL).
•   Navi Mumbai Metro.
•   Sion- Panvel Expressway.
•   Nerul-Seawood-Uran Railway Corridor.
•   Mumbai-Pune Expressway.
•   Santacruz-Chembur Link Road (SCLR).

Today, Navi Mumbai has become one of the realty magnets for both commercial and residential development with shopping malls, SEZs, modern residential complexes and IT Parks. Once upon a time, Navi Mumbai was neglected area but now the scenario is different and it is attracting the high investment in real estate sector.

Few popular real estate projects in Navi Mumbai:

Currently, the city is witnessing approximately 450 ready-to-move-in projects and 350 under-construction projects. Space India, Arihant Developers, Bhagwati Group, Platinum Constructions, and the Nirman Group are the few names, who are ruling in the real estate market in Navi Mumbai. Here developers are launching quality projects, in different sectors such as; commercial and residential sectors.

Strategic location:

Navi Mumbai is spread over an area of50 square kilometers; it is also the commercial and financial capital of the country. Navi Mumbai SEZ has access to rail linkages and well-developed road as well as JNPT. JNPT is one of the largest and most modern seaports areas. City is also nearby large industrial areas and Pune-Mumbai-Thane knowledge corridor provides the instant access to the skilled manpower.

State-of-the-art infrastructure:

Navi Mumbai offers the state-of-the-art infrastructure and services, residential units in SEZ provide a access to world-class infrastructure and you can chose between flatted factories, built-up office space and land plots. These facilities are ready to use with all basic and necessary infrastructure and services. Other infrastructures include; social amenities, convention centers, recreational facilities and more.

Prices are on way to up:

Demands of property, both residential and commercial are growing high in recent years. Buyers, speculators and investors are making the sound investment in the region on the fast track; Navi Mumbai is emerging as the second most expensive residential location in country due to its strategic location. The SEZ is the project proposed by Reliance industry over an area of 3,200 acres and has played a major role in the rising prices.

From mid-seventies, Mumbai is trying to cater the demand for real estate sector with the eye on future and that’s why Navi Mumbai comes in existence and now this satellite twin of Mumbai is largest planned new city in the world and spread on the area of about 344 kms.

Prime Minister Narendra Modi laid the Foundation Stone of Jawaharlal Nehru Port Trust Special Economic Zone (SEZ) , at Sheva in Navi Mumbai.

He also laid the Foundation Stone for widening of Port Connectivity Road from JNPT to the National Highway and symbolically handed over land allotment letters to JNPT Project Affected Persons under the 12.5 % scheme.

Addressing a large public gathering at the function site, the Prime Minister said his Government had conceived the Sagarmala, an ambitious project for maritime states. This would envisage not merely port development, but port-led development which would include ports, SEZs; and rail, road, air and waterway connectivity with the hinterland, including linkages of cold storage and warehousing facilities.

Noting that two-thirds of all global trade and 50 percent of container trade happens through the Indian Ocean, Modi highlighted the importance of the ports sector. “Ports can become gateways to India’s prosperity,” he added.

The Prime Minister said the Government is concerned at the large number of stalled SEZ projects across the country, and a high-level team has been constituted to review the problems and resolve them at the earliest.

The Prime Minister said export promotion was the need of the hour. “Until we join manufacturers in export promotion, and unless States and Centre work together, we cannot achieve new heights in exports” he observed. The Prime Minister added that the Union Government had recently convened a meeting with States to understand bottlenecks in exports, and States would soon be given the right to form their own Export Promotion Councils. “Let there be competition among States for exports,” the Prime Minister said.