Growing residential & commercial opportunities in Navi Mumbai

By Hakim Lakdawala, Promoter, Goodwill Developers In 1971, the burgeoning population in Mumbai threatened to split the city at its seams, making it necessary for the state government to find a new location to accommodate its residents. From this, the plan of creating a sister city, ‘Navi Mumbai’ was birthed and developed by the City Trial Development Corporation (CIDCO). Formerly called ‘New Bombay’, this city is flanked by the Arabian Sea and has witnessed an incredible growth, rising as the city extension with the highest accelerated development in India. As one of India’s first planned cities, a major portion of Navi Mumbai’s sprawling landscape is dedicated to creating and maintaining ‘Green Zones’. The meticulously planned sustainable infrastructure projects have developed through the years, giving the satellite city ample room for growth in commercial as well as residential opportunities. The newest projects in the pipeline include:

• The Navi Mumbai International Airport spread over 1160 hectares of land
• The Mumbai Trans Harbour Link (MTHL) – the longest sea-bridge in India which will connect Sewri in South Mumbai and Nhava Sheva in Navi Mumbai
• A 120 acre business district modelled along the lines of BKC is underdevelopment at Kharghar, named BKC II
• The Metro Phase I line that will travel from Belapur to Pendhar
• Construction of a 2000 hectares Special Economic Zone spread over Dronagiri, Ulwe and Kalamboli

Navi Mumbai boasts an impressive connectivity to Mumbai and Pune and is equipped with an efficient public transportation system in the form of trains, NMMT and BEST buses, cabs, autos and app-based rides. The planned construction of another 6-lane bridge, parallel to the existing bridge connecting Mankhurd and Vashi is expected to facilitate better transportation and connectivity. The city’s well planned structure guarantees that the region doesn’t face major water-logging, sanitation or waste disposal issues as every node in Navi Mumbai have sewage treatment plants of their own. Additionally, the city-wide cycle renting service, wide roads, ample greenery and average literacy rate of 91.57% makes Navi Mumbai an attractive residential area. Some of the places in Navi Mumbai that are showing tremendous commercial and residential potential are: Sanpada: Sanpada is extremely well connected owing to its proximity to the Sion-Panvel Highway and the Thane-Belapur Road, along with a railway station and well-connected public bus system. It is a hub for commercial properties with multiple IT offices spread over Sanpada and its proximity to the MIDC Industrial Area. It is also a hub for affordable and luxury housing properties with malls, restaurants, pubs and entertainment centres making it a developed and viable area to settle in for both families as well as young, single working professionals. Kharghar: With the construction of a new corporate park BKC II, and well-planned infrastructure and connectivity owing to the developing metro line, sprawling residential complexes, gardens such as the 300 acre Central Park and a golf course, Kharghar is on track to a sustainable but stable land for investment. Ulwe: The location of the new international airport, Ulwe is all set for a major transformation and is displaying a surge in interest from commercial and residential developers. The airport is expected to generate four lakh direct and indirect jobs and give a boost to the peripheral area’s real estate. Panvel: Panvel is already home to a multitude of large corporations including Larsen & Toubro (L&T), ONGC Hindustan Chemicals and more. It enjoys great connectivity through its proximity to the Sion-Panvel Highway as well as the Mumbai-Pune Expressway. Along with the low rental rate for both commercial as well as residential property, along with its closeness to the upcoming Navi Mumbai International Airport, Panvel is a great place to invest in.