Prime Minister Narendra Modi dedicated the new International Society for Krishna Consciousness (ISKCON) temple in the Khargar neighbourhood of Navi Mumbai, Maharashtra, on January 15.
The 1970s saw the conception of Navi Mumbai, a satellite metropolis close to Mumbai. It includes, among other places, Kharghar, Vashi, Sanpada, Jui Nagar, Belapur, Kamothe, and Nerul.
The real estate markets in Navi Mumbai are anticipated to be impacted by the following infrastructural projects.
The eagerly anticipated Navi Mumbai International Airport (NMIA) should be up and running by the middle of 2025. According to local brokers, the airport’s opening will boost the economy of Navi Mumbai and the nearby towns of Karjat, Khopoli, Uran, and other areas of the Raigad region.
“The airport will lead to the much-awaited economic activity required in Navi Mumbai, and with this, there will be an increase in demand for housing and commercial office spaces, not just in Navi Mumbai but even in Mumbai 3.0, including Karjat and Khopoli, among others,” Bharat Jha, a local broker from Kharghar,
In the centre of Kharghar, where the ISKCON temple is situated, the City and Industrial Development Corporation (CIDCO), Navi Mumbai’s special planning authority, also intends to build a business centre called the International Corporate Park (ICP). Navi Mumbai International Airport is about 14 kilometres from the corporate park. The CIDCO put out bids in September 2023 to build a compound wall through the planned corporate park.
“I can guarantee that the 375-acre international corporate park in Kharghar would be improved. It will include convention centres, hospitals, entertainment and internet amenities, and corporate headquarters. In October 2024, Vijay Singhal, managing director and vice-chairman of CIDCO, told the Hindustan Times, “We can look forward to a truly international experience in 5-6 years since planned development is possible in Navi Mumbai.”
Travel time between South Mumbai and Navi Mumbai has decreased because of the 22-kilometer sea link that connects Mumbai and Navi Mumbai. Property values in the Ulwe, Uran, and Dronagiri regions have been impacted by this.
Property prices in Navi Mumbai’s suburbs, like Ulwe and Dronagiri, have increased from Rs 6,000 to Rs 7,000 to over Rs 10,000 per square foot. “In premium projects facing Atal Setu in Ulwe, the prices have increased to over Rs 12,000 per sq ft, competing with the prices of areas within Navi Mumbai,” Jha stated.
The opening of the Navi Mumbai International Airport is good news for the real estate markets in Pune, Mumbai, and Navi Mumbai. According to many developers and consultants, the opening of the Navi Mumbai International Airport will also help West Pune, which is situated along the Mumbai Pune Motorway and includes neighbourhoods like Hinjewadi, Wakad, and Pimple Saudagar.
“International flights are not currently available at Pune International Airport. According to Akshay Deshpande, a broker from Baner, Pune, the new Navi Mumbai Airport and the expansion of the Mumbai-Pune Motorway are anticipated to boost the local economy and have an effect on the Pune real estate market.
Source: Hindustan Times
