Infrastructure developments such as wide roads, parks and a golf club coupled with a scenic environment are some of the prime factors contributing to the expansion of Kharghar, Navi Mumbai’s emerging property destination.
It is a well-known fact that developed infrastructure in a neighbourhood tends to boost property values in the adjoining areas. There have been many instances when the declaration of an infrastructure initiative has led to an increase in real estate demand and property values. Panvel, Kharghar and Ulwe are few micro-markets that have recorded new highs post the announcement of the international airport in Navi Mumbai.
Kharghar is one such property destination in the entire Mumbai Metropolitan Region (MMR) that is attracting end-users and investors thanks to the existing and upcoming infrastructure projects.
Kharghar is Navi Mumbai’s most vibrant node which hosts natural beauty, cultural attractions and outdoor adventure activities. Located in Raigad district, Kharghar consists of 45 sectors, spread over an area of 1,700 hectares. Enclosed by two highways on one side and Kharghar hills on the other side, the area is located close to the Central Business District (CBD) of Belapur and Taloja Industrial Estate.
The micro-market is directly connected to well-developed areas of Navi Mumbai, including Vashi, Belapur, Panvel and Nerul through Harbour Line of Mumbai’s suburban railway network and public transport. The locality is also close to Taloja and Mahape Central Business District (CBD).
It is connected to Mumbai through the Sion-Panvel Expressway on one side and the Mumbai-Pune Expressway on the other side. Navi Mumbai Municipal Transport (NMMT) buses are frequently plying from Kharghar to Vashi, Sion, Dadar, Thane, Panvel, Uran, and Taloja. The Authority also runs Air Conditioner (AC) Volvo buses from Kharghar to Dadar, Borivali and Cuff Parade.
Since Kharghar is a new-age property destination, it has an active nightlife with several pubs, lounges, restaurants and multiplexes. The area is also home to prestigious educational institutions such as National Institute of Fashion Technology (NIFT), Bharati Vidyapeeth Dental College and ITM Business School, which creates rental demand.
DAV International School, Ryan International, Radcliffe School and Harmony International School are notable schools located here. It also has the foothold of renowned hospitals such as Advanced Centre for Treatment, Research and Education in Cancer (ACTREC) and Tata Memorial Centre. State Bank of India (SBI), HDFC Bank, Allahabad Bank, Bank Of Maharashtra, Indian Bank, Corporation Bank, Axis Bank and Bank of India have their presence in the area.
Special attention by CIDCO
The City and Industrial Development Corporation (CIDCO) has envisioned Kharghar as a completely planned node. In its endeavour to make it one of the self-sufficient localities in Navi Mumbai, CIDCO has built a golf course, a skywalk and a Central Park in Kharghar. The Central Park, which sprawls 80 hectares in Sector 23, 24 and 25, has become the centre of recreational activities in the area since its inauguration. Built to facilitate hindrance-free movement between Kharghar railway station and the city node, the Kharghar Skywalk is India's longest skywalk at 1780 m.
Upcoming infrastructure development
Since Kharghar is situated about 15 km from the proposed international airport, more clarity on the ambitious project will result in increased employment opportunities in the logistics, hospitality and commercial sectors. As expected, low-to-mid income residential property demand will subsequently increase as the area would be more preferred by working professionals. The node will also benefit from Navi Mumbai’s Belapur-Kharghar-Taloja-Kalamboli-Khandeshwar Metro corridor by May 2018. The 21-km long route will further be extended to the proposed Navi Mumbai International Airport and is likely to propel rental demand in the region.
CIDCO has also planned a Corporate Park in Kharghar, which will cover 125 hectares. Named as Navi Mumbai Corporate Park (NMCP), the establishment will have shops and commercial centres to ensure a nightlife unlike Mumbai’s Bandra Kurla complex (BKC). Since the entire Kharghar node and nearby industrial hub - Taloja is planned to be directly connected to upcoming international airport, big corporate houses will enjoy direct connectivity between office location and the airport.
Apart from good infrastructure, better transportation services and the presence of renowned educational institutes are the other primary reasons why investors are displaying an active interest in the area. “While Kharghar is the third most developed node of Navi Mumbai, the property prices in the area are economical as compared to Vashi and Nerul,” says Arpit Jain, Property Consultant, Total Reality Solution. Property prices in Kharghar are in the range of Rs 7,000-8000 per sq ft. Monthly rental returns range between Rs 12,000 and 20,000, depending on the sector and configuration.
Since the locality is directly connected to Pune and Nasik, it will soon be attracting more investors from these cities. The location’s surroundings, including huge open spaces, mountains and verdant greenery will act in its favour. As some of the selected properties in Khargar overlook the golf course, the locality might prove to be a potential investment hotspot for Non-Resident Indians (NRI).
“While the proposed metro connectivity is anticipated to fuel property rates by 25 percent over the short-term, the Navi Mumbai International Airport will change the market’s dynamics in the long-term,” predicts Sushil Raheja, Chief Executive Officer (CEO), Raheja Homes Builders and Developers. As a conclusion, investing in a Kharghar is a calculative move for those who are either working here or want to stay invested in property market for next few years.