Navi Mumbai is a planned satellite city of Mumbai. Its residential real estate market is driven by excellent transport, social, and civic infrastructure, as well as comparative affordability to Mumbai. The various connectivity projects under development will further provide a fillip to the city’s housing market.
Navi Mumbai has witnessed steady growth in its infrastructure in the last few years, positioning it as an attractive investment option in the Mumbai Metropolitan Region (MMR). Attractively priced land parcels and excellent growth prospects have acted as magnets, pulling major corporates and real estate developers towards Navi Mumbai.
The city is well-planned with modern infrastructural facilities that make it a thriving residential and commercial hub. Moreover, the upcoming development of a business district in Kharghar will vastly increase the commercial space capacity of the city. Overall, Navi Mumbai is a preferred destination for those keen on experiencing a quality lifestyle within a well-planned city.
As per a recently-conducted Knight Frank survey, approximately 87 percent of prospective end-user homebuyers and real estate investors from Mumbai and Pune are keen on investing in other cities with steady future growth prospects. Navi Mumbai is well placed to absorb such demand.
Upcoming connectivity projects in Navi Mumbai
The city boasts well-planned nodes with a unified network of bridges and flyovers along with extensive railway connectivity. Going forward, Navi Mumbai will benefit from the completion of various transport infrastructure projects. These include the following:
- Navi Mumbai International Airport (NMIA): This is an under-construction Greenfield airport being built in Panvel. The project is being executed by the Navi Mumbai International Airport Limited (NMIAL), an entity established by the City and Industrial Development Corporation (CIDCO) and the GVK Group. The airport is expected to be operational by 2024.
- Mumbai Trans-Harbour Link (MTHL): Also referred to as the Sewri-Nhava Sheva Trans Harbour Link, the Mumbai Trans-Harbour Link is an under-development freeway-grade bridge connecting Navi Mumbai and Mumbai. The project is expected to get completed by 2023.
- Navi Mumbai Coastal Road: CIDCO is developing the Navi Mumbai Coastal Road, which will connect Kharghar to Amra Marg in Panvel. The road will also provide access to the Navi Mumbai International Airport. Its forecasted completion date is November 2023.
- Mumbai-Navi Mumbai Water Taxi: This is a water-based transportation service between Belapur in Navi Mumbai and the domestic terminal at the Ferry Wharf in Mumbai. The project is in its final stages of completion. Once operational, it will improve connectivity between Navi Mumbai and South Mumbai.
- Nerul Jetty: This water transport service will also ease travel from Navi Mumbai to South Mumbai. The project is likely to get completed by the end of 2021. The Mumbai Maritime Board (MMB) will operate the service.
- Navi Mumbai Metro: A rapid transit rail system, the Navi Mumbai Metro has been envisioned to consist of three corridors covering a distance of approximately 106 km. Currently, development work is being carried out on Line 1, which is expected to be operational by December 2022. The 23.40 km-long Line 1 will consist of 20 stations from Khandeshwar to Belapur. Moreover, CIDCO plans to develop four elevated corridors under the Navi Mumbai Metro project. These will be connected to the international airport.
These transport infrastructure projects will decongest roads and shorten travel time, vastly streamlining internal commute in Navi Mumbai. For example, metro connectivity in Kharghar, an educational hub of Navi Mumbai, will exempt students from the daily stress of extended commute times. Additionally, the upcoming metro station in Central Business District Belapur (CBD Belapur) will further increase the demand for commercial spaces.
Future outlook for Navi Mumbai
Navi Mumbai is racing ahead of Mumbai in terms of sustainability and liveability. The rate of office space absorption has also grown five-fold in the last five years, with demand from domestic businesses and Multi-National Companies (MNCs) steadily rising.
A fine mixture of these aspects has led Navi Mumbai to step ahead towards achieving robust economic growth. Navi Mumbai is set to be India’s most liveable city and is sure to earn the tag of being the country’s top investment destination.