Mumbai has been facing a dearth of land parcels for quite some time driving opportunists to explore other avenues. What can the developer community do in association with robust Government initiatives to counter this issue?
There has always been a need for the Maharashtra government and real estate developers to create quality offerings at economical rates and give rise to corridors where residential, commercial and retail activities would thrive in Mumbai. It needed a combination of factors that encourage any city's progress with robust infrastructure, good connectivity, skilled workforce, modern living, and workspaces.
The government lent adequate support with infrastructure development projects in MMR to improve connectivity and reduce travel time. Connectivity to satellite towns such as Thane, Kalyan-Dombivli, Navi Mumbai, Vasai-Virar, Mira-Bhayander, Bhiwandi-Nizampur and Ulhasnagar, among others is driving buyers to consider properties in such micro-markets with upcoming or already built basic amenities including hospitals, schools, retail, among other developments.
Among many such satellite towns, one that is popular and most preferred is Navi Mumbai. The population density is one of the lowest in the Mumbai Metropolitan Region (MMR), which has ensured that the quality of life one needs is not compromised. With its high social and civic indicators, sufficient human capital, easy availability of land, and growing infrastructure, Navi Mumbai is already an attractive proposition. The future infrastructure developments planned and built only make it irresistible.
With several industries like IT/ITES, banking and corporate offices moving into the area, Navi Mumbai is emerging as the most sought-after destination for developers. Apart from the improved rail and road connectivity, the upcoming Navi Mumbai International airport would increase the demand further for office spaces to take the burden off India's financial capital. Multinational companies (MNCs) have started accepting Navi Mumbai as a viable location over the last few years. Even Sweden's furniture company IKEA has opened its second store in India, at Turbhe in Navi Mumbai.
With the development in many micro-markets in Navi Mumbai, residential clusters are coming up around Seawoods, Kharghar, Rohinjan, Taloja and Panvel. These locations are emerging and increasingly becoming popular. Homebuyers looking to upgrade, invest or relocate due to space-crunch in other Mumbai locations believe these markets are among the most viable options. Navi Mumbai offers a cosmopolitan lifestyle and low population density and is home to renowned academic institutions and world-class healthcare institutions.
Navi Mumbai now has a new public road to enable smooth & convenient traffic flow in areas within the Panvel Municipal Corporation, helping the residential cluster at Rohinjan. Bound by easy accessibility through highways makes Navi Mumbai well connected through various transport modes to all parts of the city. Even the large IT hub located in Airoli-Mahape is merely 20 minutes away from this cluster. The government is building transport infrastructure projects to improve connectivity and to help in a drastic reduction in travel time. The upcoming and proposed infrastructure projects like Mumbai Trans-Harbour Link (MTHL), Navi Mumbai Corporate Park in Kharghar, Navi Mumbai Metro, Mumbai-Pune Hyperloop, Parsik Tunnel, Coastal Road, Virar-Alibaug Multimodal Corridor, and Navi Mumbai Marina project predicts a steady and phenomenal appreciation and growth for the region.
Various medium to small-scale industries have set up their base in and around Navi Mumbai; there has been an increase in demand for housing due to its proximity to CBD Belapur, Sion-Panvel Highway, and Taloja MIDC. Navi Mumbai is notably attracting and assuring consumers on the superior quality of life. Lush green landscapes, wider roads, tranquil atmosphere, and minimal pollution give a feeling of holidaying at a hill station. The global pandemic and work-from-home culture had a definite impact on buyers' mind-set to relocate to an area with properties offering bigger & spacious configurations, allowing them to have a separate workspace.
With developers willing to avoid short-term benefits and commit to partners in developing these emerging markets, residential cluster in Navi Mumbai will continue to contribute higher value for money because of the extent of the large space it offers.