Developers excited as Navi Mumbai infrastructure nears completion
29 Jun 2023
2 Min Read
CW Team
The completion and
upcoming operation of infrastructure projects like the Navi Mumbai metro, MTHL
(Mumbai Trans Harbour Link), and Belapur-Uran suburban train network have
sparked interest among developers in Navi Mumbai. The developers' body believes
that investors will benefit from good returns on investment along the 11 km
stretch of Navi Mumbai, which is now ready and set to be operational soon.
The recent receipt
of a safety certificate for Line 1 of the Navi Mumbai metro by CIDCO (City and
Industrial Development Corporation) from CMRS (Commissioner of Metro Rail
Safety) is significant. This certification means that Taloja, which was
previously only accessible by private vehicles or a limited number of buses
from NMMT (Navi Mumbai Municipal Transport), will now be easily accessible for
citizens. This improved connectivity has led to a surge in housing projects in
the area, including thousands of homes being constructed by CIDCO under the
Prime Minister Awas Yojana.
While other parts of
Navi Mumbai experienced a significant rise in prices after the COVID-19
pandemic, Taloja remained relatively unaffected due to its lack of
connectivity. Areas like Kharghar, which have railway access and frequent NMMT
services, witnessed price increases. However, with the introduction of metro
services, the Pendhar-Taloja belt will now be better connected. Real estate
experts predict a major demand for affordable housing in the area, which could
lead to a price rise of up to 20%.
Currently,
one-bedroom flats in Taloja start at 鈧�20 lakh, and it is expected
that they may see an appreciation of Rs 1 to 2 lakh or a 5 to 10%
increase in the coming months.
Apart from
generating revenue from metro services, CIDCO is actively seeking new sources
of income. In 2021, the CIDCO board passed a resolution to amend the General
Development Control Regulation (GDCR) to support its infrastructure projects.
However, the approval of the state government is required for this amendment to
come into effect.
The completion and
upcoming operation of infrastructure projects like the Navi Mumbai metro, MTHL
(Mumbai Trans Harbour Link), and Belapur-Uran suburban train network have
sparked interest among developers in Navi Mumbai. The developers' body believes
that investors will benefit from good returns on investment along the 11 km
stretch of Navi Mumbai, which is now ready and set to be operational soon.
The recent receipt
of a safety certificate for Line 1 of the Navi Mumbai metro by CIDCO (City and
Industrial Development Corporation) from CMRS (Commissioner of Metro Rail
Safety) is significant. This certification means that Taloja, which was
previously only accessible by private vehicles or a limited number of buses
from NMMT (Navi Mumbai Municipal Transport), will now be easily accessible for
citizens. This improved connectivity has led to a surge in housing projects in
the area, including thousands of homes being constructed by CIDCO under the
Prime Minister Awas Yojana.
While other parts of
Navi Mumbai experienced a significant rise in prices after the COVID-19
pandemic, Taloja remained relatively unaffected due to its lack of
connectivity. Areas like Kharghar, which have railway access and frequent NMMT
services, witnessed price increases. However, with the introduction of metro
services, the Pendhar-Taloja belt will now be better connected. Real estate
experts predict a major demand for affordable housing in the area, which could
lead to a price rise of up to 20%.
Currently,
one-bedroom flats in Taloja start at 鈧�20 lakh, and it is expected
that they may see an appreciation of Rs 1 to 2 lakh or a 5 to 10%
increase in the coming months.
Apart from
generating revenue from metro services, CIDCO is actively seeking new sources
of income. In 2021, the CIDCO board passed a resolution to amend the General
Development Control Regulation (GDCR) to support its infrastructure projects.
However, the approval of the state government is required for this amendment to
come into effect.
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