With meticulous urban planning and improving connectivity, Kharghar and Panvel in Navi Mumbai are key residential addresses for the upwardly-mobile home-buyer. Read on to know how new infra links will further drive standard of living in these areas
According to a recent report by Colliers International India, Navi Mumbai is evolving as one of the key destinations for office occupiers. The demand for commercial spaces in these suburbs, which constituted six per cent of the total absorption recorded in the city was driven by varied sectors including pharma, manufacturing, B FS I, IT/ ITeS and flexible workspace operators. If Private Equity (PE) investments are anything to go by, Mumbai gained nearly Rs 23,400 crore or 40 per cent of the Rs 59,100 crore PE investments into office assets in India, reports Knight Frank India. And much of this steady growth in commercial occupancy has been channelled to Navi Mumbai owing to on-ground infra development. “The evolution of any urban conglomeration into a vibrant global city is a gradual process, and the recipe begins with planned development, added to infrastructure with an additional helping of enhanced connectivity. For Mumbai City, suburbs and the Mumbai Metropolitan Region (M M R), it has been a process where the new centre-point is evolving at Navi Mumbai,” says Dr Niranjan Hiranandani, president, NAREDCO.
Further explaining this correlation between residential and commercial realty, he says, “Located on the Mumbai-Pune IT corridor, Panvel is fast emerging as the favourable office relocation and consolidation location for many Indian industry leaders. It also offers residential options, which are ideal homes for those having an aspirational lifestyle.”
Strategically located at the tri-junction of Mumbai, Pune and Goa highways, Navi Mumbai is a growth story scripted by existing infrastructure and new projects (see box). Navi Mumbai will also gain as a result of Mumbai CST-Panvel fast local corridor while the Metro lines, which will connect the new airport with the existing CS M I Airport, and the Panvel-Karjat railway line opening for passenger traffic will create dynamic rail linkages with Pune.
The development of Raigad residential corridors is currently centred around Kharghar, Panvel, Taloja, Rasayani, Kalamboli, Dronagiri and Ulwe. Thus, Navi Mumbai is fast shedding its image as an industrial belt and the winners of this spurt in development are likely to be strategically located destinations such as Kharghar and Panvel.
Panvel: The average capital price (BUA)* is around Rs 6,200-Rs 6,800 per square foot.
Growth drivers
Planned Navi Mumbai International Airport boosting development;
Existing industrial belt, JNPT and its expansion plans will boost growth and provide employment opportunities;
Presence of L&T, ONGC and Reliance has boosted commercial growth.
INFRA PROJECTS TO WATCH OUT FOR:
Navi Mumbai International Airport (NMIA);
Navi Mumbai Airport Influence Notified Area (NAINA): A 5,604 sq km area of planned development surrounding NMIA;
Mumbai Trans Harbour Link (MTHL): Sea link freeway connecting Mumbai to Navi Mumbai;
Navi Mumbai Metro Rail Project.
Kharghar: The average capital price (BUA)* is around Rs 8,500-Rs 10,700 per square foot.
GROWTH DRIVERS
Presence of a huge land bank;
Under construction Navi Mumbai Metro Phase-I from Belapur to Taloja;
Proposed 120-hectare corporate park at Kharghar by CIDCO, which is reportedly twice the overall size of BKC to boost commercial prospects.
Source: Anarock-CREDAI Report *Built up area
According to a recent report by Colliers International India, Navi Mumbai is evolving as one of the key destinations for office occupiers. The demand for commercial spaces in these suburbs, which constituted six per cent of the total absorption recorded in the city was driven by varied sectors including pharma, manufacturing, B FS I, IT/ ITeS and flexible workspace operators. If Private Equity (PE) investments are anything to go by, Mumbai gained nearly Rs 23,400 crore or 40 per cent of the Rs 59,100 crore PE investments into office assets in India, reports Knight Frank India. And much of this steady growth in commercial occupancy has been channelled to Navi Mumbai owing to on-ground infra development. “The evolution of any urban conglomeration into a vibrant global city is a gradual process, and the recipe begins with planned development, added to infrastructure with an additional helping of enhanced connectivity. For Mumbai City, suburbs and the Mumbai Metropolitan Region (M M R), it has been a process where the new centre-point is evolving at Navi Mumbai,” says Dr Niranjan Hiranandani, president, NAREDCO.
Further explaining this correlation between residential and commercial realty, he says, “Located on the Mumbai-Pune IT corridor, Panvel is fast emerging as the favourable office relocation and consolidation location for many Indian industry leaders. It also offers residential options, which are ideal homes for those having an aspirational lifestyle.”
Strategically located at the tri-junction of Mumbai, Pune and Goa highways, Navi Mumbai is a growth story scripted by existing infrastructure and new projects (see box). Navi Mumbai will also gain as a result of Mumbai CST-Panvel fast local corridor while the Metro lines, which will connect the new airport with the existing CS M I Airport, and the Panvel-Karjat railway line opening for passenger traffic will create dynamic rail linkages with Pune.
The development of Raigad residential corridors is currently centred around Kharghar, Panvel, Taloja, Rasayani, Kalamboli, Dronagiri and Ulwe. Thus, Navi Mumbai is fast shedding its image as an industrial belt and the winners of this spurt in development are likely to be strategically located destinations such as Kharghar and Panvel.
Panvel: The average capital price (BUA)* is around Rs 6,200-Rs 6,800 per square foot.
Growth drivers
Planned Navi Mumbai International Airport boosting development;
Existing industrial belt, JNPT and its expansion plans will boost growth and provide employment opportunities;
Presence of L&T, ONGC and Reliance has boosted commercial growth.
INFRA PROJECTS TO WATCH OUT FOR:
Navi Mumbai International Airport (NMIA);
Navi Mumbai Airport Influence Notified Area (NAINA): A 5,604 sq km area of planned development surrounding NMIA;
Mumbai Trans Harbour Link (MTHL): Sea link freeway connecting Mumbai to Navi Mumbai;
Navi Mumbai Metro Rail Project.
Kharghar: The average capital price (BUA)* is around Rs 8,500-Rs 10,700 per square foot.
GROWTH DRIVERS
Presence of a huge land bank;
Under construction Navi Mumbai Metro Phase-I from Belapur to Taloja;
Proposed 120-hectare corporate park at Kharghar by CIDCO, which is reportedly twice the overall size of BKC to boost commercial prospects.
Source: Anarock-CREDAI Report *Built up area
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