Navi Mumbai property Ulwe has been a trending topic recently. Over the last few years, the real estate market in Navi Mumbai and surrounding areas have shown impressive growth, largely because of the planned approach taken towards development. Now, with Navi Mumbai receiving final nod for the International Airport, its property market and that of the surrounding areas have been showing great potential. While property prices have increasingly become unaffordable in Mumbai, Navi Mumbai Property Ulwe still provides numerous options for residential housing within the budget of Rs. 30-50 lakh.
There are two new major economic drivers that are planned for Navi Mumbai and will change the face of this satellite city in the times to come – the proposed SEZs at Dronagiri, Ulwe and Kalamboli, and the upcoming international airport at Panvel. Both these factors are expected to generate a massive amount of employment, providing a further impetus to the demand for commercial and residential developments. Also, the government’s approval to the Mumbai Trans Harbour Link will prove to be a major game changer for the property market of Navi Mumbai, especially in Navi Mumbai Property Ulwe. This project will not only open up new corridors for development, but also provide a fillip to the property market of Navi Mumbai.
Things will only get better for the locals, as the clearance of the Rs 4,000-crore Sewri-Nhava Sheva project, a 22-km sea link connecting its neighbouring area to the mainland, has finally come through. The project reduces the current road travel time of two hours from the mainland to as little as 30 minutes.
While a sharp rise in real estate prices is expected in the future, land developers are witnessing a peculiar phenomenon. The entire Panvel, Nhava Sheva, Uran belt, up to Alibaug has already started recording a 15-20% hike in real estate prices, and some areas such as Navi Mumbai Property Ulwe and Dronagiri near the JNPT, have seen a 100% jump in prices over the past year.
While some of this activity could be attributed to the need for affordable space near Mumbai city, real estate developers say that news of the proposed sea link is a major factor in spurring investment in the area.
“The proposal for the sea link has created great buying interest in the Panvel, Nhava-Sheva, Uran belt up to Alibaug, which is now being referred to as the ‘Third Mumbai,'” says Navi Mumbai-based developers.
In their opinion, this is largely because areas such as Vashi in Navi Mumbai, have already started quoting anywhere between Rs 10,000-30,000 per sq mt.
“In such a situation, investors are turning their attention to areas such as Navi Mumbai Property Ulwe, Panvel, Nhava Sheva and Uran, which are affordable and will soon be easily accessible from the mainland, thanks to the Sewri-Nhava Sheva sea link,” they say. According to sources, a large amount of investment in Navi Mumbai Property Ulwe area is driven by local developers and politicians, who see ample opportunity in this ‘Third Mumbai’.
“The mood is quite upbeat, but there is also an element of fear,” feels Rajesh Prajapti, former president of the Navi Mumbai Builder’s Association. Over the past decade, Navi Mumbai has been at the receiving end of promises which haven’t come through for a very long time.
However, this hasn’t dampened buying interest in the area. Ulwe and Dronagiri, located near the JNPT, stand to gain a lot from the proposed sea link project. “So far, the only feasible mode of transport was through the ferry service.
With the sea link, it will be possible to reach these areas from Sewri in 15 minutes, as opposed to the present travel time of two hours. This factor has doubled real estate prices over the past year, which have spiralled from Rs 800 per sq mt to Rs 1,500 per sq mt,” he says.
While there is excitement surrounding this project and what it could do for Navi Mumbai Property Ulwe, locals would like the government to draw up a proper development plan in order to maximize its potential.
“The development of these areas surrounding Mumbai is a good idea, and it serves as a back-up for the city, which is bursting at the seams. However, the authorities also need to amend laws, such as the Urban Land Ceiling Act, which do not allow us to realise the full potential of land available to us,” says Nagraj Sheth, a local corporator from Uran.