Navi Mumbai Metro’s Line 1, which started operations on November 17, is among the five projects that are expected to boost the real estate market in the satellite city of India's financial capital.
1. Navi Mumbai Metro
Line 1 of the Navi Mumbai Metro, between Belapur and Pendhar, started operations on November 17.
This will boost the real estate micro-markets of Kharghar, Belapur and Taloja along the 11 km route, developers and experts said. The metro line in Navi Mumbai, a satellite town of Mumbai, was planned in 2010 and construction started in 2011.
The Commissioner of Metro Rail Safety granted the safety certificate in June 2023 for the commencement of commercial operations between Central Park and Belapur station on line 1 of the project constructed by City and Industrial Development Corporation of Maharashtra (CIDCO).
According to CIDCO officials, line 1 was built at a cost of about Rs 3,000 crore and there are 11 stations on the route.
The metro’s biggest impact will be in two micro-markets – Pendhar and Taloja – pushing up prices of apartments by 5 to 15 percent, according to local brokers.
The per square foot rate in Taloja on an average is in the range of Rs 6,000 to Rs 7,000, and the price may increase by 5-8 percent due to the metro connectivity. The monthly rent for one- and two-bedroom apartments in this area ranges from Rs 10,000 to Rs 20,000, local brokers added.
"Whenever there is a boost in connectivity in some city or macro-market, places with inconvenient travel or connectivity gain more than, say, high-end locations. In this case (Navi Mumbai Metro), it can be the micro-markets of Pendhar and Taloja that might gain more over Kharghar and Belapur as Kharghar and Belapur are already well-connected," Pankaj Kapoor, managing director of Liases Foras, a real estate research firm, told Moneycontrol in June.
Kapoor estimated the price appreciation in residential markets in Navi Mumbai including the Mumbai Metropolitan Region to be 7 percent to 14 percent, with certain exceptions.
2. Mumbai Trans Harbour Link (MTHL)
The Mumbai Metropolitan Region Development Authority (MMRDA) is constructing the 22-km Mumbai Trans Harbour Link (MTHL), which will connect Mumbai and Navi Mumbai. It is expected to open for motorists on December 25.
With this connectivity, real estate prices in Ulwe, a hotspot micro-market in Navi Mumbai, are expected to rise further. Ulwe was formed by the merger of villages of the Koli community, which are involved in farming and fishing, given its proximity to the sea. From a real estate perspective, it is a mixed market of end-users and investors.
According to experts, residential prices in Ulwe have doubled over a decade. A two-bedroom apartment in Ulwe is being sold for as much as Rs 1 crore. Rents for one- and two-bedroom apartments are between Rs 7,000 and Rs 20,000, depending on the area and the building.
3. Navi Mumbai International Airport
Navi Mumbai International Airport was planned in the 1970s and is being pushed aggressively to decongest Mumbai International Airport. Work on Navi Mumbai Airport is ongoing and it is expected to become operational in 2025.
The new airport is expected to be a game-changer for the satellite city. It is expected to bring Navi Mumbai to the international stage and boost economic activities, which in turn will lift the local real estate market.
Prices in areas near the upcoming airport range from Rs 5,000 to Rs 15,000 per square foot. Rents for one- and two-bedroom apartments are between Rs 10,000 and Rs 20,000.
4. Seawoods-Uran Railway line
The railway line between Belapur and Uran, planned about two decades ago, is expected to improve connectivity in Navi Mumbai on the lines of the Navi Mumbai Metro. Presently, the Seawoods-Kharkopar line is operational and the line from Kharkopar to Uran is expected to open for commuters in the coming days.
Uran is a key micro-market and provides easier connectivity with the upcoming Navi Mumbai International Airport and Jawaharlal Nehru Port, India's largest.
"The penetration in the real estate market due to Navi Mumbai airport is already seen, but MTHL and Seawoods-Uran railway line are also going to be a big game-changer for real estate prices in Navi Mumbai," said Raajesh Prajapati, founder-president of the Raigad chapter of the Maharashtra Chamber of Housing Industry-Confederation of Real Estate Developers' Associations of India.
In Uran currently, the rate is anywhere between Rs 5,000 and Rs 10,000 per square foot, depending on the locality and the building. Rents for one- and two-bedroom apartments range from Rs 5,000 to Rs 12,000, according to brokers.
5: Virar-Alibaug Multi-Modal Corridor
The much-awaited 126-km Virar to Alibaug multi-modal corridor is an 8-14 lane expressway connecting Raigad, Thane, and Palghar districts.
The first phase between Virar and Chirner near Uran is due to open in three to four years, according to state government officials. This is expected to drive the real estate boom around Navi Mumbai airport.
At Chirner, there aren’t any buildings yet, but people are buying plots to build houses. Plots in Chirner cost Rs 500 to Rs 1,000 per square foot, depending on the locality, according to local brokers.