Read More About Navi Mumbai & it's Real Estate Property Market
Navi Mumbai is a planned township of Mumbai, on the west coast of Maharashtra.
It was conceived and developed in 1972, as a new urban township of Mumbai.
Leading architects and urban planner like, Charles Correa (Chief Architect), Shirish Patel, Pravina Mehta and R. K. Jha (Chief Planner) were involved in the planning and development of the new city.
The decision to build a new city on the mainland across the harbour was taken specifically to decongest Mumbai.
It was also earmarked as an alternate haven for the multitudes that thronged to Mumbai from all over India.
The City and Industrial Development Corporation (CIDCO), was formed on 17 March 1971, under the Indian Companies Act, 1956.
CIDCO was the only authority that looked after the development and maintenance of the city.
CIDCO carved out 14 nodes small townships with a view towards facilitating comprehensive development.
These nodes included Airoli, Ghansoli, Koparkhairane, Vashi, Sanpada, Nerul, CBD Belapur, Kharghar, Kamothe, New Panvel, Kalamboli, Ulwe, Dronagiri and Taloja.
CIDCO planned and constructed all the railway stations in Navi Mumbai and developed nearby areas commercially.
Initially only Vashi, Nerul and CBD Belapur were developed by CIDCO with housing, schools and community centre roads.
In 1973, the Vashi Bridge was opened to the residents of Vashi, CBD Belapur and Nerul.
The Sion-Panvel Expressway was built to reduce the time taken to travel from Sion to Panvel.
Major changes took place only after 1990, with the commissioning of a wholesale agricultural produce market at Vashi and the construction of a commuter railway line from Mankhurd to Vashi in May 1992.
These subsequent developments caused a sudden growth in the economic activities and population in Navi Mumbai.
On 17 December 1991, Navi Mumbai Municipal Corporation (NMMC), was constituted by the state government for maintaining some of the developed nodes of Navi Mumbai.
Pandavkada Falls: This waterfall is about 107 m high and the force of water coming down appears to pierce the rock on which it is falling. This place derives its name from the Pandavas who took a bath from this waterfall during their exile. The best suggested time to visit these falls is from June to September.
Central Park: The perfect place to relax, jog or take a walk to enjoy the beauty of the botanical gardens spread across 80 hectares rich in various kinds of flora and fauna.
Nerul: Popularly referred to as the ‘Queen' of Navi Mumbai’, Nerul is famous for its hillocks. For the foodies, this place has several cafes, restaurants, ice cream parlors, pizza shops and cake shops. One of the biggest and most densely populated nodes of Navi Mumbai.
Belapur Fort: Located near Belapur, this ancient fort was built by the Siddis of Janjira, before being captured by the Portugese and then the Marathas. In the early 19th century the fort was captured by the British.
Utsav Chowk: Located at Kharghar, this picturesque chowk is built in the Greek-Roman style and also features a gargantuan fountain. It’s a popular spot among residents here for an evening stroll.
Balaji Temple: This temple sits atop a hillock near the west side of Nerul’s railway station. The main deity is Balaji, in addition Ganapati, Hanuman (in sitting posture), Narasimha and Padbavathy Thayar. The temple also features a Rajagopuram which is approximately 60 feet tall.
Navi Mumbai is spread over 344 sq. km. land, which includes a 150 km- creek line.
It includes 14 well-planned nodes, namely Airoli, Ghansoli, Koparkhairane, Vashi, Sanpada, Nerul, CBD Belapur, Kharghar, Kamothe, Kalamboli, New Panvel, Ulwe, Dronagiri and Pushpak strung along mass transport corridors.
Forty-five percent of the land at Navi Mumbai is reserved for green zones and open-to-sky activities.
The planned city is well-equipped with world-class infrastructure and excellent healthcare facilities in every node.
It’s the only Indian city to feature commercial complexes built over railway stations like Vashi and CBD Belapur.
The city boasts of quality housing options and many world-class educational institutions catering to every section of society.
It is a favoured destination among buyers and investors looking for cheaper real estate options vis-à-vis the more expensive Mumbai.
Navi Mumbai offers direct access to most parts of the country via a well-developed road and rail network.
The city also features many reputed Central Business Districts (CBDs) in the heart of the city and the Jawaharlal Nehru Port – one of India’s most modern seaports.
Asia’s biggest wholesale fruits and vegetables market – the APMC – is also located here.
Proposed developments here include a new international airport at Panvel and a Special Economic Zone (SEZ).
JOBS & EMPLOYMENT OPPORTUNITIES:
With its well-planned infrastructure and state-of-the-art facilities, Navi Mumbai has acquired the reputation of being the nerve centre of IT & ITES activities in the state.
Some of the major IT companies with a strong presence in Navi Mumbai include: Wipro Ltd, CMC, Tata Consultancy Services (TCS), Aptech, TrackMail, ICICI InfoTech and PCS.
The Vashi and Belapur railway station complexes also house many global IT companies.
The Reliance group of industries also has a major presence here (Dhirubhai Ambani Knowledge Center) in Koparkhairane and Mahape.
As per industry figures, around 500 new & startups companies are registered in and around the Navi Mumbai region every month.
Leading banks such as the State Bank of India, Union Bank, Saraswat Bank, Bank of Baroda, Bank of Maharashtra, Bank of Hyderabad, Citibank India, ICICI Bank, and HDFC Bank have their branches here.
Major commodity markets have begun moving from the heart of Mumbai city to Navi Mumbai.
TRANSPORT & CONNECTIVITY:
Within each node, the auto rickshaw is the preferred mode of transportation.
Taxis operating from designated taxi stands provide the means to travel further to destinations.
The Mumbai suburban railway network covers most of the populated region of the city.
The most important suburban stations are Vashi, Nerul, Belapur and Panvel.
Panvel is the only mainline station and also the busiest railway station of Navi Mumbai.
Brihanmumbai Electric Supply and Transport (BEST) and Navi Mumbai Municipal Transport (NMMT) buses travels all over Mumbai, Navi Mumbai, Thane, Kalyan-Dombivli-Badlapur, Panvel-Khopoli, Uran and Bhayandar.
NMMT AC Volvo and BEST AC King Long buses are available from Mumbai to Navi Mumbai and vice versa.
The six-lane, 10-km long Palm Beach Road connects Vashi to CBD Belapur running parallel to the creek.
Jawaharlal Nehru port at Nhava Sheva near Uran, handles approximately 65 percent of India's container traffic.
Navi Mumbai is located just 30 km away from Mumbai’s Chatrapati Shivaji International Airport.
The city is all set to get some new landmarks that will take it further on the path of progress.
The proposed Navi Mumbai International Airport, near Panvel is going to be largest green field Airport in India, capable of catering to 60 MPPA.
The much awaited state-of-the-art headquarters of the NMMC in a ground plus five, domed, gold-rated Green building of NMMC is nearing completion.
The first phase of the 80-hectare Central Park at Kharghar is also scheduled for completion ending the long wait for an open space among Navi Mumbai residents.
The Central Park will be a modern park synthesizing the concepts of the famous Hyde Park of London and the Central Park of New York.
As per CIDCO it is going to be largest park in Asia and the third largest park in world.
The city’s lifeline Morbe dam, owned by the Navi Mumbai Municipal Corporation (NMMC) will help in ensuring that the entire city of Navi Mumbai will get 24 hours water from the near future.
CIDCO has developed a signature golf course of international standards in Kharghar. Located in Sector 22, the golfing greens are spread over an area of approx 103 hectares.
Conceptualized as an 18-hole golf course the project includes a Club house, 5 star hotel, golf academy and high class residential developments along the peripheral area.
A new internal MIDC road, running parallel to the Thane-Belapur road, is on the anvil to accommodate the heavy traffic originating from the Thane-Belapur industrial zone.
A six-lane bridge has been proposed between Vikhroli and Koparkhairane for better connectivity to Mumbai.
It will start where the Jogeshwari-Vikhroli Link Road meets Eastern Express Highway and culminate near Koparkhairane on the Palm Beach Road.
The planned Navi Mumbai Metro will feature a line between Belapur and Taloja in the first phase at an estimated cost of INR 2,000cr.
The Navi Mumbai SEZ (NMSEZ) a joint venture between the Mukesh Ambani led Reliance group and CIDCO will be developed as a futuristic business hub and global gateway for trade, commerce, industry, service activities and tourism to India.
The SEZ is expected to have non-polluting industries and IT units, Pharma, Gems and Jewellery, Apparels, Auto Components, Financial services, Trade and Logistic among others.
In view of the perceived increase in traffic on Palm Beach road due to the upcoming international airport, the NMMC has proposed an elevated road project on the existing road.
Five flyovers have also been planned as part of the elevated road project. They will be at Uran junction, NRI – Seawoods Junction, Sarsole in Nerul, Moraj junction at Sanpada and between Mahatma Phule hall and Kopri junction in Vashi.
The NMMC has also proposed an elevated coastal road from Vashi to Digha to ease the commuting woes of people coming from Mumbai via Vashi and travelling to Koparkhairane or Airoli.
The road will ensure that motorists do not have to face the traffic snarls of city road and will be able to drive straight to their destination nodes.
Four lanes have been planned in the first phase of the project with a provision for 4 more in the future based on the traffic demands.
OTHER INFRA HIGHLIGHTS:
The Vashi Bridge is being expanded to 12 lanes by adding another six as part of the Sion-Panvel highway expansion project, for which developers have been selected.
There is also plan for a 22-km, INR 7,000-crore Nhava-Sewri sea link.
The Mumbai Trans-Harbour Link, connecting Sewri in Mumbai to Nhava in Navi Mumbai has once again been taken up by the state government.
It is working on finalising a financial restructuring of the sea bridge. It could also include a Metro.
Nerul node of Navi Mumbai is expected to get a state-of-the-art heliport. The project has already got the sanction from the Union Ministry of Defence.
The project, slated for Nerul’s Sector 30 is expected to cost an estimated INR 23cr.
Matheran, which is 20 kms from the proposed International airport, is likely to host an international casino.
REALTY MARKET OVERVIEW:
With some of the older nodes of Navi Mumbai now getting crowded, new residential development has moved towards upcoming locations at New Panvel, Kamothe, Kalamboli, Ulwe, Uran and Khandeshwar.
The increasing demand for quality homes has triggered a steady price rise in most of these locations, with the planned infrastructure development in the city also acting as a catalyst.
Further, due to the successful execution of infrastructure projects, prospective buyers now are more confident about the timely execution of upcoming mega infra projects such as the Navi Mumbai International Airport, Metro, and the Mumbai Trans Harbour Link among others.
Several large and small developers have since purchased land parcels within the catchment area of these infrastructure projects.
To cite an example, residential rates in Ulwe, located close to the proposed international airport have seen a CAGR growth rate of around 20 per cent between 2010 and early 2014.
Similarly, the region where the proposed Metro phase 1 route between Belapur to Pendhar and the Phase 2 route which extends till Khandeshwar has also witnessed several residential projects.
Some of the major developers in the Navi Mumbai region include Marathon group, Haware group, Kalpataru group, Indiabulls, Hiranandani group, Karnala Infra and Arihant Universal.
Residential prices in nodes like Panvel, Uran, Taloje, Kamothe region ranges between approx INR 4,000-6,500 psf.
The residential prices in these locations have seen a compounded average growth rate of around 12 per cent from 2010-2013.
With the inclusion of 270 villages within the Navi Mumbai Airport Influence Area (NAINA) capital values here are also set to witness a significant increase over the next 3-5 years.
Some of the other upcoming residential locations such as, Kalamboli, Taloja, Navade, Nilaje, Vasai-Panvel belt have also witnessed significant residential developments in recent times.