December 2009

Navi Mumbai is envisaged as a counter magnet to the present city of Mumbai . Both capital prices and rentals in the city are touching the sky, and business organizations are finding it increasingly difficult to cope up with the high property values. In view of its fast improving connectivity, Navi Mumbai is an excellent option. The leading builders in Navi Mumbai are Progressive Group, Haware Builders, Shah Group, Goodwill Developers, Armstrong Group and Bhumiraj. Raju Kanchwala, ED Armstrong Group comes up with six towers’ project Hexblox, each of 17 storeys; ED Armstrong Group believes that “Navi Mumbai has great potential and with the upcoming SEZs, airport and IT industry booming. The shifting of port traffic from Mumbai to Uran and JNPT has helped the export trade flourish. Some of the most in-demand residential areas in Navi Mumbai are Kharghar, Vashi, Sanpada Palm Beach Road, Nerul, Belapur, Vashi etc. Housing Development & Infrastructure Ltd (HDIL) has come up with 15 acres of property belonging to Eveready Industries Ltd situated at Navi Mumbai. Then again a NRIs-only mega-township of villas and row-houses is also coming up in Navi Mumbai, promoted by Sternon Group, the Dubai-based real estate developers. There is a plan for a residential project in Kharghar, Hexblox, keeping in mind the positive future of NaviMumbai. Of late, a slew of IT and ITeS companies has established substantial facilities in Navi Mumbai. They have been encouraged by the promise of world-class infrastructure with several ambitious projects in the offing. The biggest of them is perhaps an International Airport, which is likely to place Navi Mumbai in the radar of international companies and real estate investors. The road connectivity is also not lagging behind. Construction of a transharbour link between Colaba- Uran-Sewri-Nhava is on at war footing, while a road bridge between Mulaund and Airoli is expected to set property prices on fire. Meanwhile, Navi Mumbai real estate is enjoying a bullish outlook among real estate developers and business houses. The Hirco PLC (AIM: HRCO), a real estate investment company , has announced an investment of £128.4 million in a Commercial Township Development project located in Panvel. Ishaan Real Estate plans an IT SEZ (Special Economic Zone) in Navi Mumbai. Millenium Business Park, the largest and latest Software Park of India is situated at Mahape, near Kopar Khairane while the International Infotech Park at Vashi and International Technology Centre at CBD Belapur are also worth mentioning. The Reliance Group too has announced a 4,000 hectare Special Economic Zone (SEZ) in the region and about 7-lakh square feet of commercial space will be added to Navi Mumbai properties by the end of 2007. “The kind and size of infrastructure projects that are under development in Navi Mumbai has potential to generate massive demand for commercial real estate in Navi Mumbai,” says a property agent dealing in Navi Mumbai properties .