WITH RISING PRICES IN THE BANDRA-KURLA COMPLEX, WHICH IS ALSO FACING CONGESTION, THE THANE-BELAPUR BELT AND NAVI MUMBAI COULD GROW INTO COMMERCIAL CENTRES, AND THUS SEE A RISE IN HOUSING DEMAND. SEVERAL CIDCO PROJECTS IN AIROLI AND CBD BELAPUR HAVE GIVEN
WITH RISING PRICES IN THE BANDRA-KURLA COMPLEX, WHICH IS ALSO FACING CONGESTION, THE THANE-BELAPUR BELT AND NAVI MUMBAI COULD GROW INTO COMMERCIAL CENTRES, AND THUS SEE A RISE IN HOUSING DEMAND. SEVERAL CIDCO PROJECTS IN AIROLI AND CBD BELAPUR HAVE GIVEN
WITH RISING PRICES IN THE BANDRA-KURLA COMPLEX, WHICH IS ALSO FACING CONGESTION, THE THANE-BELAPUR BELT AND NAVI MUMBAI COULD GROW INTO COMMERCIAL CENTRES, AND THUS SEE A RISE IN HOUSING DEMAND. SEVERAL CIDCO PROJECTS IN AIROLI AND CBD BELAPUR HAVE GIVEN
Ghodbunder Road, located strategically, is peppered with new projects. Prices in New Panvel rose by 5% between April and June.
The decision has paid off. “In seven years, the look and feel of Majiwada has changed drastically. The infrastructure has steadily improved, with roads widened and new service roads coming up. It now looks like a well-developed city,” says Kainaz Hateria, general manager, Rustomjee group.“The demand for residential projects in the ThaneBelapur belt is evoked by commercial activities in the region, and will make it a hub of development for the next 10 years,” adds Hateria.
New policies, infrastructure and congestion in Mumbai city are leading to micromarkets developing on the outskirts. While the general Thane market has been active for a while, a rise in commercial centres and the possibility of IT townships have activated smaller micro-markets in the Thane-Belapur region that were earlier not considered safe investments, including Majiwada and Ambernath.
On July 1, the Navi Mumbai airport got its final set of clearances from CIDCO and the forest ministry. This, say experts, will add impetus to those sitting on the fence, especially in micro-markets in close proximity to the airport, such as Dronagiri, New Panvel, Palm Beach Road and Kopar Khairane.
The announcement of the Navi Mumbai International Airport in 2007 had been the basis for massive price rises in locations such as Ulwe, Kamothe, Kharghar etc. Ramesh Nair, chief operating officer of real-estate research firm, JLL India, adds that prices in Ulwe fell by 10% to 20% when it became clear that the airport was stuck. “However, the trend is already changing, and prices in the adjoining areas have increased by 5% to 10% in the first half of 2015.”
Nair adds that the currently static real-estate markets around the airport will now see a pick-up in sales. “Inventory overhang will start to clear off and investors will start selling stock to unlock their blocked capital. In the mid-to-long term, there will definitely be price rise in these areas, especially after the pent-up inventory is sold,” says Nair.
“Navi Mumbai, with low prices 20 years ago, and less traffic and pollution, led us to invest there,” says MD of Prajapati Developers, Rajesh Prajapati. “With improving infrastructure, rates in areas such as Nerul have jumped to Rs 12,000 to Rs 14,000 per sq ft, higher than that of Kandivli, Malad and a few areas within Andheri.”
Soaring prices
According to data released by real-estate portal Magicbricks. com, in the April-June 2015 quarter, areas in Navi Mumbai have recorded a sharp increase in sale prices, compared to the previous quarter. While Belapur registered an 8% increase, Dronagiri’s prices increased by 5%. Prices in New Panvel rose by 5%, and Khopoli recorded a 6% increase. Of the 29 different areas that make up Navi Mumbai, only two areas recorded a dip in sale prices, shows the report.
In Thane, Ambernath showed the highest increase of 10% as compared to the last quarter, whereas Kalyan and Teen Hath Naka recorded a 9% increase. Prices in Dombivli West increased by 6% whereas Majiwada recorded a 4% rise.
On June 16, the state government announced a new policy to incentivise integrated IT townships with a walk-to-work concept. Among the perks were a higher permissible floor space index of 2.5 from the earlier 2 in the Mumbai Metropolitan Region and Pune and 200% additional FSI over the base for IT parks.
“The concept will enable development in a multitude of locations and lead to an increased supply in peripheral locations around Mumbai, thereby easing the pressure on congested areas in the city,” says Sanjay Dutt, executive director of real-estate consultancy Cushman and Wakefield India.
“New start-ups will be driven to the Thane-Belapur belt, as this is where the townships are expected to be,” adds Hateria of Rustomjee.
The price also may play a key role for investors of these projects. “IT and ITES have much lower rentals, therefore the Thane-Belapur belt and Navi Mumbai will benefit more than congested Mumbai,” says Samantak Das, chief economist and director of research of real-estate consultancy Knight Frank India.
Area wise
Ghodbunder Road and Majiwada form the prime locations in Thane for projects, says Hateria. Regions like Belapur Road up to Juinagar and Ambernath have also attracted big investments. Dronagiri, Ulwe and outskirts of Uran have also seen increasing interest, say developers.
They add that Ghodbunder Road, a major road leading out of Thane city and connecting to the Eastern Express Highway, is thriving with new projects. Majiwada, surrounded by three major roads — the Thane-Bhiwandi Road, Ghodbunder Road and the Eastern Express Highway — is also a popular micro-market, thanks to its accessibility.
“Navi Mumbai investors are likely to re-invest here, as there is more space available than in Mumbai,” says Prajapti. Therefore, the city’s outskirts such as Dronagiri, Ulwe and areas beyond Ulwe benefit, he adds.
“Growth depends on employment generation, which has been phenomenal in the Thane-Belapur belt and in Navi Mumbai,” says Mayur Shah, governing council board member of the apex developer’s body, CREDAI and managing director of construction company, Marathon Realty. “The rise in new offices and steady growth of infrastructure are some reasons for this area to thrive,” he says.
The Magicbricks.com data also shows that rentals in Belapur increased by 14% in the commercial space, proving that the area has seen increased commercial activity recently.
“Investors are very cost conscious. The IT sectors, especially startups, are mostly expected to get good investment in the ThaneBelapur belt, due to lower rentals and more available space,” says Hateria.
The thumb rule allows 10 sq ft of residential space for every 1 sq ft of commercial space. “This will always give rise to townships and small markets, also a major reason for the area to grow,” says Shah.
Road map
Infrastructure has also played a major role. “Thane is well connected to Mumbai via the Eastern Express Highway. Since Bandra-Kurla Complex is now clogged, this has compelled financial companies to move to Thane,” says Divya Seth, general manager of real-estate research firm Colliers International.
Also, the price of labour in these regions is cheaper as compared to Mumbai.
“While the region has seen rising prices with time and steady infrastructure growth, it is still afforable for a lot of investors,” adds Seth.
Navi Mumbai forms the focal point between Mumbai and Pune. “The 22-km long Mumbai trans-harbor link will enhance Navi Mumbai’s connectivity to the main city, and is expected to come up by the time the Navi Mumbai airport is ready,” says Ramesh Nair, chief operating officer of real-estate research firm, JLL India.
He adds that unlike Mumbai, which is surrounded by the sea on three sides, Navi Mumbai can grow in the directions of Pune as well as Uran and beyond.
Additionally, it has a fully-functional port at Nhava Sheva. With the new airport in the offing, the satellite city’s infrastructure will get a major boost. The Maharashtra government has already planned for growth nodes around the airport and announced the smart city
Ghodbunder Road, located strategically, is peppered with new projects. Prices in New Panvel rose by 5% between April and June.
The decision has paid off. “In seven years, the look and feel of Majiwada has changed drastically. The infrastructure has steadily improved, with roads widened and new service roads coming up. It now looks like a well-developed city,” says Kainaz Hateria, general manager, Rustomjee group.“The demand for residential projects in the ThaneBelapur belt is evoked by commercial activities in the region, and will make it a hub of development for the next 10 years,” adds Hateria.
New policies, infrastructure and congestion in Mumbai city are leading to micromarkets developing on the outskirts. While the general Thane market has been active for a while, a rise in commercial centres and the possibility of IT townships have activated smaller micro-markets in the Thane-Belapur region that were earlier not considered safe investments, including Majiwada and Ambernath.
On July 1, the Navi Mumbai airport got its final set of clearances from CIDCO and the forest ministry. This, say experts, will add impetus to those sitting on the fence, especially in micro-markets in close proximity to the airport, such as Dronagiri, New Panvel, Palm Beach Road and Kopar Khairane.
The announcement of the Navi Mumbai International Airport in 2007 had been the basis for massive price rises in locations such as Ulwe, Kamothe, Kharghar etc. Ramesh Nair, chief operating officer of real-estate research firm, JLL India, adds that prices in Ulwe fell by 10% to 20% when it became clear that the airport was stuck. “However, the trend is already changing, and prices in the adjoining areas have increased by 5% to 10% in the first half of 2015.”
Nair adds that the currently static real-estate markets around the airport will now see a pick-up in sales. “Inventory overhang will start to clear off and investors will start selling stock to unlock their blocked capital. In the mid-to-long term, there will definitely be price rise in these areas, especially after the pent-up inventory is sold,” says Nair.
“Navi Mumbai, with low prices 20 years ago, and less traffic and pollution, led us to invest there,” says MD of Prajapati Developers, Rajesh Prajapati. “With improving infrastructure, rates in areas such as Nerul have jumped to Rs 12,000 to Rs 14,000 per sq ft, higher than that of Kandivli, Malad and a few areas within Andheri.”
Soaring prices
According to data released by real-estate portal Magicbricks. com, in the April-June 2015 quarter, areas in Navi Mumbai have recorded a sharp increase in sale prices, compared to the previous quarter. While Belapur registered an 8% increase, Dronagiri’s prices increased by 5%. Prices in New Panvel rose by 5%, and Khopoli recorded a 6% increase. Of the 29 different areas that make up Navi Mumbai, only two areas recorded a dip in sale prices, shows the report.
In Thane, Ambernath showed the highest increase of 10% as compared to the last quarter, whereas Kalyan and Teen Hath Naka recorded a 9% increase. Prices in Dombivli West increased by 6% whereas Majiwada recorded a 4% rise.
On June 16, the state government announced a new policy to incentivise integrated IT townships with a walk-to-work concept. Among the perks were a higher permissible floor space index of 2.5 from the earlier 2 in the Mumbai Metropolitan Region and Pune and 200% additional FSI over the base for IT parks.
“The concept will enable development in a multitude of locations and lead to an increased supply in peripheral locations around Mumbai, thereby easing the pressure on congested areas in the city,” says Sanjay Dutt, executive director of real-estate consultancy Cushman and Wakefield India.
“New start-ups will be driven to the Thane-Belapur belt, as this is where the townships are expected to be,” adds Hateria of Rustomjee.
The price also may play a key role for investors of these projects. “IT and ITES have much lower rentals, therefore the Thane-Belapur belt and Navi Mumbai will benefit more than congested Mumbai,” says Samantak Das, chief economist and director of research of real-estate consultancy Knight Frank India.
Area wise
Ghodbunder Road and Majiwada form the prime locations in Thane for projects, says Hateria. Regions like Belapur Road up to Juinagar and Ambernath have also attracted big investments. Dronagiri, Ulwe and outskirts of Uran have also seen increasing interest, say developers.
They add that Ghodbunder Road, a major road leading out of Thane city and connecting to the Eastern Express Highway, is thriving with new projects. Majiwada, surrounded by three major roads — the Thane-Bhiwandi Road, Ghodbunder Road and the Eastern Express Highway — is also a popular micro-market, thanks to its accessibility.
“Navi Mumbai investors are likely to re-invest here, as there is more space available than in Mumbai,” says Prajapti. Therefore, the city’s outskirts such as Dronagiri, Ulwe and areas beyond Ulwe benefit, he adds.
“Growth depends on employment generation, which has been phenomenal in the Thane-Belapur belt and in Navi Mumbai,” says Mayur Shah, governing council board member of the apex developer’s body, CREDAI and managing director of construction company, Marathon Realty. “The rise in new offices and steady growth of infrastructure are some reasons for this area to thrive,” he says.
The Magicbricks.com data also shows that rentals in Belapur increased by 14% in the commercial space, proving that the area has seen increased commercial activity recently.
“Investors are very cost conscious. The IT sectors, especially startups, are mostly expected to get good investment in the ThaneBelapur belt, due to lower rentals and more available space,” says Hateria.
The thumb rule allows 10 sq ft of residential space for every 1 sq ft of commercial space. “This will always give rise to townships and small markets, also a major reason for the area to grow,” says Shah.
Road map
Infrastructure has also played a major role. “Thane is well connected to Mumbai via the Eastern Express Highway. Since Bandra-Kurla Complex is now clogged, this has compelled financial companies to move to Thane,” says Divya Seth, general manager of real-estate research firm Colliers International.
Also, the price of labour in these regions is cheaper as compared to Mumbai.
“While the region has seen rising prices with time and steady infrastructure growth, it is still afforable for a lot of investors,” adds Seth.
Navi Mumbai forms the focal point between Mumbai and Pune. “The 22-km long Mumbai trans-harbor link will enhance Navi Mumbai’s connectivity to the main city, and is expected to come up by the time the Navi Mumbai airport is ready,” says Ramesh Nair, chief operating officer of real-estate research firm, JLL India.
He adds that unlike Mumbai, which is surrounded by the sea on three sides, Navi Mumbai can grow in the directions of Pune as well as Uran and beyond.
Additionally, it has a fully-functional port at Nhava Sheva. With the new airport in the offing, the satellite city’s infrastructure will get a major boost. The Maharashtra government has already planned for growth nodes around the airport and announced the smart city
In Mumbai there are few areas where you can buy o rent property in affordable price with multiple options such as; 1 BHK, 2 BHK, 3 BHK and more as per need and requirement. There are many new projects in Ambernath, which can provide you good ROI in future and goo rental in present.
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