With the final clearance being sanctioned for the development of the Navi Mumbai airport, the developer community and residents of Navi Mumbai have a reason to heave a sigh of relief
The final environment clearance to the Navi Mumbai airport is being seen as a 'positive' devel opment for the real estate sector in the Panvel-Navi Mumbai region and also for home seekers across the Mumbai Metropolitan Region (MMR). Under the new development, CIDCO has handed over 250 hectares of land in lieu of 108 acres of mangroves that will be taken over for the project. According to Niranjan Hiranandani, managing director, Hiranandani Communities, “ From an overall perspective, the Navi Mumbai Airport will have a positive impact on real estate development in Panvel and Navi Mumbai's peripheral regions, and this will be beneficial from the perspective of economic growth and job creation across the MMR. This will also foster the development of smart cities and the proposed economic zones in locations will also take shape as a result of the airport getting the final environment clearance.“
Experts also feel that the property prices in the Panvel-Navi Mumbai region are likely to increase and as a result, that will have an obvious impact on price-points of homes in the Panvel-Navi Mumbai region. Gaurav Shah, director, sales and marketing, Ravi Group, says, “Immediately af ter the com mencement of the airport's con struction, the cur rently static real estate markets around it will see a marked increase in sales. Inventory overhang will start to clear off and investors will start selling to unlock their blocked capital.“
Ramesh Nair, COO, business and international director, JLL India, says, “In the latest development, the environment ministry made a key exemption waiving an earlier requirement that a mangrove sanctuary be created by the airport's developers. Now the developers will only have to make the designated mangrove area adjoining the airport `unattractive' to birds.“ With the last approval in place, work can finally start on the project. The announcement of the Navi Mumbai International Airport in 2007 had been the basis for massive price rises in hitherto anonymous locations like Ulwe, Kamothe, Kharghar, etc. After the initial euphoria died down, controversies marred the start of this project and the year-on-year appreciation of prices also fell especially in the last couple of years.In fact, prices in Ulwe fell by 10-20 per cent when it became clear that the airport was stuck on the bureaucratic runway (though this trend is already changing prices in the adjoining areas have increased by 5-10 per cent in 1H 2015).
Denny Simon, manager, valuation and advisory services, Colliers International, feels, “Developers currently have executed several standalone projects near the UIwe, Dronagiri node with pricing in the range to Rs 4,500 to 6,500 per sq.ft.However, enquiries are more for large township projects with better amenities. We saw fewer queries in case of standalone projects with less amenities in the project. Due to the lack of social infrastructure and good physical infrastructure, end users who intend to move in immediately are hesitant to buy properties here. With the current government's impetus on infrastructure development, it is expected that infrastructure development will now move at a faster pace, which should see more end users moving in.“
Unlike Mumbai, which is surrounded by sea on three sides, Navi Mumbai can grow in the directions of Pune as well as Uran and beyond. Additionally, it has a fullyfunctional port at Nhava Sheva.With this airport, the satellite city's infrastructure will get a major boost. Already, the Maharashtra government is planning for growth nodes around the airport and has also announced the smart city NAINA (Navi Mumbai Airport Influence Notified Area). Rajesh Prajapati managing director, Prajapati Constructions Ltd concludes, “It is good news for the real estate market. It is a good decision of the government to break the deadlock and agree to waive off the requirement for the mangrove sanctuary.With the government's final goahead, work can finally start on the project and Navi Mumbai's development is all set to take off in a big way. This will clear the way for infrastructure development, thus giving a boost to the real estate market of Navi Mumbai and Raigad. Areas in close proximity like Dronagiri, Uran, Belapur and Kharghar will benefit the most.“
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