Factors that would promote affordable housing in Navi Mumbai

The investment and growth of real estate market in any place is fuelled by the income generation and the infrastructural facilities of the place. The Mumbai real estate market has reached its saturation level and the real growth in the city is stalling. It is now Mumbai’s younger sibling, Navi Mumbai that is gaining all the attention. They have become a favourite to buyers due to the availability of affordable housing options.

One should bear in mind that Navi Mumbai is only 21 kilometres away from the financial capital which should actually make it an affluent spot. However, with the intervention of local government the prices in Navi Mumbai remain quite affordable.

It is well connected through the Sion-Panvel Expressway that reduces the time taken for the commute considerably. This is an added advantage for the residents of the new city.

Factors promoting growth:

Navi Mumbai will be home to one of India’s largest SEZs that will house some of the major MNCs. The land required for the process has already been acquired and the relevant approvals have been received. This will be a boon for the working-class families. In turn this will boost the residential market and unsold inventories are speculated to be almost zero.

After sorting out many issues, the much awaited Navi Mumbai international airport has been given a green signal. This has rekindled hopes in the real estate developers as well as hopeful buyers, in this satellite township to Mumbai.

Other major infrastructural projects such as Mumbai Trans-Harbour Link, metro and elevated Chhatrapati Shivaji Terminus (CST)-Panvel Railway Corridor proposed in Navi Mumbai will greatly improve its connectivity.

The real estate sector will further experience a boom as the State Government has taken the decision to develop the Mumbai-Goa Highway and the Mumbai-Pune expressway. Other initiatives such as the ‘Make in Maharashtra’ initiative and the Delhi Mumbai Industrial Corridor has greatly excited the real estate sector in this region. It would be unwise to assume that these infrastructural developments in Navi Mumbai will not impact residential and commercial property scenario.

As a derivative of these developments, the area expects a huge influx of business activities. With this in mind, the local body has planned to develop a business district like that of Bandra Kurla Complex (BKC) in all the seven municipalities within MMR to attract IT/ITES companies. With this the job opportunities in the area will also increase which in turn will increase the real estate demand both in residential as well as commercial sector.

The CIDCO Project:

The City and Industrial Development Corporation (CIDCO) recently issued a notification freeing 350 hectares of 1,500 hectares of government land for residential construction. CIDCO has also decided to develop a modern township called Navi Mumbai Airport Influence Notified Area (NAINA), close to the new airport in Panvel which is going to be the largest planned township in Asia. These projects offer living spaces for affordable prices and t is good news for developers and potential buyers. These houses will be in the Rs 40-60 lakh bracke

Gsv Naresh is a real estate blogger who blogs about India's realty market and also gives advice on buying residential projects and flats in India.For More Information about Real estate Visit CommonFloor.