Track2Realty Exclusive: There are very few property markets across the country where the developments have been holistic. Some have grown as the residential zones, while others have developed as commercial zones. Even in commercial segment certain markets are known as retail markets while the rest of the markets have more office spaces. The locations close to the Central Business Districts (CBDs) get to see a few hospitality projects. Navi Mumbai, however, defies this growth pattern of the property market.
With a number of residential and commercial projects added with the fact that physical infrastructure in this part of the world is much better than the Mumbai, it is gradually attracting hospitality projects as well. That is what makes Navi Mumbai a market that is heading to holistic developments.
Located in the eastern trans harbour of Mumbai, Navi Mumbai has emerged as a cross current of culture and the satellite city has gone northwards in property prices. As one of the world’s largest planned townships it has much better physical infrastructure, compared to other parts of Mumbai, yet it is one of those locations that still has the potential to grow in a fast forward mode. It is one of the regions on the property landscape where affordable properties up to Rs. 12000 per square feet are also available; even though certain locations have gone to Rs. 25000 per square feet and above.
In terms of culture, though Maharashtrians still are a sizeable lot over here, people from across the country have migrated and settled in Navi Mumbai. The expat professionals find it an ideal location to invest. This growth pattern has also led to the establishment of very many commercial projects in the region. Walk to work, that is just a fancy terminology in Mumbai otherwise, is to some extent visible in Navi Mumbai with certain office spaces being close to the residential apartments.
Analysts believe the Navi Mumbai property market has seen a considerable shift in the past one decade. Increasing demand for homes and availability of land has resulted in making this city as an ideal satellite city near Mumbai. The last decade has seen residential complexes and corporate towers coming up in this city. The residential complexes are complete with latest amenities and facilities. Being an affordable destination in its initial years, it has not grown as a market where the amenities are compromised with. On the contrary, some of the best developed projects can be seen in this city.
The city has also accommodated central business districts with presence of large business parks and IT parks. The plans for Navi Mumbai International Airport have given a positive twist to the property market in the city. With boom in infrastructure and residential zone in the city, and property prices in affordable range, the Navi Mumbai property market can be said to have good prospects in the near future. Impact of Akshay Tritiya is quite visible in the city, even though it is a truly cosmopolitan city with a mix of different cultures.
This raises a fundamental question that if Navi Mumbai has been witness to the developments across residential and commercial segments will it also shape up in terms as an ideal destination for hospitality sector. Manju Yagnik, Vice Chairperson, Nahar Group seems to agree when she says that Navi Mumbai has become one of the leading cities for accommodating residential as well commercial sector. The rise in commercial sector has resulted in increase in number of visitors to this city for business purpose. For this reason, the hotels and hospitality industry has gained high popularity in past years.
“The population in Navi Mumbai has been increasing at a rapid pace. To meet the new demands of the modern buyer the presence of social infrastructure has gone up in the city. There has been tremendous increase in good quality social infrastructure in the form of good schools providing education as per international standards and hospitals providing healthcare as per global standards. Shopping complexes, malls and multiplexes have also come up in this city to enable the new home buyers meet their needs of improved lifestyle,” says Yagnik.
Rajesh Vardhan, Managing Director, Vardhman Group believes that the overall outlook for Navi Mumbai property market looks to be good. But the areas where prices have risen substantially will have an impact. The projects having a price range up to 12,000 will see higher sales as affordability also count a lot. He, however, does not believe that time has come for the growth of hospitality in the city.
“No, till international airport is not implemented & opened; hospitality sector in this area will not do well. The Indian & international tourists travelling to Mumbai prefer to stay in Mumbai only. And still, all top brands in hospitality sector have not come with big projects in Navi Mumbai. But once the brands bring in big reputed projects as per international standards, Navi Mumbai will surely shape up as an ideal destination for hospitability sector,” says Vardhan.
In his assessment of Navi Mumbai as a property market Amit Kulkarni, Director of Varasiddhi Infrastructure says that Navi Mumbai as a whole is always a stable market barring few areas. The areas like Vashi ,Nerul, Belapur and Kopar Khairene may have become unaffordable, yet Navi Mumbai has shaped up as a good alternative for support to overflowing Mumbai with respect to all the sectors over last one and half decade. Hospitality sector is steadily growing and will attain peak once new airport will be in sight.
“Navi Mumbai is good mix of people from across the states and religions etc. Some parts are dominated by local Maharashtrians but overall its true cosmopolitan city, it would not be exaggeration if I say it is more cosmopolitan than Mumbai,” says Kulkarni.
Navi Mumbai is a well planned city holding the key elements of holistic growth. With the kind of overall growth the area has witnessed, analysts are rather wondering what will be population decades down the line. And with international airport coming up it is generally believed that the government must start building additional infrastructure for the same to cope with it. And more tourism based activities will have to be developed, so tourist keep visit to Navi Mumbai on their wish list.
