6 Upcoming Developments Set to Boost Navi Mumbai's Real Estate Market

If real estate developers, investors, and home buyers are to be believed, Navi Mumbai is indeed on its way to fulfilling its grand potential as the largest planned city in India. With a population that is 6% of Mumbai’s, Navi Mumbai is successfully attracting more and more people as residents, thanks to the real estate boom in the region. Key to it is the rise of many mega infrastructure projects that will further add winds to the sail of real estate growth in Navi Mumbai. 

As Mumbai Metropolitan Region aims to become a $250 billion GDP economy in the next five years, the planned mega infrastructure developments in Navi Mumbai will play a crucial role in achieving such an ambitious target. Naturally, many investors are attracted to flats for sale in Navi Mumbai not just because of their modern configurations and amenities but also their potential for appreciation as well as their proximity and connectivity to the many mega infrastructure developments that will transform the satellite city forever. 

So, what upcoming developments should a real estate investor be aware of that are set to boost Navi Mumbai's real estate market in the near future? Here are six of them.

• Navi Mumbai International Airport

A key USP that many flats for sale in Navi Mumbai advertise is their proximity to the long-awaited Navi Mumbai International Airport. The project is expected to be operational by 2024, with a capacity of handling 60 million passengers per year. The airport will enhance the connectivity and accessibility of Navi Mumbai, attracting more investors, developers, and buyers to the city. It will also help decongest the main Mumbai city and its international airport. Goes without saying that such a world class airport will also create employment opportunities and spur the development of ancillary industries, such as hospitality, retail, logistics, and tourism – all of which is already impacting real estate.

• Navi Mumbai Metro

The Navi Mumbai Metro rapid transit system will breathe new life into convenient commute and connectivity in the planned city. With 3 such metro lines in the pipeline, the first one is already close to commencement. The first phase of the metro project, covering 11.1 km and 11 stations, is likely to be completed soon. The metro will improve the public transport system and reduce traffic congestion in Navi Mumbai. The metro will also increase the value of properties along its route, especially in areas like Kharghar, Taloja, and Kamothe. 

• Trans-Harbour Link

The 22-km sea bridge connecting Sewri in Mumbai to Nhava Sheva in Navi Mumbai, is slated to be ready by 2023. The link will reduce the travel time between the two cities from 90 minutes to 30 minutes, making Navi Mumbai more accessible and attractive for commuters and businesses. The other way round, many residents in Navi Mumbai will also be able to commute to the employment hubs and commercial districts of Mumbai without any hassle. The link will also open up new areas for development, such as Uran and Dronagiri. MMRDA expects that over 1 lakh vehicles will use this road by 2032. The most important impact of this project will be on Navi Mumbai real estate, as it will help rationalise the prices and improve affordability. 

• Smart City Projects

Navi Mumbai is one of the 100 cities selected under the Smart Cities Mission by the central government. The city has received a grant of Rs. 1,000 crore for implementing various smart city projects, such as smart parking, smart street lighting, smart waste management, smart water supply, smart health care, and smart education. These projects will improve the quality of life and livability of Navi Mumbai residents.

• New Industrial Zones

Navi Mumbai is already home to several industrial zones, including the MIDC and the CBD. These zones are home to a number of manufacturing and IT companies. The development of a new industrial zone in Navi Mumbai will have tremendous impact on real estate market in the city. For example, the JNPT logistics hub by CIDCO, planned on a 414-hectare area, is set to bring much needed to order to port expansion activities in Mumbai while also helping reduce traffic congestion due to the same.

• Aerocity

Along with the Navi Mumbai International Airport, another major development that will impact real estate in the city is the planned construction of Aerocity – a thriving 300 hectares commercial and residential district. Not only will it be home to some of the best corporate offices, financial services, and public utilities but will also be a haven for luxury housing, hospitality, and entertainment. This significant development sets the blueprint for the future of real estate and urban living in Navi Mumbai.

Conclusion

These developments are expected to create a positive impact on Navi Mumbai's real estate market in the coming years. They will increase the demand and supply of residential and commercial properties in Navi Mumbai, as well as improve the infrastructure and amenities of the city. They will also enhance the image and reputation of Navi Mumbai as a modern and sustainable city. Thus, if you are looking to invest in flats for sale in Navi Mumbai, there is no better time than right now!