Developers excited as Navi Mumbai infrastructure nears completion
ECONOMY & POLICY

Developers excited as Navi Mumbai infrastructure nears completion

The completion and upcoming operation of infrastructure projects like the Navi Mumbai metro, MTHL (Mumbai Trans Harbour Link), and Belapur-Uran suburban train network have sparked interest among developers in Navi Mumbai. The developers' body believes that investors will benefit from good returns on investment along the 11 km stretch of Navi Mumbai, which is now ready and set to be operational soon.

The recent receipt of a safety certificate for Line 1 of the Navi Mumbai metro by CIDCO (City and Industrial Development Corporation) from CMRS (Commissioner of Metro Rail Safety) is significant. This certification means that Taloja, which was previously only accessible by private vehicles or a limited number of buses from NMMT (Navi Mumbai Municipal Transport), will now be easily accessible for citizens. This improved connectivity has led to a surge in housing projects in the area, including thousands of homes being constructed by CIDCO under the Prime Minister Awas Yojana.

While other parts of Navi Mumbai experienced a significant rise in prices after the COVID-19 pandemic, Taloja remained relatively unaffected due to its lack of connectivity. Areas like Kharghar, which have railway access and frequent NMMT services, witnessed price increases. However, with the introduction of metro services, the Pendhar-Taloja belt will now be better connected. Real estate experts predict a major demand for affordable housing in the area, which could lead to a price rise of up to 20%.

Currently, one-bedroom flats in Taloja start at 20 lakh, and it is expected that they may see an appreciation of Rs 1 to 2 lakh or a 5 to 10% increase in the coming months.

Apart from generating revenue from metro services, CIDCO is actively seeking new sources of income. In 2021, the CIDCO board passed a resolution to amend the General Development Control Regulation (GDCR) to support its infrastructure projects. However, the approval of the state government is required for this amendment to come into effect.

The completion and upcoming operation of infrastructure projects like the Navi Mumbai metro, MTHL (Mumbai Trans Harbour Link), and Belapur-Uran suburban train network have sparked interest among developers in Navi Mumbai. The developers' body believes that investors will benefit from good returns on investment along the 11 km stretch of Navi Mumbai, which is now ready and set to be operational soon. The recent receipt of a safety certificate for Line 1 of the Navi Mumbai metro by CIDCO (City and Industrial Development Corporation) from CMRS (Commissioner of Metro Rail Safety) is significant. This certification means that Taloja, which was previously only accessible by private vehicles or a limited number of buses from NMMT (Navi Mumbai Municipal Transport), will now be easily accessible for citizens. This improved connectivity has led to a surge in housing projects in the area, including thousands of homes being constructed by CIDCO under the Prime Minister Awas Yojana. While other parts of Navi Mumbai experienced a significant rise in prices after the COVID-19 pandemic, Taloja remained relatively unaffected due to its lack of connectivity. Areas like Kharghar, which have railway access and frequent NMMT services, witnessed price increases. However, with the introduction of metro services, the Pendhar-Taloja belt will now be better connected. Real estate experts predict a major demand for affordable housing in the area, which could lead to a price rise of up to 20%. Currently, one-bedroom flats in Taloja start at ₹20 lakh, and it is expected that they may see an appreciation of Rs 1 to 2 lakh or a 5 to 10% increase in the coming months. Apart from generating revenue from metro services, CIDCO is actively seeking new sources of income. In 2021, the CIDCO board passed a resolution to amend the General Development Control Regulation (GDCR) to support its infrastructure projects. However, the approval of the state government is required for this amendment to come into effect.

Next Story
Infrastructure Urban

Shoals' Q3 2024 revenue falls 23.9% due to project delays, supply chain

Shoals Technologies Group, a U.S.-headquartered manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and e-mobility, reported a 23.9% year-over-year (YoY) decline in revenue, which dropped to $102.2 million in the third quarter (Q3) of 2024. This decline was mainly attributed to project delays and supply chain disruptions. The company posted a net loss of $300,000, a significant improvement compared to the $9.8 million net loss in Q3 2023. Adjusted net income was reported at $13.9 million, reflecting a 58.2% YoY decrease. Adjusted EBITDA stood at $24.5 million, a 4..

Next Story
Infrastructure Energy

FTC Solar sees 67% YoY decline in Q3 revenue from lower volumes

FTC Solar, a U.S.-based provider of solar tracker systems, reported a revenue of $10.14 million in the third quarter (Q3) of 2024, surpassing analyst expectations by $240,680. However, this figure marked a 66.8% year-over-year (YoY) decline compared to the same quarter in 2023, primarily attributed to reduced product volumes. The decline in solar tracker revenue was mainly due to an 82% decrease in the amount of MW produced, which was negatively impacted by delays in customer projects. This was partially offset by an increase in the average selling price (ASP), which led to better pricing an..

Next Story
Infrastructure Urban

Dilip Buildcon wins bid for BharatNet Phase III broadband project

Dilip Buildcon announced on Tuesday, November 12, that its STL-DBL consortium had submitted the lowest bid for BSNL's BharatNet Phase III broadband connectivity project. The USOF-funded project, which aims to provide middle and last-mile connectivity in Jammu Kashmir and Ladakh, is valued at Rs.1,625.36 Crore. Dilip Buildcon holds a 70.23% stake in the implementation of the project. The project is expected to be completed in three years, and the corporation will secure a 10-year maintenance contract. In recent days, BSNL has awarded several contracts for the BharatNet project. On Monday, No..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000