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

Consistent reforms will foster growth and reduce investor risk

Incorporated in 1986 as a wholly owned subsidiary of State Bank of India, SBI Capital Markets Ltd (SBICAPS) is a SEBI-registered Category I merchant banker and research analyst. It offers the entire bouquet of investment banking and corporate advisory services under one umbrella, covering project advisory and structured financing, capital markets, mergers and acquisitions, private equity, ESG advisory, startup advisory and stressed assets resolution. Headquartered in Mumbai, SBICAPS has seven regional offices of which six are in India (Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata and New ..

Next Story
Infrastructure Urban

Adani Group Invests $240M in Global Skills Academy

The Adani Group has announced a partnership with ITE Education Services (ITEES) of Singapore to establish a world-class talent pipeline for industries such as Green Energy, Manufacturing, Hi-tech, Project Excellence, and Industrial Design. The initiative will see an investment of over $240 million by the Adani family to set up internationally benchmarked schools of excellence, named Adani Global Skills Academy. These finishing schools will train students from technical and vocational backgrounds, equipping them with industry-relevant certifications. Graduates will have employment opportunities..

Next Story
Infrastructure Urban

Swiggy to Invest $120M in Scootsy for Expansion

Food and grocery delivery giant Swiggy Ltd announced on Friday that it will invest up to $120 million in its wholly owned subsidiary Scootsy Logistics in one or more tranches. Scootsy specializes in supply chain services and distribution, including warehouse management, in-warehouse processing with value-added services, and order fulfillment for wholesalers and retailers. "We wish to inform that the Board of Directors of the company, at its meeting held on Friday, February 21, 2025, has approved the investment by the company in the equity shares of Scootsy Logistics Private Limited, a wholly..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?