How Navi Mumbai Airport Will Boost The Real Estate Sector?

By Author: Akshay Argade
Total Articles: 7
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After a much of deliberation and delay, the first phase of Navi Mumbai International airport is set to begin next month as the state government has set the deadline of 2019. The bid is won by GVK Power & Infrastructure Ltd, the leading construction company in India. The construction for the project worth Rs. 16,000 crore is likely to begin this monsoon as it is stated that it needs to make certain financial arrangements to proceed with the construction.

The airport is anticipated to manage 60 million passengers a year by 2030. Since the announcement of the airport, Navi Mumbai has got a boost from real estate investor and the sector is witnessing rising demand in flat bookings. The surge in property has come since the project has received a push from the Indian government. Pushpak Nagar is one such location, which is gradually becoming a focus for investors with prices reaching Rs. 2 crore.

Another facet that is getting major boost is affordable housing. When it comes to affordable housing, the prices will be as per this – Rs. 40 lakh for a 1BHK, Rs. 55 lakh for a 2BHK and Rs. 75 lakh for a 3BHK in Navi ...
... Mumbai. First-time home buyers can take up this opportunity to invest in a new home as the traveling is going to get easier.

To make travel convenience even easier, the Indian government has proposed Mumbai Trans Harbour Link that will connect Sewri and Nhava Sheva, which is said to transform the scenario of the Navi Mumbai real estate.

Let's get to know how some Navi Mumbai locations would benefit from the upcoming airport project.

Uran:
As the foundation for the International airport picks up its speed, Uran is one location which will see the major boost. Perceived to be one of the most promising nodes of Navi Mumbai, this is will soon become a real estate hub for affordable housing. The development of the Seawoods-Uran railway line is further going to ease traveling for people. Apart from residential marvels, the place is house to many industries like JNPT, MSEB, and various shipping companies.

Panvel:
The location is now becoming an excellent hub in Navi Mumbai and this is also emerging as one the most preferred site for affordable housing. In fact, it is no longer a second home destination after the announcement of the international airport. To make commuting easy for people, a proposed Panvel-Uran rail connectivity will soon be constructed. The location will also create new employment opportunities with the development of SEZ and other projects. Hiranandani is also making its wave in Panvel, just the way it has transformed Powai.

Karanjade
With the development of the airport, Karanjade is expected to see high demand for residential projects. Located in Panvel Taluka, the location is getting attention from people for small budget homes.

Dronagiri:
This location lies in close proximity to JNPT. For real estate investors, Dronagiri will bring high returns once the Sewi sea link is operational as it is going to reduce the long hour traveling time and distance to Mumbai. It will also get a major boost with the SEZ development by Reliance. At present, the Dronagiri railway station is under construction.

The development of Navi Mumbai International Airport and the locations in close proximity to it will create many possible opportunities for investors and job seekers. Navi Mumbai has well-planned cities and it will soon become the focal point for development in next 5 years, according to analysts.