Mumbai is indeed the “City of Dreams” and dreams in this city, cast their spell at various levels of existence. Dreams here vary from personal aims to professional achievements, from happiness to home ownership to political visions of development. And among many dreams that this city lives through, is the dream of the new Mumbai Airport (at Panvel, Navi Mumbai). This dream is slowly turning into reality and this ‘Reality’ in-turn is giving rise to a new wave of ‘Realty’.
The real estate market in Navi-Mumbai has grown exponentially in the last 5yrs. It has witnessed a sudden surge in prices post the environmental clearances received for the Project in April’12. This trend shall only continue to grow as the tending process for the project is on and as soon as the first brick for the airport is laid the prices will rush towards their peak. The reality with give realty the boost everyone is waiting for. However, let’s not forget that it’s not only the Airport, but also other infrastructural activities that will finally shape the vision on the Mega Metropolis Mumbai.
The sea link between South Mumbai and Navi Mumbai, further development of JNPT (Jawaharlal Nehru Port Trust), the expansion of Panvel railway station and the DMFC (Delhi Mumbai Freight Corridor) will contribute many folds to the vision. These will not only ensure great connectivity by air, land and water, but also ensure major economic augmentation.
All said and done, let’s not forget that Land or space in general in Mumbai is a commodity which is both rare and expensive! Real estate investment in Mumbai is like investing in AAA German bonds. It doesn’t come cheap, but assures secure and stable returns.
About the Author:
Chaitali Nathaney is a real estate investment advisor with Unesta. She has done her MSc in Real Estate Finance from Cass Business School, London. Based in the London office, Chaitali is currently in India for site visits.
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Latest News on Navi Mumbai:
‘Metro in Navi Mumbai by end 2014’
Navi Mumbai will have metro rail by December 2014 and the much-awaited Navi Mumbai International Airport project will take off in six months, said Tanaji Satre, managing director of the City and Industrial Development Corporation Ltd (CIDCO), the nodal agency for the city’s development.
Three Mumbai areas will appreciate most in 5 years: Report
Ulwe in Navi Mumbai, Wadala and Chembur are expected to generate the highest returns for residential real estate investors over the next five years, a report by property firm Knight Frank has revealed.