The Navi Mumbai Metro is set to transform the real estate landscape in Belapur, Kharghar, and Taloja, offering unprecedented opportunities for investment and growth. With its seamless connectivity, improved infrastructure, and planned urban development, the metro system is poised to attract both local and international investors, revolutionizing the prospects of these thriving neighborhoods.
CIDCO’s Vision
Over the previous year, CIDCO had made notable advancements in various crucial ventures. These include the development of the Navi Mumbai International Airport, the implementation of the Mass Housing Scheme as part of the PMAY program, the establishment of the Navi Mumbai Metro system, the NAINA project, the creation of a Corporate Park, the construction of a Water Transport Terminal, and the enhancement of water supply infrastructure. These projects play a crucial role in our overarching vision of developing a city that is both sustainable and inclusive, ensuring the well-being and aspirations of all its inhabitants.
Project Timeline.
- In May 2011, CIDCO started an ambitious project for Navi Mumbai Metro Corridor I Line 1 (Belapur to Pendhar) first phase covering 11.10 km height, 11 stations, and 1 depot… It is pertinent to mention that the funding of this Metro Corridor Line 1 (Belapur to Pendhar) at a project cost of Rs. 3063.63 crores will be paid by CIDCO 100% through internal surpluses without financial support.
- May 2021, We are pleased to announce that the 5.14 km stretch between Station 7 (Central Park) and Station 11 (Pendhar) has reached the trial phase.
- July 2021, It is a pleasure to state that respected M/s. Maha-Metro is subject to storage conditions. Work at station no. 1-6 is progressing at full throttle and should be completed by April 2023.
- January 2023, We are pleased to announce that RDSO has successfully conducted vibration tests on sections 1-7 of the station, which is 5.96 km long. In addition, safety tests of NMML-1 are being conducted by other railway authorities., from February 2023 to March 2023.
- October 2023, the Inauguration of Navi Metro is likely to happen and open for public transport, the first Flag-Off is expected by Prime Minister Shri. Narendra Modi on 30th October 2023.
- 17th November 2023, is “The-Day for NaviMumbaikars”, finally the first metro from Belapur Terminal was flagged off for the commuters.
Impact:
-The anticipation of property prices:
The average property prices in Navi Mumbai were recorded at ₹8050 per square foot, as of the second quarter of 2023(Q2-2023), there will be an expected increase in prices ranging from 10 to 15 percent market rates.
-The Demand:
In recent times, there has been a rising trend among buyers to prefer Navi Mumbai over Mumbai when it comes to their real estate choices. This shift is primarily motivated by the presence of superior infrastructure and a more desirable lifestyle in Navi Mumbai.
Unlocking the Potential of Taloja
Taloja, located in the Raigad district, is a rapidly developing residential and commercial hub. The arrival of the Navi Mumbai Metro will unlock its immense potential and drive further investment opportunities. The metro will provide seamless connectivity to key commercial centers, making Taloja an ideal location for businesses and startups. As a result, property values are expected to rise significantly, offering lucrative investment prospects for both homeowners and investors.
source:MagicBricks
Many Projects that are upcoming in Taloja, Pendhar (Upper Kharghar), and Taloja Phase 2 have a boost in terms of investment property, residential, and/or Commercial projects, making it a new locality and a broad choice for residents to choose a living. A whopping 49% of the properties available for sale in Taloja fall within the affordable range of ₹20Lac to ₹40Lac, while a significant 32% of the properties fall within the slightly more luxurious range of ₹40Lac to ₹60Lac.
Kharghar: A Promising Investment Destination
Kharghar, one of the most sought-after residential areas in Navi Mumbai, is set to witness a surge in demand and value with the introduction of the metro. Its strategic location, well-planned infrastructure, and scenic surroundings make it an attractive destination for investors. The metro will further enhance Kharghar’s connectivity with other parts of the city, making it an ideal choice for a comfortable and convenient lifestyle. Real estate prices in Kharghar are expected to experience a significant upturn, presenting a great opportunity for those seeking long-term investments
Source: MagicBricks
For years now, in the name of the metro line, property rates have been going high. In a Interview with Hindustan Times a Spokesperson said “In 2014, we purchased a 3 BHK in Kharghar sector 35 D at about ₹1.6 crore. This particular sector is at the end of the node and when we purchased it, there were no buildings around or any development, and yet the charges were high in the name of the upcoming Metro project. Now the same flat costs worth around a whopping ₹2.75 crore”
The Navi Mumbai Metro is set to revolutionize investment prospects in Taloja and Kharghar. The improved connectivity, enhanced accessibility, and anticipated economic growth will attract investors from all walks of life. Whether it’s residential or commercial investments, Taloja and Kharghar offer a promising future for those looking to capitalize on the metro’s development. As the metro network expands and reaches newer areas, the overall real estate landscape in Navi Mumbai is expected to witness a significant positive transformation, making it a prime destination for investors seeking long-term growth and returns.
