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Property prices, new airport make Navi Mumbai ideal as next big IT hub

Posted on Oct 06, 2016
With real estate costs that are nearly as competitive as those in Gurgaon, Pune or even some pockets of Bengaluru, Navi Mumbai is staking a claim to become the next big IT hub. At R50-55 per sq ft per month one can now rent Grade A office space in Vashi or on the Thane-Belapur Road. That compares favourably with the asking rate in some pockets of Pune which is now R70 per sq ft per month and in Gurgaon where its even higher. Rents in Navi Mumbai are also lower than the R60-70 per sq ft per month that most micro markets in Bengaluru cost, save Whitefield and Electronic City where, of course, they are far lower at around R42 per sq ft per month.

More important, given 8.5 million sq ft is set to hit the Navi Mumbai market in the next two years, IT firms scouting for space here stand a good chance of finding it; other markets may not be able to match this level of supply, experts say, adding the international airport coming up in the vicinity is also a big plus.

Its not just lower rents in Navi Mumbai which are lower than Chennais IT corridor in the suburban south, where they are over R62 per sq ft per month, which are likely to pull in companies. Connectivity with the rest of MMR is getting better thanks to links via road, rail and mass-rapid transport. Theres also the 23.40 kilometre long metro line connecting Belapur to the Navi Mumbai International Airport.

Moreover, Mumbai suburban railways operates direct services between the western suburb of Andheri and Panvel in Navi Mumbai.

Navi Mumbai is now also connected via the eastern freeway in Chembur to Nariman Point in south Mumbai. The distance between Panvel and Nariman Point — which is close to 50 km can be covered in a little over an hour by road — earlier this would have taken more than two hours. Should the Mumbai Trans Harbour Link become a reality it would reduce the travel time further to about 30 minutes.

That apart, the common area maintenance cost (CAM), which is billed to the tenant, too is more affordable here. At R5 to R7 per sq ft per month they compare well with R6 to R9 per sq ft per month in Bengaluru. In Delhi-NCR on the other hand, CAM charges are more than R10 per sq ft per month, according to C&W.
Indeed, the Maharashtra government is keen to see some IT campuses spring up here and is working overtime to ensure that the opportunity lost years ago, due to high land prices, escalating rents and inadequate infrastructure, is not lost again.

To be sure, IT and ITES already have some presence here; among the marquee names that have operations include Capgemini, Reliance Industries, Syntel, Wipro, TCS, L&T Infotech, WNS and Accenture. The coming years could see many more tenants. Gautam Saraf, managing director (Mumbai), Cushman and Wakefield, points out the area not only enjoys competitive rents, the supply pipeline too is large. “Grade A office space is available at less than $1 per square feet per month and thats comparable to other IT corridors,” Saraf says.

Indeed, the Navi Mumbai region now uses up roughly a third of the commercial space created in Mumbai every year of about five million square feet; so close to 1.6 million square feet is rented out in Navi Mumbai and about 3-3.5 million sq ft in the rest of Mumbai. At this pace, the area across Vashi, Thane-Belapur Road and Panvel, which is spread across 344 square kilometres, now accounts for a fifth of the total Grade A office space in Mumbai of 70 million sq ft. And of this, IT Parks and IT-SEZs cover more than 90%.

For their part, builders are looking forward to welcome more IT players in this part of the Mumbai Metropolitan Region (MMR). Vinod Rohira, managing director (commercial real estate and REIT), K Raheja Corp, points out land costs around Rs 6-8 crore an acre in Navi Mumbai while in Hyderabad prices have shot up to Rs 22-25 crore an acre. “In Bengaluru, all land is under joint development and therefore not available for sale,” Rohira says who believes the potential is still untapped.

K Raheja Corp has a near monopoly in Navi Mumbais IT Park/SEZ market. Rohira says with large parcels of land available and improved connectivity, Navi Mumbai is emerging a key sub-market of Mumbai for IT SEZs, IT Parks and IT campuses.

K Raheja holds 150 acres of land between Airoli and Juinagar in Navi Mumbai. The company has 3 IT Parks across these two locations and has built 7 million square feet of space. Around 3 million square feet is under construction, and another 2-3 million square feet is in the pipeline.

Apart from K Raheja, Reliable Space and Larsen and Toubro are among the prominent developers that have completed and under construction commercial buildings in the area.

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Making a right investment in Panvel

Posted on Sep 22, 2016
The right investment Panvel is emerging on the realty map of Mumbai due to its affordable price tag and good connectivity.Whether you have a limited budget or are looking out for a lavish lifestyle, Panvel has a lot of options out there for you. In fact, leading researches show that Panvel has clocked in more traction and more project launches than ...
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Airport boost for Thane-Navi Mumbai-Raigad belt

Posted on May 18, 2016
With the Mumbai airport reaching its saturation point, all eyes are set on the Navi Mumbai International Airport (NMIA). The second airport in the city has the potential to boost development in the surrounding areas, giving an impetus to creation of new smart cities, commercial and industrial zones in the Navi Mumbai-Thane-Raigad region.The state g ...
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Raheja to invest Rs2,000 crore on commercial space in Navi Mumbai

Posted on May 13, 2016
Mumbai: Bullish on the rising demand for commercial real estate, Mumbai-based developer K Raheja Corp. is planning to invest around Rs.2,000 crore in acquiring land and building 6 million sq. ft of commercial space in the next two-and-a-half years in Navi Mumbai.The company currently operates three information technology (IT) parks in Navi Mumbai u ...
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Ahuja Constructions Launches O2, a Colossal Blessing for Nature Lovers

Posted on Nov 03, 2015
Mumbai, Maharashtra, IndiaAhuja Constructions, a real estate firm, with its presence in Mumbai and Navi Mumbai, has launched its luxurious residential tower, O2 in the heart of central suburbs. The project which is spread extensively around 2.5 acres of land has been crafted with thoughtfully designed apartments replete with all amenities.Truly, a ...
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Dip in real estate sales at Panvel, Kharghar leaves investors baffled

Posted on Aug 11, 2015
With no sales, realty market in investor-driven pockets of Panvel, Khargar, Ghansoli, Karjat and Kalyan is facing a slowdown.The investors, mostly small-time, have purchased flats at lower rates, expecting to make a killing. “The sales have come to a standstill. Most of them have invested around three years ago, but there is no hike in prices. Inve ...
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Navi Mumbai land prices up by 20-25%

Posted on Jul 15, 2015
NAVI MUMBAI: The base price of land plots in Navi Mumbai have gone up by 20-25%, informed Cidco spokesperson. ''The decision to revise the land rates was taken by the Corporation on June 23 after taking into consideration all the factors associated with the city's growth, development and real estate value,'' informed the spokesperson.The exact land ...
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Dosti floats luxurious integrated township project Planet North

Posted on Apr 02, 2015
Dosti Realty, a leading real estate developer in Mumbai, recently launched Planet North, an affordable luxurious integrated township project spread across 25 acres at Shil-Thane.The project is strategically located with good connectivity to Thane, Dombivli, Kalyan and Navi Mumbai. The project comprises 1BHK, 2 BHK and 3 BHK apartments, the company ...
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Mumbaikars hunt outskirts for affordable homes

Posted on Jan 22, 2015
The city with the most ‘unrealistic real estate prices is now being searched for affordable properties. Where? How? When? Magicbricks answers these questions.The upcoming PropIndex (Oct-Dec 2014), the India Apartment Index by Magicbricks has shown increasing preference for affordable properties in the last two quarters, proving how strongly Mumbai ...
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Kharghar to see over 30 new residential projects

Posted on Jan 13, 2015
If you are thinking of buying a new home in Mumbai and are worried about the high price tag, then the city offers you various housing options within different budget ranges. Close to 25 per cent of the total supply in the city was concentrated in Kharghar, Navi Mumbai, as per the latest issue of PropIndex (Oct-Dec 2014), an India Apartment Index by ...
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Will Navi Mumbai properties see high pricing as Mumbai?

Posted on Dec 22, 2014
Wide roads, planned settlements, greenery around- Navi Mumbai is better explained as modified version of Mumbai which has the capacity to uphold the bustling population. But will the new town see strong dynamics as the old city? Well, Magicbricks tells you if yes, how?Proposed infrastructureTrans Harbour Link Road, Jawaharlal Nehru Port Trust SEZ, ...
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Navi Mumbai: Best for affordable 1-BHK units

Posted on Nov 27, 2014
Today, Mumbai is a city where buying a property is generally for those with deep pockets. A middle-class buyer, on a really small budget, is unable to afford anything beyond a 1-BHK unit.The irony is that there is close to no supply of 1-BHK units in the city .Those wanting to buy 1-BHK units can choose from several options available towards Navi M ...
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5 most preferred localities in Mumbai

Posted on Oct 31, 2014
Kharghar, Andheri East, Andheri West, Mira Road and Kandivali East, have been rated as the most popular localities to buy home in the July-September 2014 quarter by PropIndex, the India Apartment Index recently released by The USP of these localities is the value at which the residential properties are up for sale. Lets find out:K ...
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Roadpali: An affordable alternative to Kharghar

Posted on Sep 05, 2014
Kharghar, a node city of Navi Mumbai, has been one of the most preferred localities to buy a residential property in and around Mumbai for the past one year. This has resulted in a rise of 24 per cent in property prices in the last one year. As a result, the locality has become out of reach for many buyers with a limited budget who are forced to lo ...
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Navi Mumbai to soon be a hub for affordable housing

Posted on Sep 03, 2014
Navi Mumbai will soon be a good place to look. In the next nine months, 4,750 acres of land is going to be available for residential construction due to a change in policy. The City and Industrial Development Corporation (Cidco) recently issued a notification freeing 350 hectares (875 acres) of 1,500 hectares of land for residential construction. E ...
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Own a home near Mumbai within Rs 20-40 lakhs

Posted on Aug 16, 2014
Asangaon is offering properties within Rs 20-30 lakhs. “Asangaon is still under development in terms of infrastructure. The locality is a part of Thane district and is about 70 kms from Mumbai through the expressway .“ Located in Navi Mumbai, Panvel connects Mumbai and Pune. Raj Tandon, The area is best suited for those looking to invest in a prope ...
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In 6 months, prices go up by Rs 6L in Ghansoli

Posted on Aug 12, 2014
Ghansoli, one of the most sought after localities of Navi Mumbai, has witnessed an 8 per cent increase in prices in just six months. The flat which was available for Rs 78 lakh in December 2013 was available for Rs 84 lakh in June 2014. Properties in Ghansoli are attracting investors because of reasonable property rates as compared to Sanpada, Vash ...
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Kharghar offers maximum new projects in Navi Mumbai

Posted on Jul 19, 2014
Kharghar, a node city of Navi Mumbai, is witnessing significant residential development, over 20 new projects are slated to come up in the locality in the next one year. The property prices here are affordable when compared to localities in south Mumbai. With increase in demand, the supply has also increased. Most of the residential projects are of ...
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Mumbai: Palm Beach Road values rise by 39%

Posted on Jul 17, 2014
There is a constant demand for property on the Palm Beach Road. This is because it is the only area in Navi Mumbai where maximum high-rise properties offer sea-facing view.  “Everyone wants to own a home here since it offers a luxury status as it is one of the prime localities in Navi Mumbai. There is a good demand of 2/3 bhk in this area. ...
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Thane, Navi Mumbai flat prices up 85%

Posted on Jul 11, 2014
A five-year price analysis of residential realty market in 11 cities shows that the ever-expanding Navi Mumbai and Thane have registered the highest percentage of increase in home prices across the country. They are followed by Mumbai.According to the report by Jones Lang LaSalle (JLL) India, the two cities on Mumbai's outskirts have recorded a 80- ...
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