In the 1970s, a planned satellite city witnessed a natural birth. This was our own Mumbai. The population was peaking and so the infrastructural ideations were carried out considering the escalations ahead. The digital city, today, is a perfect blend and firm model of architectural finesse and state-of-the-art urban planning.
Similarly, Navi Mumbai was the invention of Adi Kanga, a Civil Engineer. Thereby, a leading architect, Charles Correa, incepts the headway, as the chief architect of ‘City and Industrial Development Corporation (CIDCO)’, of nearby 16,000 hectares of land emerging across the north-east of Mumbai. Navi Mumbai, with its immense growth, is yet to grow drastically in residential, commercial, and industrial real estate.
Panvel holds a major and handsome capture of the real estate hub in Mumbai. The fast-paced infrastructural developments point towards a promising growth which will see an up-moving graph as the years pass by. Here, the statement to be noted becomes the one given by the former Chief Minister, Mr. Devendra Fadnavis in November 2019 at the inauguration of the Nerul-Uran railway line. He with a clear growing intention said that Panvel will be soon coming important terminus just like Dadar or Chhatrapati Shivaji Maharaj Terminus (CSMT). Panvel is situated on the outskirts of Navi Mumbai and is steadily struggling out as the new budding growth center in the Mumbai Metropolitan Region (MMR).
Few projects that have been stealing the limelight for quite a few time now are, the Mumbai Trans Harbor Link, Navi Mumbai International Airport (NMIA), and the Chhatrapati Shivaji Maharaj Terminus (CSMT) – Panvel Fast Corridor. These blooming programs have availed INR 56,000 crores and so far and will unleash the connectivity between Mumbai Metropolitan Region (MMR) Development Authority, the City and the Industrial Development Corporation, and Mumbai Rail Vikas Corporation.
Airoli and Taloja are the two mains that have contributed at a great level towards the epic growth of this digital city. Around 28,480 units (Statistics as of 07th January 2020) have been launched in Panvel which is truly a figure that grabs attention without saying. Having done have been more difficult than being said, but the hard work and efforts have paid off well leaving no stones unturned in making this a history-worthy growth. The real estate sector plays a major role here where the developments dived deep into the success ocean as multiple new entrants sailed through, as trustworthy developers who not only brainstormed township projects but also bartered the lucrative offers that were compelling and manifested the properties in the truest ways. Another reason that adds on to the Panvel’s success story is the connectivity with Uran and Jawaharlal Nehru Port Trust (JNPT) which have boosted the demands in this vicinity.
A handsome amount has been invested in this digital city along with Mumbai and Raigad. Under this, some of the programs are said to be commissioned on a partial basis to date while rest have gone through the proposal stage. All of these have are now enjoying a doubled price when checked upon the last five years. As a result, the properties that quoted INR 3,500 per sq. feet. are now owning INR 6,500 per sq. feet. Well! This is definitely an achievement to be celebrated enough. If this is not it, acres of open lands widely spread are available out of which few are already said to have been blocked by the coming housing projects that will be unveiled soon.
Here, what cannot be missed out is the opportune state where as soon as the Navi Mumbai International Airport (NMIA) becomes functional, the employment sector will give away the good times to over one lakh people at least and thereby raising up the demands for residential and commercial spaces to be sold out. Also, the infra projects that have been paving their ways through will be soon a contributor of 12% to 15% hike in the prices, to be revealed in the next four to five years. Here, the prices that were INR 4,530 per sq. feet. have already seen a drift which increased the rates to INR 5,400 per sq. feet.
We cannot miss out on the reforms that were brought up the Government, including RERA and GST that added to the transparency of the properties and the unclouded aspects that gave a freehand to the home buyers and eased their decisions with everything served straight on the plate without any hidden costs and facts to be bummed up with later.
All we can say is, the growth never stops and with this pace, we surely await a better day and more breathable projects that are built across the beauty of nature and include the petite facets to give the properties a new and fresh look.
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