Navi Mumbai metro to start soon, boost property prices in micro-markets
The Navi Mumbai metro line-1 between Belapur and Pendhar is set to become operational by next month, boosting the real estate micro-markets of Kharghar, Belapur and Taloja along the 11 km route, developers and experts said.
The Navi Mumbai metro line-1 between Belapur and Pendhar is set to become operational by next month, boosting the real estate micro-markets of Kharghar, Belapur and Taloja along the 11 km route, developers and experts said.
The metro line will be a crucial mode of public transport for people who have to take a bus or auto to reach Pendhar from Belapur and Kharghar. Pendhar micro-market near Taloja is crucial considering its proximity to an industrial park.
According to CIDCO, three additional metro lines are coming up in Navi Mumbai to boost connectivity between Taloja and Khandeshwar railway station, Pendhar and Taloja, and between Khandeshwar Railway station and Navi Mumbai International Airport.
According to real estate developers, Kharghar and Belapur have good connectivity via suburban local trains and buses. However, the Pendhar-Taloja belt is not well connected. The metro’s biggest impact will be in these two micro-markets, pushing up prices of apartments by 5 to 15 percent.
“The per square foot carpet rate in Taloja on an average is in the range of Rs 6,000 to Rs 7,000, and we can safely assume that there might be a price increase of around 5 to 8 percent due to metro connectivity," said Raajesh Prajapati, founder-president of the Raigad chapter of the Maharashtra Chamber of Housing Industry-Confederation of Real Estate Developers' Associations of India (MCHI-CREDAI).
According to developers, prices in Pendhar, Taloja, Kharghar and Belapur are in the range of Rs 5,000 to Rs 20,000 per sq. ft. The costliest area of Navi Mumbai remains Palm Beach Road, Sanpada, where prices touch Rs 35,000 per sq. ft.
"Supply in the Navi Mumbai real estate market currently is very high when compared with demand. Homebuyers want to buy ready-to-move-in homes, and this price escalation becomes challenging,” said Manohar Shroff, senior vice president of the Navi Mumbai chapter of MCHI-CREDAI. “Nonetheless, there will be a price increase due to metro connectivity of 10 to 15 percent over time. However, the real price increase will only be after all four metro lines get operational.”
