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Prime Minister Narendra Modi inaugurated the new International Society for Krishna Consciousness’ (ISKCON) temple at Khargar area of Navi Mumbai, Maharashtra on January 15.
Navi Mumbai is a satellite city near Mumbai that was conceived in the 1970s. It comprises areas like Kharghar, Vashi, Sanpada, Jui Nagar, Belapur, Kamothe, and Nerul among others.
Here are a few infrastructure projects that are expected to impact Navi Mumbai’s real estate markets.
The much-awaited Navi Mumbai International Airport (NMIA) is expected to be operational by mid-2025. According to local brokers, the airport’s opening will increase economic activity in Navi Mumbai and surrounding towns like Karjat, Khopoli, Uran, and other pockets of the Raigad district.
“The airport will lead to the much-awaited economic activity required in Navi Mumbai, and with this, there will be an increase in demand for housing and commercial office spaces, not just in Navi Mumbai but even in Mumbai 3.0, including Karjat and Khopoli, among others,” said Bharat Jha, a local broker from Kharghar.
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2) International Corporate Park in Kharghar
The City and Industrial Development Corporation (CIDCO), the special planning authority of Navi Mumbai, also plans to develop a commercial hub, the International Corporate Park (ICP), in the heart of the Kharghar, where the ISKCON temple is located.
The corporate park is around 14 km away from Navi Mumbai International Airport. In September 2023, the CIDCO floated bids to construct a compound wall through the proposed corporate park area.
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“I can assure you that the international corporate park in Kharghar will be better and spread across 375 acres. It will have corporate offices, amusement and internet facilities, convention centres, and hospitals. Since planned development is possible in Navi Mumbai, we can look forward to a truly international experience in 5-6 years,” CIDCO’s vice-chairman and managing director Vijay Singhal had told Hindustan Times in October 2024.
The 22-km-long sea link connecting Mumbai and Navi Mumbai has reduced the travel time between South Mumbai and Navi Mumbai. This has impacted property prices in Ulwe, Uran, and Dronagiri areas.
Real estate experts say that infrastructure improvements have increased property prices in several areas in Navi Mumbai, such as Ulwe, Dronagiri, and New Panvel. This is due to projects like the Atal Setu, which connects Navi Mumbai with South Mumbai and the Navi Mumbai International Airport (NMIA).
In areas such as Ulwe and Dronagiri, located on the outskirts of Navi Mumbai, where property prices were between โน6,000 and โน7,000 per sq ft, have now gone up to over โน10,000 per sq ft. “In premium projects facing Atal Setu in Ulwe, the prices have increased to over โน12,000 per sq ft, competing with the prices of areas within Navi Mumbai,” Jha added.
The Navi Mumbai International Airport opening is good news for Mumbai, Navi Mumbai, and the Pune real estate markets. Several developers and consultants opine that west Pune, located along the Mumbai Pune Expressway and comprising areas like Hinjewadi, Wakad, and Pimple Saudagar, will also benefit from the opening of the Navi Mumbai International Airport.
“Currently, Pune International Airport does not have international flights. The new Navi Mumbai Airport and the augmentation of Mumbai-Pune Expressway are expected to provide a fillip to the area and impact the Pune real estate market,” Akshay Deshpande, a broker from Pune’s Baner, said.
