Additional commissioner, Dr SV Pattiwar from the Navi Mumbai Municipal
Corporation, drove along the Eastern Freeway and reached south Mumbai in
half an hour, on a rainy monsoon-hit day . A resident of Mumbai
chose to move to Navi Mumbai where a plethora of ICSE, IB and
international schools have started operations and students get
admissions without the mandatory lakhs of rupees paid in donations to
premium schools in Mumbai.
Will this connectivity or educational push, drive property development and demand in Navi Mumbai, which has shed the distance tag with this critical link opening up? With a population of about 2 million, is the city ready to stand up and be counted as the destination for millions looking for a more affordable alternative to soaring values in the parent city of Mumbai?
These and a host of issues about Navi Mumbai were discussed at the Real Estate Dialogue (RED), organised by MagicBricks.com in Mumbai on Wednesday, July 2, 2014. Participating in the discussion, besides Dr Pattiwar, were Devang V Trivedi, managing director, Progressive Group; Kalim N Shaikh from Space India Developers Housing LLP; V Suresh, principle executive of ficer, Hirco, and Sumit Jain, national director, finance, Colliers International. While the speakers maintained that the current occupancy in the city was about 60 per cent, Shaikh rued the fact that the pricing in Navi Mumbai was very close to Mumbai rates. Thus, those looking for affordable housing in the range of Rs 2,700-3,000 per sq ft, had been left out of the race again. Despite the fact that the New Airport Influence Notified Area (NAINA) has been announced with much fanfare, lack of planning has stymied the natural growth of the area.
Falling in the most urbanised state of Maharashtra, with over 50 per cent population in the state living in urban areas vis-a-vis the 33 per cent nationally, Maharashtra and Mumbai particularly , have the challenge of rapidly increasing demand. However, institutional and official response has been slow. Trivedi spoke about the fact that there is active increase in demand for rental housing, leading to a consistent 3-4 per cent yield for residential property investors. Suresh backed the statement with the fact that Navi Mumbai has very little ghost towns and unoccupied property.
ACCORDING TO A MAGICBRICKS.COM SURVEY, CONSUMERS LOOK AT FOUR MAJOR ISSUES BE MAJOR ISSUES BEFORE INVESTING: l Good transport connectivity through road, rail, metro, public transport, etc.
l Good quality civic amenities such as water, power, sewerage, drainage and telecom connectivity.
l Proper social infrastructure such as schools, colleges, hospitals, malls, leisure and entertainment facilities.
l Good quality housing assets.
The Eastern Freeway, though delayed, has provided the much-needed relief to those commuting to south Mumbai. The Metro link from Kharghar to Belapur, which is expected to take off in two years, is the next big thing that should help. The proposal for 5x5 highways across the city, was also lauded. However, inordinate delays in execution of infrastructure projects and the multiplicity of organisations, are blamed for the tardy progress.
In civic amenities, Navi Mumbai scores big-time on many counts. It has more than sufficient water resources for the next 20 years. It has also become one of the first cities to have fully operational primary, secondary and tertiary treatment plants to recycle waste water. Even on the power front, the additional commissioner assured that there is more than enough supply.
With the new bridge connecting Navi Mumbai to south Mumbai, it is just a half hour's just a half hour's drive away. Can that be the USP of a city of about 2 million popula tion? Has Navi Mumbai outpriced itself as an afford able destination for the small buy ers of Mumbai? Shaikh made a plea for concerted efforts to push urban infrastructure and development in the 11,000 acre pilot project that is the Phase-I of the much-touted NAINA initiative. Announcements of infrastructure such as the new airport, have already pushed up leveraged values in locations such as Ulwe and Panvel but just completing the JNPT-Sewri Link and making areas more accessible to New Panvel, where the potential of housing in the Rs 2,700-3,000 per sq ft exists, and delayed approvals, spoil the chances for affordable housing. The advantage of the NAINA model is that there is scope for this range of properties and pricing, if offsite infrastructure provided by city authorities takes the lead. Is the educational driver the next big thing to look out for?
Education has been driving up demand for rental housing in the city, a structured policy for which, Suresh maintained, was what was urgently needed in the city . It also allows for the growth of a city about twice the size of Mumbai.
Assuming that land hurdles are crossed, the city authorities still need to evolve into multiple municipal corporations or development authorities, with a mandate to fast track growth and facilitate infrastructure to solve the region's housing and growth needs.
QUICK BYTE FALLING IN THE MOST URBANISED STATE OF MAHARASHTRA, WITH OVER 50 PER CENT POPULATION IN THE STATE LIVING IN URBAN AREAS VIS-A-VIS THE 33 PER CENT NATIONALLY, MAHARASHTRA AND MUMBAI PARTICULARLY, HAVE THE CHALLENGE OF RAPIDLY INCREASING DEMAND.
IN CIVIC AMENITIES, NAVI MUMBAI SCORES BIG-TIME ON MANY COUNTS. IT HAS MORE THAN SUFFICIENT WATER RESOURCES FOR THE NEXT 20 YEARS. IT HAS ALSO BECOME ONE OF THE FIRST CITIES TO HAVE FULLY OPERATIONAL PRIMARY, SECONDARY AND TERTIARY TREATMENT PLANTS TO RECYCLE WASTE WATER.
[FAST FACT] NAVI MUMBAI HAS MORE THAN SUFFICIENT WATER RESOURCES FOR THE NEXT 20 YEARS
Will this connectivity or educational push, drive property development and demand in Navi Mumbai, which has shed the distance tag with this critical link opening up? With a population of about 2 million, is the city ready to stand up and be counted as the destination for millions looking for a more affordable alternative to soaring values in the parent city of Mumbai?
These and a host of issues about Navi Mumbai were discussed at the Real Estate Dialogue (RED), organised by MagicBricks.com in Mumbai on Wednesday, July 2, 2014. Participating in the discussion, besides Dr Pattiwar, were Devang V Trivedi, managing director, Progressive Group; Kalim N Shaikh from Space India Developers Housing LLP; V Suresh, principle executive of ficer, Hirco, and Sumit Jain, national director, finance, Colliers International. While the speakers maintained that the current occupancy in the city was about 60 per cent, Shaikh rued the fact that the pricing in Navi Mumbai was very close to Mumbai rates. Thus, those looking for affordable housing in the range of Rs 2,700-3,000 per sq ft, had been left out of the race again. Despite the fact that the New Airport Influence Notified Area (NAINA) has been announced with much fanfare, lack of planning has stymied the natural growth of the area.
Falling in the most urbanised state of Maharashtra, with over 50 per cent population in the state living in urban areas vis-a-vis the 33 per cent nationally, Maharashtra and Mumbai particularly , have the challenge of rapidly increasing demand. However, institutional and official response has been slow. Trivedi spoke about the fact that there is active increase in demand for rental housing, leading to a consistent 3-4 per cent yield for residential property investors. Suresh backed the statement with the fact that Navi Mumbai has very little ghost towns and unoccupied property.
ACCORDING TO A MAGICBRICKS.COM SURVEY, CONSUMERS LOOK AT FOUR MAJOR ISSUES BE MAJOR ISSUES BEFORE INVESTING: l Good transport connectivity through road, rail, metro, public transport, etc.
l Good quality civic amenities such as water, power, sewerage, drainage and telecom connectivity.
l Proper social infrastructure such as schools, colleges, hospitals, malls, leisure and entertainment facilities.
l Good quality housing assets.
The Eastern Freeway, though delayed, has provided the much-needed relief to those commuting to south Mumbai. The Metro link from Kharghar to Belapur, which is expected to take off in two years, is the next big thing that should help. The proposal for 5x5 highways across the city, was also lauded. However, inordinate delays in execution of infrastructure projects and the multiplicity of organisations, are blamed for the tardy progress.
In civic amenities, Navi Mumbai scores big-time on many counts. It has more than sufficient water resources for the next 20 years. It has also become one of the first cities to have fully operational primary, secondary and tertiary treatment plants to recycle waste water. Even on the power front, the additional commissioner assured that there is more than enough supply.
With the new bridge connecting Navi Mumbai to south Mumbai, it is just a half hour's just a half hour's drive away. Can that be the USP of a city of about 2 million popula tion? Has Navi Mumbai outpriced itself as an afford able destination for the small buy ers of Mumbai? Shaikh made a plea for concerted efforts to push urban infrastructure and development in the 11,000 acre pilot project that is the Phase-I of the much-touted NAINA initiative. Announcements of infrastructure such as the new airport, have already pushed up leveraged values in locations such as Ulwe and Panvel but just completing the JNPT-Sewri Link and making areas more accessible to New Panvel, where the potential of housing in the Rs 2,700-3,000 per sq ft exists, and delayed approvals, spoil the chances for affordable housing. The advantage of the NAINA model is that there is scope for this range of properties and pricing, if offsite infrastructure provided by city authorities takes the lead. Is the educational driver the next big thing to look out for?
Education has been driving up demand for rental housing in the city, a structured policy for which, Suresh maintained, was what was urgently needed in the city . It also allows for the growth of a city about twice the size of Mumbai.
Assuming that land hurdles are crossed, the city authorities still need to evolve into multiple municipal corporations or development authorities, with a mandate to fast track growth and facilitate infrastructure to solve the region's housing and growth needs.
QUICK BYTE FALLING IN THE MOST URBANISED STATE OF MAHARASHTRA, WITH OVER 50 PER CENT POPULATION IN THE STATE LIVING IN URBAN AREAS VIS-A-VIS THE 33 PER CENT NATIONALLY, MAHARASHTRA AND MUMBAI PARTICULARLY, HAVE THE CHALLENGE OF RAPIDLY INCREASING DEMAND.
IN CIVIC AMENITIES, NAVI MUMBAI SCORES BIG-TIME ON MANY COUNTS. IT HAS MORE THAN SUFFICIENT WATER RESOURCES FOR THE NEXT 20 YEARS. IT HAS ALSO BECOME ONE OF THE FIRST CITIES TO HAVE FULLY OPERATIONAL PRIMARY, SECONDARY AND TERTIARY TREATMENT PLANTS TO RECYCLE WASTE WATER.
[FAST FACT] NAVI MUMBAI HAS MORE THAN SUFFICIENT WATER RESOURCES FOR THE NEXT 20 YEARS
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