Now the Navi Mumbai International Airport can change. Large developers acquire land land in the city for residential projects. While the office market market can take longer, the area has already begun to appear as the center of the data center. Mint explains what might change:
How can the airport affect the Navi Mumbai property market?
Navi Mumbai, created in the 70s as a satellite city of the country’s financial capital, has developed into a prosperous real estate market with planned infrastructure and affordable life capabilities, even though Mumbai is still the most expensive Indian real estate market.
Despite its proximity to Navi Mumbai, he did not reach the scale or obtained the price and sales dynamics that Bombai enjoys the property. However, its real estate market returns in the center of attention with the inauguration of the first phase of the Navi Mumbai airport in Ulwe, which is expected to act as a catalyst that can transform real estate values throughout the region.
Will residential development take off?
Land is an indicator of narration about any real estate market and areas such as Ulwe, Panvel, Taloja and Kharghar, have seen land prices in recent years. The Panvel Average Ground Ground Rates increased between 2020-21 and 2024-25 £80 000-85 000 per square yard, according to Real Estate Advisory Square Yards.
In other parts of the city cost plotting prices higher £1.10 000-1.30 000 per square yard, but in the same period increased by 58%.
In the coming years, rising sales and land prices can cause residential dynamics. Many leading builders have gained large land in Navi Mumbai or began to develop projects of the Black Quarter. Navi Mumbai has so far been a major regional market with developers control. Even developers based in Bengalur, such as the Prestige Group, are looking for land in the region. The most important will be the opening of the black district of Adani Realta.
What is the state of Aerocity Navi Mumbai?
The proposed aerocity, including 667 acres adjacent to the airport, representing residential, commercial and office development, was suspended for the transformation of real estate in the region. But it is still a long way.
Maharashtra’s Urban Planning and Development Agency, City and Industrial Development Corporation (CIDCO), has to complete the main plan for Aerocity. The airport inauguration is expected to gather the pace. The country has been obtained and will soon be appointed consultant to prepare the main plan.
Can Navi Mumbai become the second complex Bandra Kurla (BKC)?
More than three decades ago, Cidco planned Belapur in Navi Mumbai to be a central business and serve as an alternative to the Bandra Kurla (BKC) complex in Mumbai. It really did not show as planned. Since then, office parks such as Mindspace have appeared on the Thane-Belapur road, but the region still lacks the state of the large office center. In order to fully develop the Navi Mumbai as a real estate market, it must have a prosperous office market that allows jobs to be created, Gulam Zia, head of Property Advisory Knight Frank India, said.
Compared to Mumbai, Navi Mumbai has a small office market. However, it has a cost advantage and together with the development of infrastructure can see more companies for leasing and a new office supply.
What is the potential of the Navi Mumbai Real Estate market?
The Panvel-ILWE corridor is expected to grow significantly across several asset classes. In addition to the residential and office, Navi Mumbai has already proved to be an important center of the data center. Lumina Cloudinfra, a platform of the Blackstone Group data center, has two places in the city, with 180MW. Global Asset Manager Capital and Investment also launched its first Data Center in Navi Mumbai in August, which is rented to the global hyperscaler.
Navi Mumbai is also constantly evolving as an important logistics and industrial real estate center, and analysts believe that they will now gain another pace. International players, such as Ascendas FirstSpace, already have logistics parks in Panvel and others are likely to set up new devices in this area.
(Tagstotranslate) Navi Mumbai Real Estate (T) Navi Mumbai Property (T) Navi Mumbai International Airport (T) Navi Mumbai Airport Impact (T) Ulwe Real Estate (T) Logistic Navi Mumbai (T) Prestige Group Navi Mumbai (T) Cidco Aerocity Master Plan
