Well-known real estate consulting firm, Colliers India, launched its latest report on Mumbai’s growing residential market. With several infrastructure projects in progress, most of them nearing completion in 2024, the city is poised to be well-connected and also witness the emergence of new residential hubs around the peripheral nodes of Navi Mumbai such as Kharghar, Ulwe and Panvel.
The Mumbai Trans Harbour Link (MTHL), Navi Mumbai Metro Line, along with the Navi Mumbai International Airport, which is set to be operational soon and Kharghar-Turbhe Link Tunnel Road (KTLR) will take things up a notch and play a pivotal role in driving residential demand and real estate prices across the region.
The report titled, ‘MMR’s newest residential hub - Upper Kharghar’, takes a closer look at dominant factors that are facilitating the region’s growth and the findings uncover the growth timelines, key developments underway, affordability, and yields that can be expected year-on-year. The dynamic locality is emerging as a prime destination for both end-users and investors looking to purchase residential properties. Located as a natural spill-over of the thriving Kharghar region, Upper Kharghar is poised for exponential growth in the near future.
“The Mumbai residential market will most likely witness ascending growth in the next decade. Given that the infrastructure upgrades will vastly improve intra-city connectivity, top developers are looking at emerging markets like Panvel, Belapur and Upper Kharghar to expand their portfolio and infuse fresh supply into the city to meet the growing demand. These peripheral markets will soon have locational convenience, modern-day infrastructure, scenic beauty and well-planned townships that will be drivers of demand and real estate prices in the region.” said Swapnil Anil, Executive Director & Head of Advisory services, Colliers India.
Given the high yields anticipated in the Navi Mumbai regions over the next few years, top developers in the region have been trying to accommodate the market needs with respect to affordability, amenities and space requirements. The residential market here has attracted multiple developers like Today Global, Paradise Group, Adhiraj Constructions, and many more who are willing to invest in the development of the region. A substantial increase in marketable supply (launches) in FY-2022-2023 was recorded. This significant surge in supply could be attributed to factors like strategic location, demand from professionals working in nearby business hubs, and infrastructure developments.
A holistic approach to area development, coupled with the ongoing infrastructure developments, bodes well for the city’s continued growth.
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