Real Estate future of Kharghar-Kalamboli-Kamothe corridor
Navi Mumbai: The Kharghar-Kalamboli-Kamothe corridor promises good returns in the time span of 3 – 5 years and is affordable compared to adjucent areas. Lower price range is one the reason for demand of residential units in this corridor. Few years back, real estate in these areas was driven by investors. Today with the growing number of IT companies in Navi Mumbai, Kharghar-Kalamboli-Kamothe corridor is considered as an option to live by many end-users.
Connectivity and Infrastructure Development:
The three nodes of Navi Mumbai are at a distance of less than an hour from main areas of Mumbai. Kharghar lies on the Sion-Panvel Express Highway, which connects it to Belapur, Nerul, Vashi on one side, and New Panvel, Kalamboli, Kamothe on other side. Kalamboli is hanging in between NH – 4, Sion – Panvel Highway, Panvel By-pass and Mumbai – Pune Expressway.
Kamothe is a planned node and it has been divided into 48 sectors. The main lifeline of the Kamothe is the Mumbai-Pune Expressway. The completion of the Sewri-Nhava Sheva Sea Link will improve the connectivity of these areas with the main business districts of South Mumbai. According to the real estate experts, the completion of upcoming Navi Mumbai International Airport will redefine these areas and after 10 years, buying a property on this corridor will be very expensive.
Upcoming projects:
The developers coming up with projects on this corridor are Future Homes Builders & Developers, Lodha Group, Paradise Group, Aakash Group, Juhi Developers, Akash Group and Sai Raj Developers. The major demand is for a 1 BHK apartment and is available in the range of Rs. 19 to 23 lakh. Most of the upcoming apartments offer one, two and three BHK apartment units. Maitri Ocean, Lakhanis Harmony, Sapplire God’s Gift, Sapphire Springs, Balaji Amrut, Tricity Pristine etc. are few upcoming projects in these areas with all the modern amenities.
Price Trends:
All the three nodes have very different price trends. Kharghar has seen a jump of 19% in property prices while for Kalamboli, the property prices have remained stagnant for the fiscal 2012. The property prices have more than doubled for the Kamothe. The present property prices per sq. ft. are Rs. 6,500 – 8,000, Rs. 4,800 – 5,500 and Rs. 8,000- 11,000 for Kharghar, Kalamboli and Kamothe respectively.,
Advice for the user:
The Kharghar-Kalamboli-Kamothe corridor has good social infrastructure like shopping malls, International Standard Golf Course, the ISKCON Temple, international schools, Management colleges, Engineering colleges and medical colleges. Many software companies have emerged in Navi Mumbai leading to good quality job generation and increased demand of residential units for rent. The international airport is also attracting the buyers.
The factor, which is to be considered, is that the airport was suggested in 2010 and the construction has not started yet. Out of 1160 hectare of land, 225 hectare is yet to be acquired and will take another 2- 3 years. Moreover, if everything goes right then also it will take another seven years for the airport to be fully functional. Real estate experts suggest that if you are an end user then it is a good time to buy a property but if you are a short- term investor and are, looking for high returns then you should be cautious, as this corridor will give you high returns only after 10 – 12 years.
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Aakash Group, Akash Group, Balaji Amrut, Belapur, Homes Builders & Developers, Juhi Developers, Kalamboli, Kamothe, Kharghar-Kalamboli-Kamothe corridor, Lakhanis Harmony, Lodha Group, Maitri Ocean, Mumbai-Pune expressway, Nerul, New Panvel, NH-4, Panvel By-Pass, Paradise Group, Sai Raj Developers, Sapphire Springs, Sapplire God’s Gift, Sewri-Nhava Sheva Sea Link, Sion Panvel Highway, Sion-Panvel Express Highway, Tricity Pristine etc. are the upcoming projects in the area with all the modern amenities., Vashi
Kamothe – 8000 to 11000……..Looks like an error. The current rate range is 5000 to 6500