Copyright © HT Digital Streams Limit all rights reserved. Coin explanator | The Airport Effect: What is the next for Navi Mumbai real estate market? Many leading builders have acquired large land packs in Navi Mumbai or have begun the development of township projects. (HT) Summary Navi Mumbai has developed into a thriving property market with planned infrastructure and affordable life options, ready to start the new airport. Navi Mumbai’s real estate market – residential or commercial – never had the stature of Mumbai. Now the Navi Mumbai International Airport can change that. Major developers acquire land packs in the city for residential projects. Although the office market may take longer to grow, the area has already begun to emerge as a data center. Mint Explain what can change: How can the airport affect the property market of Navi Mumbai? Navi Mumbai, who was devised as a satellite city of the country’s financial capital in the 1970s, has developed into a bleeding real estate market with planned infrastructure and affordable living options, even though Mumbai is still India’s most expensive real estate market. Despite the proximity, Navi Mumbai did not reach the scale, nor did he acquire the price and sales moment that enjoys Mumbai’s real estate. But his property market is back in the spotlight with the inauguration of the first phase of Navi Mumbai Airport in Ulwe, which is expected to act as a catalyst who can reform property values throughout the region. Will residential development rise? Land is a clear indication of any real estate market, and areas such as Ulwe, Panvel, Taloja and Kharghar have seen rising land prices over the past few years. Panvel’s average punctual soil rates increased by 93% between 2020-21 and 2024-25 to £ 80,000-85,000 per square meter, according to the advice of real estate advice. In other parts of the city, plot prices stood higher at £ 1,10,000-1,30,000 per square meter, but grew by 58% in the same period. The growing land sales and prices could cause residential momentum in the years to come. Many leading builders have acquired large land packs in Navi Mumbai or have begun the development of township projects. Navi Mumbai has so far been a largely regional developer-dominated market. Even developers on Bengaluru, such as the prestige group, explore for land in the region. The most prominent is the launch of Adani Realty’s 1,000 -acre village. What is the status of Navi Mumbai Aerocity? A proposed aviation spanning 667 hectares along the airport, with residential, commercial and office development, has been linked to transform the real estate in the region. However, it is still far. Maharashtra’s Urban Planning and Development Agency, City and Industrial Development Corporation (CIDCO), has yet to finalize the master plan for the aviation. With the inauguration of the airport, the project will be expected to get pace. The land was acquired, and a consultant will be appointed soon to draw up the master plan. Can Navi Mumbai become a second Bandra Kurla complex (BKC)? More than three decades ago, Cidco Belapur in Navi Mumbai planned to be a central business center, which serves as an alternative to the Bandra Kurla complex (BKC) in Mumbai. It didn’t really appear as planned. Since then, office parks like Mindspace have emerged on the Thane-Belapur Road, but the region has not yet been a major status of Office Hub. For Navi Mumbai to fully develop as a real estate market, he must have a thriving office market that enables job creation, says Gulam Zia, senior executive director of the Property Advisory Knight Frank India. Compared to Mumbai, Navi Mumbai has a small office market. However, the latter has a cost advantage, and together with infrastructure development can rent more enterprises and enter new office stock. What is the potential of the Navi Mumbai real estate market? With the launch of the airport, the Panvel-Ulwe gait is expected to grow significantly over various asset classes. In addition to the residential and the office, Navi Mumbai has already emerged as a significant data center center. Lumina Cloudinfra, the data center platform of Blackstone Group, has two sites in the city, with 180 MW in progress. Worldwide asset manager Capitaland Investment also launched its first data center in Navi Mumbai in August, which is rented to a global hyperscaler. Navi Mumbai has also gradually developed as a prominent logistics and industrial property center, and analysts believe it will go further. International players, such as Ascendas FirstSpace, already have logistics parks in Panvel, and more are likely to establish new facilities in the area. Catch all the business news, market news, news reports and latest news updates on Live Mint. Download the Mint News app to get daily market updates. More topics #property #real estate #arport #mint-explainer read next story
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