Navi Mumbai real estate will be buoyant with water taxi services

Inland waterways have turned into a reality for the island city of Mumbai with the operation of its first water taxi services connecting to Navi Mumbai.

It was inaugurated in the presence of Union Shipping Minister Sarbananda Sonowal, State Chief Minister Uddhav Thackeray, and representatives of nodal agencies viz Mumbai Port Trust, Maharashtra Maritime Board, and CIDCO from Belapur terminal.

The water taxi will ply between Domestic Cruise Terminal at Ferry Wharf Mazgaon in south Mumbai to the terminal at Belapur, Navi Mumbai in an estimated travel time of 45 minutes. The route is eventually planned to be extended to Nerul, Vashi, Airoli, Mandwa, Karanja, Rewas, Dharamtar, Thane, and KanhojiAngre Island among others. These new linkages between the financial capital and peripheral hinterland in Navi Mumbai will give a fillip to real estate markets.

Earlier used solely for logistics services, now Mumbai will join the league of other major global cities that use water transportation for passenger service. This new travel service will enhance accessibility across the harbour, ensure a smooth transport system and ease congestion on other modes of travel. Infrastructure development is key to economic growth and enhanced job creation with a multiplier effect on real estate segments. As a result, the NaviMumbai market will see the rise of commercial corridors, economic hot spots, and residential development on the back of a decentralization trend.

Dr Niranjan Hiranandani, CMD of Hiranandani Communities said that "A slew of upcoming mega infrastructure projects like Navi Mumbai International Airport, Mumbai Trans Harbour Link, Navi Mumbai Metro and Panvel-Karjat rail corridor will redefine the organic growth of the real estate landscape in Navi Mumbai. It is the right time for prospective homebuyers to opt for an early mover's advantage by buying their dream homes and reap the benefit of price appreciation in the long run." He further added, "The modern infrastructure growth will script the rise of the suburbia story in Navi Mumbai. The location being the vital component of home buying, this futuristic location will be the new livewire centre."

Strategically located between Mumbai and Pune- the two IT corridors, Hiranandani Fortune City is the fastest-growing integrated township of Panvel, Navi Mumbai. It is being developed in a phased manner offering statuesque high-rise residential towers, retail and commercial spaces, recreational and community interactive zones, green ecosystem living up to the philosophy of Live, Work, and Play. An assemblage of designated child play areas, indoor games, a daycare, a creche, and a playschool is operational with an idea of all-around development of kids. Relaxation and rejuvenation for individuals have been taken care of by spas & salons, yoga rooms, gyms, and pergolas as an intrinsic part of the township offerings.

The township comprises mainly two sectors- Garden Enclave (Sector A) and Forest Enclave (Sector C). The first sector is fully handed over to 1000+ happy customers, while the possession for the ongoing sector has commenced in 3 out of 8 Occupation Certificate received towers. The upcoming business hub in the township will house MNCs, shared workspaces, Data centres, IT/ITes conglomerates favouring Hiranandani Business Park as a preferred destination for commercial real estate.

Located on one of the fastest-growing business corridors, this commercial park is in proximity to industrial hubs like CBD Belapur, Taloja, Ghansoli &Airoli fostering future prospects. The upcoming Panvel-Karjat suburban rail corridor, widening of the Sion-Panvel highway & the Panvel railway terminus is expected to further boost connectivity and economic activities.

The multitude of infrastructure development in Navi-Mumbai will bring forth a new face to the sphere of real estate in the city. One can expect to witness a price appreciation in the long run due to the augmentation of transportation linkages, habitable ecosystem, and well-planned social and civic infrastructure.

The metamorphosis of Navi Mumbai into the next 'Brooklyn' of India will broaden the limits of the real estate landscape towards a new horizon. Therefore, it is the right time for fence-sitters to convert into actual homebuyers at Hiranandani Fortune City, Panvel in the backdrop of favourable market dynamics.

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( With inputs from ANI )