NAINA Smart City to drive realty growth in Navi

Mumbai
The shape and dimensions of MMR will
change soon with a new city being
planned around the upcoming Navi
Mumbai International Airport. The
Maharashtra government would be
developing a new city NAINA or The
Navi Mumbai Airport Influence Notified
Area over an area of 600 sq km around
the
upcoming
Navi
Mumbai
International Airport. The states Governor Ch Vidyasagar Rao made this
announcement earlier this week when he was addressing the joint session of
the Maharashtra Legislature on the opening day of the budget session.
The government is committed to expedite the work of the Navi Mumbai
International Airport Project. Due to comprehensive rehabilitation policy of
the government, consent letters from Project Affected Persons for land
acquisitions have been received by CIDCO, the implementing agency for the
project. Majority of the clearances required for the project have been
received. The government has decided to build a new city called NAINA in an
area of 600 sq km, around the upcoming Navi Mumbai International Airport,
he said.
As a part of the smart city mission of the Centre, the state government
wanted to develop 30 towns, focusing on themes such as education,
medical, entertainment, industry, etc., he said, adding that study groups had
been formed to suggest the roadmap for this.
Plan for NAINA
Navi Mumbai with all infrastructure developments is expected to be one of
the most promising growth corridors in the MMR Region. The City and
Industrial Development Corporation of Maharashtra (CIDCO) is at the helm of
planning structured growth of both residential and office space in Navi
Mumbai. The absorption growth in Navi Mumbai has been primarily driven by
the affordable housing segment. NAINA is the planned area around the
airport and will be the epicentre of real estate growth in the region.
CIDCO has been entrusted with planning of a new city- Navi Mumbai Airport
Influence Notified Area or NAINA. It is the planned area around the airport
with a radius of 25 square kilometers, covering 60,000 hectares, that is more
than the area of Mumbai city.

NAINA has been planned in order to support residential development around

the Navi Mumbai International Airport. It covers parts of Panvel, Pen, Uran,
Karjat, Khalapur (District Raigad) including a total of 270 villages and 6
talukas.
The estimated development cost of NAINA exceeds Rs 3500 per square
meter that would translate to a total of Rs 210,000 crores. It is expected to
have a population of 80 lakhs over 30 years. The town planning agency will
carry out infrastructure development works such as constructing roads and
bridges apart from planning the development. However, internal
development will be carried out by private developers.
Infrastructure and connectivity
Navi Mumbai will be one of the few regions in the country to have
connectivity by all four modes of transport- Airport, Ports, Roads and Railway
in the near future. Navi Mumbai Metro-rail (NMMR) is expected to begin
testing Phase I in December 2016. A new passenger railway line will connect
Ulwe and Nhava Sheva in the first phase and finally up to Uran, the furthest
point of Navi Mumbai. CIDCO has invited bids for the Navi Mumbai
International Airport, to be developed on 1160 hectares with a capacity of
handling 60 million passengers.
The Mumbai Trans-harbor link and the Multi-modal corridor also fall in the
purview of the NAINA city. Navi-Mumbai has been investors favorite due to
various infrastructure projects envisaged. Proposed New International Airport
and metro rail expected to boost connectivity. There has been an increase in
office space absorption by KPO, BPO & IT Parks in Mahape.
Rajesh Prajapati, MD, Prajapati Group, Navi Mumbai holds a distinct
advantage as it is a planned and structured satellite city with a cosmopolitan
and modern outlook. CIDCO has ensured that there is round-the-clock water
and power supply and the physical infrastructure is running smoothly. The
social infrastructure in terms of schools, medical and engineering colleges
have also added value to the lives of residents in Navi Mumbai.
Pricing and future growth prospects
Residential project prices currently range from Rs 3,000 to Rs 15,000 psf for
the Navi Mumbai region. Steady absorption is expected to continue with
affordable pricing levels and pick up with more visibility on work of the new
airport. Airoli is considered the most attractive location in the Navi Mumbai
region in terms of physical infrastructure, social infrastructure and
development of office space. The areas of Panvel and Taloja are the more
affordable locations in the region.

With the announcement and development of NAINA, Navi Mumbai notified

area which is already developed to a large extent will get bigger valuations.
As a result of these positive developments the rates would see a band width
of lowest rate as Rs 10000 per sq ft at any location in Navi Mumbai. With the
earnings of an individual increasing in this satellite city these prices are
sustainable, says Ashok Chhajer, Chairman, Arihant Superstructures.

Source: CommonFloor.com
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