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| CromaConcept/Pixabay |
Navi Mumbai's real estate story is worth sharing.
A sizeable 'central suburb' linked to Mumbai by the harbour railway line and a sub 2 km bridge, that boasts of robust infrastructure, great connectivity, and relatively cleaner living compared to Mumbai.
The Backstory
Post independence, India's urbanisation levels skyrocketed and the population of Mumbai began bursting at the seams, sending urban planners in a huddle by the 1970s.
That's when 16,000 hectares across 86 villages were acquired by the state government to decongest Mumbai, and Navi Mumbai was born.Despite offering a better quality of life than Mumbai itself, Navi Mumbai's reality today is a six-o-clock shadow of the original vision, real estate developments included.
Lackluster Real Estate Timeline
Vishal Bhargava, in an insightful piece notes down three reasons that have played spoilsport over time, restricting the satellite town's real estate development potential.
1️⃣ With Mumbai city offering far more profitable and cash flow boosting development potential, real estate builders never took Navi Mumbai seriously enough.
The Story Ahead
Will Maharashtra's incentives to the real estate sector, emergence of large listed players, and an infrastructure boom help Navi Mumbai reach its full development potential?
🔀 There are two lines of thought;