Tips for investing in NAINA
03 Feb 2016
Ayesha and Boswell Gnomes have spent their childhood and adolescent years in the Bandra Kurla Complex (BKC), Mumbai. A change of jobs brought Boswell and his family to Gurgaon a couple of years ago. They sold off their property in BKC and bought a 3BHK unit in South City, Gurgaon, the western branch of NCR.
In September 2015, Boswell employed with a knowledge management company, got transferred to Boston. The Gnomes family is planning to make an overseas shift after the school session gets over this year. They now want to sell off their Gurgaon house and buy a flat in Mumbai, as it is their hometown.
Ayesha says, “While we are looking to sell this house in Gurgaon, at the same time we are searching for a suitable property in Mumbai as well. As of now, the Mumbai property will be for investment only. The dealer who helped us initially to sell off our flat in Mumbai is suggesting some upcoming properties around NAINA. We are still contemplating over it.”
Knowing NAINA
NAINA or the New Airport Influence Notified Area (NAINA) has been news for some time now. The locality was announced with much fanfare some years ago but due to lack of planning, the natural growth of the area was stymied.
If like the Gnomes family you are looking at properties in and around NAINA, you should be well-aware of the locality’s background before making an investment. The locality was in troubled waters until recently due to clearances from the government. However, these are a thing of the past now.
The State’s Forest Ministry has cleared the last hurdle for the Navi Mumbai airport on the condition that it will make the adjoining area unattractive for birds. This means that the realty prospects of the area have brightened with the new development.
The 2,500-hectare area in Panvel marked as the Navi Mumbai airport zone and a good 10-12 km area around it is rich in mangroves and is home to birds, including migratory flamingos.
Earlier, the City and Industrial Development Corporation of Maharashtra (CIDCO) vice chairman and managing director, Sanjay Bhatia, indicated that the Phase-1 of the Rs 14,500-crore airport will be ready by December 2018.
For better understanding, we have defined the boundaries of the New Airport Influence Notified Area as per the official website of CIDCO Maharashtra government.
Expected infrastructure
CIDCO has prepared a three-year action plan for the development of 13 schools, 4 professional colleges, 1 degree college, 32 hospitals, 34 religious and spiritual centres and 77 social welfare centres including hostels, indoor sports facilities and community centres in the nodes being developed by it.
Bhatia said the government is reactivating the Mumbai Trans Harbour Link (MTHL) or the Sewri-Uran Sea Link, while the Jawaharlal Nehru Port Trust (JNPT) is doubling its capacity to handle large ships and CIDCO is developing a 600 sq m township for the airport.
Welcoming the planned infrastructure by CIDCO in Navi Mumbai, several realtors have expressed their commitment to contribute in the shaping of the city as a “truly world class city”.
Residential inventory present in various Tahsils
NAINA constitutes several Tahsils such as Uran, Panvel, Karjat, Khalapur, Pen and Thane. According to Magicbricks, here is the most available properties in each tahsil. You should remember that some of them such as Panvel and Thane, are already developed and therefore the property price difference will be comparatively stark.
Falling in the most urbanised state of Maharashtra, with over 50 per cent population living in urban areas vis-a-vis the 33 per cent nationally, Maharashtra and Mumbai particularly, face the challenge of rapidly increasing demand. However, institutional and official response has been slow. Kaushik Chandrani, owner, Typecast Properties says, “There is increase in demand for rental housing, leading to a consistent 3-4 per cent yield for residential property investors.”
People who were uprooted due to the development of the infrastructural projects, Bhatia said CIDCO has also initiated steps to resettle the project-affected people with increased compensation and allotment of developed plots.
Another notable destination – Ulwe
Ulwe, is one of the most talked about location that is impacted because of the upcoming airport. It lies immediately South of the proposed Navi Mumbai International Airport. It is the node of the city of Panvel and equidistant to the Dronagiri and Kalambole nodes.
Currently, the area is in a state of development and is waiting for the basic infrastructure including a network of roads, water supply and drainage system. The state of public transportation is almost negligible with the absence of buses, but one could get auto-rickshaws. According to Vinay Manchanda, a realtor, "The area will take time to get facilities and that will happen once people start living there. Presently, it is an investment destination."
Buying in NAINA
Although Navi Mumbai is poised to be the new city to live in - more urbanized and classy, once the airport gets operational, one cannot deny the fact that it will be a classic chicken and egg situation - whether the infrastructure and basic amenities should come first so people find the place liveable or should people move into the place so infrastructural development takes place? Meanwhile, real estate developers have started offering discounts and deals on new properties in the resale market.