Ulwe in Navi Mumbai, a satellite city near Mumbai, was considered too far from the financial capital of India. However, that is all set to change soon.
With construction of the Mumbai Trans Harbour Link (MTHL) and Navi Mumbai International Airport nearing completion, the real estate market in this micro-market is expected to get a lift and turn homeowners into crorepatis.
According to experts, residential prices in Ulwe have doubled over a decade. A two-bedroom apartment in Ulwe is being sold for as much as Rs 1 crore.
"In 2016 and 2017, a 1 BHK apartment in Ulwe cost Rs 25-30 lakh and that went up to Rs 35-40 lakh in 2020 after Covid-19. Now, in 2023, the price of a 1 BHK apartment is in the range of Rs 50 to 60 lakh. This is majorly because of the upcoming MTHL corridor and prices also appreciated big time due to the upcoming Navi Mumbai airport," said Bharat Singh, a broker from Ulwe.
The MTHL is a 21.8 km, six-lane sea bridge connecting Navi Mumbai and Mumbai and is expected to be ready in December. The Navi Mumbai airport is expected to be operational in 2024.
About Ulwe
Ulwe is a micro-market that was formed by merging the villages of the Koli community involved in farming and fishing, given its proximity to the sea. From a real estate perspective, it is a mixed market of end-users and investors.
It is strategically located and well-connected by road to Belapur and Seawoods Estate to the north, both across the Panvel Creek, and to Jawaharlal Nehru Port, one of the largest in India, towards the west.
Currently, it takes 60 to 120 minutes to cover the 31 km from Ulwe to the commercial district of Bandra Kurla Complex (BKC). It takes about the same time to cover the distance between Ulwe and South Mumbai.
Once the MTHL is constructed, travel time to Ulwe from South Mumbai and BKC is expected to be cut to 30 to 60 minutes.
Also read: Navi Mumbai metro to start soon, boost property prices in micro-markets
Prominent developers
Ulwe as a micro-market – and even Navi Mumbai – don’t have a strong presence of Grade A or listed developers. The City and Industrial Development Corporation (CIDCO) owns huge tracts of land in Navi Mumbai and periodically puts up plots for auction.
Most of the auctioned plots are bought by local developers active in Navi Mumbai or Ulwe, according to brokers. Ulwe has two types of residential buildings – ranging from seven floors to 13 floors, brokers said.
Cost of flats
One-, two- and three-bedroom apartments in Ulwe range in cost from Rs 6,000 per square foot to Rs 13,000 per sq. ft, depending on factors such as the locality, connectivity, and the age of the property.
Rent is Rs 10,000 to Rs 12,000 a month for a one-bedroom apartment, about Rs 20,000 for a two-bedroom flat, and Rs 30,000 to Rs 35,000 for a three-bedroom unit, according to local brokers.
“The per sq. ft residential rates in Ulwe have doubled in the last five years to a range of Rs 8,500 to 10,000 per sq. ft. I would say this doubling can be attributed to the upcoming MTHL and Navi Mumbai airport," said Karan Singh Sodi, a senior managing director at Jones Lang LaSalle India, a real estate consultancy firm. “There is still some scope left for investors wanting to invest in the residential market of Ulwe. Once MTHL and Navi Mumbai airport are live, I see a pick-up in the luxury residential market there, which is dominated by affordable housing.”
According to Sodi, Dronagiri, which is further away from Ulwe, has good potential for appreciation. The current rate of Rs 5,500-6,000 per sq. ft there is expected to increase rapidly in the next five to 10 years, he said.
“A couple of other micro-markets like Wadala and Sewri have also seen significant capital value appreciation due to the sea bridge," he added.
Also read: Ulwe Better Than New York: This tenant moved the seas to live in Navi Mumbai
Challenges
Though the future looks promising for Ulwe once the MTHL and Navi Mumbai airport are operational, residents said there is a lack of social and public facilities and big hospitals to cater to the people.
"I have stayed in Ulwe for the past six months because of proximity to my workplace. This allows me to save on my commute and have additional time for family and hobbies. Ulwe is a family-friendly place but not meant for bachelors with an active lifestyle. There is a severe lack of restaurants, cafes, and public places. Ulwe, however, is extremely affordable and I am paying only Rs 35,000 for a huge three-bedroom apartment," said Varun Aggarwala, a resident.
“Currently, there are no big hospitals, but due to easy connectivity to Belapur and Nerul, we get access to top medical care. In the coming months, with MTHL and seamless connectivity to Mumbai, we should hopefully see an improvement on the social scene in our neighbourhood."
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