MUMBAI: Considered as a pivotal node of Navi Mumbai, Airoli, the ‘gateway’ to Navi Mumbai has seen tremendous development in terms of residential and commercial in recent times. Airoli has 28 sectors and two primary residential areas and can boast of upmarket social and civic infrastructure. Airoli has caught the attention of developers as the scarcity of land and high rates of real estate pushed them to look at the extension of Mumbai. Moreover, infrastructure development like connectivity to the Eastern Express Highway and the presence of some well-known educational institutions in the locality, have given further impetus to the growth of Airoli.
The presence of commercial activities has also triggered demand for residential projects in the suburbs. Sunil Behra of SK Properties says, “The capital values of office space witnessed an 8-12 per cent appreciation in the past 3-4 months, whereas the rental values of Grade A office spaces noted a hike of more than 15 per cent. Airoli has commercial office projects such as Airoli Knowledge Park, Mindspace Airoli and Patni Knowledge Park. Meeting the international office space standards, these projects are fully equipped with all the services and facilities.”
The ongoing commercial activities have triggered the demand-supply and property appreciation of the subcity. With corporate giants such as Siemens, Patni and other ventures catering to the IT/ITeS and the financial sector commencing their business from Airoli, demand for office space has increased substantially. With the corporate sector looking at the region for an office set-up, Airoli is progressively evolving from an industrial belt to a hub replete with social and infrastructure projects.
The Mulund-Airoli Link Road has reduced the travelling time to just 20-25 minutes which is further adding to the growth in demand. More and more industries are now looking for shifting their base to the area. “The development of Airoli is happening faster than any other Navi Mumbai suburb,” says Anil Mathur of Anshul Realty.
Om Ahuja, CEO, Residential Services, Jones Lang LaSalle India, says, “Airoli is all set to develop into a significant IT hub, which will have long-term implications for its potential as investment hotspots since it is emerging as a residential destination of choice by residents from Navi Mumbai.”