MUMBAI: The long stretch from Uran to Ulwe in Navi Mumbai, covers many areas which have witnessed spurts of real estate development but the one area which has emerged as a clear favourite of developers and investors, is Ulwe.
A plethora of developers are building residential complexes in Ulwe. Some among them are Dreams Group, Neelkanth Infracon, Imperial Enterprises, Sunny Developers Group Pvt Ltd, Srishti Group, Ocean Associates, Lakhani Builders, Serene Lifespaces and RSM Lifespaces LLP, amongst others. Most of them are offering 1, 2, and 3-BHK apartments. The capital values for new constructions are between Rs 24-84 lakh.
The existing inventory consists of residential houses, single floor apartments and multi-storey apartments. Residential plots are also easily available for those who wish to build independent houses in the area. The capital value of plots is Rs 22 lakh onwards. According to experts, rents in Ulwe begin at Rs 3,500 per month.
Ulwe, till some time ago, was a small village thriving on agriculture and fishery. Located four kms away from Nerul in Navi Mumbai, experts predict that this area will soon become a preferred investment destination after Chembur and Wadala. The infrastructure of the locality is undergoing a significant change to support its meteoric rise.
The proposed Navi Mumbai International Airport at Kopra-Panvel is to become operational in 2016. As a result, surrounding areas such as Ulwe, Kalamboli, Kharghar and Panvel, are now the most promising property investment destinations. The new airport will have a 10-lane approach road to its terminal building flanked by two runways. The new airport is to be located on NH-4B near Panvel, about 35 kms from Chhatrapati Shivaji International Airport.
According to a report by global property consultant Knight Frank, “Ulwe in Navi Mumbai is the most promising investment destination in the coming years.” This locality will benefit immensely from the upcoming Seawood-Uran suburban rail network, which will connect it to prominent office hubs through a Mass Rapid Transport System, the report elaborates.
Experts feel that Ulwe will experience an upward trend in real estate prices from now onwards. Hitesh Udani of Khushi Investments and Real Estate Consultants, predicts that “The locality will see a rise of at least 8-10 per cent in the capital values of residential units in the next one year.”
Pradeep More of Shivlink Real Estate, opines, “The prevailing prices for apartments in Ulwe’s neighbouring localities are not affordable anymore. This is another factor contributing towards the increased residential demand in Ulwe. For instance, a buyer has to shell out anywhere between Rs 40-50 lakh for a 1-BHK unit in these localities, while the same is available in the range of Rs 25-32 lakh in Ulwe,” he adds.