7 megaprojects that will change the face of Navi Mumbai
The twin city of Kalyan-Dombivli has shown rapid development in the recent past, thus emerging as a favourite among developers and buyers alike. And the 'Smart City' tag is only expected to further fuel its growth
Located in the western region of Maharashtra, Kalyan-Dombivli has emerged as a realty hotspot in the last decade on the back of affordable real estate prices, good connectivity via road and rail and the development of employment centres in and around the region.
"Smart City initiatives such as the metro rail and road projects as well as several big housing projects have all added to the development flavour of Kalyan-Dombivli. This region will see many growth opportunities in the next 5 to 10 years. The metro will connect Taloja, Shilphata, Durgadi, Kongaon, Bhiwandi and Kalyan. A 45-km ring road from Dombivli is also proposed. A road leading from Mahape to Katai Naka has also been planned. All this will improve Kalyan and Dombivli’s access to Mumbai, Navi Mumbai and Thane," says Mahesh Agarwal, CMD, Regency Group.
Kalyan-Dombivli has traditionally been an industrial hub. However, with prices in and around the main city moving northwards and land parcels getting saturated, realty developers started looking at peripheral markets to drive the real estate market. “Developers got access to huge land parcels when they came to Kalyan-Dombivli. Also, since it was always an industrial hub, the right way forward would be to develop residential units around them so that people would not have to spend a considerable amount of time travelling between their workplace and home. Hence, rapid residential development took place. And with big and reputed brands entering the fray, buyers especially end-users made Kalyan-Dombivli their home,” says Siddhart Goel, real estate consultant.
Additionally, the state government and local authorities have also been investing to boost the infrastructural framework of the area.
“The area has always been blessed with excellent social infrastructure. From multi-speciality hospitals to reputed schools and colleges among others, the area boasts of a host of amenities. However, physical infrastructure had to be built in order to bridge the gap between the island city and Kalyan-Dombivli. And some of the key projects, which have driven the market, include the Mumbai-Pune Expressway, Eastern Highway and Kalyan-Shilphata Road. And with the locality already connected through local trains, Kalyan Junction being one of the major stations on the central line of the Mumbai suburban railway network, connectivity has only further been bolstered,” says Ashutosh Limaye – head research & REIS, JLL India.
With Kalyan-Dombivli inching towards development, what is working in favour of realtors and buyers is the affordable prices of the residential projects. As per data by Magicbricks, the average price in the area is Rs 6,200-7,000 per sq ft with a 2-BHK flat available in the range of Rs 38–90 lakh, depending on the location and construction of the property. And when compared to localities in Mumbai, Kalyan is far more affordable than localities in Thane and Navi Mumbai.
“The real estate market of Kalyan-Dombivli is primarily being driven by end-users in the affordable housing segment. And with large land parcels available at the disposal of developers, realty players are focusing on building townships or complexes within the five-km radius of the project. And with a lot of industries particularly the IT sector, automobiles and manufacturers setting up their base here, buyers are more than willing to settle here to cut their commute time to work,” says Gulam Zia, executive director, Knight Frank India.
With property values in the island city and suburbs skyrocketing, buyers would increasingly look to this region for investment purposes. Further, the Smart City tag will only leverage the brand of Kalyan-Dombivli with the state government and KDMC authorities implementing their plan of developing the city (which focuses on building a region backed by IT infrastructure and sustainable living).
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