Accessible for both Mumbai and Pune buyers

Hot Spot: Ulwe

Ulwe is a residential market south of the Panvel creek. CIDCO, the planning authority of Navi Mumbai, has acquired land and is developing this location according to its city development plan. Hence, it is not yet an established residential destination. Since 2009, Ulwe has witnessed a launch of 6,606 residential units; almost 83 per cent of these were launched between 2010 and 2011. The projects witnessed healthy sales initially. However, this subsided on account of low-end user interest, because of lack of mass rapid transport connectivity. Unsold inventory climbed to 27 per cent as on Q3 2012, and the developers have reduced launches significantly.

Ulwe is connected with the important Thane-Belapur Road via Uran Road, which also connects it with JNPT Road that goes towards the Jawaharlal Nehru Port (Nhava Sheva). CBD Belapur, the CIDCO notified office micro-market, is just seven km from Ulwe. Prominent office locations within the zone are at a maximum distance of 22 km. The under-construction 27-km Nerul Seawood Uran rail line will connect Ulwe with the suburban rail network via a railway station called Bamandongri, which is expected to be operational by 2015. Once this is in place, Ulwe will be connected with all these major office markets through the mass rapid transport system.

Though there is a dearth of social infrastructure, it will be addressed through the auction of earmarked plots for hospitals, schools and other developments. Proximity to the Navi Mumbai International Airport will help Ulwe on account of the corollary commercial activities. Towards the south of the international airport was the planned Navi Mumbai Special Economic Zone. Although plans for the SEZ have been shelved, we expect large-scale commercial developments to come up on this land. The Navi Mumbai Zone has emerged as a self-sustaining one; however, the connectivity with the island through the proposed Mumbai Trans Harbour Link will increase the attractiveness of this destination. The link will be most significant one between island city zone and Navi Mumbai in Sewri and Nhava, respectively.

Prices in Ulwe are around Rs 4,000/sqft. Prices are expected to reach Rs 9,800 by 2017.

The writer is the Director — Research & Advisory Services, Knight Frank India