“While real estate is traditionally viewed through the prism of ‘location, location and location’, I feel that if you can spot the future location, then you strike a potential goldmine. Kharghar happens to be one such future location, which is yet to be explored and tapped. It has the making of a world-class location,” opines Pranay Vakil, chairman of Praron Consulting.
According to Prajakta Kartik, a local broker, Kharghar is one of those property markets, which have witnessed natural evolution due to various supporting factors.
“Kharghar is a planned area amidst a picturesque backdrop. It has a big catchment area and is well-connected to the CBD of Belapur in Navi Mumbai. Two major highways pass through the region, which also boasts of flourishing educational institutions. Moreover, the price point here suggests extremely high ROI ahead,” explains Kartik.
Special attention from CIDCO
Kharghar is the third most developed node of Navi Mumbai, after Vashi and Nerul. Falling into Raigad district of Maharashtra, it has an area of 1,700 hectares. The City and Industrial Development Corporation (CIDCO) has conceptualised Kharghar as a completely planned region that has self-sustaining amenities. In its endeavour to make it one of the best locations in Navi Mumbai, CIDCO has built an 18-hole golf course opposite Central Park in Kharghar. The Central Park sprawls 80 hectares and has a jogger’s track, food courts, fountains, botanical gardens, amphitheatre, theme parks and a conservatory (green house).
Today, Kharghar has shopping malls, retail outlets, utility shops, departmental stores and supermarkets. It also has theatres and multiplexes, hotels, serviced apartments and restaurants. It has good healthcare facilities, with the presence of multi-specialty and general hospitals, a number of clinics and pharmacies. The locality has many places of worship, including the famous ISKCON temple.
Physical and social infrastructure
The locality is well-connected by road and rail. The Sion-Panvel Highway passes through this area and connects it to Mumbai and other localities in Navi Mumbai. The six-lane Mumbai-Pune Expressway, starting at Kalamboli, lies in close proximity to the area. Kharghar is also connected via the Harbour Line of Mumbai’s suburban railway network. The nearest airport from Kharghar is Mumbai’s Chhatrapati Shivaji International Airport, at a distance of 35 kms.
The growth of residential zones, has fuelled the commercial developments, as well. Kharghar is home to the prestigious National Institute of Fashion Technology (NIFT), which was shifted from Dadar in 2002-03. The Advanced Centre for Treatment, Research and Education in Cancer (ACTREC), is located in Sector 22. This state-of-the-art R&D satellite of the Tata Memorial Centre (TMC), which also includes the Tata Memorial Hospital (TMH), is the largest cancer hospital in Asia.
Property prices in Kharghar are in the range of Rs 6,300-9,700 per sq ft, while rental returns are in the range of Rs 11-19 per sq ft. Analysts predict that the proposed metro connectivity, will fuel a rally in the property market, over the short-term, while the Navi Mumbai International Airport will change the market’s dynamics in the long-term.
Despite its good physical and social infrastructure, Kharghar faces a serious water supply issue as residents do not get 24×7 supply. Moreover, public transport is an issue that needs to be sorted out here. However, with a number of residential projects coming up, the CIDCO has promised to ensure continuous power and water supply. Commercial establishments too, are increasingly shifting their base to this node, where physical infrastructure is already among the best in the country.
(The writer is CEO, Track2Realty)