Upper Kharghar: A hidden gem in MMR region

Upper Kharghar offers a perfect blend of nature, connectivity, and investment potential.

While Kharghar has long been a familiar name in the real estate sector, Upper Kharghar in Navi Mumbai has undergone a remarkable transformation, becoming an emerging destination within the Mumbai Metropolitan Region (MMR). Upper Kharghar has quickly gained popularity, exhibiting its modern allure with a perfect blend of affordability, scenic charm, and strategic location. This area is now drawing homebuyers, rewriting Navi Mumbai’s real estate market story.

 

Upper Kharghar witnessing growth

Upper Kharghar is witnessing growth in central Kharghar from areas like Adivali, Rohingya and Dhansar. Upper Kharghar’s green belt provides people with quiet natural surroundings and modern urban habitat. The Colliers India’s report, “MMR’s newest residential hub – Upper Kharghar,” released in January 2024, reveals the growth timelines of the region, considering data and upcoming infrastructural developments that will enhance accessibility and create opportunities.

The real estate growth in Upper Kharghar mirrors the exponential trajectory seen in Thane-Ghodbunder, with anticipated price appreciation. Townships over 30 acre contribute significantly to the area’s development, offering large and more affordable houses ranging from 2BHK to 3BHK, with starting price of Rs 30 lakh to Rs 40 lakh. With lush green forests and the Taloja River, Upper Kharghar provides attractive surroundings. With Central Park, a verdant expanse within the vicinity, residents can access a tranquil retreat for relaxation and recreation. Navi Mumbai’s only golf course by Cidco in Kharghar emanates an aura of refinement, drawing golf enthusiasts.

 

Better infrastructure and amenities

Connectivity has improved with the introduction of the Navi Mumbai Metro and the Mumbai Trans Harbour Link (MTHL), making Upper Kharghar preferable areas over others like Vasai-Virar. Better infrastructure and amenities are expected to result in 37% appreciation in average pricing over the next five years. Further, Upper Kharghar offers 22% larger unit sizes than Kharghar, making it a compelling choice for homebuyers.

The investment potential in Upper Kharghar is understood by the interest shown by NRIs for long-term investments. Upper Kharghar, with its perfect blend of affordability, proximity to nature and seamless connectivity, stands out as the most cost-effective extension of Kharghar.

The existing infrastructure and upcoming projects like the Kharghar-Turbhe Link Road are expected to make Upper Kharghar more accessible, cutting down travel time from Mumbai, Thane, and Navi Mumbai. Therefore, Upper Kharghar is becoming an extremely desirable location for homebuyers and investors. It is easily reachable through prominent routes, such as the Mumbai Highway and Panvel Road (NH48), enhancing the overall connectivity.

The Kharghar Railway Station and the NMMT Bus Network enhance residents’ commuting. The operational Navi Mumbai Metro Line-1 (Belapur-Kharghar-Taloja-Pendhar) is a game-changer, significantly improving mobility within the locality. The Navi Mumbai International Airport is merely 12 km away, gearing up to commence operations in 2024. With this, Upper Kharghar’s accessibility is poised to reach new heights.

 

Sustainability and environment friendliness

Urban planning, such as seamless integration of various modes of transportation, embody a rigorous process that balances residents’ need for the overall development. Upper Kharghar is a top-notch residential option that prioritises sustainability and environment friendliness. It improves the residents’ quality of life while supporting the objectives of sustainable development.

Upper Kharghar also prioritises residents’ well-being with availability of essential services. The neighbourhood offers access to healthcare facilities, educational institutions, and a retail market with shopping malls and supermarkets within 10 to 15 km radius. Its strategic location provides access to local commercial areas, making it an ideal place for professionals. Its status as a no-liquor zone improves safety and liveability, transforming Upper Kharghar into an all-encompassing destination for homebuyers.

According to the Colliers report, Upper Kharghar is poised for over 1.4x investment returns in the next five years, with a rental yield of approximately 3%. Demonstrating resilience and adaptability, its comprehensive approach to development renders it an appealing location for investors, and homebuyers.

 

Conclusion

As we delve into the market dynamics and observe the pricing trends, it becomes evident that Upper Kharghar has the potential for growth and offers lucrative investment opportunities for homebuyers as well as investors.

(The author is joint managing director at Today Global Developers.)

 

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com

 

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