Growing demand finally pushes up Dronagiri realty

As prime minister, Narendra Modi laid the foundation stone of JNPT SEZ, the adjacent real estate markets were filled with hope of realty development in the near future. One such area is Dronagiri, where the City and Industrial Development Corporation of Maharashtra (CIDCO) announced affordable housing units to be constructed in 60 hectares of land to rehabilitate people displaced by the Navi Mumbai airport. The rest of the area has already been given to private developers for real estate development.

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This declaration has opened avenues of development in the area. “As CIDCO is coming up with large stock of housing units in Dronagiri, they will also provide basic amenities and infrastructure,” says Ramu Shinde, owner, EHC Realtors.

Local realtors pointed out Airoli and Kharghar, which have been developed by CIDCO, now boasts of wide-built roads, tall residential towers and proper town planning. These localities have not witnessed water logging in the past five years.

Other than this, Dronagiri lies in proximity to one of the biggest job market of Maharashtra state- JNPT. Companies based in the area provides employment to over thousands of skilled professionals. Currently, the housing demand generated by this work force is spilled over various sectors of Kharghar. The property prices of Kharghar range between Rs 6,000-8,000 per sq ft.

Dronagiri is one of the affordable housing options with property values ranging between Rs 4,000-4,500 per sq ft.

As per the data with Magicbricks, a 600 sq ft apartment is available at starting price of Rs 21 lakh which can range up to Rs 28 lakh, depending upon the project. Whereas, an 1100 sq ft flat is available in the budget range of Rs 35-55 lakh while bigger units of 1800 sq ft can vary between Rs 70-75 lakh. Most of the projects being offered is scheduled for delivery in the two years.

Ulwe is another housing hub which has ample stock of ready-to-move-in properties. However, the property values range between Rs 5,000-5,500 per sq ft which makes it comparatively expensive than Dronagiri.

As per Magicbricks data, a 300 sq ft unit is available in Ulwe at the minimum cost of Rs 15 lakh which can go up to Rs 45 lakh, depending upon the possession date. Similarly, a 2BHK apartment of 1000 sq ft can cost from Rs 35 to 95 lakh while a 3BHK apartment will range between Rs 55 lakh – Rs1.5 crore.

Moreover, as other phases of JNPT SEZ will come into existence, the housing demand from rising population employed here will give impetus to Dronagiri real estate market.

If we talk about connectivity, Dronagiri is soon going to witness local train connectivity from different parts of Navi Mumbai. “Direct local trains from Nerul, Seawood, Panvel is going to get operational in the next six months. Land acquisition has already been completed and only the laying of railway tracks is left,” says Rajendra Chauhan, owner, Real Estate Investment Advisory, a property consultancy currently operational in Navi Mumbai.

However, the Trans Harbour Link is still pending for approvals from the Environment Ministry and has become a hurdle rather than a growth driver for areas close to JNPT SEZ.

“Easy access routes to Chembur and Sewri will bring housing demand to affordable Dronagiri as the travel time will be reduced to half with this link road,” says Chauhan.

Attributing Dronagiri’s growth to CIDCO announcement, proximity to upcoming job market and connectivity, capital appreciation is being anticipated here at par with Kharghar and Airoli.

“Property values in Dronagiri have doubled in the past two years, because of high demand from small ticket investors with an investment horizon of 4-5 years. Since property prices have picked up, end-users are also looking to put their money here,” says Shinde.

As real estate development in Dronagiri pins hope with CIDCO’s announcement of bringing housing options in the area, it would be a matter of time to see whether the area will be at par with its counterparts in future.

Source - MB