MUMBAI: Panvel resident Renuka C is looking to buy a 1BHK in Ulwe, around 13 kms away from her present residence, measuring no more 450 sq ft, but finds the price of around ₹ 60 lakh for an apartment that size prohibitive. She does not have the luxury of time as property prices in the area, which was not a destination of choice for home buyers until recently, are skyrocketing. The once sleepy villages of Ulwe, Uran, Palaspe, Dronagiri and Pushpak Nagar, spread out around the Atal Setu, Navi Mumbai International Airport (NMIA) and Jawaharlal Nehru Port, are no longer neglected areas of Navi Mumbai.
In fact, since the Atal Setu opened in January, property prices in the five areas have increased by 8-10%, surpassing ₹ 1 crore. Today, as it takes only 30 minutes to travel between Ulwe and south Mumbai through Atal Setu, a sharp scale-down from the earlier two hours, this part of the Mumbai Metropolitan Region (MMR) has become a lucrative playing field for real estate barons. The state government has added to the optimism of growth with a plan for a ‘Third Mumbai’ at the Ulwe end of Atal Setu, the country’s longest sea-bridge.
Pankaj Kapoor, founder and managing director, Liases Foras, a real estate research and rating firm, made a succinct observation: “The bridge acts like an umbilical cord connecting south Mumbai to Ulwe, Dronagiri, Palaspe and Pushpak Nagar.” Real estate rates are predicted to rise further over the next few months as NMIA inches closer to commerc.