Cidco To Develop Nerul Along The Lines Of Santa Cruz
In order to replicate the commercial aura around Mumbai airport in Navi Mumbai airport, the City and Industrial Development Corporation (Cidco) is going to develop a 1.3-hectare plot in Nerul for a residential-cum-commercial purpose, just like Santa Cruz in Mumbai. The Cidco has invited applications for lease for this prime property which would also push up the annual revenue of the agency by Rs 400 crore.
This 13,619 sq metre land parcel is in sector 19A and is priced at Rs 95,461 per sq metre. Since the area is at a strategic distance from the Navi Mumbai airport, the plot will be developed for residential as well as commercial use to attract investment from high-end buyers. With proximity to Apollo Hospital, Sion-Panvel highway and the Palm Beach Road, the new airport will be 4-km away from the location. The project has been named as ‘Iconic City’ by Cidco and the pricing would be similar to the prevalent rates in Santa Cruz West i.e. Rs 20,000-22,000 per sq foot.
Currently, the area is seen as one of the fastest growing investment hubs in Navi Mumbai owing to its connectivity with South Mumbai. It is also one of the most developed nodes in the satellite town and has almost 50 sectors. Property prices here are comparable to Mumbai as it has a huge floating and residential population moving in from South Mumbai and western suburbs, giving it an upmarket feel. Nerul also lies close to Vashi, one of the oldest areas of New Mumbai. Properties in Nerul are available at a starting price of Rs 30 lakh and can range up to Rs 3 crore. These include multi-storey apartments, residential houses and villas. While the 2BHK apartment in high rises is the most popular configuration, 1BHK units seem popular in the rental category. Moreover, if you are looking at Nerul for immediate investment, there are a number of properties for sale which are ready-to-move. According to Makaan.com, there are currently 170 ready-to-move-in projects and 11 under-construction projects in the area.