Property in Navi Mumbai

The upcoming Navi Mumbai Airport, which is regarded as Asia’s largest public-private partnership airport project, has significantly impacted the realty developments in the neighbouring regions.

 The Airports Authority of India (AAI) is planning to add more projects to the existing list. But, some projects are facing serious roadblocks, mostly on the techno-commercial front such as issues in land acquisitions and resistance from local environmental groups. The Greater Noida Airport, an upcoming project in Uttar Pradesh, has been stalled owing to lack of funds.

Navi Mumbai, the twin city of Mumbai, is one of the largest planned cities in the world. The city is a hub of commercial and industrial activities and has seen a dynamic change in real estate sector over the past decade. The average per square feet (psf) capital and rental value of new property in Navi Mumbai is 5436/- and 13/- respectively.

Navi Mumbai, developed in 1972 to decongest the city of Mumbai is the largest planned city in the world, managed by one of the richest corporations in Asia, The Navi Mumbai Municipal Corporation. With an area of 163 square kilometers, the city is home to 1.2 million of Indian population. The Maharashtra Government, as per the plans is shifting many industrial hubs and commodity markets in Mumbai to Navi Mumabi. It has become home to many of Mumbai based software companies. The Government has set up software parks to meet the increasing demand. Navi Mumbai has seen much of transformation as far as real estate sector is concerned.

While many cities of the country witnessed a surge in property tax collection post the government’s demonetisation drive, there were some that had gone the digital way for submission of property tax. There were many such developments that took place in the property tax regime in the top nine cities in 2016. Here are some such key developments.