Ulwe may promise excellent returns on property investment but the region continues to be plagued by infrastructure issues. Is it worth buying a home here? We examine
Ashsih Gupte and his colleagues thought that they had taken the best decision of their lives four years ago, when they invested in a project in Ulwe. The developer told them that their investment would double in five years. However, they are yet to see the promised infrastructure and good returns on their investment. “We invested in the area, keeping in view the announcement of the airport at Navi Mumbai. During those days, there were numerous under-construction projects in the area, where work was on in full swing. So, we were very optimistic about the developments in the area. However, even now, our building does not have a proper drainage system. We are still hopeful that that area will see positive changes,” says Gupte.
Despite visible drawbacks, experts are positive about Ulwe’s growth. International property consultant Knight Frank India, in its 2016 Residential Advisory report, has stated that property prices in Ulwe may increase by up to 70%, by 2020. Infrastructure projects like the Navi Mumbai Airport, Mumbai Trans-Harbour Link (MTHL), Seawoods-Ulwe link from Palm Beach Road and SEZs, are expected to provide a fillip to the region.
According to Navin Makhija, MD of the Wadhwa Group, “Ulwe will also see a major upward trend in property rates because of its accessibility to the national highway and the Mumbai-Pune Expressway. The MTHL will certainly change the infrastructure scenario for the better.”
Another important development, which will increase accessibility to Ulwe, is the Baman Dongri Railway Station, which will be connected to the Harbour Line.
See also: Ulwe: Infrastructure and lifestyle
Karan Gulati, director of Satyam Developers says, “Ulwe is definitely the hottest upcoming destination in Navi Mumbai. With the railways being built at a vigorous speed and the proximity of the area to the upcoming international airport, the future of the area looks bright. Prices are expected to rise by 15%, once the railway work is completed.”
There are many under-construction projects in the area, due to which developers are offering lucrative rates. Buyers have ample choice, vis-à-vis ready-to-move-in flats, as well. Paresh Chaudhary, a local property consultant, explains that there is a lot of inventory, available for sale in the area. “Five years back, there was a huge shift in demand, from Mumbai to Navi Mumbai. So, the demand was very high and supply was less. However, the supply has now increased, compared to demand. With major infrastructure projects coming up in Navi Mumbai, which will connect this region, demand will definitely increase,” he feels.
To join a discussion thread on properties in Ulwe, click here.
What is lacking?
The internal roads of the area are in pathetic condition. Many buildings in the area are yet to receive their occupancy certificates (OC). Moreover, the construction of sewage treatment facilities remains incomplete and as a result, most projects lack drainage connection. There is also a dearth of proper street lamps, footpaths, restaurants and public sanitation facilities.
Most of the projects executed in the area are standalone projects, in the range of Rs 4,000-6,500 per sq ft. However, local developers point out that in the current scenario, enquiries are more for township projects with luxurious amenities.
Nilesh More, a sales executive for a local developer, says, “We saw fewer queries for standalone projects having fewer amenities. Due to the lack of social infrastructure and good physical infrastructure, end-users who intend to move in immediately, are hesitant to buy properties here.”