According to Sternon Group, which is developing the NRI mega-project 'The Magic Hills' on Mumbai-Pune Expressway in partnership with Mumbai-based Garnet Construction, the real estate market is extremely upbeat following the new development. Sternon Group recently commenced work on the first phase of Magic Hills Residences which was sold out, and has now launched the second phase.
"For several years, there was just talk of a fast-track sea link between the highly congested Mumbai metropolis and the satellite city of Navi Mumbai. Now, that need is being fulfilled through a world-class trans-oceanic bridge that will reduce the commuting time between the twin cities to mere 30 minutes, instead of two hours at present," said Hussaini F. Nalwalla, Managing Director, Sternon Group.
"The immediate impact of the news is that real estate prices have begun to climb higher, making Navi Mumbai one of the hottest investment destinations in India. We have now launched the second phase of Magic Hills Residences to offer global NRIs another chance to be part of Navi Mumbai real estate boom,"
The Sewri-Nhava Sheva bridge is India's answer to China's famous 36-km Hangzhou Bay Bridge. Billed as India's biggest infrastructure project to date, it will be completed in 2013. Contract for the six-lane, 22-km trans-oceanic bridge, estimated to cost over Rs. 6,000 crores, has been awarded to the Anil Ambani-Hyundai consortium. The bridge route will provide a straight link to the upcoming Navi Mumbai International Airport, as it connects the JNPT Port and the southern part of Navi Mumbai leading to Panvel.
The iconic bridge is among the four mega-projects that are driving real estate in Navi Mumbai. The second is the Rs. 10,000 crore Navi Mumbai International Airport to be completed in 2012, boasting two runways. The third is the Special Economic Zone (SEZ) being developed by Mukesh Ambani. The fourth is the Bahrain-based Gulf Finance House's $10 billion SEZ 'Energy City India' spread across 1,600 acres, to be completed in five years.
On the real estate scene, most of the land in Navi Mumbai has been snapped up by builders and developers for townships, five-star hotels and commercial complexes. The Hiranandani Group recently launched 'Panvel Residential', a massive complex, which will be part of the mixed-use Panvel Commercial Township.
"For NRIs looking for a sound investment or a second home in India, Navi Mumbai undoubtedly represents a highly attractive option," said Nalwalla. "Realty analysts are of the view that the Mumbai-Pune Expressway, with easy access to hills stations like Lonavla and Karjat, as well as boom-town places like Pune and Goa, is set to be the hottest investment destination."
Sternon's 'Magic Hills' is a residential cum commercial project, located close to the Navi Mumbai International Airport. The promoters have recently acquired additional land, taking the total area to 750 acres. The second phase offers villas, row-house and plots, as well as high-end villas for upmarket investors and home-seekers. The future phases of the project will have commercial, IT and educational complexes.