The city of Navi Mumbai was planned to relieve the immense pressure on the infrastructure of the island city of Mumbai, owing to its rapidly increasing population. Navi Mumbai was built by the City and Industrial Development Corporation (CIDCO) in the form of various nodes, which were population and commercial centers, connected to each other by roads and the suburban railway network. Among the first of these nodes to gain prominence was the Central Business District of Belapur (CBD Belapur), owing to the large number of commercial establishments setting up here.
Belapur has since gone from strength to strength and houses numerous offices and educational institutions. The numerous employment opportunities have also given a boost to housing in this node. In this article, we assess CBD Belapur as a real estate hotspot.
CBD Belapur lies between the nodes of Kharghar and Seawoods/Nerul in Navi Mumbai. It is bound by the arterial Sion-Panvel highway and Palm Beach Road and by the natural formations of the Parsik Hill (which has a temple and a vipassana center at the top) and Panvel Creek. A road across this creek connects Belapur to Jawaharlal Nehru Port Trust (JNPT) in Nhava-Sheva.
CBD Belapur is among the biggest business and commercial hubs of Navi Mumbai and is host to a number of government and private establishments. The headquarters of CIDCO and Navi Mumbai Municipal Corporation (NMMC) are located here, as are numerous state and central government offices. Many banks, including the Reserve Bank of India, SBI, PNB have large establishments here and so do many BPO firms, among others.
Belapur can be easily reached from other business and industrial centers such as Vashi, Airoli, Kopar Khairane, MIDC Taloja etc. Much of the housing demand in Belapur comes from people working in all these aforementioned locations, who seek convenience in terms of accessibility and reduced travel time from their homes to their workplaces.
Belapur boasts of excellent connectivity, linked not just to other parts of the Mumbai Metropolitan Region (MMR), but to other cities in Maharashtra and beyond. This is largely due to its location on the Sion-Panvel Highway, which going forward leads to the Mumbai-Pune Expressway, Mumbai-Goa and Mumbai-Bangalore highways. Navi Mumbai’s other arterial road, Palm Beach Road, begins from Belapur and connects it to other nodes such as Vashi, Nerul and Kopar Khairane. CBD Belapur is connected by a large number of BEST and NMMT buses to Mumbai, Panvel, Kalyan and other nodes of Navi Mumbai.
In addition, CBD Belapur lies on the Harbour line of Mumbai suburban railway, with regular local trains providing an inexpensive travel option. In addition, the under-construction Seawoods-Uran line will connect Belapur to JNPT by rail as well. CBD Belapur will also be the starting point of the Navi Mumbai Metro, connecting it to Kharghar, Taloja, Khandeshwar and the upcoming Navi Mumbai International Airport.
This airport will come up near Ulwe, which is just across the Panvel Creek from Belapur. The Trans-Harbour Link, from JNPT to south Mumbai, will bring down travel time from Belapur to the heart of Mumbai sharply. All these developments are likely to boost employment opportunities and see a heavy rise in housing demand in Belapur, as well as Ulwe.
CBD Belapur is not just a commercial district, but also a major educational center. It has numerous good schools such as Radcliffe School, Bharati Vidyapeeth High School, Vidya Prasarak High School and MES Vidya Mandir. A number of prestigious higher educational institutions have their campus in Belapur, such as the Indian Institute of Management Indore (Mumbai Campus), Institute of Company Secretaries of India, Apeejay Institute of Hospitality and BP Marine Academy.
When it comes to medical care too, Belapur has famous names such as Apollo Hospital and MGM Hospital and Research Centre. Belapur is not short on malls and shopping centres either, the V Times Square Mall and Bhoomi Mall being the most prominent. A plethora of restaurants, catering to different budgets and taste buds, dot the landscape of Belapur. Clearly, Belapur does not lack on any of the necessities, supporting a comfortable life.
High end housing destination
As can be expected from a centrally located commercial hub having excellent connectivity and social amenities, Belapur is a high end housing destination. The average price for a multistory apartment in Belapur is ~Rs. 10,650/sq. ft., which is significantly higher than Kharghar or Panvel, though lower than Nerul and Vashi. Should one wish to rent an apartment in Belapur, one will need to shell out a significant amount, the average base rate being Rs. 23/sq. ft.
For investors or home buyers looking for a better deal, Ulwe is an interesting option. With average property prices at ~Rs. 6000/sq. ft., one can get an affordable home or invest in a property likely to give good returns in the near future, with the aforementioned airport and Trans-Harbour link projects coming up. Rentals too are a fraction of that of Belapur, at an average base rate of Rs. 7/sq. ft.
Bhairaav Signature by the Bhairaav Group is an upcoming project located just below the Parsik Hill in Belapur. This project offers 2 and 3 BHK luxury homes, along with amenities such as a jogging track, gymnasium, party lawn with gazebo and a kids’ play area.
Another upcoming project is Gopal Krishna by Sonal Dev-Con. This is a single building project, with spacious 2 (1200 sq. ft.) and 3 BHK (1725 sq. ft.) apartments. Amenities provided include a swimming pool, gymnasium and landscaped garden.
CBD Belapur has the right mix of good connectivity, a plethora of commercial centers and offices, numerous amenities and a convenient location, which is why homes here come with a significant price tag. With the upcoming airport and a major port nearby, one can expect a significant uptick in property prices here as well as in Ulwe. For commercial real estate spaces, Belapur clearly remains much sought after and shall continue to do so.