Real Estate in Kharghar, Mumbai

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Kharghar, Navi Mumbai – A well-developed housing destination

January 17, 2017

Mumbai, the city of dreams and India’s commercial capital, has attracted numerous people from across the country for years on end. The growth of the island city has, as a result, been haphazard due to space limitations being unable to keep up with the ever rising demand. Navi Mumbai was conceived to be a solution …

Kharghar, Navi Mumbai – A well-developed housing destination

Mumbai, the city of dreams and India’s commercial capital, has attracted numerous people from across the country for years on end. The growth of the island city has, as a result, been haphazard due to space limitations being unable to keep up with the ever rising demand. Navi Mumbai was conceived to be a solution to these problems, with proper planning and availability of large tracts of land serving to reduce the pressure on the main city. The City and Industrial Development Corporation (CIDCO) was given the responsibility of developing Navi Mumbai and have, by most accounts, done a good job of it. The development of Kharghar node is an example of the same.

Kharghar was taken on priority by CIDCO following the development of Vashi, Nerul and CBD Belapur and has seen a bulk of development happening in the last couple of decades. Today, Kharghar boasts of decent connectivity, good infrastructure and plenty of amenities. We assess this node as a viable real estate destination.

Location

Kharghar is located on the Sion Panvel highway, linking Navi Mumbai to Mumbai and lies between the nodes of Kamothe and CBD Belapur. Surrounded by the lovely and green Kharghar Hills, Kharghar offers a good living environment, which attracts prospective residents and investors from not just Mumbai, but also Pune and Nasik.

Another positive of the location is the major industrial and business districts nearby, which offer plenty of employment opportunities. Both Taloja and Kalamboli, which are next door to Kharghar, are major industrial/manufacturing areas. In addition, CBD Belapur and Vashi, the biggest business hubs of Navi Mumbai, are easily reachable and so are the other industrial/IT corridors of Kopar Khairane and Airoli. People working in these commercial zones find Kharghar a convenient place to live in.

Connectivity

While Kharghar lies on the Sion Panvel highway, most of this large node is off the highway. However, this does not mean internal connectivity is a major problem here. Kharghar is well-planned with its numerous residential sectors, crisscrossed by good roads and well-served by Navi Mumbai Municipal Transport (NMMT) buses and autos for the most part, though connectivity to certain areas could be better.

Kharghar lies on the suburban Harbour line and is well-connected by regular trains to Mumbai and other parts of Navi Mumbai. It also has a long (nearly 2 km) skywalk connecting its station to Utsav Chowk in the heart of the node, offering a safe path for pedestrians.

On the internal connectivity front, things are definitely looking up. The under-construction Navi Mumbai metro line from Belapur to Khandeshwar will pass through most areas of Kharghar and will be a game-changer both in terms of ensuring ease of commute for residents as well as bringing in further development. Other major upcoming developments include the Navi Mumbai International Airport, which is likely to serve as the main air gateway to the Mumbai Metropolitan Region (MMR) and the planned megacity of Navi Mumbai Airport Influence Notified Area (NAINA), both coming up next door to this node. These twin projects are expected to create a large number of jobs in the region and make the area a major transport hub.

Social Conveniences

Kharghar, being an established area, has numerous schools, colleges, hospitals and other amenities, which makes it standout in the property market. Kharghar is considered the educational hub of Navi Mumbai with good reason. It has a number of reputed schools such as DAV International School, Sanjivani International School, Vishwajyot School, Ryan International School and Greenfingers Global School. Higher educational institutions are also aplenty, the most prominent being National Institute of Fashion Technology (NIFT), The Institute of Technology and Management (ITM) and the Bharati Vidyapeeth College of Engineering (BVCOE).

Glomax Mall in Kharghar
Glomax Mall in Kharghar

Kharghar houses a number of healthcare providers such as Medicity Hospital, Om Navjeevan Hospital and TATA Cancer Hospital, as well as malls such as Glomax Mall, Little World Mall and Prime Mall. Kharghar is endowed with beautiful gardens, the most prominent among them being the massive Central Park and the Krantiveer Phadke Garden. It also has a beautiful Golf Course located under the beautiful Kharghar Hills. Utsav Chowk serves as a popular hangout point for Kharghar residents and has also hosted numerous events and performances by celebrities.

Utsav Chowk in Kharghar
Utsav Chowk

Real estate profile of Kharghar

Kharghar boasts of a variety of accommodation options, ranging from 1 to 4 BHK apartments in high rises and also, standalone homes. Mirroring a trend seen in other parts of Mumbai and Navi Mumbai, most apartment complexes in Kharghar contain either a single tower or two. Being a developed area, a home in Kharghar does not come cheap; the average base price for a multistory apartment is ~Rs. 8250/sq. ft., though one can expect to pay up to Rs. 10000/sq. ft., depending on the location. The average rental rate for a multistory apartment is Rs. 15/sq. ft.

One can say that Kharghar is primarily suited to those home buyers, who wish to reside in an established area with most amenities in close proximity and who do not mind paying more for the same. The higher-end segment of home buyers or those having a shorter timeframe for a home are likely to prefer Kharghar. In fact, a number of Indian expatriates residing abroad for many years have chosen to reside in Kharghar on their return.

Upcoming projects

Bhagwati Greens is an upcoming project by the Bhagwati Group and is at one of the best locations in the node, next to Central Park and the ISKCON temple. Comprising of 4 28-storey towers, it offers 2, 3 and 4 BHK apartments along with shops at ground level.

Another project is Sai Wonder by the Paradise Group. A single tower complex, which was almost complete when we visited, it offers 1 and 2 BHK apartments with facilities such as video door phones, branded hob and chimney etc. Amenities provided to residents include a gymnasium, meditation area and various indoor games.

Sai Wonder - 1
The site of Sai Wonder in Kharghar

Located next to the Sion Panvel highway is Elite Grandeur by Elite World. Again a single tower complex with 14 levels, it has 2 and 3 BHK luxury apartments with a private sun deck in the living rooms and a podium level garden containing meditation areas, gardens, walkways and water bodies, among other amenities.

The site of Elite Grandeur in Kharghar
The site of Elite Grandeur in Kharghar

Conclusion

Kharghar has clearly come a long way in a short space of time and is today, one of the most sought after localities in Navi Mumbai and this growth story has more legs to run. With the aforementioned mega projects coming up all around, this area is likely to see massive development in all spheres, which is going to sharply push up demand and real estate prices, hence, one should also look to invest at the right time to get the best value for their money.

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