In recent times, Navi Mumbai has often been in the news owing to the massive projects that are coming up in this satellite city of Mumbai. Prominent among these projects are the Navi Mumbai International Airport, Trans-Harbour Link and the Metro. A number of areas in the neighbourhood of these projects, hitherto considered to be distant from the main city, are now hoping to benefit from the massive developmental push these projects are going to bring about. One such upcoming hotspot is Taloja.
The City and Industrial Development Corporation (CIDCO) is credited with the planned development of Navi Mumbai and hopes to replicate the same with Taloja, Phase 1 of which is being developed by CIDCO. Taloja is widely considered to be among the most promising real estate destinations in Navi Mumbai and in this article, we assess the reasons for this optimism.
Taloja is located slightly off the arterial Sion Panvel highway and is bordered by the nodes of Kharghar and Kalamboli. It, like its developed neighbour Kharghar, lies next to the beautiful Kharghar Hills, which are a sight to behold, particularly during the monsoon season.
Taloja’s main claim to fame has been the major industrial park here, known as MIDC Taloja, home to manufacturing units of companies such as Hindalco and Aeroflex Industries. Other major industrial hubs such as Kalamboli and MIDC Mahape are also very close by, as are CBD Belapur and Vashi, the main business centers of Navi Mumbai. For people working in slightly further industrial/IT corridors such as Kopar Khairane and Airoli too, it is convenient to commute by the suburban rail network. Taloja is now seeking to become a residential destination by catering to the spillover demand from the aforementioned locations, which are, by now, largely saturated.
Possibly the biggest issue with Taloja is the limited connectivity by road. Unlike neighbouring Kharghar, Taloja has fewer public transportation options with fewer Navi Mumbai Municipal Transport (NMMT) buses connecting it to other parts of Navi Mumbai. People residing here need to rely on their private vehicles or auto rickshaws for commuting. Also, due to this limited last mile connectivity, there is the possibility of safety issues particularly at night.
With rail too, things are not much different. Taloja lies on the Diva-Panvel line of Central Railway, which does not see as much suburban rail traffic as Kharghar on the main harbour line. It’s a lot more convenient for a resident of this area to travel to Kharghar station and take a train from there.
However, things are now starting to change, with the under-construction Navi Mumbai metro linking most parts of Taloja with each other and with Kharghar, Belapur and Kalamboli. With the Navi Mumbai International Airport and the planned megacity of Navi Mumbai Airport Influence Notified Area (NAINA) coming up very near Taloja, a wealth of employment opportunities are likely to be created in and around this area and a major spike in housing demand can be expected.
Taloja is still an upcoming area and by and large, has limited social amenities such as schools, colleges, hospitals etc. though this is set to change with the aforementioned newer developments likely to attract both residents and service providers in greater numbers. However, residents can utilize facilities both in Taloja as well as in Kharghar.
Taloja has the Elite Public School and Junior College, while nearby Kharghar has DAV International School, Ryan International School and Greenfingers Global School. For higher education, residents need to seek out options in Kharghar, which include National Institute of Fashion Technology (NIFT), The Institute of Technology and Management (ITM) and the Bharati Vidyapeeth College of Engineering (BVCOE).
When it comes to medical care, Taloja has Rana Hospital and Jeevan Jyoti Multispecialty Hospital. Taloja doesn’t have any malls, the nearest ones being the Little World Mall and Glomax Mall near Kharghar station.
Affordable homes, with good returns for investors
Taloja, in contrast to other areas of Navi Mumbai, has plenty of land available and hence, has seen developers invest in large projects, including townships. There are likely to be fewer of the single tower complexes one sees in Kharghar and other areas. The variety of accommodation available in Taloja spans a wide range from 1 to 4 BHK apartments and standalone villas. However, the biggest advantage of Taloja is the lower property prices here, which makes it a haven for affordable housing. The average base price for a multistory apartment in Taloja is ~Rs. 4600/sq. ft., which is almost half that of Kharghar. The average rental price is also quite low at Rs. 8/sq. ft.
For real estate investors, Taloja is an appealing option. The low land rates currently prevalent here, along with upcoming developments such as the airport, Metro and NAINA offers the strong probability of good returns on their investment in a relatively short space of time. Apart from investors, one can say that Taloja caters to the more economical section of home buyers as well as second home buyers and suits those with a longer timeframe in mind for a home.
One of the biggest projects in Taloja is Sai World Empire, an 18 acre township by the Paradise Group. Once complete, it will have 6 residential towers of 38 levels each with apartments of 2, 3 and 4 BHK configuration. 11 acres will be dedicated green space with amenities such as a children’s theme park, dome theatre, amphitheatre etc. all inspired by architecture of buildings from across the world.
In a similar vein is Arihant Superstructures Limited’s Arihant Aalishan. The planned complex is truly large (‘Aalishan’), comprising of 3 residential towers each having a whopping 53 residential levels, based on ancient Persian architecture. Accommodation options here include 1, 2, 3, 4 BHK apartments and studio apartments. Among the amenities are a Persian garden, rain dance arena, Jacuzzi, mini theatre and a business lounge.
CIDCO, involved in developing Taloja, are also building housing complexes to cater to various categories of home buyers. Their Swapnapurti project is an affordable home project catering to the economically weaker segments and comprises of over 3000 units, which are allotted based on a lottery system among applications received by them from interested home buyers. The neighbouring Valleyshilp project caters to medium and high income groups.
Taloja has its set of positives and limitations, being an upcoming area. However, major developments are on the way, which promise to change this area for the better. For an investor or home buyer looking for greater value and willing to wait for the same, Taloja is a location to be considered.