Taloja: Navi Mumbai's Hidden Gem

Taloja, the once sleepy industrial node of Navi Mumbai is now bursting with life with a slew of reasonably priced ongoing projects that target everyone beginning with the typical middle-class buyer on a tight budget to the shrewd, well-heeled investor looking to invest in a spacious apartment with an eye on future returns.

Location, affordability and improved connectivity are the three main factors that come to mind when one considers investing in Taloja’s real estate.  Located on the outskirts of Navi Mumbai, Taloja enjoys all the advantages of being located right next door to Kharghar, Navi Mumbai’s key Central Business District (CBD) and just a short ride away from CBD Belapur (via Road Pali and the Sion-Panvel expressway).

With easy access to the NH-4 and the old Mumbai-Pune highway, Taloja offers excellent connectivity to the Big Three, namely Mumbai, Thane and Pune. On the rail front, it has two stations, Taloje Panchnand and Navade road station, on the Vasai road-Diva-Panvel railway route of Mumbai’ s Central Railway suburban network. A regular bus service also connects Taloja to other nodes of Navi Mumbai as well as Mumbai city.

The ongoing construction of the Phase 1 of the Navi Mumbai Metro, is expected to provide a further boost to Taloja’s accessibility. On completion, this project will directly connect the approx 11 km distance between Belapur and Pendhar with Taloja, while Phase 2 is expected to smoothen connectivity issues between MIDC and Taloja with Khandeshwar.

Not surprisingly, Taloja’s MIDC already boasts of a robust commercial presence with several leading companies, manufacturing units and other commercial establishments having a presence here including Hidalgo Industries, Aditya Birla Science & Technology Co, Hindustan Copper Ltd, HIKAL, Deepak Fertilizers and Petrochemicals, Exide Batteries, Scottish Chemical industries, Dow Chemical’s International Put Ltd and Deepak Nitrite to name a few.

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Recent years have also seen the development of social infrastructure facilities within easy reach including shopping malls (Tiara mall, Fountain Square mall, Glomax mall), golf course, supermarkets (Reliance Fresh, D Mart), Central Park (CIDCO Park, Sector 20), hospitals (Tata Cancer hospital) and schools (Convent of Jesus & Mary, Radcliffe school, Vishwajyot High School).

Affordability is yet another key factor in the decision making process of most investors and end users looking for property and Taloja is well placed on this front also. With realty costs fast spiralling out of reach for most price conscious buyers in neighbouring areas like CBD Belapur, Panvel and Kharghar, Taloja is fast becoming the preferred destination for this segment of buyers.

With demand on the rise, Taloja currently offers a wide array of choices between 1 & 2 BHK units and a smattering of larger 3BHK apartments at ongoing projects by leading developers including the Paradise Group, Gami Group, SR Developers, MK Group, Enkay Homes Ltd, Panchnand Enterprises, Hex Corp, Marvel Developers and Arihant Superstructures.

Property prices here range from approx INR 15-30 lakhs for a 1-BHK unit (depending on the size), while a 2-BHK measuring around 900-1,200 sq. ft comes with a price tag of approx INR 20-60 lakhs, with premium properties in better localities priced in the upper range.

Big ticket buyers and investors looking for spacious apartments can also pick from select 3-BHK units here (approx INR 1,400-1,500 psf), in the price range of about INR 50-70 lakhs, which in effect is the price range for a tiny 1-RK or smaller 1-BHK unit within Mumbai city limits.

Interestingly, while average property values have largely stagnated in most areas of MMR over the last two years, Taloja has witnessed a steady climb between 12-14 percent from approx INR 3,600 to INR 4,100 from the second quarter of 2012-2014.

Industry experts also point out that with the announcement of the upcoming international airport at Panvel, just about 15 kms away from here and other planned infrastructural developments, property values here are likely to zoom to approx INR 7,000-8,000 in the coming years.

With so much to offer, in terms of property to suit every budget and the promise of improved connectivity and infrastructure facilities, courtesy its multiple ongoing infra projects, this quiet node of Navi Mumbai seems poised to explode as a hot destination for buyers and investors looking for a realty diamond in the rough.