Ulwe realty witnessing revival of fortunes

Ulwe, a sleepy node of Navi Mumbai is witnessing a renewed interest in its real estate development potential, courtesy the proposed international airport at Panvel, writes Rajesh Kulkarni.

Until a few years ago, Ulwe was just another backwater, under-developed node of Navi Mumbai located at Panvel Creek, approx 6 miles away from Panvel. All that changed with the announcement of the proposed Navi Mumbai International airport near Panvel, in close proximity to Ulwe. Overnight, Ulwe was being touted as the next emerging realty destination of Navi Mumbai.

Land parcels which had no takers even at rock-bottom rates, suddenly saw a steady stream of potential buyers and investors eager to leverage this change in fortunes. Not surprisingly with climbing demand, rates shot up and before long Ulwe had become the cynosure of all eyes, with a flurry of residential and commercial projects planned here to cater to the much-anticipated spike in demand once the airport project got underway.

It was during this time in 2012 that Ulwe's realty hit the headlines when an approx 12,000 sq metre prime plot of land in Sector 9 was sold at a jaw-dropping INR 80,000 per sq. metre, about 70 percent more than the area's existing rate (at the time) of approx INR 50-55,000 per sq. metre, making it one of Navi Mumbai's most expensive property deals.

Unfortunately, since then things haven't gone exactly to plan. The much touted airport proposal hasn't made much progress past the grand announcement and news bytes, stuck in a myriad of issues ranging from land acquisition to compensation wrangles.

The coming of the new BJP government at the helm of affairs in the state however is being viewed as a beacon of hope for the real estate hopes of this node left in limbo. For starters, the new CM Devendra Fadnavis has shown an eagerness to salvage the airport project from the bureaucratic quagmire it find itself stuck in.

With the CM voicing serious intent to revive the project, the real estate fortunes of Ulwe, is now seeing a slow but steady revival, with existing residential projects here witnessing a renewed interest among potential buyers.

Project Porfolio:
A closer look of the ongoing projects here reveals a slew of residential development by leading developers. Akshar Estonia, a project by Akshar Developers in Sector 47 features 8 towers of 15 storeys each. This well-planned project offers a choice between 2 and 3BHK spacious apartments ranging from 1,075-1,550 sq ft, located close to several landmarks like Uran railway station, Dronagiri Park, BPCL and Bokadvira Lake.

Scheduled for completion around December 2015, this project comes fully equipped with a range of amenities that include: a swimming pool with a separate kid's pool on the podium level, game room and activity area for kids, health club with gym & steam room, landscaped podium garden with Jogging track, senior citizens sit-out area, Intercom system for all flats with 24-hours security and a vitrified (Marbonite) flooring in the living room, bedrooms and kitchen areas of all units among others.

Another premium project here that is fast nearing completion is Platinum Tulsi Sapphire at Ulwe's Sector 8B. The project's 1 and 2BHK apartments ranging from 600-800 sq ft are reasonably priced from INR 35 lakhs onwards. The developers, Platinum Group, have ensured that the project is supported by modern amenities like: CCTV surveillance, health club, gymnasium, 24-hours security, children's play area, ample parking, branded elevators, ample water supply, housekeeping service and an Intercom facility.

The plush interiors of units here have also been fitted with premium features which include; vitrified flooring, anti skid in bathrooms, power backup, aluminium windows, fire alarm system, fire-fighting equipment, concealed plumbing & copper wiring and a friendly maintenance staff.

Lakhani Skyways, a Gr + 12 floor tower project by Lakhani Builders is located close Padeghar and JNPT road. This tower project both residential as well as commercial options. Planned by select global consultants this project offers 1 and 2BHK apartments ranging from 750-1,155 sq ft and priced from INR 45 lakhs-onwards.

Scheduled for completion around March 2016, the amenities at this project feature a children's play area, ample parking space, branded lifts, housekeeping and intercom. Interiors feature vitrified flooring, anti-skid in bathrooms, power backup, aluminium windows, fire alarm, fire-fighting equipment, concealed copper wiring & plumbing.

The under-construction Aramus Realty is a Gr + 11 floors tower project by Gurukripa Enterprises. Located close to Bambavi, Babavpada and JNPT road, this residential project offers 1 and 2 BHK flats ranging from 650-1,050 sq ft and priced from INR 36 lakhs onwards.

Scheduled for possession around September 2017, units here boast of a grand entrance and lift lobbies, swimming pool on podium level, landscaped podium garden with jogging track and a senior citizens sit-out area. Vitrified flooring, anti skid in bathrooms, power backup, aluminium windows, fire alarm, fire-fighting equipment, concealed copper wiring and plumbing are some of the interiors features of this project.

Another residential option here is Shagun Silver Heights. Located at Ulwe's Sector 19B, this project by the Bhagwati Group offers budget homes priced from INR 35 lakhs onwards. Featuring 1 and 2BHK apartments ranging from 635-1,075 sq ft, this project is located close to areas like Khar Kopoli, Wahal and Baman Dongri.

External amenities being offered here include; a children's play area, health club, fully equipped gymnasium, ample parking space, branded lifts, CCTV surveillance, housekeeping service and an intercom facility. Interiors of every unit here have been done up with vitrified flooring, anti skid in bathrooms, power backup, aluminium windows, fire alarm, concealed copper wiring and plumbing.

Vaastu-compliant, east-west facing 1 and 2BHK apartments housed in an earthquake-resistant structure are the major highlights of the Proviso Group's Green View residential project at Ulwe's Sector 17.

Featuring spacious apartments ranging from 700-1,050 sq ft and priced from INR 34.30 lakhs onwards, Green View supports an modern lifestyle with an array of contemporary facilities like an air-conditioned gymnasium, grand decorative air-conditioned lobby, vitrified tiles in the entire apartment, teak wood frames for main door with superior fittings and double –sided laminated paneled / Durian doors, terraces tiled with ceramic tiles, Security cabin with intercom facility and an living room replete with a false ceiling among its other attributes.

In Summary:
While there is no doubting the fact that this once-neglected node of Navi Mumbai is indeed witnessing a resurgence of its realty development potential, courtesy an array of projects like those mentioned above, experts agree that it's still a long way from realizing its true potential.

One of the reasons for this is the grossly insufficient infrastructure development in the area with many places here lacking basic facilities like good roads, a sewerage system and a drainage network. According to some leading real estate consultants in the area, many completed residential projects have also been denied the crucial Occupancy Certificates by the authorities owing to the lack of the mandatory power and water connections.
 
Inspite of these obvious setbacks, Ulwe can look forward to better days ahead. This fast developing node is connected with the Thane-Belapur road via Uran road that leads to the Nhava Sheva Port (Jawaharlal Nehru Port), one of the most important ports in the country. Further, the prominent central business district of Belapur is also at a distance of a mere 7 kms from here, with another five important commercial locations within the zone, around 20 kms from Ulwe.

With Navi Mumbai's nodal agency CIDCO taking note of its inherent potential and giving its nod for a series of crucial infra projects here like the proposed trans harbor link from Sewri to Chirle village and the Seawoods-Uran suburban rail network, which will connect Ulwe to important commercial hubs via a mass rapid transport system, it's only a matter of time before Ulwe stakes its claim as one of Navi Mumbai's leading realty destinations.

(All prices mentioned above are purely indicative)