In a move that could boost the property market in and around Navi Mumbai’s Kopar Khairane, the Maharashtra government has approved the plan to construct a smart financial-technological hub at Dhirubhai Ambani Knowledge City (DAKC), double the size of Mumbai’s Bandra Kurla Complex. The project will be constructed by Reliance Realty led by Anil Ambani and will house office space for the non-banking financial companies (NBFCs), information technology and services (IT & ITes).

Once constructed the commercial hub, which will be spread in an area of 30 million square foot (sqf), is expected to generate over 2.5 lakh jobs. The project will be constructed at a cost of Rs 14,000 crore. The developer is expected to complete the first 15 million sqf in the next 10 years with a floor space index (FSI) 4.

Impact on real estate

The project will be developed in Kopar Khairane, one of the fastest developing node of Navi Mumbai. This locality along with neighbouring areas such as Mhape, Ghansoli already house several technology-based companies. This has also had a positive impact on the residential property market of the area that witnesses a huge demand for both purchase and rental purposes. With many developers offering units in 1BHK, 2BHK, 3BHK and 4BHK configurations at a starting price of Rs 65 lakh making it one of the most expensive localities of Navi Mumbai. Property prices here have witnessed an uptick of nearly 40 per cent in past one year, data available with PropTiger.com show.

Property Prices Rs 13,500 per sqf
1BHK Rs 66 lakh onwards
2BHK Rs 1.02 crore onwards
3BHK Rs 1.5 crore onwards
Under-construction projects 6
Ready to move in projects 100+

Source: Proptiger.com

Since most of the projects here are ready for possession, many invest here to earn a rental income.

1BHK Rs 14,000 onwards
2BHK Rs 30,000 onwards
3BHK Rs 44,000 onwards

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