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Ulwe, a satellite city near Mumbai, is witnessing a real estate boom due to upcoming infrastructure projects, including the Mumbai Trans Harbour Link and Navi Mumbai International Airport. Over the past decade, property prices have doubled, with two-bedroom apartments now selling for up to Rs 1 crore. Despite growth potential, Ulwe faces challenges such as a lack of social amenities and major hospitals, but residents are optimistic about improvements with enhanced connectivity.
Ulwe was once considered distant from the bustling financial hub of India. However, this perception is rapidly changing as major infrastructure developments are set to redefine the real estate landscape in this micro-market, potentially turning homeowners into millionaires.
Over the past decade, residential property prices in Ulwe have witnessed a remarkable surge, doubling in value. Two-bedroom apartments are now commanding prices as high as Rs 1 crore, reflecting the growing demand in this region.
Local brokers confirm that in 2016 and 2017, a 1 BHK apartment in Ulwe cost Rs 25-30 lakh, which increased to Rs 35-40 lakh in 2020 post-Covid-19. Now, in 2023, the price of a 1 BHK apartment ranges from Rs 50 to 60 lakh. They attribute this price appreciation primarily to the impending Mumbai Trans Harbour Link (MTHL) corridor and the forthcoming Navi Mumbai International Airport.
The MTHL is a significant infrastructure project—a 21.8 km, six-lane sea bridge connecting Navi Mumbai and Mumbai. It is slated for completion in December. Simultaneously, the Navi Mumbai airport is set to become operational in 2024, further enhancing connectivity and accessibility to Ulwe.
Ulwe's history is rooted in its proximity to the sea, with a mix of farming and fishing communities. From a real estate perspective, it caters to both end-users and investors. Its strategic location is bolstered by excellent road connectivity to Belapur, Seawoods Estate, and the Jawaharlal Nehru Port, one of India's largest, making it a promising real estate market.
Currently, it takes 60 to 120 minutes to cover the 31 km distance from Ulwe to Mumbai's commercial district of Bandra Kurla Complex (BKC). The same travel time applies to reach South Mumbai. However, once the MTHL is operational, these travel times are expected to be cut in half, reducing the commute to 30 to 60 minutes.
Prominent developers have not traditionally been a dominant presence in Ulwe or Navi Mumbai. The City and Industrial Development Corporation (CIDCO) owns substantial land parcels in Navi Mumbai, periodically offering them for auction. Local developers active in Navi Mumbai or Ulwe tend to acquire these plots. The residential landscape in Ulwe predominantly consists of buildings ranging from seven to 13 floors.
The cost of flats in Ulwe varies, depending on factors like location, connectivity, and property age, ranging from Rs 6,000 to Rs 13,000 per square foot. Rental rates are also diverse, with one-bedroom apartments fetching Rs 10,000 to Rs 12,000 per month, two-bedroom flats at approximately Rs 20,000, and three-bedroom units ranging from Rs 30,000 to Rs 35,000.
Despite the promising future, Ulwe faces challenges in terms of social and public facilities, and the absence of major hospitals. Residents like Varun Aggarwala acknowledge the affordability of Ulwe but note a lack of restaurants, cafes, and public spaces. However, with improved connectivity and upcoming infrastructure projects, they are hopeful that Ulwe's social scene will see positive developments in the coming months.
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