Urban development to boost Raigad
Confederation of Real Estate Developers’ Associations of India’s (CREDAI) MCHI Raigad Unit held a ‘Change of Guard’ ceremony where Mr. AteequeKhot took charge as its new President. Mr. Ganesh Deshmukh, PCMC Commissioner, graced the occasion as the Guest of honor.CREDAI MCHI Raigad launched a report titled ‘Raigad District: A New South within the Emerging MMR Corridor’ with JLL, India’s largest real estate services firm. The report analyses key factors, which are instrumental in bringing up the profile of the district, making it an attractive location for mixed use development.
The development of Raigad residential corridors is currently centered around Kharghar, Panvel, Taloja, Rasayani, Kalamboli, Dronagiri and Ulwe. Compared to Navi Mumbai, these locations offer affordable accommodation, promise of improved connectivity and higher returns due to appreciating capital values. Prices in the district range between INR 5,000 to 7,000 per sq ft as against average prices in Navi Mumbai which are closer to INR 10,000 per sq ft.
Thane and Navi Mumbai markets are in the rental range of INR 50-60 per sq ft per month, i.e. sub-dollar rentals, which is most favored by the IT-ITES sector. The sub-dollar Grade-A markets in Mumbai, possibly for the first time, open-up an opportunity for the city to tap the cost-conscious tenants who are also responsible for driving large volumes, in terms of space. The IT-ITES sector has been critical for the Indian commercial realty space as close to 40% of annual leasing activity is driven by this sector.
There are 3,614 units registered as Industries in Raigad. The number of units have been growing steadily over the last 4 years. These industrial units consist of micro, small, medium and large enterprises and together provide employment to about 89,000 people in the formal sector. The total employment generated has increased from 86,511 to 89,137 over the course of 4 years.
Mr. AteequeKhot, President, CREDAI MCHI Raigad said, “I am extremely excited and thrilled to lead CREDAI MCHI – Raigad to its new era of growth and development. The entire real estate sector in India has begun its new era of sustained progress and now Raigad strives to contribute highly to this unceasing momentum. The findings of the CREDAI MCHI-JLL report unveiled at this ceremony put further light on the potential of the real estate and economic growth of Raigad.”
Mr. Ramesh Nair, CEO & Country Head, JLL India said, “The rapid pace of urbanization is leading to a clear requirement for Indian cities to expand both vertically and horizontally, and the peripheral areas are best placed to bear fruit from a realty perspective. Raigad is one such market which is showing signs of an uptick in development due to its strategic location. Being located close to a city that is currently bursting at its seams, Raigad is a promise of better quality of life for the Mumbai Metropolitan Region.”