Upper Kharghar – Hidden Gem in MMR By Mr. Bhavesh Shah, Joint Managing Director- Today Global Developers
In the unfolding chapters of Navi Mumbai’s real estate narrative, a recent protagonist has emerged to steal the spotlight – Upper Kharghar. While Kharghar has long been a familiar name in the real estate scene, Upper Kharghar has undergone a remarkable transformation, ascending to an emerging destination within the Mumbai Metropolitan Region (MMR). Upper Kharghar has quickly gained popularity, exhibiting its modern allure with a perfect blend of affordability, scenic charm, and strategic location. This hidden gem is now drawing homebuyers, rewriting Navi Mumbai’s real estate market story.
Often called the Gurugram of MMR, Upper Kharghar is witnessing spillover growth from Central Kharghar to areas like Adivali, Rohinjan, and Dhansar. Upper Kharghar’s green belt provides people with a beautiful combination of quiet natural surroundings and modern urban habitat. Colliers India’s report, “MMR’s newest residential hub – Upper Kharghar,” released in January 2024 reveals the growth timelines of the region, considering data and upcoming infrastructure developments that will enhance accessibility and create affordable opportunities.
The real estate growth in Upper Kharghar mirrors the exponential trajectory seen in Thane- Ghodbunder, with anticipated price appreciation. Townships over 30 acres contribute significantly to the area’s development, offering larger and more affordable homes ranging from 2 to 3 BHK, with starting prices of Rs 30-40 lakh. Closer to nature, with lush green forests on one side and the Taloja River on the other, Upper Kharghar provides a lifestyle focus that appeals to homebuyers. With Central Park, a verdant expanse within the vicinity, residents can access a tranquil retreat for relaxation and recreation. Navi Mumbai’s only golf course by CIDCO in Kharghar emanates an aura of refinement, drawing in passionate golf enthusiasts from near and far. This blend of nature and recreation amplifies the appeal of Upper Kharghar for those seeking an uplift to their lifestyle.
Connectivity and commuting have been enhanced with the introduction of the metro and Mumbai Trans Harbour Link (MTHL), making Upper Kharghar preferable over areas like Vasai-Virar. Better infrastructure and amenities are expected to lead to a 37% appreciation in average pricing and square feet of development over the next five years. Additionally, Upper Kharghar offers 22% larger unit sizes than Kharghar, making it a compelling choice for homebuyers.
The investment potential in Upper Kharghar is highlighted by the inclination of NRIs for long-term investments. Upper Kharghar, with its perfect blend of affordability, nature proximity, and seamless urban connectivity, distinctly stands out as the most cost-effective extension of Kharghar.
Existing infrastructure growth catalysts and forthcoming projects like the Kharghar-Turbhe Link Road are expected to make Upper Kharghar more accessible, cutting down travel time from Mumbai, Thane, and Navi Mumbai. As a result of its accessibility, Upper Kharghar is becoming an extremely desirable location for both homebuyers and investors. The locality is easily reachable through prominent routes, such as the Mumbai Highway and Panvel Road (NH-48), enhancing the overall connectivity of the area.
The Kharghar Railway Station and the NMMT Bus Network enhance residents’ commute ease. Notably, the operational Navi Mumbai Metro Line 1 (Belapur-Kharghar-Taloja-Pendhar) is a game-changer, significantly improving mobility within the locality. As the Navi Mumbai International Airport, merely 12 km away, gears up to commence operations in 2024, Upper Kharghar’s accessibility is poised to reach new heights.
Urban planning factors, such as the seamless integration of various modes of transportation, embody a rigorous process that balances the needs of residents with the overall goals of urban development. Upper Kharghar is a top-notch residential option that prioritises sustainability and environmental friendliness. This dedication improves the residents’ quality of life while actively supporting the objectives of sustainable development.
Beyond infrastructure, Upper Kharghar prioritises residents’ well-being with proximity to essential services. Within a 10- to 15-kilometer radius, the neighbourhood offers easy access to top-tier healthcare facilities, renowned educational institutions, and a bustling retail market with shopping malls and supermarkets. The property’s strategic location provides easy access to local commercial areas, making it an ideal home alternative for professionals. Furthermore, the area’s status as a no-liquor zone improves safety and liveability, transforming Upper Kharghar into an all-encompassing destination for contemporary life.
According to the Colliers report, Upper Kharghar is poised for over 1.4x investment returns in the next five years, with a rental yield of approximately 3%. Demonstrating resilience and adaptability, the region’s comprehensive approach to area development and responsive government policies renders it an appealing location for consumers, investors, and developers.
To conclude, as we delve into the market dynamics and observe the promising pricing trends, it becomes evident that Upper Kharghar is not just an emerging locale but a hidden gem brimming with potential for future growth and lucrative investment opportunities. In the ever-evolving landscape of Navi Mumbai, Upper Kharghar beckons as a well-rounded haven, inviting discerning homebuyers and investors to partake in the promise of a balanced and vibrant lifestyle.