City and Industrial Development Corporation's (CIDCO) attempt to attract non-resident Indians (NRI) to the satellite city almost failed after Seawoods Estate Part I. However, thanks to different infrastructure projects that are underway in the city, NRIs interests in settling down in the city have again revived.
This can be seen from the huge numbers of NRI funding projects that are coming up in areas beyond Panvel which are being developed by different corporate firms. Some city-based developers also receive calls from foreign investors daily with the mails clogged with emails enquiring about the plot rates in city. And the investment flowing in the city is between Rs 500 crore and Rs 30,000 crore with plots beyond Panvel along Uran being in huge demand.
One of the senior officials from Hiranandani, who are developing a project near Panvel, said that areas along Mumbai-Pune and Mumbai-Goa highways are developing. "These projects have investment from foreign companies and according to rules FDI to the extent of 100 per cent is allowed now," the official said.
Talking about the enquiries from NRI clients, a senior developer from city Rajesh Prajapati said that there have been many enquiries about any available property in city.
"There are people demanding 100 acres or more anywhere along Mumbai-Goa Highway or near Uran. These areas are a hit among NRIs and even for foreign companies who are searching for property here," Prajapati said.
Meanwhile, an NRI from Hyderabad who is employed as senior manager with an American firm in Saudi Arabia said that he had heard about the infrastructure projects happening in Navi Mumbai which prompted him to own a second home in the city.
"I had some funds and wanted to invest in a property. I wanted to stay close to a city like Mumbai and this was a better option. Second option was to purchase one in Bengaluru but then it is only an IT city and not a cosmopolitan one," said the NRI who is planning to purchase a flat in one of the colonies near Panvel.
A one point information source for these foreign investors is the World Wide Web that gives them access to the most happening destinations, said Senior Marketing Manager of National Builders, Moncy Kurien.
"Apart from websites, exhibitions are frequently held by different associations in India where Navi Mumbai developers do participate," Kurien said adding, mouth to mouth publicity also helps many a times. Also Navi Mumbai is quite famous as the largest planned city abroad developed by CIDCO.
Nerul resident Krishna Chauhan said that his NRI friend has some funds and wishes to own a property in the city. "I have already spotted some property in Ghansoli and Kalamboli. Ghansoli is right now one of the prime properties as Reliance is also situated in the node," Chauhan said.
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