Ulwe, a new and upcoming locality, is one of the fastest growing nodes of Navi Mumbai. The peaceful suburb in Raigad district, is located south of Kharghar and Seawoods nodes of Navi Mumbai. This node has been planned and developed by CIDCO and is fast becoming a preferred destination for many.
Before developing Ulwe, CIDCO bought the land from farmers and the locality still retains some of the greenery that it once had with the 300-hectare mangrove park. Ulwe was previously a small fishing village. The locality has emerged as one of the best places to invest in India.
Ulwe currently doesn’t have adequate social infrastructure, but CIDCO have given provisions for hospitals, educational institutions, shopping centres and malls to come up in the locality. People residing in this locality can use facilities in neighbouring localities like Seawoods, Kharghar, and CBDBelapur.
Connectivity and Transit Points
Ulwe is well connected to most of the localities in Navi Mumbai by road. The Uran Road and JNPT Road pass through Ulwe and connect Ulwe with localities like Greater Khanda, Kharghar, CBD Belapur and Panvel.
The chief modes of transport in the locality are buses and auto-rickshaws but there are very few of them. The Navi Mumbai Municipal Transport (NMMT) runs bus services from Vashi, Nerul, Kharghar, Uran and Belapur to Ulwe, and the frequency is one bus every 15 minutes. The locality doesn’t have a railway station but there is one being built nearby called the Bamandongri railway station.
The Vashi Railway Station is a 35-minute drive from Ulwe and the distance is 19 km. The nearest airport is Mumbai's Chhatrapati Shivaji International Airport, which is around 40km from Ulwe.
Factors for Growth in the Past
The growth of the Ulwe locality is mainly because of its proximity to the upcoming Navi Mumbai International Airport. Many small and big developers have identified this locality as one that is going to be very popular in the future, prompting them to buy large parcels of land, in turn driving the property prices and popularity of the locality.
The locality is situated in close proximity to central business districts of Belapur and developed nodes like Vashi and Seawoods, which has positively impacted Ulwe. The locality also benefits from its planned origins.
As the real estate market in Ulwe hasn’t matured yet, the real estate prices for property in the locality are much lesser than other developed nodes of Navi Mumbai. The price of residential property is almost 1/3rd the cost compared to other localities in Navi Mumbai.
Residential Market Analysis
Ulwe consists of mostly apartments and very few houses and plots are available. Most of the properties in ulwe are under-construction projects which will be completed in the next 2-3 years.
The price of real estate in this locality is projected to increase significantly over the coming years. The locality has seen an average annual price increase of 30 per cent in the past few years. The price of apartments in Ulwe has fluctuated a little in the recent times.
The price of apartments in the locality for Q1 (2014) ranged between Rs 4,750 per sq. ft. and Rs 5,850 per sq. ft. while the price of residential houses in Ulwe ranged between Rs 4,300 per sq. ft. and Rs 4,850 per sq. ft.
As Ulwe's development is still in the nascent stage, there aren’t many civic amenities available in the locality. However, CIDCO is developing the locality and building amenities like water, electricity, and sewerage in a planned manner.
Factors for Growth in the Future
Various ongoing and upcoming infrastructural projects are the key drivers of growth for Ulwe. The Nerul-Uran railway line, which will pass through Ulwe, and the upcoming Mumbai Trans Harbour Link, which will connect Mumbai and Navi Mumbai, will reduce traffic congestion and travel time between the two cities.
The Navi Mumbai Metro is another major infrastructure project set to influence Ulwe. Once completed, the Metro will provide easy access to people traveling from Ulwe to other localities and vice-versa.
The Navi Mumbai International Airport is also going to be built near Ulwe. It will influence the entire real estate market of the locality, as well as provide connectivity to other regions. It will also reduce travel time for those who would otherwise have to commute to the Chhatrapati Shivaji International Airport.