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Sternon’s NRI mega-township in Navi Mumbai
- June 21, 2007, 6:02 pm
An NRIs-only mega-township of villas and row-houses in Navi Mumbai, being promoted by Sternon Group, Dubai-based real estate developers, builders and promoters, has generated global interest, driven by Navi Mumbai’s growing reputation as one of the hottest real estate markets, Hussaini F. Nalwalla, Managing Director, Sternon Group, said in Dubai today.
Speaking at a roadshow in Dubai, Nalwalla said Navi Mumbai had gained further prominence in the property market following the Indian Cabinet’s approval of the Rs. 10,000-crore Navi Mumbai International Airport, which is designed to be bigger that the existing Mumbai International Airport and will have two parallel runways.
The ‘Magic Hills Residences’ project, spread across 400 acres, is coming up in a serene area off the Mumbai-Pune Express Highway, close to the proposed Navi Mumbai International Airport in Panvel.
‘NRIs from the Gulf, the United States, the United Kingdom, the Far East and east Africa have responded enthusiastically to Magic Hills Residences, an ultramodern complex that will create world-class amenities and high-class environment for its residents,’ said Nalwalla. ‘The proximity to the proposed airport and other major developments, including a rail terminus at Panvel, make it a highly attractive investment.’
According to Nalwalla, more than 350 units were sold in the pre-launch phase. The 250-acre residential portion of Magic Hills Residences offers row-houses and individual and twin bungalows, with world-class amenities as well as recreational, retail and educational facilities designed to meet the tastes of global Indians.
‘As the project is at pre-launch stage, investors can expect hefty appreciation and staggered payment options,’ added Nalwalla. ‘They can expect investment to grow 1:5, against the 1:1 appreciation offered by ready possession properties.’
Navi Mumbai, the only Indian city to be featured in the National Geographic Channel’s ‘Super Cities of the World’ series, will see a host of mega-projects, including Mukesh Ambani’s ambitious Special Economic Zone and the US$ 2 billion Energy City being developed jointly by Gulf Finance House, Gulf Energy and Government of Maharashtra.
CIDCO, the body in charge of the development of Navi Mumbai, has drawn up plans to connect the proposed airport to Mumbai city. The four-pronged plan involves a metro rail, a ring railway, a ferry service and an inter-state bus terminal, all designed to get people from south Mumbai to the Navi Mumbai International Airport in just 40 minutes.
Sternon Group, which has customers in 28 countries, is promoting the project in international markets, including the Gulf, following an exclusive global marketing tie-up with the developers, Garnet Construction Ltd, a public listed Indian real estate developer. Sternon is also investing up to US$ 6 million in the project.
Sternon, which has developed and marketed high-end properties in different parts of the world, including the United States, the United Kingdom and the UAE, is working closely with Garnet Construction to offer investors homes with large airy rooms, good lighting and amenities that are standard in projects of this kind in other parts of the world.
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