Developers Deepen Navi Mumbai Bets With Kharghar, Nerul Land Leases and Vashi Redevelopment

The City and Industrial Development Corporation (CIDCO) leased a 1.4-acre plot in Nerul’s Sector 52A to Today Royal Developers for ₹177.05 crore on a 60-year tenure. The lease was registered on July 10, 2026, the Hindustan Times reported in July 2026.

The land is earmarked for mixed-use residential and commercial development, with a base floor space index (FSI) of 1.5, the report said. The developer paid ₹7.97 crore in stamp duty. The annual lease rent is a nominal ₹100, in addition to the one-time premium. The premium works out to ₹3.06 lakh per sq metre, according to the report.

Other large deals

The Hindustan Times cited a comparable CIDCO lease: Godrej Properties acquired 6.54 acres in Kharghar on a 60-year lease for ₹717 crore. The lease was registered on March 19, 2025, and the developer paid ₹35 crore in stamp duty. The report said the land has development potential of about 2 million sq ft of premium residential apartments.

In Vashi, Moneycontrol reported in August 2026¹ that Birla Estates, the real estate arm of Aditya Birla Real Estate Ltd, entered Navi Mumbai through a redevelopment project with estimated revenue potential of ₹2,600 crore.

South of these sites, Panvel added 42,330 homes between 2021 and the first half of 2026, Business Today reported in August 2026. Homes priced at ₹50 lakh to ₹1 crore accounted for 47% of launches. The report listed the Navi Mumbai International Airport, Atal Setu and the Sion-Panvel Highway among the infrastructure behind the growth.

What it means for buyers and tenants

The leases will add apartment and mixed-use supply in Kharghar and Nerul, while the Vashi redevelopment targets older housing stock. The reports do not give launch dates or prices for the Godrej or Nerul parcels.

In its Jan 2026 and Oct 2026 coverage, the Hindustan Times linked land values to the airport. The airport operator is controlled by the Adani group, according to Business Standard in October 2026.

Asking prices in Kharghar and Panvel

Asking prices on PropertyWala put apartments in Kharghar at about ₹14,923 per sq ft (2025 Q4 to 2026 Q3), up 29.5% on the year before and 12.6% below the Navi Mumbai average of ₹17,070.² Apartments account for 94% of listings there.

In Panvel, apartments averaged about ₹12,543 per sq ft over the same period, up 36.9% on the year and 26.5% below the Navi Mumbai average. Projects there include new launches and under-construction developments.

Across Navi Mumbai, apartments account for 93% of listings, and the city average is about ₹14,714 per sq ft (2026 Q1 to 2026 Q4). Vashi has few listings, so there is no reliable apartment rate for the area.

What to watch

The next markers are project launches on the Kharghar and Nerul parcels and progress on the Vashi redevelopment. The pace of CIDCO land leasing is also in focus, along with infrastructure such as the Kharghar-Turbhe Link Road, where tunnelling is complete, The Indian Express reported in September 2026.

Buyers can browse current homes on the Navi Mumbai page.