Quick Drop in Navi Mumbai’s Property Rates

Mumbai: Navi Mumbai, one of the hottest realty destinations is out of the blue witnessing a downfall in property prices. The airport which was expected to be constructed anytime soon has been hindered. Investors, politicians, land dealers and builders who were eyeing this locality are in dilemma.Ulwe which earmarked as a realty hotspot always had a lineup of buyers to invest in properties but the delay in airport have changed the scenario. No buyer is interested in Ulwe properties. In fact one of the builders in this locality has dropped the property price from Rs. 60, 000 a square metre to Rs. 45,000 square metre and still there is possibility of further plunge. Along with airport, the forthcoming Nhava- Sewri road-link had led to the raise in property rates but neither of them seems to be constructed soon.According to a report, the project work cannot be started because Cidco which is a nodal organization for this project have planned the airport that would cover 2,072 hectares of land, is yet to obtain 475 hectares of land area out of which 291 hectares will be allocated for aeronautical functions. Therefore without total land acquisition the project cannot be commenced.Many builders and politicians who invested in huge land parcels with a belief of high returns are anxious about the situation. Palm Beach Road, one of the prime localities in Navi Mumbai priced the properties around Rs. 18000 to 22,000 square foot had assurance that after the construction of airport, the property rates would rise further but currently not even a single buyer is ready to invest in these properties. Dronagiri area where even the infrastructure is feeble observed land prices worth Rs. 35,000 to Rs. 45,000 a square metre due to the upcoming airport.It is a major rebuff for the developers as well as for the home buyers who have invested in Navi Mumbai properties. Not only the residential but even the commercial real estate is facing the crisis. Hoteliers were keen to invest in this locality due to the upcoming airport. This location already houses a dozen of 5-star hotels and another 5 to 6 were expected to come.займ на карту без отказов круглосуточновзять кредит онлайн