Here’s disappointing news for those with small budgets, hoping to buy their dream home on the city’s outskirts.
Realty rates in once easily-affordable areas such as Navi Mumbai, Kalyan, Mira Road and Thane have gone up by 10%-35% in just one year.
In Thane’s Panchapakdi, builders are quoting Rs11,000 per square foot (psf), a hike of 28% compared to last year, where rates were ruling at Rs8,000 per sq ft.
Even rates in Kharghar, Navi Mumbai, have gone up by 33% to between Rs5,500 per sq ft and Rs7,500 per sq ft from the previous year’s Rs4,000-Rs6,000 per sq ft. Both areas are sought after because of their superior amenities and infrastructure.
In Mira Road, a favourite with those with low budgets, homes now sell at Rs6,500 per sq ft from Rs5,000 per sq ft last year.
In Kalyan, too, which is 53km from Mumbai, rates have jumped to Rs4,200 per sq ft from Rs3,600 per sq ft last year.
Builders have defended the hike. “Land prices have gone through the roof and construction costs have risen substantially in the past year,” said Manohar Shroff, general secretary, MCHI-CREDAI (Navi Mumbai) and managing director, Shivam Builders.
He accused the CIDCO of hoarding land, which, he said, was contributing to the crisis.