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Kharghar, the new realty destination

Kharghar in Navi Mumbai seems to be emerging as a major hotspot for property buyers.

mumbai Updated: Jan 11, 2010 00:34 IST
Naresh Kamath

Kharghar in Navi Mumbai seems to be emerging as a major hotspot for property buyers.

In the last few days, developers have launched a slew of new projects, ranging from small one-room-kitchen flats to large luxury apartments in the area.

The unique selling point seems to be the wide roads, pollution-free environment, a 240-acre central park, a proposed international airport, a golf course, the largest ISKCON temple in the country and Kharghar’s emergence as an educational hub.

Also, with Vashi becoming congested, the real estate industry is focusing its attention on the area.

“Kharghar has excellent infrastructure in place and is poised to grow further in the coming days,” said Nalin Shah, chairman and managing director, Shah Group Builders and Infraprojects Limited.

The group is building 700 flats and 75 bungalows in the area.

The rates in the area are hovering between Rs 2,500 per sq ft to Rs 5,500 per sq ft, depending on the location and the amenities being offered by the developers. A buyer can get a one-room-kitchen flat at Rs 12 lakh while a one-bedroom-hall-kitchen flat comes at Rs 20 lakh.

Some developers like the Nisarg Group, Bhoomi and Paradise have planned luxury projects equipped with a swimming pool, tennis court, gymnasium, club house and jogging tracks.

The Kamdhenu Realty Group is offering air-conditioned flats to all its buyers at Rs 4,300 per sq ft, while Haware is offering ready possession flats for Rs 4,100 per sq ft.

However, many feel that flats priced at Rs 4,000 per sq ft and over are not reasonable. “There is no substantial population in the area and the buyers are mainly investors who have spurred up the prices and not the actual users,” said Pankaj Kapoor, chief executive officer, Liases Foras, a leading real estate consultancy firm.