Navi Mumbai houses become unaffordable | mumbai | Hindustan Times
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Navi Mumbai houses become unaffordable

Planning to buy your dream house in Navi Mumbai, think again. With property prices heading north, a flat in the satellite city has now crossed Rs 40-lakh mark.

mumbai Updated: Dec 04, 2010 02:08 IST
Naresh Kamath

Planning to buy your dream house in Navi Mumbai, think again. With property prices heading north, a flat in the satellite city has now crossed Rs 40-lakh mark.

The unique selling point, according to builders, is the new airport, which was given the green signal last week.

This trend was clear at the exhibition organised by the Builders Association of Navi Mumbai at Vashi on Friday. For instance, Paradise Group hiked its rates from Rs 4,500 to Rs 5,000 per sq ft feet for its Kharghar project Sai Pearls. This means that the flats now cost a minimum of Rs 70 lakh compared to last month’s Rs 60 lakh.

Similarly, the Haware group is now quoting Silicon Tower project at Vashi at Rs 10,000 per sq ft from the earlier Rs 9,500, while the Bhoomi Jyot project of Triveni Group at Kamothe area is now being sold at Rs 4,500 per sq ft — a jump from Rs 4,000 that was initially quoted.

The Swaraj Kingston Project at Ulwe is now priced at Rs 4,451 per sq feet from last month’s Rs 4,000.

Defending the rise, Manish Bathija, director, Paradise Group, said: “There is a positive sentiment in the market and we have to remember that land costs have gone up considerably.”

Similar is the view of the Shah Group, which has priced its properties in Kharghar from Rs 5,500 per sq ft. “Prices in Navi Mumbai have risen as people can no longer afford buying property in Mumbai,” said Nalin Shah, chairman and managing director of the group. “Since the government is trying to improve connectivity with Mumbai, there is a lot of demand here.”

However, this means trouble for homebuyers. “There are hardly any flats within the Rs 40 lakh range,” said Vishant Ghatge, an insurance agent, who was looking for a 2BHK house.

“The builders have suddenly hiked the rates. They should have done it gradually,” said Manohar Shroff, secretary, Navi Mumbai Chambers of Housing.