Navi Mumbai realty rates set to soar | mumbai | Hindustan Times
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Navi Mumbai realty rates set to soar

mumbai Updated: Nov 23, 2010 02:13 IST
G. Mohiuddin Jeddy

The environmental clearance for the Navi Mumbai international airport is likely to make property prices in Navi Mumbai go through the roof.

Manish Bhatija, director of Paradise Group, said: “It’s nice to know that the airport has finally been approved. We had been looking forward to it for a long time. The property market in Navi Mumbai will get a boost.”

He added: “Residential property prices will rise by 15 to 20 percent, while commercial prices will rise 25 to 35 percent. Kharghar, Ulwe, Panvel and Kamothe in particular will see a huge rise in property prices due to their proximity to the airport.”

Suresh Haware, president of the Maharashtrian Builders’ Forum, said, “The City and Industrial Development Cooperation (CIDCO) and builders have been telling clients about the airport for the past 15 years. It’s a milestone in terms of infrastructure.” He added: “Expect a 20 to 25 percent increase in prices. The hotel and tourism sector will also benefit. The airport will generate two lakh new jobs in Navi Mumbai.”

Devang Trivedi, director of Progressive Builders, agreed. “With the airport, Navi Mumbai will become a self contained, complete city. There will be nothing that it lacks in terms infrastructure. Not only from Mumbai, but people from other areas such as Pune will come to reside here. Property prices will rise by 15 percent within a month. Also, less populated nodes such as Kalamboli, Khandeshwar and New Panvel will be in the limelight.”

Manohar Shroff, general secretary of Navi Mumbai Chamber of Housing said the township was already a realty destination because of the facilities offered, smaller population and lower cost of living. “Navi Mumbai is now an education and commerce hub, which is attracting home buyers. The airport approval will accelerate this influx and impact the property market,” he added.