Price of apartments in Navi Mumbai set to rise - Jaghey.om Visit more at: http://www.jaghey.com

http://www.jaghey.com
The price of residential apartments in Navi Mumbai is set to rise as the proposed Navi Mumbai airport project cleared its highest hurdle, with the Maharashtra Government striking a compensation deal with the project-affected persons (PAPs). According to reports, this would bring land worth more than Rs 10,000 crore into the market for development. The compensatory land that PAPs have been allotted is along the Mumbai-Pune by-pass adjacent to Panvel and is priced at about Rs. 1 lakh per sq metre. This township will be called Pushpak Nagar. Sources at City & Industrial Development Corporation (Cidco) said that land prices in Navi Mumbai would shoot up once land allocation in Pushpak Nagar is started. Mr. Mohan Ninawe, Public Relations Officer, Cidco said that some builders, especially those holding inventory have hiked the price of apartments by Rs 200 to Rs. 300 per sq ft, once the news of the clearance of the proposed airport filtered in. The price increase is sharpest in areas which are closer to the new airport. Ms. Shalini Singh, Marketing Manager, Viscon Homes Pvt. Ltd is expecting that the price per sq ft would increase by Rs. 100 to Rs. 200. Talking about the prices of apartments in Airoli, she said that currently a 1 Bedroom, Hall, Kitchen (BHK) of approximately 640 sq ft would cost Rs. 50 lakh while a 2 BHK of about 1000 sq ft would be priced upward of Rs. 65 lakh. According to Mr. Govind Sawant, Proprietor of Sawant Constructions, the cost of apartments in Panvel has gone up from Rs. 4000 Rs. 5000 per sq ft to Rs. 6000 Rs. 6500 per sq ft depending on the exact location of the apartments. Real estate sources have been forecasting that the property prices in Navi Mumbai would be shooting up once the airport project is cleared; however, the long delay, from 1993 when it was first announced, has disheartened many investors and builders. Now the patience of those investors will pay off, one builder said. A lot of activity is expected around Panvel and the areas adjacent; Panvel is the last township in Navi Mumbai and the start of the Mumbai-Pune Expressway. Land has been appreciating in Navi Mumbai areas such as Airoli, Ulwe, Kamothe, Kalamboli, Panvel, Belapur and so on for the past ten years, on the hope that two major infrastructure projects namely the new airport project and the Rs 9,460 crore Sewri-Nhava Sheva sea link, which would reduce travelling time between Mumbai’s central business districts and Navi Mumbai from one hour to 25 minutes, would take off. The prices in these areas are already at least 25 per cent more than the norm, sources said. Many of the end use buyers who invested in property in Navi Mumbai did so, because the prevailing prices at that time were lower than the Island City. But now the prices, mainly because of speculation, have gone through the roof, Shweta Malik, a resident of Belapur and corporate executive said. The prevailing high price is one reason that many end use buyers are putting off their decision to invest. Media reports that there are more than 15,000 apartments waiting for buyers in the Sanpada, Dronagiri, Airoli, Taloja, Ulwe, Karanjade, Seawoods and Kamothe areas. In Panvel alone there are over 11,000 unsold apartments. Mr. Ninawe agreed that the builders were holding large inventories During the first two quarters of 2013, there has been relatively fewer real estate transactions in the Navi Mumbai area; builders were not able to off load inventory because of the subdued market sentiment . Builders on their part were not willing to lower prices because of the high input costs such as higher funding costs, high land prices; cost of material and labour had also skyrocketed. New data from Indiaproperty.com indicates that due to the increase in demand apartments in Kharghar and Panvel, some of the industries in Taloja have now moved. Kamothe and Kalamboli are two more markets which have seen spill over residential demand from Kharghar. The report said, “Maximum demand in Taloje is for 1 BHK units with over 80% property seekers looking for a single room unit.” Cidco has announced its proposal of constructing around 12,000 houses in Ghansoli, Vashi, Kharghar and Taloja-Panchanand. In the first phase 2.922 apartments will be constructed in Sector 36 in Kharghar that will cater to the economically weaker sections and lower income groups. These residences will mainly be 1 BHK while 1,224 apartments in the 2 BHK and 3 BHK will cater to the middle income and higher incomes groups and will be taken up soon.

Read more at: http://www.moneycontrol.com/news/real-estate/priceapartmentsnavi-mumbai-set-to-rise_996339.html?utm_source=ref_article

The price of residential apartments in Navi Mumbai is set to rise as the proposed Navi Mumbai airport project cleared its highest hurdle, with the Maharashtra Government striking a compensation deal with the project-affected persons (PAPs). According to reports, this would bring land worth more than Rs 10,000 crore into the market for development. The compensatory land that PAPs have been allotted is along the Mumbai-Pune by-pass adjacent to Panvel and is priced at about Rs. 1 lakh per sq metre. This township will be called Pushpak Nagar. Sources at City & Industrial Development Corporation (Cidco) said that land prices in Navi Mumbai would shoot up once land allocation in Pushpak Nagar is started. Mr. Mohan Ninawe, Public Relations Officer, Cidco said that some builders, especially those holding inventory have hiked the price of apartments by Rs 200 to Rs. 300 per sq ft, once the news of the clearance of the proposed airport filtered in. The price increase is sharpest in areas which are closer to the new airport. Ms. Shalini Singh, Marketing Manager, Viscon Homes Pvt. Ltd is expecting that the price per sq ft would increase by Rs. 100 to Rs. 200. Talking about the prices of apartments in Airoli, she said that currently a 1 Bedroom, Hall, Kitchen (BHK) of approximately 640 sq ft would cost Rs. 50 lakh while a 2 BHK of about 1000 sq ft would be priced upward of Rs. 65 lakh. According to Mr. Govind Sawant, Proprietor of Sawant Constructions, the cost of apartments in Panvel has gone up from Rs. 4000 Rs. 5000 per sq ft to Rs. 6000 Rs. 6500 per sq ft depending on the exact location of the apartments. Real estate sources have been forecasting that the property prices in Navi Mumbai would be shooting up once the airport project is cleared; however, the long delay, from 1993 when it was first announced, has disheartened many investors and builders. Now the patience of those investors will pay off, one builder said. A lot of activity is expected around Panvel and the areas adjacent; Panvel is the last township in Navi Mumbai and the start of the Mumbai-Pune Expressway. Land has been appreciating in Navi Mumbai areas such as Airoli, Ulwe, Kamothe, Kalamboli, Panvel, Belapur and so on for the past ten years, on the hope that two major infrastructure projects namely the new airport project and the Rs 9,460 crore Sewri-Nhava Sheva sea link, which would reduce travelling time between Mumbai’s central business districts and Navi Mumbai from one hour to 25 minutes, would take off. The prices in these areas are already at least 25 per cent more than the norm, sources said. Many of the end use buyers who invested in property in Navi Mumbai did so, because the prevailing prices at that time were lower than the Island City. But now the prices, mainly because of speculation, have gone through the roof, Shweta Malik, a resident of Belapur and corporate executive said. The prevailing high price is one reason that many end use buyers are putting off their decision to invest. Media reports that there are more than 15,000 apartments waiting for buyers in the Sanpada, Dronagiri, Airoli, Taloja, Ulwe, Karanjade, Seawoods and Kamothe areas. In Panvel alone there are over 11,000 unsold apartments. Mr. Ninawe agreed that the builders were holding large inventories During the first two quarters of 2013, there has been relatively fewer real estate transactions in the Navi Mumbai area; builders were not able to off load inventory because of the subdued market sentiment . Builders on their part were not willing to lower prices because of the high input costs such as higher funding costs, high land prices; cost of material and labour had also skyrocketed. New data from Indiaproperty.com indicates that due to the increase in demand apartments in Kharghar and Panvel, some of the industries in Taloja have now moved. Kamothe and Kalamboli are two more markets which have seen spill over residential demand from Kharghar. The report said, “Maximum demand in Taloje is for 1 BHK units with over 80% property seekers looking for a single room unit.” Cidco has announced its proposal of constructing around 12,000 houses in Ghansoli, Vashi, Kharghar and Taloja-Panchanand. In the first phase 2.922 apartments will be constructed in Sector 36 in Kharghar that will cater to the economically weaker sections and lower income groups. These residences will mainly be 1 BHK while 1,224 apartments in the 2 BHK and 3 BHK will cater to the middle income and higher incomes groups and will be taken up soon.

Read more at: http://www.moneycontrol.com/news/real-estate/priceapartmentsnavi-mumbai-set-to-rise_996339.html?utm_source=ref_article