In the past seven months, the Navi Mumbai locale has witnessed a 10% increase in the housing registration. This increase is recorded for the same period of the last year. Many developers and realtors in the city feel that increase is due to the infrastructural developments that are taking place in the city. The new airport project and the Nerul-Belapur-Kharkopar railway line are attracting the aspiring home buyers here.
The data collected from various Government registration offices in Vashi, Nerul, Belapur, Koparkhairane and Panvel says that from April to the first week of November, 9,893 new house registrations took place in Navi Mumbai. Manohar Shroff, former secretary of Maharashtra Chamber for Housing Industry (Navi Mumbai) said that this is more than the number of registration that took place in the same period during the last year.
He further said that the real estate market is likely to witness growth and this is because of the infrastructural development that is taking place or is either proposed. Shroff also said that we have noticed that many aspiring home buyers are opting for ready-possession flats, instead of the under construction ones.
Haresh Chheda, the President of CREDAI-Builders Association of Navi Mumbai (BANM) said that the real estate of the city is going to witness growth with the opening of the first phase of the railway line towards Uran. Also, a huge number of aspiring home buyers are looking towards new regions like Ulwe, Khalapur-Khopoli, Neral and Karjat as these localities will have better road and rail connectivity in the coming time.
Currently, the market rates of flats in developed locales like Vashi and Nerul are Rs 20,000 per sq foot (psf) and Rs 15,000 psf respectively. These costs are at par with plush Mumbai’s western suburbs that includes Kandivli and Borivali. Apart from this, the carpet area rates are between Rs.5, 000 to 7,000 in Panvel and Ulwe.