Despite slump in real estate sector, a surge in demand for spacious apartments in the well-developed suburb has led to escalating realty prices
Despite slump in real estate sector, a surge in demand for spacious apartments in the well-developed suburb has led to escalating realty prices
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Prohibitively steep property rates in Mumbai are common knowledge. Recently, however, Navi Mumbai also appears to have joined the league of cities where property prices have shot up exponentially.
The fact that the Mumbai suburb too is becoming increasingly unaffordable is made amply evident by the fact that a 950-sqft, 2-BHK flat in Vashi's sector 17, is now selling for a record sum of Rs 1.21 crore.
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Another apartment in the same locale, that a broker sold for Rs 82 lakh even six months ago, is now on sale at an asking price of Rs 92 lakh.
Revised rates
Till even a few months ago, a budget of Rs 50 lakh for property hunters was considered too meagre to procure anything respectable in Mumbai, but ample for those in search of the same in Navi Mumbai.
But going by the recent escalation of property prices in the outskirts of Mumbai, this is a distant dream now. Builders themselves have admitted to constructing apartments that cost far beyond than Rs 50 lakh.
Arvind Goel, Senior Vice-President of Navi Mumbai's real estate apex body, Maharashtra Chamber of Housing Industry (MCHI), said, "A 2-BHK apartment built nowadays in Navi Mumbai, say up to Kharghar limits, is at least 1,000 square feet in area.
Prices start at a minimum of Rs 50 lakh. Add to that registration and other charges, and the price tag easily exceeds Rs 50 lakh."
The rates in Vashi, Sanpada, Nerul and other upscale areas in Navi Mumbai have crossed the mark as well. "A flat that I sold for Rs 82 lakh just six months ago, has now crossed the Rs 1 crore mark.
A 2-BHK flat in any of the sector 17 buildings in Vashi comes with a minimum price tag of Rs 1.21 crore," said Vijay HT, a realtor from Navi Mumbai.
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Builders have practically stopped constructing 1-BHK apartments, and 2-BHK apartments are being sold at exorbitant rates. "1-BHK apartments are no longer in demand.
People nowadays prefer more spacious quarters. Moreover, it is more cost effective to construct larger apartments," said Manohar Shroff, secretary, MCHI, Navi Mumbai.
Even though the property market in Mumbai has witnessed a slump in recent times, builders in Navi Mumbai are confident of selling the flats that they develop.
"The infrastructure in Navi Mumbai has improved radically in the last few years. The airport is within easy reach.
Moreover, the Sewri-Nhava-Sheva trans-harbour line connecting Mumbai and Navi Mumbai makes it possible for commuters to access Mumbai within 20 minutes.
Other facilities, like the metro services in Kharghar, the central park, and other recent development projects have made Navi Mumbai hot property.
We are sure that the properties developed by us in Navi Mumbai will be snapped up by aspiring property hunters," said Goel.
But the recent surge in demand means that the common man's dream of owning a small sanctuary within 20 minutes of the city is becoming increasingly elusive.
Pat comes the reply from Shroff, "Cheaper homes, costing less that Rs 50 lakh, can be bought in areas beyond Kharghar. Ulwe is the best option for people with shorter purse strings."u00a0
Rs 1.21 cr
Selling price of 950 sq ft 2-BHK flat in Vashi's sector 17
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