Navi Mumbai, Thane flat prices shoot up
A five-year analysis of the price trends of residential realty market across 11 cities reveals that the areas of Navi Mumbai and Thane have recorded the highest percentage increase in flat prices across the country. According to the report by JLL (Jones Lang LaSalle), a firm offering specialized real estate services to its clients, the two cities located in the outskirts of Mumbai have registered an 80%-85% average price rise between April-June 2009 and January-March 2014, comparatively higher than the entire city’s average increase of around 75%-80%. The lowest price rise was in Hyderabad, just about 25%
Anuj Puri, Chairman and Country Head JLL India said, “The main reason for the rise in Navi Mumbai and Thane home prices is that the rates were very affordable. As the link to Mumbai improved and developers launched quality projects, the residential real estate demand increased, pushing up prices.” JLL’s Research Head, Ashutosh Limaye commented on the matter saying, “I did not expect a price rise in three to five years.”
On asking Puranik Builders MD, Shailesh Puranik his view, he said, “The only way prices can be controlled is to ensure abundance of supply. For that, the state has to free new plots for development and reduce the high input cost of steel and cement.” Reports say that the RBI is most likely not to reduce the interest rates in the short to medium term, which means a tone down in residential sales for a while. In fact, data reports from JLL show that currently, the absorption of residential property is at a five-year low.
Source: The Times of India
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