Properties in Navi Mumbai witness fall in prices
Mumbai: Navi Mumbai, located in the eastern periphery of Mumbai, is witnessing significant fall in the property prices.
The properties in this planned Satellite Township in Mumbai were observing huge demand from developers, investors and buyers, in turn making the property prices high. But now, the prices have slumped following the announcement of chief minister of the state, Prithviraj Chavan, that the government has still not fixed the timeline of construction work of the proposed infrastructure in Navi Mumbai.
In the recent times, Ulwe in Navi Mumbai has emerged as a hot property destination for real estate investment in India. The key driving factors of the growth in Navi Mumbai real estate are the forthcoming international airport and the SEZ land.
However, it is expected that work on international airport is likely to delay further and this has led to fall in property prices in Navi Mumbai.
Cidco, the nodal agency, for the international airport project was first announced about the project in 1993. In the past many years, Cidco had displayed the new airport in its booklets, because of which land prices shot up, said Arvind Goel, President of MCHI, Navi Mumbai.
The agency still has to acquire more land for the airport project. Therefore, the project work is being delayed for some more time due to the incompletion of the land acquisition process, said CM in the state assembly.
Click here for related forum discussion
Related Real Estate News:
No action taken against illegal buildings in Mumbai
UP govt launches slew of projects in Noida
Hike in circle rates seems to rise property prices in Gurgaon
growth in Navi Mumbai, hot property destination, infrastructure in Navi Mumbai, land acquisition, Mumbai real estate, Navi Mumbai, Navi Mumbai International Airport, Property Prices, Real Estate investment in India, Satellite Township in Mumbai, SEZ land, Ulwe
