Property prices in Navi Mumbai to go down
With the announcement of new industrial policy in Maharashtra, property prices are expected to witness a downtrend in metropolitan region, especially Navi Mumbai.
As per new industrial policy, corporate groups are going to use 40% of their land to build commercial shops and housing projects in Mumbai. Furthermore, houses and shops can be built on about 35,000 acres of land acquired under Special Economic Zone (SEZ) since 2005.
According to experts, today property prices are very high in Mumbai and Navi Mumbai. However, with the new policy coming in and opening of huge part of plots for residential development purpose, the high property prices will see a dip. But the dip in property prices will not happen very soon.
Also, the experts have to say that when these suburbs were extended to Mumbai and in New Delhi to Noida, buyers had expected that the property prices would go down. But it didn’t happen. They also allege that the prime businessmen would exploit the new policy as per their benefits.
Another realty expert said that land cost is a crucial factor to determine the project’s and flat’s cost. The businessmen had earlier these lands at cheaper rates from locals.
It is expected that around 20% price correction will happen in Navi Mumbai real estate market. Furthermore, developers buying land at cheaper rates and construction luxury houses would not be much benefited either.
Maharashtra Chamber Housing Industry, Navi Mumbai assured that the new industrial policy would not impact property rates. Big developers will not sell their houses for cheap. They will release the supply as per the demand in the market and make profit.
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[...] Property prices in Navi Mumbai to go down [...]