Retardation in Affordable Housing in Navi Mumbai due to Realty Rate Inflation
Navi Mumbai, that could once boast of offering houses at moderate prices is now burning a hole in a buyer’s pocket. Residents are not happy with the scene. What they want is that the place must go back to its original plan of offering affordable homes.
The town witnessed a good housing growth till five years ago, but now, there is retardation due to the realty rate inflation. Some builders have to raise the bar owing to the high amounts the land are sold for.
Navi Mumbai secretary of Maharashtra Chamber of Housing Industry (MCHI) Manohar Shroff has been staying in Vashi for more than 30 years and the current realty scene is like nothing he has seen before. “It is amazing the way the city has grown. And with it, the cost of housing has also become high. Posh flats on Palm Beach Road and in certain parts of Vashi cost over Rs 1 crore, which is disconcerting,” said Shroff.
He said development in Sector 17 of Vashi started in 1981 when 80 plots were first sold. In 1992, the Mankhurd-Vashi-Belapur railway tracks were laid, which made the commute to Mumbai from the “faraway city” much easier and more and more people started migrating there. “In 1993, the NRI Complex at Seawoods nudged up the realty rates and now, the new airport hype has led to another escalation of prices.”
Mahesh Shetty, owner of Navratna restaurant in Vashi, is happy about how Navi Mumbai has developed but, he is also worried about the pricey realty sector. “When we opened Navratna in 1985, there was no other eatery except for one tiny place. Starting the restaurant was my partner Gasper Serrao’s idea who could gauge the business potential of an eatery at a place that did not have any decent restaurant,” said Shetty. The high prices may not be good news even for builders.
Times of India
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