Sale of Navi Mumbai properties to boost up with airport delay
Good news awaiting for buyers of properties in Navi Mumbai! With the delay in new airport, the rates of properties around Navi Mumbai are going to be further down as per reports.
The prices of properties in Navi Mumbai have been on a seesaw the time the airport proposal was announced.
However, the buyers can breathe a sigh of relief as the new international airport is further getting delayed.
Further, Chief Minister has claimed that there has been price appreciation of three times in construction of the new airport due to reports of compensation to be given to the project affected people.
It has been assured that the project will not see the light of the day until at least by 2015.
Also, properties in Ulwe and Donagiri which are located two kilometres from the proposed site of airport are going to see a price correction which had been high since the announcement of the project in 2010.
As per reports by property research firm Knight Frank, Ulwe, Kalamboli, Kharghar and Panvel stood as most sought after property investment destinations. But the reports were made after the fact that the airport is expected to become operational in 2016.
Earlier, the cost of construction was assigned around Rs 4,766 crore in 2006-07 which has been increased to Rs 14, 573 crore.
The proposed airport needs about 1,160 hectares of land for aviation purpose while 225 hectares is required for other purposes near the airport. Out of the 1,160 hectares land required for aviation, 291 hectares of land is yet to be acquired.
This acquisition of the remaining 291 hectares has been delayed due to project affected people who are opposing about the same and demanding return of at least 30 percent of developed land as against the CIDCO’s offer of 12.5 percent.
With such delays, real estate market is also getting affected. Developers are waiting for the airport authority to go on with the construction because of the norms which state that buildings cannot go above certain heights in the restricted area.
Also, unless the airport project is sanctioned, real estate market in the vicinity won’t flourish much.
Currently, the real estate prices in Navi Mumbai is around Rs 5,000 per sq ft. It may rise with the upcoming infrastructural developments like the proposed airport, the Mumbai Trans Harbour Sea Link and the Navi Mumbai SEZ.
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