Base Rates For Plots in Navi Mumbai To Be Hiked
One of the prominent satellite cities of Mumbai and a part of the Mumbai Metropolitan Region, Navi Mumbai has seen steady growth in terms of prices of real estate. Unlike Mumbai, prices in Navi Mumbai...
One of the prominent satellite cities of Mumbai and a part of the Mumbai Metropolitan Region, Navi Mumbai has seen steady growth in terms of prices of real estate. Unlike Mumbai, prices in Navi Mumbai are not falsely inflated. The area is more sought after by end users because of the affordable rates and high social, physical and civic infrastructure.
Quite recently, the CIDCO has hiked the basic prices of plots in Navi Mumbai by almost 20 to 25 percent. The CIDCO is the authority instrumental for the development of Navi Mumbai since its foundation in 1972. The decision of land rates revision was made by the CIDCO quite recently taking into account all factors that are associated with the growth of the city, real estate values and development. The exact pricing of land for all the nodes in the city have been tabulated which has shown that the highest base price of land is in Vashi, at Rs 12,760 per sq m whereas for Ulwe, it is the lowest at Rs 4950 per sq m. Market analysts are closely watching the effects that the revision in land prices will have on real estate in the area. The revised rates for Kharghar stand at Rs 7680 per sq m
Because the revision of 20 to 25 percent is more than the base prices calculated by the CIDCO previously, Navi Mumbai real estate is in demand. However, it also indicates that the rates of flats for sale in Kharghar, Navi Mumbai and other areas like Nerul, Ghansoli and Seawoods shall increase. Flats for sale in areas like Kamothe, Ulwe and Panvel are picking up. Flats for sale in Kharghar, Navi Mumbai and other developed nodes like Nerul and Vashi have luxury flats being sold to few buyers. Builders in Navi Mumbai are holding their rates as they are aware that property in the city is in demand after the Navi Mumbai International Airport project was announced. Ulwe and Panvel are two of the areas to be benefitted from it which is why property is much in demand here. Moreover, communication between Navi Mumbai and South Mumbai is slated to better with the under construction Nhava Sheva to Sewri Sea Link.
The CIDCO had announced that six of its plots in Nerul and Belapur had sold at record rates to bidders. The CBD in Belapur, Navi Mumbai is rapidly developing and several financial companies have moved here for the lower costs of operations. Navi Mumbai enjoys good communication with the rest of Mumbai through the Sion Panvel Expressway and the Eastern Express Highway.
Most property experts are recommending property purchase in Navi Mumbai rather than far flung areas of Mumbai for the spacious units available, the high prospects of capital gains, well-developed social infrastructure and ease of communication with both Thane and Mumbai. The under construction Navi Mumbai SEZ, Sea Link and the Airport are slated to better the area’s viability for supporting a fulfilling life. Therefore, this is the right time to invest in flats for sale in Kharghar, Navi Mumbai, before property prices escalate like they did in Thane and Mumbai.
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