Aiport delay has brought mixed reactions from the investors and home buyers. While the Navi Mumbai aiport is something that every investor was really looking forward to, the incessant price rise made no sense for a while. The juggernaut seems to have finally slowed down as the new international airport project will be delayed by at least a year and a half. For now, the real estate prices will also stay stable till there is a formal announcement on the project.
Here are 5 things you are ought to know about how the housing and commercial projects in Panvel are likely to be affected with the delay of the Navi Mumbai airport project.
When the international aiport project was announced in the year 2010, the prices of real estate in Ulwe and Donagiri were set to give Panvel investors a run for their money. They were almost competing with the best of Panvel projects. Barely 2 kilometres from the airport, as these projects had driven the prices to as high a INR 6000 per square feet. Now they will fall back in line as the airport project will take more time to realize even as the land acquisition will be delayed further.
The delay in the construction and inauguration of the new airport in Navi Mumbai will also affect the road connectivity as of now. Many projects in Panvel mostly coming up on the road leading to the aviation spot, the prices will definitely get a hit. Even as the townships are ready for possession, most investors are wary about selling them now as they may not fetch a good return over their investments made at least 3-4 years back.
Unlike other satellite towns in the country, where airport development indirectly gravitate the real estate prices in a short span of time, Panvel will take at least 15 years to realize any substantial price appreciation. There is a serious dearth of interest from the new home buyers in the areas close to new airport site.
It is not just the Panvel real estate projects that were vouching for the new flourish in the market. Other suburban towns like Kalamboli, Kharghar and Ulwe are fighting for the buyer prospects. With delay in the airport project, Panvel market will see a lull for a long time. Between 2010 and 2015, the prices of the units have almost gown by 80 per cent but the sale has dwindled significantly.
In Panvel, the big real estate players won’t be hot that much by the delay of the airport announcement as the small builders. The unsold units in small builder projects are up for grabs. Till the airport project does not receive a green signal, it is a great opportunity for ambitious home buyers and investors.
Is Delhi-NCR real estate moving sluggish
If the recent trends in real estate market in Delhi are to be believed, there is a significant dip in the units sold in the capital and NCR in the last 18 months. The sluggish trend has been whistled by lack of incentives from the administration which is focussing on clearing infrastructure road blocks rather than giving green signal to new projects. With paper works in the backlog, new projects in Delhi are at pause, at least for the rest of the year 2015.
Looking for a green living space in Zirkapur Here are options
Zirakpur located near Chandigarh and part of the tri city comprising of Chandigarh, and Mohali is one of the most popular real estate destinations. While Mohali and Chandigarh investors have had the luxury of investing in properties located closer to nature with lush green belts and parks, Zirakpur residents often faced concrete jungles.
Tips for new residents in Panvel to understand their locale better
Panvel has seen a major transformation from a sleepy suburb to a satellite town and finally to a full-fledged city. The growing population willing to reside in the Mumbai MMR region, the shortage of adequate real estate destinations in Mumbai region has made investors and buyers look at Panvel as their best option. Panvel was famous from its lush green surroundings and farm houses. With changing times and inflow of population there are abundant new projects available in Panvel for investors and buyers alike.
