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CONTEMPORARY PROPERTY TRENDS – MUMBAI/NAVI MUMBAI

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Property includes both land, commercial and private properties. Property symbolizes the purchasing power of the buyer. Today in Mumbai and Navi Mumbai property prices have been rising since last few years. A lot of interwoven issues are responsible for this rising trend of property prices. Political issues, real estate business trends, burden of population, business men all contribute towards rising prices of the properties of Mumbai and Navi Mumbai. 

 

Navi Mumbai initially was set up to share the load and burden of huge population of Mumbai. This has led to the growth and development of Navi Mumbai at a rapid pace. One of the primary reasons for the increasing demand for the areas of  Navi Mumbai were the projects such as the Mumbai Trans-Harbor Link (MTHL) between Sewri and Nhava, and the Navi Mumbai International Airport. These developments brought tremendous changes within the city. The infrastructural growth and developments of the city led to pouring in of people from across the nation and also from abroad within Navi Mumbai in huge numbers. These trends further led to development of the city, property rates and eventually led to the rise of real estate prices. 

Congested place like Ulwe, Kamothe, Dronagiri, New Panvel, Kharghar and Kalamboli developed at a tremendous rate in the last few years and simultaneously was burdened with many other problems. These regions especially were hyped as places for affordable housing having a huge potential and resources for development.  Investors saw huge potential and  scope in these regions because of which they invested in huge amounts in these regions and also encouraged business developments in these regions due to its probable profitable outcome. The prices at which properties at present are being sold in NAVI MUMBAI and its adjacent regions  are at least approximately 20% higher than what they normally should be, or rather what was the scenario even a few years back. 

However, the current situation is slightly different. In the contemporary situation of economic turmoil and inflation rates the real estate just like any other businesses are witnessing a downward movement and are full of other burdens.  The MTHL project which was built with a purpose of reducing commuting time between South Mumbai and Navi Mumbai failed to attract bidders for a long time. The Navi Mumbai International Airport is facing a lot of problems like political issues, land acquisition etc. 

According to Sociologists and Experts the properties in areas like Panvel and Ulwe and all over NAVI MUMBAI especially  were over hyped. As far as developments in infrastructure, transport, schools or social amenities are concerned there are hardly any significant developments. Areas uch as Nerul, Vashi  Panvel had almost become hugely expensive in the last few years. According to Experts places in Navi Mumbai have been suffering from lack of demand, burden of a huge population and availability of land, developers and other political issues. Due to many hurdles today investors are unwilling to invest in Mumbai/Navi Mumbai. At present there are huge numbers of unsold houses and plots in Mumbai and Navi Mumbai. The situation is quite alarming. But to bring change and attract investors from across the nation Government intervention and lot of public awareness are required.

 

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