There are lots of discussions and debate as to what exactly is the contemporary property trend in Mumbai and especially in Navi Mumbai. Being one of the most congested Metropolitan and populous cities of India today the property rends and tendencies of Mumbai and Navi Mumbai determines and shapes the property trends and tendencies of the entire nation to a large extent. Throwing light on the contemporary property trends of Mumbai and Navi Mumbai can to a large extent help the common people to get an idea of the property trends, rates – rise or fall of the properties of the entire nation, both residential and commercial.
Buying any property in Navi Mumbai can become a more expensive affair in near future. CIDCO in recent years has increased the reserve prices of land across 15 nodes in Navi Mumbai. It is to be noted that the agency’s board has already approved a hike between 20-25 per cent in reserve prices of plots, both residential and commercial specially in Navi Mumbai. Government intervention and personal awareness are required to notice the property trends.
The above mentioned trends shows that market value of real estate will go up and the trend will continue to do so in near future . Haresh Chheda, treasurer, the Builders Association of Navi Mumbai, said, “The hike in rates of reserve price will escalate land prices. The reserve price and the FSI (Floor Space Index) of a particular plot helps to calculate the base price. Herein Government intervention is required. If this continues then affording a home or a commercial plot in Navi Mumbai especially will be quite tough.
According to officials of CIDCO the hike is a routine, annual process and keeping other factors in mind is bound to happen.. “The reserve price keeps changing and (the hike) is an annual standard procedure,” said Mohan Ninawe, chief public relations officer, CIDCO.
Navi Mumbai Capital Values Rate/Sq ft (INR) (min / max)
Belapur 6000 - 9000
Ghansoli 6000 - 8000
Kalamboli 4000 - 9000
Nerul 7000 - 10000
Palm Beach Road 12000 - 15000
Panvel 3000 - 6000
Sanpada 8000 - 10000
Sea Woods 8000 - 10000
Uran 3000 - 6000
Vashi 9000 - 12000
AS OF SEPTEMBER 2015 REPORT.
The property trend of Mumbai and Navi Mumbai is highly significant. The rising property prices both for residential, commercial purposes or the rising price of land is significant. More and more the property prices are going beyond the reach of the middle class people. The investments are high from industrialists. Political influences, Black money issues all are responsible for the rising property trends. It is surprising to note that inspite of the rising property prices in Mumbai and Navi Mumbai there is no dearth of investments in the city. Not only high class or rich people but even middle class or the high middle class people from across the nation and world invests in huge amount in properties in Mumbai and Navi Mumbai. Inspite of the basic hurdles even today real estate business is profit seeking for many industrialists and investors. Although it is a fact the for lower middle class or middle class people the rising property rates is an alarming situation. Government intervention and public awareness are required to alter the situation.