Mumbai Real Estate: Dearer and Dearer

By: Propertiesmls

Ever since City Industrial Development Corporation, (CIDCO), established the world's first planned city in the 1990s, property in Navi Mumbai so far, has been more affordable. With a pleasant neighbourhood and good infrastructure, it all is the result of years of steady residential and commercial development in the area.

And, residential and commercial property rates in Vashi, Navi Mumbai today, range from Rs. 2,100 to Rs. 3,500 per sq. ft. and Rs. 2,800 to Rs. 4,800 respectively, with Panvel averaging between Rs. 750 per sq. ft. to Rs. 2,100 per sq. ft. for residential apartments, depending on project quality, while commercial property is available anywhere from Rs. 1,200 to Rs. 3,200 per sq. ft.

However, the announcement of a 'greenfield' airport in Kharghar and the Navi Mumbai SEZ project that extends from Dronagiri, Kalamboli, Ulwe to JNPT, has seen to an upward climb in property rates. CIDCO, owner of most of the land in Navi Mumbai initiated the price hike by its property sale for Rs. 70,000 per square metre as against Rs. 27,000 of a year back. As well, New Panvel, Kalamboli and Kharghar too, have seen significant appreciation in the last few weeks.

Located on 950-acres of land, the airport complex will house hotels, malls, multiplexes and other services, and the Navi Mumbai Airport will be developed jointly with private participation. No doubt, established builders will make the most of this opportunity, as 470-acres will be dedicated to such services.

Given the improved infrastructure and lifestyle Navi Mumbai offers, property rates in this satellite city could well overtake Mumbai's.

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Source:

India Properties
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