Navi Mumbai real estate prices rise

June 30, 2009

Notwithstanding the concerns over the proposed international airport in Navi Mumbai, real estate prices around the satellite city have rising for the past one month, reports Business Standard.

During the past 30 days, prices of medium residential apartments rose by Rs 300-500 per sq ft across various nodes in the city. The present prices range at Rs 2,500-3,000 per sq ft across nodes like Kamothe, Panvel, Kharghar, Khandeshwar and CDB Belapur, quoted Srikanth Puduval, a real estate agent in the report.

According to the report, the prices at nodes far from the proposed airport site — like Airoli, Koparkhairane and Nerul — managed to hold steady at around Rs 3,000 per sq ft (medium residential apartments), despite the financial crisis. This also varies, as prices are different for different builders, while high-end and premium complexes are priced higher, the report added.

“The soaring of prices is based on speculation that the airport would eventually get clearance. The price rise is across residential and not in retail or commercial structures, but as the area develops (with proposed Special Economic Zone and airport), the hike will spill over to commercial establishments also,” said Arvind Nandan, executive director (occupier solutions), Cushman & Wakefield.

Real estate prices are determined by certain benchmarks, and prices of Rs 2,500-3,000 for suburbs seem to be on the right side.