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Navi Mumbai to Witness another Real Estate Boom

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Navi Mumbai to Witness another Real Estate Boom

When the foundation stone worth Rs. 4000 Cr is being laid by the Prime Minister of India Mr. Narendra Modi for developing SEZ at JNPT (Jawahar Lal Nehru Port Trust), the prices of real estate are about to increase in Navi Mumbai.

The MCHI (Maharashtra Chamber of Housing Industry) president, Arvind Goel told the media that a lot of benefits are hidden in the inauguration of Special Economic Zone by the government.

The Rate of Price Hike

The average price of 2 BHK flat costs around Rs. 70 Lakh to 90 Lakh in Navi Mumbai, nowadays. It is expected to see rise of over 20% to 30%. MCHI President, Arvind Goel stated that the commercial property will also see higher demand. Over 250 supplementary corporate offices are indirectly and directly dependent on real estate industry. They will also develop because of another boom in real estate sector.

Within three years to come, the new SEZ will begin. The land has already been acquired for this 277 hectare zone. No delay has been feared in central government positioned. The new government has also planned the development of services and expanding of roads from 6 lanes to 8 lanes.

The Scope for Growth in Navi Mumbai

Goel stated that Navi Mumbai is about to see a lot of real estate growth. An industrial belt, Thane-Belapur Belt, is eventually transforming as a service industrial belt. In Pune, the real estate market has aggressively been developed because of IT sector. For the development of cities and real estate industry, employment is a major deciding factor. Navi Mumbai will definitely thrive within five years to come.

Atul Nemade, who is the real estate expert, stated that developers must not increase prices only because of proximity to SEZ. Because of having proposal of international airport, it was done very early. It is important for the government to check artificial rise of the prices.

According to Shivam Developers chairman, Manohar Shroff, both real estate and housing will pull many home seekers and investors. Developers will invest in significant tracts of land in different locations like Panvel in order to introduce townships.