Versova to Witness Higher Property Prices Soon, Reports Say
When the overall property rates remained tempered in the Mumbai Metropolitan Region, there are suburbs like Ulwe, Versonva, Madh-Marve and Majiwada-Kasarvadavali likely to go expensive if some of the upcoming transport infrastructure developments take place according to the given time frame, as per the reports released recently.
According to Knight Frank, real estate consultancy and research firm, the prices in sea-front areas like Versova, Madh-Marve are likely to rise by 14.2% a year due to the improved connectivity with upcoming Versova-Madh Sea Bridge and coastal freeway between Kandivli and Nariman Point. The location advantages of these areas may definitely blow up real estate prices. In the same way, Majiwada-Kasarvadavali is also getting expensive by 11.2% because of the plan of state government to build metro rail corridor between Kasarvadavali and Wadala over the upcoming five years.
According to the report, Ulwe will also see the higher property prices by 9.7% per year. Over the past couple of years, prices have been inflated due to the expectations of much delayed Sewri-Nhava Trans Harbor Link and Navi Mumbai International Airport. Madh Marve is one of the most expensive suburbs out of three destinations where growth rate is forecasted by around Rs. 13,500 per square feet. At Majiwada-Kasarvadavali, the current property rates are Rs. 8000 per sq. ft. and the prices are around Rs. 6000 per sq. ft. in Ulwe.
According to National Director and Chief Economist – Research at Knight Frank, Samantak Das, these locations are going to witness hike in property prices only when these projects are developed in the period set by the government. Because of a lot of opposition from the fishing community, Madh-Versova Bridge has been non-starter so far. The plans for coastal freeway are still under process to be finalized. The Trans Harbor Link is waiting for the clearance and Navi Mumbai airport is under tendering. For the rest of the region, the price hike will be a lot lower than rise in consumer price index. When some of the areas in Mumbai have stagnated prices, some other areas are seeing around 5% of rise.
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