Asian News

Navi Mumbai awaits another boom in real estate

Proposed SEZ will lead to property boom, 20-30% rise is prices seen

With prime minister Narendra Modi laying the foundation stone for the Rs 4,000 crore special economic zone at Jawarharlal Nehru Port Trust (JNPT) on Saturday, real-estate prices in Navi Mumbai are set to rise.

Arvind Goel, president of Maharashtra Chamber of Housing Industry (MCHI), Navi Mumbai unit, told dna that the inauguration of government-owned SEZ holds a lot of significance for Navi Mumbai.

By how much will prices rise?
Currently, a 2BHK in Navi Mumbai costs Rs 70-90 lakh. A 20-30% rise is expected. Arvind Goel, president of Maharashtra Chamber of Housing Industry (MCHI), says demand for commercial property will also go up. “There are 250 supplementary industries, directly and indirectly dependent on real-estate sector. A real-estate boom will develop them as well,” he said.

When will the SEZ start?
In three years. Since land for the 277-hectare zone is already acquired and in possession of the central government, no delay is feared. Widening existing road network to 6-8 lanes and development of service are also proposed.

Will Navi Mumbai see lot of growth?
Yes. According to Goel, the Thane-Belapur belt, known as an industrial belt, is slowly turning into a service industry belt. “The property market in Pune developed immensely, thanks to the IT industry. Employment is main factor for the growth of the housing industry and cities. Similarly, Navi Mumbai will grow in the next five years,” Goel explained.

Any other reasons?
Manohar Shroff, chairman of Shivam Developers, says housing and real-estate will attract lots of investors. “Developers will buy huge tracts of land in Panvel and other locations to develop townships. It’s a good sign that Navi Mumbai is developing. It will become another developed city in the near future,” he said.

But are there any concerns?
Real-estate expert Atul Nemade says developers should not raise prices in the name of the SEZ now. “They had done so earlier in the name of the international airport. The government should check artificial price rise, so that gullible buyers are not exploited,” says Nemade.


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