Navi Mumbai And Andheri Have Similar Realty Rates

The satellite city of Navi Mumbai is giving realty jitters to Mumbai. The City Industrial and Development Corporation sold seven plots of land between nine thousand square feet to sixty thousand square feet. Ravji Enterprises quoted a whopping ten thousand rupees per square feet to emerge as the successful bidder for fifty thousand residential-cum-commercial plot on Palm Beach Road in Sanpada.

The company’s bid was nearly four and a half times more than the base (estimated) price of Rs22,000 per square feet fixed by the Cidco. Kesar Group picked up another plot of over sixty thousand square feet in Sector 19, on the same stretch for Rs 82,521 per square meter. A quarter ago, the same plots had been sold for Rs 32,500 to Rs 43,000 per square meter.

The high bids are giving real estate experts the jitters. Mr. Joy Sanyal, head of lands department with Trammel Meghraj, an international real estate consultant, said, “Apart from a common man finding it difficult to own a flat, Tuesday’s bid has equalized land prices being quoted at Andheri and Navi Mumbai”.

Realty experts say that property prices in certain parts of Navi Mumbai have appreciated over 250% in the last three years. Arvind Goel, a trustee of the newly-formed Navi Mumbai Chamber of Housing (NMCH) said, “Property prices are skyrocketing because of Cidco’s deliberate policy against releasing all plots in one go. Cidco should rethink its land disposal policy”.

3 Comments

  1. Posted August 20, 2008 at 12:02 am | Permalink

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