Property Prices in Navi Mumbai Gets Dearer

January 31, 2007	(6 votes, average: 2.33 out of 5)  Loading ...
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Property in Navi Mumbai has been more affordable than in Mumbai, since the City Industrial Development Corporation, (CIDCO), established the world’s first planned city in the 1990s. Residential and commercial development has been steady over the years, offering a pleasant neighborhood and good infrastructure.

Rates in Navi Mumbai range between Rs. 2100 to Rs.3500 per sq. ft in Vashi for residential properties, and Rs. 2800 to 4800 for commercial spaces. Panvel averages between Rs.750 per sq. ft. to Rs. 2100 per sq. ft. for residential apartments, depending on the quality of the project. Commercial property is available between Rs. 1200 and Rs.3200 per sq. ft.

However, with the announcement of the ‘greenfield’ airport in Kharghar and the Navi Mumbai SEZ project extending from Dronagiri, Kalamboli, Ulwe to JNPT, rates are beginning to climb. CIDCO, which owns most of the land in Navi Mumbai, initiated the hike with a sale of property at Rs 70,000 per square metre as against Rs 27,000 a year ago. New Panvel, Kalamboli and Kharghar have seen significant appreciation in the last few weeks too.

Located on 950 acres of land, the airport complex will house hotels, malls, multiplexes and other services. The Navi Mumbai Airport will be developed jointly with private participation. Established builders are expected to make the most of this opportunity, as 470 acres will be dedicated to these services.

Property rates in this satellite city could well overtake Mumbai, given the improved infrastructure and lifestyle it offers.

News Published Under:   Mumbai |