Navi Mumbai realty soars as new airport project takes wing

NAVI MUMBAI: The finalization of bid for the Rs 16,000-crore Navi Mumbai airport project has led to an increase in enquiries about properties in the vicinity and house registrations in parts of the city. The GVK group on February 13 won the bid for the project.

According to the data collated by the Navi Mumbai chapter of Maharashtra Chamber of Housing Industry , out of the total registrations recorded from November 2016 to February 2017, nearly 16-17% were done after GVK won the bid.

“More than 7,600 properties were registered from early November last year to February at the sub-registrar's offices in Vashi, Kopar Khairane and CBD-Belapur. Of these registrations, around 16-17% happened in the last fortnight, which is after the finalization of the Navi Mumbai Airport bid. So, we feel that the real estate market is improving now,“ said former secretary of MCHI-Navi Mumbai, Manohar Shroff.

“Now that there is a deadline for completion of the first phase of the project, buyers and investors are turning towards the satellite city . We can say with certainty now that Navi Mumbai has reached the take-off stage to compete with Big Brother Mumbai,“ said Shroff.

Realty observers said there have been serious enquiries and sales at finished as well as under-construction projects. “In upcoming nodes like Panvel, Ulwe and Dronagiri, many buyers are visiting sites and looking at clear land titles to make transactions. Apart from the airport project, the proposed NAINA city (Navi Mumbai Airport Influence Notified Area) being planned by Cidco is also attracting buyers and investors alike,“ said a Panvel-based real estate agent.

Haresh Chheda of Builders Association of Navi Mumbai (BANM) said: “While it is true that interest in Navi Mumbai properties has increased after mid-February , the actual sales will happen only in the next three months after various exams are over.The bid finalization is definitely helping the realty sector but the Budget too has boosted affordable housing.“

Realty watchers added that while there was a slowdown in property sales postdemonetization, its effect is no longer seen on the sector as most of the ATMs are readily dispensing cash, and there are no queues at banks.