If you are planning to buy a house soon, Navi Mumbai will soon be a good place to look. In the next nine months, 4,750 acres of land is going to be available for residential construction due to a change in policy.
Where did this land come from?
The City and Industrial Development Corporation (Cidco) recently issued a notification freeing 350 hectares (875 acres) of 1,500 hectares of land for residential construction. Earlier, this land was a regional planning zone, where most plots and its surrounding areas were reserved for the government to build gardens, schools, hospitals, etc. "The 350 hectares now mostly belong to private owners. Now, land owners can apply for conversion and develop it as per their convenience," said senior Cidco official requesting anonymity.
Cidco has earmarked another 400 hectares (1,000 acres) of land to rehabilitate those affected by the Navi Mumbai airport project. Cidco will rehabilitate them by giving them 22.5 per cent of developed land near Ulwe and its surrounding areas. Cidco has also decided to develop a modern township called Navi Mumbai Airport Influence Notified Area (NAINA), close to the new airport in Panvel taluka on 1,200 hectares (3,000 acres) of land.
Asia's biggest township in NaMu soon
NAINA will be well-planned and is being touted as Asia's biggest township. It will be developed in the next five years in a phase-wise manner on a public-private partnership model.
How much will these houses cost?
Arvind Goel, president of the Maharashtra Chamber of Housing Industry (MCHI), Navi Mumbai Unit, welcomed Cidco's decision of converting the reserved land for residential purposes. "It is good news for developers and potential buyers. Because of the availability of so much land, large numbers of affordable houses will be constructed. These houses will be in the Rs 40-60 lakh bracket," said Goel.
Manohar Shroff, general secretary of MCHI, Navi Mumbai said, "Land prices are going through the roof, so developers were compelled to raise property prices. The availability of a huge chunk of land will surely help reduce land prices and subsequently, property prices. The input cost is important in the construction business."
Development should by eco-friendly: Real estate expert
Atul Nemade, a real estate expert, said that it was good news that some much land is going to be available for housing. "But the development should be sustainable and eco-friendly. It shouldn't just be a concrete jungle, or there will be chaos. Besides, the state government controls the prices and development," said Nemade.
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