Navi Mumbai realty takes off

By the time Mumbai’s second airport is up and running at Navi Mumbai, surging air travel may well overtake its capacity. But property prices in the sprawling area, planned as a mega city to decongest Mumbai, are already taxiing for take off. Like everywhere in India, property prices in the Navi Mumbai region are currently undergoing a correction from their peak levels since hardening of interest rates and prices are likely to fall further during the next six months due to lack of demand say real estate agents.
“ Prospective house buyers should wait for six months. The airport will completely change the face of this entire locality and property rates are likely to appreciate by more than 25 per cent once construction of the airport gains momentum,” said Manohar Shroff of Shivam Real Estate, a leading Navi Mumbai real estate consultant and developer.
Real estate consultants say prices in the region are likely to drop by 15 to 20 per cent in the coming months and house buyers/investors should come in at a time before prices shoot up due to the implementation of the airport project.
15/06/07 Lalatendu Mishra/Hindustan Times

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Categories: Airports Jun 2007, New Jun 2007