Sharp Plunge in Property Rates in Navi Mumbai

Bangalore: Navi Mumbai, the planned Satellite Township in Mumbai is witnessing a major shake-up in the property market. sometime back  properties in this area were selling like a hot cake where investors, real estate players, politicians and buyers were waiting to get a piece of it, in turn making the property prices high. Now, the prices have taken a sharp plunge as the chief minister of the state, Prithviraj Chavan announced that the government has not fixed the timeline of construction work of the proposed infrastructure in Navi Mumbai, reports Nauzer Bharucha of TNN.

Off late, Ulwe in Navi Mumbai has emerged as a hot property destination for real estate investment in India. The forthcoming international airport and the SEZ land are driving the realty growth of Ulwe. But work on international airport is likely to delay further which in turn has nosedived the property prices in Navi Mumbai.  

Cidco the nodal agency for the international airport project was first announced about the project in 1993. "Since the last many years, Cidco displayed the new airport in its booklets, because of which land prices shot up," said Arvind Goel, President of MCHI, Navi Mumbai. But the agency is yet to acquire some more land for the project and so, the project work cannot start at the moment due to the incompletion of the land acquisition process, said CM in the state assembly.

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