Realty Boom in Navi Mumbai, Navi Mumbai Airport Project

With the sanction of the proposed Navi Mumbai Airport Project, realty boom is a what the Navi Mumbaikars experience and expect to see it soaring in the couple of years to come.

Realty Boom in Navi Mumbai, Navi Mumbai Airport Project

Now that the Navi Mumbai Airport Project has received a green signal from the Maharashtra Chief Minister Prithviraj Chavan, Civil Aviation Minister Praful Patel and Environment Minister Jairam Ramesh; the property owners and the real estate owners in Navi Mumbai are much elated with the realty boom in Navi Mumbai. The property prices are expected to touch the skyline even though the work for the proposed Navi Mumbai Airport Project is yet to commence. There are presently many upcoming properties in and around Navi Mumbai. Few of the notable include ongoing constructions at Kharghar, Kalamboli, Nerul, Panvel, Vashi and Airoli. Every single town of Navi Mumbai is prepared to gain with the realty boom in Navi Mumbai and the property prices are expected to soar further with the upcoming Navi Mumbai Airport Project.

But it's not just the upcoming projects that would gain from this realty boom in Navi Mumbai; but even the existing property owners including the 1 BHK flat owners, 2 BHK flat owners or even a small piece of land owner are equally going to gain from this realty boom. A 1- BHK Flat which otherwise would have cost no more than Rs. 18 lacs to Rs. 20 lacs in a city like Airoli or Vashi has seen prices accelerating to Rs. 35 lacs to Rs.40 lacs within these one year, thanks to the then proposed Navi Mumbai Airport Project. Same is the case with a 2 –BHK Flat. A regular 2BHK Flat or an apartment which otherwise would have cost not more than Rs.35 lacs to Rs.40 lacs have accelerated to a whooping Rs. 65 lacs to Rs. 70 lacs. In a similar manner, a normal 100 sq.ft shop which would otherwise cost somewhere around Rs.7 lacs to Rs.10 lacs has seen a considerable raise ranging from Rs. 20 lacs to Rs.25 lacs.

The fact remains unchanged that this had been a known fact by the Navi Mumbaikars as well as the people living in the neighborhoods. The fact that remained unchanged despite of many assumptions, was that the 2nd Airport for Mumbai was going nowhere other than Navi Mumbai. There have been many assumptions and proposed sites where the 2nd airport could have otherwise been shifted, but the airport site at Kharghar was the best option; provided the Green Concerns related to the Environment had been sorted out.

Cities in Navi Mumbai that already have and are in the process of experiencing a considerable realty boom are Kharghar, Vashi, CBD Belapur, Kalamboli, Panvel, Nerul, Airoli, Seawoods, Palm Beach Road, Ghansoli, Rabale etc to name a few. Few upcoming top most residential constructions that are been carried out in Navi Mumbai include the Suntech – Piramal Construction of 30 storey 2BHK Apartments in Airoli, Arihant Aradhana at Kharghar, Prathamesh Construction's upcoming project in Kamothe, Akshar Developer's Valencia at Kalamboli, Akruti Group's Silicon Tower at Vashi etc to name a few. Additionally there are many commercial premises and educational hubs that are present in Navi Mumbai and few more are expected to come up in these couple of years.

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