Mumbai: The ambitious under-construction project of Navi Mumbai Metro has been delayed from 2014 to 2015. However, it is still acting as a catalyst for residential demand and property values in some of the areas in the city. Nerul, Seawoods, Palm Beach, Kharghar and Kamothe are a few locations that are recording increasing property values since last couple of years.
As per the data with Magicbricks.com, 99acres.com, the property values in these locations have gone up by almost 24-50 per cent in the last two years, with Palm Beach recording the maximum rise. Shivraj of Chinta Mani Real Estate Consultant says, “The under-construction metro has impacted the prices in several localities in the last one and two years. For instance, Kharghar and Kamothe recorded a rise of almost Rs 1000 per sq ft within one year. A property that was available for almost Rs.4,000-4,500 per sq ft in Kharghar last year is now sold for Rs.5,000-5,500 per sq ft.”
Similarly, Nerul saw property values rising from an average of Rs.8,600 in 2012 to Rs.10,500 in 2013. Values in Seawoods rose from Rs.8,400 in 2012 to Rs.9,400 in 2013 and in Palm Beach from Rs.12,500 in 2012 to Rs.15,000 per sq ft in 2013. With such considerable hikes in property values, Navi Mumbai saw a large number of investors tapping the market. “Currently, Navi Mumbai is being graced with the under-construction metro and the planned international airport is an icing on the cake. Looking at the prospects, several developers are entering the market. With a large number of properties being constructed, Navi Mumbai attracts a majority of investors. Today, there are more than 70 per cent investors in the city,” adds Shivraj.
So despite the delay in the metro project, is the growth expected to continue? Zubair Patel, partner, City Home Creators answers this concern and says, “As a result of the infrastructural developments, the land values in Navi Mumbai have already appreciated. Going forward, the growth might be slow, but a correction is not expected. It is advisable to enter the market now. This is because, as the metro project nears its completion, it will only push the prices up.”
Thus, if you are looking forward to make an investment in Navi Mumbai, the areas that are most likely to be impacted by the metro could be the ideal choices.