Dinesh Kamath's news item 'Property rates in Navi Mumbai come down considerably' that was published in Newsband

Property rates in Navi Mumbai come down considerably

By Dinesh Kamath

NAVI MUMBAI: The prices of properties in Navi Mumbai have taken a sharp plunge after 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, Once it was clear that the work on international airport was likely to delay further the property prices in Navi Mumbai came down considerably. 

It was because City and Industrial Development Corporation (CIDCO) had been displaying the new airport in its booklets since last many years that the land prices had shot up. But now CIDCO is finding itself in a fix since it cannot start the project owing to the incompletion of the land acquisition process.

After CM's statement, builders in Ulwe suddenly dropped the rate of their properties. Ulwe is considered a hot property destination because the planned Nhava-Sewri road-link is also expected to touch there. However, works on both the international airport and the link are not expected to start anytime soon.

Many politicians and builders had purchased large chunks of land in Navi Mumbai hoping the returns would be astronomical once the airport came up. Now they might have to sell their properties at cheaper rates.

Rates of properties located not only at Ulwe but also those on Palm Beach Road and Khargar have come down considerably.

People who had purchased flats and apartments at the above places feel cheated.