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Vashi2Panvel.Com: Navi Mumbai: August 11: Media pontifies that Navi Mumbai property is experiencing a boom time. So does the development authorities and the city builders. However, the one who can differentiate this myth from reality is the buyer for him the realty boom is a not worth it! It has become a general practice for the builders in Navi Mumbai to hike the prices of the property very frequently. This constant price hike over the past one year has led to many prospective buyers shying away. There is a mixed feeling of anger and distress when one goes to buy a new property and finds the rates up by Rs.200 to 300 per sq. ft. in just a month. And, talk of the amenities? Well, that is NIL.

However, the question in everybody’s mind is, “Till what height will the prices rise?” “Is this just a bubble-phase?”, Does Navi Mumbai boast of infrastructures, job opportunities, entertainment options comparable to Mumbai?”

Subhash Hande Deshmukh, a social worker and environmentalist and winner of Navi Mumbai Ratna Award (2004-05) says, "The rate of property should not increase any further. It was the basic objective of CIDCO to provide economical housing to the common man. Now with such hike in property rates will those dreams of the common man come true?”

So, can we just junk the idea of buying a new property here?" Manohar Shroff, Board of Trustee-Navi Mumbai Chamber of Housing (NMCH) says, “At present Koparkhairne and CBD Belapur properties are sold like hot pancakes, whether ready or under construction. The boom is owing to shortage of plots released by CIDCO and due to unavailability of 'gavthan plots' (Village land)."

What can an average buyer who wants to buy a house in the range of 8 to 10 lacs do in such a scenario? The only affordable locations are the distant Panvel, Kalyan or Karjat. Prem Kumar Ghai, Ex-Executive Director of RCF, sector-15 Vashi resident maintains, "We are not utilizing the full potential at Navi Mumbai. Chandigarh is one of the highly planned cities of India and it was built much before Navi Mumbai. What stopped our authorities to make a city like Chandigarh if not better than it?”

The builders might have their own issues. Rising costs of land, material, marketing & advertising costs, TDR, government and court clearances, environmental clearances, slum rehabilitation, etc. contribute to the entire pricing cycle.

On talking about this real estate boom in Navi Mumbai, a senior Advocate AI Mulla from CBD Belapur says, "The builders should not restrict themselves only to construction activities but must also be generous for the development of the area or vicinity where they undertake contracts. They are expected to be considerate to the low income-group people by avoiding a class hierarchy in the society."

Another problem, which is faced by Navi Mumbaites, is lack of proper infrastructure. Dr. Sudhir Sharma of PKC Hospital Vashi, presently living in Airoli said," I am sick of traveling via the Thane Belapur road, which remains in a miserable condition round the year. Initially I wanted to shift to Vashi or nearby locations but wherever I go, I find places with multiple problems like roof leakage, inaccessible roads, lack of water supply, unhygienic surroundings and above all exhorbitant rate."

The recent hike in home loan interest rate has further added salt to wounds. The average buyer has become intelligent today. He wants to do his homework properly and ensure that he gets the right apartment in the right location at the right price. This again results in delayed decision-making process. Goldie Karwani, Resident Manager- HDFC, CBD-Belapur branch concludes, “The increase in the home-loan interest rate has not yet affected the decision of our customers. I feel that the earning capacity of people is also increasing day by day. Today, people have more disposable income than they had a decade ago"


Umesh Malviya