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Vashi2Panvel.Com: Navi Mumbai: August 22: The dead season in the real estate market in Navi Mumbai is finally over. The property market in Navi Mumbai is likely to see a boom in the coming years as the proposed airport in Panvel gets a go ahead from ICAO. Already, investors are busy buying plots in and around the Kalamboli-Panvel area in anticipation of a quick appreciation in rates.

"Land prices have appreciated in the vicinity of the Nhava Sheva port in Panvel. Rates have shot up by 100%," informs Sandeep Pawar, a realty consultant. Prices in Vashi and Kharghar, which were stagnant till now, have also raised and are currently between Rs 2,500 to 4,000 per square feet. About 18 months ago, they were about Rs 1,800 to 2,200 a square feet. According to the reports, recent tenders floated by CIDCO for plots in CBD Belapur have also fetched bids as high as Rs 66,000 per square metre against Rs 27,000 just a year ago.

Property experts say the biggest beneficiary of the boom will be Mukesh Ambani's special economic zone (SEZ) in Panvel, which is spread over 38,000 acres. The land was purchased by the group about two years ago. A large portion of Ambani's SEZ will include a township comprising commercial and residential development.

Real estate agents in Navi Mumbai are evidently excited about the prospect of having an international airport in their neighbourhood. "Residential and commercial space rates are going to zoom up. It is official that the new airport will be ready in the next six years," says financial analyst Parvez Khan.

Another realty agent, S Sikandar says, “The realty prices are going high in the zones like Nerul and CBD. Earlier it was around 20 lakh for a two bedroom flat and now its has leaped to 25 lakh. Now with the international airport coming up in this zone, the prices will definitely rise,”

The area within the jurisdiction of Navi Mumbai Municipal Corporation is already seeing a construction boom. However, skyscrapers are not allowed in and around Kharghar as it is quite near to the proposed airport site.

Another major beneficiary of the proposed airport will be Hinjewadi outside Pune, which houses an IT park. The new airport will just be 90 minutes away if motorists take the expressway to Panvel.

The Manager, Global Estate consultant, Sanjay Kumar, said the airport would be the latest booster in a region that has already seen big investments of late. "Dhirubhai Ambani Knowledge Park in Koparkhairne has already boosted the property market in Navi Mumbai," he said. The push began two years ago when the Anil Ambani-promoted company booked 200 flats in the posh Seawoods-Darave complex near Belapur.

"The market was stagnant since three years and now it has suddenly come up with reliance ready for investments in this region," he says. He adds that generally, wherever airports have come, land prices in surrounding areas have seen a rise. "It is to be seen which segment the new airport in Navi Mumbai will cater to and its connectivity to the Sahar airport,"he adds.

The hospitality and leisure industry, rental housing and to some extent commercial property market will, in particular, reap the benefits of the new airport, according to the market analysts.

Smriti Mishra