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Vashi2Panvel.Com: Navi Mumbai: June 15: Kharghar and Kamothe nodes of Navi Mumbai have witnessed a very high rate of development for the past few months. CIDCO, the builders and the estate agents alike had devised heavy publicity to promote the township in the past. Even the banks and other financial institutions came forward with various attractive proposals at affordable interest rates. This all resulted in a boom period in the real estate in the entire stretch. However the property graph since the last fortnight has been dwindling showing reversed trends.

Atul Agrawal Chairman Trustee of Builders Association, Navi Mumbai (BANM) said, "Already the property prices at Kharghar touched around Rs.2200/square ft. You can compare this with figures elsewhere in Navi Mumbai. It was Rs.2500/ sq ft in CBD Belapur, Rs.3000/sq ft at Nerul on Palm Beach Road and Rs.3500/sq ft at Vashi. Kharghar has poorer connectivity as compared to CBD and Nerul. So naturally people’s craze for Kharghar has come down. Hence, the downfall in rates by 10% to 20%.”

Rajesh Prajapati one of the leading builders of Navi Mumbai said, "A saturation has been attained in terms of property rates. When good facilities and connectivity are available at CBD or Nerul at a little more price, people will prefer it."

One Estate Agent Eldho Chacko from Paradise Real Estate, Kamothe said "CIDCO and the builders had given a heavy dose of publicity to Mansarovar station. We were also following the same technique. This resulted in a sudden price shoot up from Rs 600 to 1000 per sq.ft. Now with the present sluggish speed of work it seems the authorities are not very particular in commissioning this station even by next year end. With the recent hike in fuel prices situation has become still worse. Now property rates have come down 10 to 15%"

Even the businessmen in the area are quite unhappy with the developments. Deepak Chaudhury the owner of Ganesh Mini Super Market sector 34, Kamothe said, "I started this establishment thinking I will do a good business here. But development has stagnated now. Even the road to highway is not in good shape. Nobody knows when will the Mansarover station be ready for use. We don't know what will happen during monsoons."

Manish Sharma from Chembur who purchased a flat here said, "Some of my friends also wanted to buy a flat here at Kamothe but now with the HC order to stop constructions for conserving mangroves they are afraid of investing here."

Umesh Malviya