Flats in Navi Mumbai No Longer Affordable

Flats in Navi Mumbai at Makaan.com

The developers PAN India are reaping what they had sown years back. They, to accumulate tons of wealth, kept on raising the prices on one pretext or the other. Though in some cases, their reasoning was genuine, in other cases, they let the appreciation happen by creating artificial demand. Take the case of flats in Navi Mumbai. The rates of residential properties in this city have scaled all the way up in recent years. The coveted developers, instead of sticking to the cut-rates, allowed the price escalation. What was the result? As the rates in Navi Mumbai (like other cities) scaled up, a buyer's sentiments turned negative. They wavered from making a purchase.

The trend continued and the demand eventually came down. With no buyers, the developers resorted to other means for bringing them back. Their freebie offers like sedans, ovens, LCDs and financial discounts in the form of zero EMI periods, nil preferential location charges, and one-time free parking did only little to lure back the buyers. The prices of flats in Navi Mumbai is still going high. A 2 BHK property in Khargar, Kamothe, Kalamboli, Nerul, Sea Woods, and Belapur has extortionately high rates: ranging between 50 lacs-1 crore, for a 2 BHK apartment.

The other localities like Taloja, Ghansoli, Juinagar, Ulwe, Mansarovar, Navde, Rabale, and Sanpada too have high rates. A two-room apartment in these localities are available between the range 30-90 lacs. As per the price trends collected from property websites, the tag of 'affordability' suits only to a few localities like Panvel and New Panvel. Such a situation can put the realty market in Navi Mumbai in jeopardy. If the rates are not depreciated, the real estate shall see a stagnation in the near future. It is high time that the builders and the developers let the price correct. Until that happens, Navi Mumbai shall follow the footsteps of Gurgaon, and Delhi, where the property bubbles have started bursting.

Makaan.com, one of the fastest growing real estate websites in India, lets you buy, sell, or rent flats in Navi Mumbai and other cities. Search on the basis of criteria like location, price, age, and type of property you prefer.