In order to rejuvenate the slow-moving real estate market, the Navi Mumbai Builders Association is displaying large numbers of budget houses.
In order to rejuvenate the slow-moving real estate market, the Navi Mumbai Builders Association is displaying large numbers of budget houses, with prices ranging from Rs12 lakh to Rs25 lakh, at its exhibition at Navi Mumbai.
According to property exhibitors, all kinds of properties are up on display, including ones costing up to Rs16 crore. Most of these high-end and luxury properties are located on Palm Beach Road, and at Belapur and the NRI complex, while more affordable houses are at the periphery of Panvel and Thane.
“Buyers always complain that developers never construct budget houses. This time, in the exhibition, we have accommodated small-time developers who are in the budget-housing segment. Most of them construct houses in places like Ulve, Khopoli, Vasind, Titwala, and Taloja in the Rs2000 to Rs4000 per sq ft bracket,” said MC Sunny, president of the Navi Mumbai Builders Association.
Visitors to the exhibition are exposed to an entire spectrum of houses. “They do not need to visit various locations to finalise their choice of property. Many developers have not raised their prices since the last six months. The displayed property rates are quite reasonable,” Sunny added.
Akshar Developers and Regency Developers have displayed high-end 4 BHK (6,000 sq ft) to 6 BHK (16,000 sq ft) properties, with prices ranging from Rs8 crore to Rs16 crore. These properties are located on Palm Beach Road and at the NRI complex.
“Earlier, people were reluctant to buy property in Navi Mumbai. But the finalisation of the airport, improved infrastructure and a growing cosmopolitan culture are attracting people from South Mumbai and other parts of the city. NRIs are also making inquiries, and are interested in buying property here,” said Devang Trivedi, secretary of the Navi Mumbai Builders Association.
Mahendra Wankhede, resident of Sanpada, said the developers were still quoting high prices — Rs7000 to Rs16,000 per sq ft for localities such as Vashi, Nerul and Sanpada.
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