The real estate market in Navi Mumbai will surely get a boost with the farmers accepting the state government’s offer for the international airport land there, said developers.
Arvind Goel, president of Maharashtra Chamber of Housing Industry (MCHI), Navi Mumbai, said the uncertainty over the airport has been cleared now.
“The project affected persons (PAPs) accepting the offer would rejuvenate the real estate market and spark fresh demand,” said Goel.
Manohar Shroff, general secretary of MCHI (Navi Mumbai), is happy that the government was able to convince the farmers to part with their land for the proposed airport. “We have been hearing about the airport for the past 19 years. A major hurdle being cleared will surely boost the real estate market,” said Shroff.
Realty experts, however, beg to differ with the developers. “Unless transport is developed, the airport is of no use. Without connectivity, the airport will have little impact on the property market in Navi Mumbai and Panvel . The property market is already booming in Navi Mumbai.
“The developers cashed in on the sentiments of the proposed airport long time ago. In fact, the airport will have a negative impact on the housing sector because of the several restriction on high-rises,” said Pankaj Kapoor, managing director of Liases and Foras, a real estate research firm.
He said the decision would also boost the hospitality market.
“Schools, colleges, markets, hospitals and transport are important for appreciation of residential property market,” Kapoor said, adding that across the world, an airport has never increased property prices significantly.
Goel said that the state government can convert Navi Mumbai into New York or New Jersey if the trans-harbour link project takes shape. “There is scarcity of land in Mumbai but not in Navi Mumbai. The land can be utilised properly,” said Goel.
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