With the ongoing infighting among developers, real estate agents and land owners, the prospects of the realty market in Navi Mumbai are getting affected. Moreover, the growing insecurity among developers has also led to plummeting sales in the region.
With the ongoing infighting among developers, real estate agents and land owners, the prospects of the realty market in Navi Mumbai are getting affected. Moreover, the growing insecurity among developers has also led to plummeting sales in the region.
“We are really worried after the recent murder of a builder [Loharia]. With the way Navi Mumbai is developing now, the state government should take urgent action against miscreants,” a prominent developer from Navi Mumbai said.
“Greed for land and money is the main bone of contention among the different parties. Everyone in Navi Mumbai is becoming a developer or property agent. This is leading to a lot of competition to grab land, construct the maximum number of houses and earn handsome profits. This, in turn, has led to rising cases of duping, illegal constructions and such murders,” senior inspector of the Vashi police station, Raosaheb Sardesai said.
A member of the Maharashtra Chamber of Housing Industry (MCHI), Navi Mumbai, said, “Fly-by-night developers are on the rise as the land is cheap here. The state needs to control this urgently to prevent such killings in the future.”
MCHI president Arvind Goel, however, attributes the downward trend in the market to the ongoing class X and XII exams. “It is cycle; the slowdown will go on for a couple of months, but will bounce back soon. ,” he said.
Owner of Goodwill Developers Hakim Lakdawala has started leasing out flats on rent due to the current scene in the property market.
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