PM Modi's visit revives real estate interest in Navi Mumbai

Following the groundbreaking ceremony of the proposed Navi Mumbai International Airport (NMIA) by Prime Minister Narendra Modi recently, the sluggish property market is now on the surge in Navi Mumbai.

According to officials from the Maharashtra Chamber of Housing Industry (MCHI), Navi Mumbai, the property market in Navi Mumbai particularly in Kharghar-Panvel was down but the groundbreaking ceremony has lifted the mood of potential buyers and investors.

"We have been receiving good numbers of inquiry for property in Navi Mumbai," said Manohar Shroff, vice president, MCHI, Navi Mumbai, and added that the property market had been down for the past three years. 

"Now, the groundbreaking ceremony of NMIA has ensured that the airport will surely be developed. It is the official confirmation for the residents of Navi Mumbai as we have been hearing about the airport for the past 20 years. Besides, there were also talks that the airport may not happen due to land acquisition and other issues. We are happy that the government and CIDCO officials worked diligently to materialise the airport dream," said Shroff.

Rajesh Prajapati, chairman and MD, Prajapati Developer in Navi Mumbai, confirmed that there has surely been a turn around in terms of inquiries as well as sales. "We are presently getting more than 40 site visits against 20 earlier and one on weekdays. Besides, the PM's visit to Navi Mumbai, the infrastructure too has developed such as Uran-Seawood local railway. The government is also showing seriousness towards infrastructure development which is a major boost to Navi Mumbai," said Prajapati.

In places like Ulve and Panvel in Navi Mumbai, developers had already jacked up the property prices to Rs 5 to7 lakh on 2 BHK and Rs 7 to10 lakh on 3BHK. "There is a really positive buzz in the market after a long time. So far buyers were waiting for the right opportunity," Prajapati added.

Surendra Jadhav, a local property broker, said there was always demand in Navi Mumbai however the PM's visit had certainly refreshed the sluggish market. "Each day we are getting at least 8 to 10 inquiries and these are now translating into sales as well," Jadhav said.