Kamothe in Navi Mumbai has witnessed development at a very fast pace. It has recently emerged as a major residential destination in Mumbai. The real estate market in Kamothe has seen a drastic increase in the recent past. Kamothe is adjacent to CBD Belapur and is surrounded by developing areas of Navi Mumbai like Kharghar, Taloja, Kalamboli and Panvel. The railway station closest to Kamothe is Mansarovar station which is on harbor line. The prices of property in Navi Mumbai, especially in Kamothe have witnessed tremendous leap.  The affordable houses at Kamothe have also attracted home buyers.

A reason why Kamothe is witnessing such a upswing in real estate prices is its proximity to the upcoming Navi Mumbai International Airport. Its strategic location and vicinity to Kharghar makes it a good residential location. Kamothe is located on the Mumbai-Pune Expressway NH-4.

Residential Properties in Kamothe, Navi Mumbai

Budget housing has developed a lot in this area. Mostly 1BHK, 2BHK and 3BHK apartments are available in this area. Kamothe is still in its initial stages of development. It has lots of land available for development. Buyers are very interested to buy property here. Kamothe is developing in a very well planned manner. Hence, property prices here have also undergone notable changes in the last few years. Here is more about the property price trends in Kamothe.

Property Price Trends in Kamothe, 2011-2012

Property prices in Kamothe have experienced a giant leap in just the past few years. Currently, average price of property per sqft in Kamothe for apartments is Rs 4,756 while for houses it is Rs 5,012. This is a remarkable increase when compared to the previous years. In 2011, during the same quarter, the property price per sqft for apartments was Rs 3,981. In 2010, the price of an apartment was Rs 2,975 per sqft while the price of a house in Kamothe was Rs 2,908 per sqft. Average property price for apartments in Kamothe is Rs 39.34 Lakh whereas for houses it is 42.86 Lakh. Average property price for residential plots in Kamothe is 6.40 Crore.  The statistics clearly reveals that the property prices in Kamothe have witnessed an upward trend in the past few years. The upward trend in property prices is likely to continue in Kamothe due to its closeness to the upcoming International Airport at Navi Mumbai.

Are Kamothe Properties Good for Investment?

At present, the transport facilities and many other facilities required to make Kamothe a good residential location are absent. Yet the upcoming Airport and quick development taking place in Navi Mumbai clearly suggests that this may not be a matter of worry. Very soon there will be development in the transport facilities too. As even the metro rail project is under construction, very soon the connectivity in Navi Mumbai will improve remarkably. With the completion of the Navi Mumbai International Airport and the Navi Mumbai Metro Rail Project, the scenario will change drastically. The property prices in Kamothe as well as other areas of Navi Mumbai may increase further in a few years. Hence, right now it is the appropriate time to invest in a property in Kamothe.

CBD Belapur is the third fully developed node of Navi Mumbai following Vashi and Nerul. CBD Belapur has got an adequately vibrant Central Business District which moves a great deal of the economy from the overcrowded central Mumbai into the hinterland. Belapur is also one of the biggest assembly constituencies in this region. CBD Belapur has been developing since the 1990s. It is presently home to several colleges as well as a number of technology companies.  Here, we’ll discuss the price trends of commercial and residential properties in CBD Belapur.

CBD Belapur was created and developed so as to encourage businesses. The Reserve Bank of India has a branch office at Belapur. A number of other leading banks also have their divisions in Belapur. The suburb has got a lot of call centers of the nation’s top providers.

This area is among the quickest developing area in Navi Mumbai when it comes to new commercial and residential development projects. Belapur is properly linked to Mumbai by means of train and BEST buses. It even had Sea Link for going to Elephanta Caves from Sector 11.

Commercial real estate in CBD Belapur

Because of superior infrastructure, wide roads and corporate offices, new business houses, software companies such as Intellect Bizware, ContentShoppe (ILS), Intercon Systems Pvt. Ltd., Phonon and several call centres like Wipro BPO, ChoiceConnex and couple others like SilkRoot, Kaizen etc are based in Belapur. This has led to substantial volume of commercial real estate development in CBD Belapur. In the 1st quarter of 2012, commercial property rates in CBD Belapur varied from Rs. 8,900 per sq.ft to Rs. 9,900 per sq.ft.

CBD Belapur Residential Property Rates

Builders and developers have observed property growth potential in Belapur and so are planning fresh housing projects in addition to new commercial projects. The presently prevalent residential real estate rates in CBD, Belapur are usually around Rs 6,900 – 7,500 per sq ft in the first quarter of 2012, depending on the location, although a house on rent could possibly be had for Rs 6,500- 8,500 for a 1 BHK and a 2 BHK for Rs 9,000 – Rs 12,000.

Currently there are several ongoing and upcoming projects in CBD Belapur which are projects by leading builders and developers. The most notable residential projects are Arihant Aksh, Sai Radiance and Progressive Sea Lounge. Bhoomi Mall is a recent Commercial Mall project. The work on a tower for corporate offices named the Krishna Govinda Tower has also been going on.

CBD Belapur Transport and Connectivity

CBD Belapur is also well linked to Mumbai by train as well as BEST buses. It is even possible to travel from CBD Belapur to CST and also to western suburbs. The Harbour Line Railway service that once ran up only to Panvel has recently been extended up to Karjat by a new line. Palm Beach road links it directly to Vashi. Navi Mumbai Municipal Tansport (NMMT) buses make sure it is well connected with other nodes of Navi Mumbai and even Dombivali and Thane.

State Transport (ST) buses also stop here plying in between CBD Belapur railway station, Panvel and Uran. There is even a provision for a helipad and chopper service that will make Belapur Station easily reachable by air too. Within this node itself auto rickshaw is the main mode of transport. The Technology Centre in the Belapur Station Complex features a total built up area of 1 million sq. feet and undoubtedly fulfills international standards.

Kamothe is one of the fastest growing residential areas in Navi Mumbai. If you are planning to invest in real estate, it may be the correct time to invest on a property in Kamothe. Property prices in Kamothe are escalating at a high rate. Kamothe city stands a bit off the National Highway NH4. Kamothe is developing at a very fast rate. The development may attract people from other parts of the city to settle down in Kamothe. The confirmation of the new International Airport is also responsible for the hike in Real Estate prices in Kamothe.

The transport facilities in Kamothe are not up to the mark. To commute within the city you may have to go by rickshaws. The station closest to the Kamothe city is Mansarovar station. Mansarovar is a part of the harbor line. You will find many schools and colleges in Kamothe. Kamothe also has several kindergarden facilities. The well-known MGM college is very close to Kamothe.

Kamothe also has many restaurants which offer delicious cuisine. The world famous restaurant chain MacDonalds has its outlet close to Kamothe. Although Kamothe is not fully developed, it does have many good retail shops as well as supermarkets. Kamothe even has some open markets. Apna Bazar also has a store in Kamothe. It has many shops and retailers which makes it a great place to stay. CIDCO even has plans to come up with new shopping malls at Kamothe. Due to all these reasons, the real estate in Kamothe is developing at a very fast pace.  It will soon be the next hot spot in Navi Mumbai Real Estate.

Kamothe: Hot Spot in Navi Mumbai Real Estate

The real estate in Kamothe is undergoing significant growth. The upcoming International Airport in Navi Mumbai has also increased the prices of property in Kamothe. Kamothe has many ready and under construction real estate projects in both the commercial as well as the residential segments. The oldest residential complexes in Kamothe include those by Bhoomi Homes and Manas. There are also countless premium residential projects which have up come up in Kamothe recently.

Kamothe is surrounded by developing areas of Navi Mumbai on all four sides. Kamothe has Taloje-MIDC on the North-East, Kharghar to its North, Panvel to its South and Kalamboli to its East. To the West of Kamothe, there are wetlands full of mangroves. Many people wish to reside in Navi Mumbai as it is quiet, less polluted and greener. If you are looking for a quieter, less polluted alternative to Mumbai, you can purchase a property in this part of Navi Mumbai. You can get cheaper, affordable property here which can prove to be a great investment for your future as well.

This region has been developing since past twenty years. Recently however the real estate has witnessed growth at a very fast pace. The upcoming International Airport has changed the face of this part of Navi Mumbai. It is the correct time to invest in property in Kamothe.  A property in Kamothe is not just a good investment. As the infrastructure is improving at a fast rate and the transport facilities are also improving, Kamothe can soon become a great place for people to stay too.

Palm Beach Road, Palm Beach Marg or the Queen’s Necklace of Navi Mumbai as it is more commonly called is a top-quality strip of residential property in Navi Mumbai. It is an up-market road which links Vashi to CBD Belapur via Nerul that is lined with high-end commercial and residential properties.

The residential towers at Palm Beach road are yet not completely occupied due to the builder lobby adhering to unreasonable prices.  It is a fact that the apartments on the Palm Beach road are expensive and builders have blown up the rates.  Yet, Palm Beach Marg is easily the most aristocratic location in Navi Mumbai, popular with Non-Resident Indians (NRIs).  We’ll discuss here more about buying real estate at Palm Beach Road in Navi Mumbai.

Property Prices in Palm Beach Road

Palm Beach Road is among the superior locations within Navi Mumbai. The apartments here are priced in between Rs 1.25 crore and Rs 18 crore. The present prices of homes in Palm Beach road are from Rs 11,000 to Rs 16,500 per sq ft on Palm Beach Road.  Currently, there is demand only for 1-2BHK houses. These apartments are priced in between Rs 1.25 crore and Rs 2 crore. The real estate in the premium section here may see growth only after the Navi Mumbai International Airport comes up.

Seawoods NRI Complex at Palm Beach Road

The West side of this road is mainly lined with mangroves, besides a handful of buildings which have been authorized by the CIDCO – particularly the NRI Complex often known as Seawoods Estate, plus a marine Training Center ‘Chanakya’.  A Delhi Public School has additionally been built lately.

Many posh residential towers and malls are placed on the east part of the road. Two shopping malls have opened during the last one year – City Centre and Palm Beach Galleria, both located in Sector 19D, Vashi right next to one another. Five more shopping malls have come up recently.

The bonus it gave Navi Mumbai during the 90’s was that the metropolis attained impetus in construction activity after this man-made wonder had been built. It has witnessed plenty of development in real estate and plots which face the road. Today the property prices at Palm Beach road are running into crores of rupees. Several Mumbai citizens and NRIs have resided here for the peace and royal majestic view that they don’t get in Mumbai. The NRI Complex at Seawoods on the Palm Beach road has several amenities like Swimming Pool, Play Area, Garden, Maintenance Staff, Recreation Facilities, Club House, Tennis Court, Security etc.

The NRI Complex is located in the vicinity of Seawoods Railway Station and Palm Beach Road NMMT Bus Stop. It is well connected by bus to major locations such as Belapur, Seawoods, Nerul and Vashi. It has good schools and popular restaurants. The Navi Mumbai International Airport will also be close to the Palm Beach Road. All these factors make Palm Beach Road NRI Complex an ideal high-end residential complex.

Palm Beach Road – Future Developments

The Palm Beach Road is not merely a six-lane 10 km long road. It is indeed a man-made miracle. At a point of time when virtually all roads within Mumbai have become congested, this is one remarkable exception. The superior quality of these roads, blended with the reduced density of automobiles has lead to this road being a dream stretch for many motorists arriving from jam packed Mumbai.

Primarily because this road features 55% mandatory greenery area, hence no construction can happen at every nook and corner like Mumbai. Several great apartments on Palm Beach road offer superb mangrove vegetation view and creek water view. This sweeping expressway provides a breathtaking view of hills, high rise buildings of South Mumbai, the Gateway of India and the Elephanta Island. Nevertheless, as development is progressing at a rapid pace, the near future may witness the establishment of multiplexes, golf clubs, shopping malls, residential complexes all summing up to an ultramodern city.

For intelligent investing, the right time is of key importance. So in case you are a Non-resident Indian (NRI) pondering where to make investments, real estate might be an excellent option since the rupee is still floundering. The record drop in the worth of the Indian rupee and also the growing realty market has turned out to be a dual delight for offshore Indians investing in Indian property.

Commercial prospects in the West tend to be on a decline. So, NRIs are looking at the Indian industry for business purposes as well as investments. NRIs are enthusiastic about making an investment in India since they are acquainted with the place, and also realty has normally yielded great returns within the short to medium time period.

The drop in the value of rupee up against the dollar/dinar in the overseas market is helping to draw in a lot more NRI buyers to Indian property market.

There are two unique kinds of property buyers. One includes genuine investors, who wish to enjoy great returns for their investment, while the other class is the end-users, who buy property or home to give to their loved ones in India.

Navi Mumbai Properties for NRIs

NRIs mostly are keen on Bengaluru and Navi Mumbai properties. At this point, there is a rather lower demand for the Delhi realty. In the more recent property exhibition held in Dubai, lots of people booked flats immediately, and many revealed interest in traveling to Mumbai to see the property and finalize their proceedings.

Each of the choices that are offered to Indians residing in India also are available to NRIs, but flats are having the greatest demand. Nearly 70% of the purchases by NRIs are residential apartments. Commercial offices also are worth looking at. This can be especially helpful if the NRI has a business establishment in the nation and is intending to set up a workplace here. NRIs may also purchase commercial land because there is absolutely no restriction on this kind of purchases.

RBI Guidelines for NRIs taking Home Loans

Here are some basic guidelines by the RBI for NRIs taking Home Loans.

Home Loan Amount should not be more than 80% of the price of the property. The remaining amount must be paid by the NRI.

The NRI must make down payment by direct remittances from abroad using normal banking channels. These include Non-resident Ordinary (NRO) and Non-resident External (NRE) account in India.

The tax angle gets trickier in case you lease out your property. In case you are residing in nations like the Australia and US, you are prone to pay tax on your global income. The taxability of revenue from an NRI’s property in India must be regarded based on regulations applicable in his nation of residence and also the Double Tax Avoidance Agreement with India. The rent earnings could be credited to his NRO or NRE account. This is readily repatriable as long as a chartered accountant certifies (Form 15 CB) that this sum is entitled to remittance and also that the relevant taxes have already been paid.

What should NRIs check before buying a house in India?

No Dues Certificate: This piece of document makes sure that the property seller does not have any pending dues. These dues might include unpaid electricity bills or maintenance. It is crucial to verify that you purchase the house without any liabilities.

Title of the Property: Verify the credentials of the seller. See whether he has got the right and authority to sell the property. This becomes even more important in case of joint ownership.

Discharge/ Release Letter from Bank: If the property you purchase is mortgaged, you will need a discharge letter. This letter is a proof that the seller has paid back the complete loan.

Approvals and Permits: When you purchase from builders, make sure the builders have received all approvals relating to construction plans, environmental compliances and conversion of land.

Litigation: Contact the registrar who retains records of titles to find if the property was involved in any litigation. You may even contact leading member or head of housing society as they are usually aware of pending litigations in flats in the building.

When you apply for a loan, you need to make a power of attorney in favor of any of your relatives.

Maharashtra is one of the most progressive states in India. To continue to retain its position and to lure Foreign Direct Investment, Mumbai’s aviation facilities need to be improved. The present Mumbai Airport is rapidly getting saturated. An alternate airport is thus inevitable in order to cater to the growing need. CIDCO (City and Industrial Development Corporation of Maharashtra) will soon be developing a new Navi Mumbai International Airport (NMIA). Navi Mumbai, the world’s largest planned city is the best candidate for the next International Airport as it will help to redistribute the traffic. The new International Airport will be located on National Highway NH4B close to Panvel in Navi Mumbai.

NMIA Master Plan

The suggested Navi Mumbai International Airport will be coming up at Kopra-Panvel area. The Navi Mumbai International Airport is anticipated to be operational by 2014.It is being constructed by means of public-private partnership (PPP) . The private sector partner will obtain 74% equity whereas Government of Maharashtra and Airports Authority of India(AAI)(through CIDCO) will keep 13% each.

The area of the planned Navi Mumbai airport is regarded based on numerous parameters. Significant amongst these is the indisputable truth that Navi Mumbai will handle the potential growth in population as well as commercial and business activities of the area. The easy availability of social and physical infrastructure in addition to environmentally friendly location with minimum rehabilitation and resettlement is why this International Airport project financially and technically practical. The airport will be among the world’s handful of ‘Greenfield’ airport providing top notch services to passengers cargo, airlines and aircrafts.

The location of Navi Mumbai International Airport is situated in a land of 1140 hectares including two parallel runways, 3700metres long, meant for parallel independent operation. There will also be full length taxi ways on both sides of the NMIA runways. The airfield is built to cater for the new huge aircrafts compatible to aerodrome code 4-F, abiding by requirements of International Civil Aviation Organisation (ICAO).

The NMIA Airport will sustain the rapidly expanding air travel requirements of Mumbai Metropolitan Region. It is anticipated to absorb every year 10 million travelers. It will absorb 10 million travelers in its initial operational year, increasing to 20 million by the year 2020 and progressively increasing to 40 million by the year 2030.

There has been rapid increase in Navi Mumbai’s occupant population in addition to the speedy growth of Navi Mumbai’s Central Business District. Further there have also been economic activities like Jawaharlal Nehru Port Trust, Special Economic Zone, Taloja and Thane-Belapur industrial areas and the massive catchment area between Pune to South Mumbai. All these factors ensure a stable rate of increase in traffic at the new airport and thus ensuring steady income to the investors. The NMIA project also opens-up the state’s huge hinterland abundant in floriculture, agriculture, hi-tech high value industries to global market, hence leading the Navi Mumbai airport to behave as a centre point for development of a trans-shipment centre within the Asian region. CIDCO is taking all steps to set up infrastructure to improve connectivity between Mumbai and the Navi Mumbai International Airport.

Ministry of Civil Aviation (MOCA), Government of India has also authorized the creation of new airport at the Navi Mumbai and consequently State Cabinet Government of Maharashtra has also authorized Navi Mumbai International Airport’s development. CWPRS, Pune is employed as consultant for hydrological 1-D, physical model study and 2-D mathematical model study. M/s. DHI, Denmark is designated for the CWPRS hydrological study as International Expert Review consultant.

Navi Mumbai International Airport Drives up Property Prices

The planned Navi Mumbai International Airport (NMIA) project has lead to hike in land and property prices in areas like Kalamboli, Kamothe, Kharghar, Seawords, Ulwe and New Panvel in Navi Mumbai.  The CIDCO recently sold off plots in this area for notably higher prices compared to current market rates.

At present, houses and apartments have become more expensive to possess or rent in Navi Mumbai. A few of the well developed places in Navi Mumbai are Nerul and Vashi, whereas Panvel and Kharghar are going through significant infrastructural advancements because of the closeness to planned location of NMIA. The rates in Vashi area range between Rs 7,000 to 8,600 per sq ft for housing properties, and Rs 10,000 to 15,000 for office spaces. Capital values within Panvel tend to be ranging from Rs 3,000 to 6,000 per sq ft for housing apartments based on the particular project. In the mean time, commercial properties are offered at Rs 5,000 to 8,000 per sq ft.

If you are wondering how to form a co-operative housing society in Navi Mumbai, you have come to the right place. Here, you can find guidelines about formation of housing society and its registration.

With very few options available for organization of the matters of the building like a) Cooperative Society b) Private Limited Company c) Condominium, it won’t be an overstatement to say that in nearly 90% instances especially in Navi Mumbai the Builders and the Promoters have created a Co-operative Housing Society. Virtually each developer has to create these societies at some point of time. The fundamental requirements for Registering the Society are known to very few flat buyers. Due to this, in addition to the legal responsibilities cast on the builder, he acts as a guide to the promoters and assists them in creating the Housing Societies.

How do you register a Housing Society in Navi Mumbai?

There are diverse types of housing societies and rules of registration may vary with the type of society. So what are the types of Housing Societies in Navi Mumbai?

Types of Housing Societies in Navi Mumbai

Basically four main types of co-operative housing societies exist in Navi Mumbai:

1. Flat Owners Societies:
Societies made up of buyers of flats that come under agreements signed with builders as per the Maharashtra Ownership Flats Act, 1963, are called Flat Owners Societies.

2. Open Plot Societies:
Societies where members wish to take on lease or purchase lands where buildings are planned to be built, referred to as Open Plot Societies.

3. Housing Board Societies:
Societies created by allotees of flats in buildings built by the Bombay Housing and Area and Development Board are referred to as Housing Board Society.

4. Tenants Societies:
Societies created by tenants of those landlords who initially had built the building, called Tenants Societies.

How to prepare registration proposal of Cooperative Housing Society?

The preparation of the proposal for registration of the housing society is quite complex procedure. The fundamental requirements for registration of the housing society aren’t known to many promoters. The requirements for each type of housing societies varies and need to be correctly understood by every promoter, who shoulders the responsibility to get the society registered.

How is the Chief Promoter of Housing Society elected?

The process for society’s Registration commences with choosing a Chief Promoter in the meeting of the Promoters. The builder in the Flat Owners Society carries the primary right to be the chief promoter. The flat buyers must call a meeting of the Promoters. This should be done by issuing a notice under Agenda of the meeting fourteen days beforehand to the Promoters. The Chief Promoter is chosen in the meeting, who might exercise the powers and also perform the functions which are specified in the meeting. After this the suggested name of the society needs to be decided on by the Promoters.

The Chief Promoter must submit Registration Proposal to the Registering Authority. This needs to be done within three months from the date the Letter of Reservation is issued in the name of the particular Society. Then it is the responsibility of the Registrar to register the society and after registration the society becomes a unique legal entity. After that, the management of the society’s affairs is done by the society’s managing committee that is elected in the society’s general body meeting.

On submission of the necessary  documents the Deputy Registrar / Assistant Registrar will go through the papers and document. If found OK then Deputy Registrar / Assistant Registrar will make order for issue of Registration  Certificate in the name of society.

If any deficiencies are found then the chief promoter of the proposed co-operative housing society will be informed accordingly and documents will be corrected whenever necessary. When  all papers are in order, Deputy Registrar / Assistant Registrar will issue order for issue of Registration Certificate.

If there is a Builder not co-operating with the society registration, a notice is issued to the Builder for hearing on given data by Deputy Registrar / Assistant registrar office. If BUILDER DOES NOT RESPOND TO THE NOTICE then Deputy Registrar / Assistant Registrar takes exparty decision for Registration on the Society. If necessary, the case is referred to Divisional registrar Konkan Bhavan at Belapur.

If  documents are incomplete or not completed in spite of notice issued by Deputy Registrar / Assistant Registrar office then Show Cause Notice Issued to the Chief Promoter of the proposed Society. If there is no further response, then the Application is rejected for Registration.  In response to show cause notice issued by Deputy Registrar / Assistant Registrar office, if the requirements are completed by chief promoter, as per provisions of law, then Deputy Registrar / Assistant Registrar issues Certificate of Registration in the name of the society.

Registration Certificate is issued with covering letter and Officer’s name (Representative of Deputy Registrar / Assistant Registrar office) is mentioned who will attend First General Meeting. Generally the officer concern does not attending the meeting. In absence, all member has to hold meeting and has to elect Provisional Managing Committee whose working period will be One Year. After First Annual General Body Meeting, Provisional Managing Committee is replaced with new Managing Committee whose working period will be Five Years as per by law of the Housing Society.

When application for Name reservation of the Society has given, the Dy. Registrar / A.R. gives instructions to open Bank Accounts in THANE Dist. Central Co-op. Bank Ltd/MSC Bank. The Account has to be opened in the name of Chief Promoter or in the name of proposed Society’s name and deposit all money of Share Capital Contribution i.e. Rs.600/per member After First General Body Meeting is over, the Bank Account has to be opened in the name of Society and transfer all money form Chief Promoter Account to in name of Registered society’s Account immediately.

All money received for Maintenance, Taxes, Electricity, Sinking Fund, Repair Funds has to be deposited in Bank from time to time. Expenditure has to be made as per provision of Bye Laws. Cash Account and Bank Account has to be operated properly. For bank account operation Chairman, Secretary, treasure either two persons have to sign. In that Secretary Signature is must (Refer Bye Law) for all expenses there must be approval from Chairman, Secretary and Treasurer and then only payment should be done. Bank and Cash Transaction (Collections and Payments) are handled by Treasurer when Billing Clerk or Accountant are not been appointed for doing Society’s Accounts Work.

In order to rejuvenate the slow-moving real estate market, the Builder Association Navi Mumbai (BANM) is displaying large numbers of budget houses, with prices ranging from Rs 12 lakh to 25 lakh, at its property exhibition in Vashi, Navi Mumbai. The 12^th Mega Property Exhibition is held from February 10, 2012 to February 13, 2012 at Sanpada, off Palm Beach Road, Navi Mumbai.  The exhibition will be held the entire day from morning 10:00am to night 8:30pm. It will be an ideal place for all real estate buyers who wish to invest in a property in Navi Mumbai.

This is the 12^th Mega Property Exhibition at Vashi. The previous property exhibition by BANM was held in the year 2010. The property exhibitions held by BANM are usually successful and offer a great opportunity to property developers as well as investors. This exhibition brings different property developers with their diverse projects under one single roof. It also helps investors to look at varied alternatives, compare and select the property of their choice. Every year this exhibition has lakhs of visitors and prospective buyers attending it. Many strong players in the Navi Mumbai Real Estate exhibit their projects here.

Visitors to this property exhibition are exposed to an entire spectrum of houses in Navi Mumbai, from affordable budget houses to high end luxury apartments. Visitors do not need to visit various locations to finalize their choice of property. Many developers have not raised their prices since last six months.  The displayed property rates are quite reasonable and affordable.

Affordable Budget Houses in Navi Mumbai

Buyers always complain that developers never construct budget houses. This time, in the exhibition, small-time developers who are in budget housing segment have also been accommodated. Most of them construct houses in places like Ulve, Khopoli, Vasind, Titwala and Taloja in the Rs 2000 to Rs 4000 per sq ft bracket.

Earlier, people were reluctant to buy property in Navi Mumbai because of lack of infrastructure. But the finalization 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 in Navi Mumbai.

High End and Luxury Homes in Navi Mumbai

According to property exhibitors, all kinds of properties are up on display, including the ones costing upto Rs 16 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. As both high-end as well as budget homes are up on display at one place, it is an ideal place for all investors to see different properties and select their pick.

Akshar Developers and Regency Developers have displayed high-end 4BHK (6000 sq ft) to 6BHK (16000 sq ft) properties, with prices ranging from Rs 8 crore to Rs 16 crore. These properties are located on Palm Beach Road and at NRI Complex.

Soon after bidding almost twice the current market price for a plot of land in Ghansoli in 2011, the effective bidder couldn’t manage cash, compelling the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) to again auction the plot, as unveiled by sources. This is just one of the many examples of the current lowered prices of the lands in Navi Mumbai. In May last year, plot number 15 inside sector 8 was sold for Rs 1.28 lakh per square metre in an auction by CIDCO. When the same land was again auctioned this week, exactly the same piece of land was offered at Rs 1.11 lakh per square metre.

Prospective real estate buyers in Navi Mumbai who were postponing their decision, waiting for correction in property prices should now rejoice, as builders and developers have started slashing down real estate prices by 10% to 30%. The drop in land prices in Navi Mumbai has brought cheers to the mind of developers too. The incident clearly indicates that real estate prices in Navi Mumbai are ready for a correction after the initial surge in 2011.

Navi Mumbai Property prices set to Nosedive in 2012

The realty industry, that had a difficult time in the previous year with rising debt burden and unsold inventory, aren’t quite positive in regards to the new year, taking into consideration the rough patch the financial system has entered into.  Experts, however, anticipate a noticeable difference when it comes to completion of the present projects, since they are more likely to concentrate on execution as well as on timely delivery in the new year.

The year 2011 observed greater unsold inventories as well as time delay in project execution because of constant rise in the interest rates by the Reserve Bank, compelling purchasers to postpone their purchases, which resulted in a liquidity crunch for the developers as well as higher construction cost as a result of raw material expenses.

The real estate market is sitting on a debt pile of approximately Rs 45,000 crore currently. This really is regardless that RBI had set up numerous measures to avoid a bubble in the market. Significantly, the majority of this is kept by non listed players and also the advances come from Non Bank Financial Companies (NBFCs).

Statistically, gross bank lending towards the realty sector increased by 11.6 %, when compared with 15.7 % in the identical time period a year ago. Likewise, the FDI influx to the sector, also, demonstrated a 26 % drop even on yearly basis.

Furthermore, regulatory bottlenecks, such as postponement in project approvals and land acquisition-related concerns, particularly in the main metros triggered unease amongst developers pushing them to go sluggish on brand new launches. Following a substantial decrease in the prices of apartments and flats, the city land prices also are observing a clear fall, by nearly 20%. In case the downfall trend continues, then this property prices may drop even more in the year 2012.

With the ever increasing real estate prices, owning an apartment in Navi Mumbai all by oneself may well be a luxury today. Explosive real estate prices already have wiped out affordable as an adjective to refer to apartments in the metropolis. The continually rising inflation and growing rates of EMIs have troubled the common man even more. In this scenario, it is hard, if not impossible, for a person to purchase a flat by himself. Hence, individuals are purchasing property or home collectively, either along with their partner or parents, and making certain it doesn’t burn up huge holes in their wallets. Where owning an apartment in Navi Mumbai was no great deal a couple of years ago, today the scenario is remarkably different. You have to really put in a lot of planning and merging of resources to be able to purchase an apartment in Navi Mumbai.

Rising Property Prices in Navi Mumbai

Mahendra Sandhanshiv and his wife together purchased a 2BHK flat in Kharghar recently for Rs. 48 lakhs. He says it is really unimaginable to think of purchasing a flat all by oneself. It gets difficult to get the desired loans from bank too and citing your partner’s income becomes inevitable.

The change in trend might also be due to the changing attitudes of people. In earlier days, people chose to buy flats at the time of retirement. Today young people aged 20 and 30 want to purchase flats. The costs of apartments and flats have gone so up that they have grown unaffordable if you wish to buy it all by oneself.

Number of unsold flats in Mumbai Metropolitan Region rises to 95,000

With all the real estate prices hovering at outrageous levels and sales falling dramatically, the volume of unsold flats within the city has recently reached to 33,600 units, stated research executed by a real estate research firm.
This demonstrates a rise in the unsold inventory, that stood at 32,000
simply three months back.

The research, carried out by Liases Foras, revealed that the realty market is at the historical low. Many buyers have postponed their purchasing plans because of the unaffordable property prices. Yet another important finding has been revealed by the study conducted. The number of unsold flats and apartments in Mumbai Metropolitan Region (MMR), which includes Navi Mumbai, Thane and Raigad apart from main Mumbai city is 95,000 units. The similar trend has been apparent due to the exorbitant property prices.

The prices may come down in a few months time as price correction seems inevitable. The builders however are not willing to reduce these greatly exaggerated prices. Apartment sales are taking place but at a much slower rate. As the banks do not loan money easily and the EMIs are also increasing, the sales have reduced greatly. Due to this kind of a trend, the true buyers are the actual sufferers as they are coaxed to either postpone their purchase or give up the idea of buying a flat in Navi Mumbai.