Airoli property prices continue to surge
Property prices across Navi Mumbai continue to maintain an upward trend. Not surprisingly, rental rates are also following a similar pattern. This is particularly true of Airoli, which is fast developing into an important business and commercial centre, with the development and commencement of several large business and IT parks in and around Airoli. The easy connectivity to Mumbai, via the Airoli-Mulund bridge may well be another factor.
In many cases, these prices seem unrealistic and inexplicabe; the rate of appreciation defying almost all logic. To give an example, a 400-sq.ft 1BHK flat in Sector 8, Airoli which was purchased at Rs.11 lakhs in 2008, appreciated to Rs.19 lakhs by end of 2009 and is currently being asked for over Rs.40 lakhs! Rentals for even 1BHK flats in Airoli have crossed Rs.6,000 per month— this will, of course, vary depending on the exact locality.
What is surprising, however, is that a visit to one of the property registration offices belies this rising trend. Unlike a couple of years ago, registration activity at the Koparkhairane registration office is going through a slack period. In fact, one of the staff at a private real estate agency co-located at the registration office premises confided that “sale and purchase of property seem to be quite slow currently. Maybe the market is cooling off!”.
That’s the word from the horse’s mouth; however, the reality as one looks for a residential apartment in Airoli to buy or rent seems to be completely different. We can only guess that the truth is probably somewhere in between.
