High realty prices in Navi Mumbai despite of a slump

Navi Mumbai, the city of the 21st century, is joining the high realty rates trend as seen in Mumbai. Two recent reports have highlighted the high property prices in Navi Mumbai, especially in the times when realty market is experiencing a big slack.

According to a recent report published in the Times of India, the Palm Beach Road stretch extending to 10-kms is a luxury residential enclave, and commands for high realty prices similar to hot properties in Mumbai. The rate is significantly higher near the coastal line between Rs 15,000 and Rs 20,000 a sq ft.

At these prices, one can book a home in Mumbai’s hot spots like Wadala, Jogeshwari, Chembur and Andheri.

High-rises at Palm Beach

An approximate number of 60 towers stand tall at the Palm Beach road stretch. Until 10 years back, the rate here was 2,500 a sq ft. The realty price jumped, as people are willing to spend more to get a house near the coastline. However, is the money worth?

According to a report published in DNA, these buildings do not meet the CRZ norms and hence are in trouble. For residents who have paid crores, for a flat near the Queen’s Necklace of Navi Mumbai, have yet to get their occupation certificates.  In short, these plush sea-facing towers do not have a legal water connection, issued by NMMC, and power supply from MSEDCL.

According to government officials, since these high-rises lie within 500mts of the coastline, they should have obtained an NOC from the environment and forest ministry, as it is mandatory. The blacklisted buildings include:

  • Palm Beach Residency,
  • Regency Group and Metro Constructions in Nerul; and
  • National Builders in Sanpada.

To read the full report, click here

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