Rat race among realtors in Navi Mumabi, boon for investors
In the recent few years, Navi Mumbai has emerged as a hot realty sector with many housing projects coming up in the region. Even CIDCO is planning to develop affordable housing options in the city, to ease the housing pressure the region is witnessing.
However, with the ensuing fight between developers, real estate agents and land owners, the realty market in Navi Mumbai is being adversely affected. Adding to the chaos, the recent murder of the Navi Mumbai based builder, Loharia, has affected other builders and developers who are now ready to sell/ lease their property at a much lesser rate. This has led to a plummeting of property sales in the Navi Mumbai region.
“Loharia’s murder has shaken every developer in Navi Mumbai. This region is seeing a real estate boom and such miscreants are expected. The government ought to take a stand and introduce security measures,” a prominent builder from Navi Mumbai said.
Raosaheb Sardesai, Senior Inspector of Vashi police station says, “The boom in real estate is to be blamed for the current scenario. Every other person in Navi Mumbai is either becoming a builder or an agent. With such fierce competition, what else can one expect? Cases of duping, cheating, illegal constructions, even murder have risen due to this problem.”
Many people blame this downward trend of realty estate on lack of security measures by the government. The land in Navi Mumbai is cheap and this fact has not escaped the eyes of fly-by-the-night developers who dupe people off their money.
However, this slack in the property rates is also a good news for people trying to buy affordable homes in Navi Mumbai. City & Industrial Corporation of Maharashtra Ltd. (CIDCO) has announced that it will construct 12,000 affordable homes in Navi Mumbai.
The houses to be made available to people belonging to the economically weaker section (EWS) and lower income group (LIG) will be constructed and made available by the year 2015.
Source: DNA, News Track India
