Realty rates in Navi Mumbai may go down – DNA India
With each passing day, the common man’s dream of owning a house in Navi Mumbai is getting more and more distant. Even real estate experts opine that the property rates are overrated in the satellite city.Keeping this in mind, the government has introduced a new industrial policy, under which corporate groups can now use 40 per cent of their land holdings to develop housing and commercial shops.
The policy will allow development on 35,000 acres of land, which is under the Special Economic Zone (SEZ) since 2005. Mukesh Ambani and Anand Jain own over 3,500 acres of the allotted land.
However, industry experts are skeptical about whether this move will affect the soaring realty prices. Pankaj Kapoor, managing director of Liases Foras, says, “This move will only benefit the developers, who will simply exploit this new policy for their own profit. The common man will see no drop in the realty prices, at least not in the near future.”
Real estate expert Atul Nemade, however, says that the rates will drop at least by 20%. He reasons that since Ambani acquired the land at a cheap price, and the government has already wavered off a lot of taxes and duties on agriculture to non-agriculture conversion. Hence, the end product constructed on these lands should not be too expensive.
Ambani’s SEZ land is near the proposed Navi Mumbai international airport. He plans to build a world-class township here, complete with malls and educational institutes.
Source: DNA India
