We are currently in the process of updating our website and related materials in consonance with the Real Estate (Regulation and Development) Act, 2016 and the Rules made thereunder ("RERA"), which have been brought into effect from 1st May, 2017.
Information about projects is indicative and may not be fully updated as of date. None of the images, text, stock photography, artist's impression, computer generated images, renderings, prices, details, descriptions and other information that are currently displayed on the website or other materials, should be deemed to be or constitute advertisements, solicitations, marketing, offer for sale, invitation to offer, invitation to acquire, including within the purview of the RERA till such time as the details are fully updated.
Information is prepared and issued in good faith and for guidance only. It does not constitute part of an offer or contract. Design & specifications are subject to change without prior notice.
You are therefore required to verify all the details, including area, amenities, pricing, payments and other relevant terms independently with the sales team prior to concluding any decision for any proposed booking/acquisition of units in any of our projects.
In no event will Channel Connect Group or its directors, employees, contractors, vendors or agents be liable for any loss, damage, errors; directly or indirectly, consequential or incidental, suffered or incurred by any person/s or due to any use and/or inability to use this site or information contained therein.
Making Housing Affordable in Navi Mumbai
The Real Estate (Regulation and Development) Act has lowered land rates in Navi Mumbai by 25%-40% compared to the last auction.
In a recent land auction, CIDCO raised 245 crore by tendering six plots in New Panvel where the rates were just between Rs 65,250/-and Rs 96,000/- per sqm as against the last auction’s rates of 1.25 lakh per sqm.
This is mainly thanks to the RERA effect since builders now can effect no sale of their properties until they obtain all the requisite approvals. Proper and systematised regulation has kept speculators at bay and only organised builders with definite plans are now in the fray.
And with land making for 50-70 % of the total project costs, any reduction in land prices has a cascading effect on the final prices. This new scenario is a welcome and healthy change for both buyers and sellers triggering the mushrooming of more Affordable Housing projects in the region and in the process, generating market confidence. Currently, the prices in New Panvel range from Rs 3,500 to Rs 6,500 per square feet. The RERA disallows any sale until the builder discloses his entire construction plan and delivery time lines, with non-compliance inviting strict penalties. The bright side to it is that a builder with Maha-Rera certified projects will enjoy the trust of his customers ready to invest their hard earned monies in his properties. All in all, a win-win situation of all;
The Builder, The Customer, the Channel Partner, The Municipal Corporation, the Society and the Nation. Say Goodbye to exorbitantly priced properties, low budget properties in Navi Mumbai are here to stay.
