Press Release

HOW AFFORDABLE HOUSING WILL GO AWAY IF YOU DON’T ACT RIGHT AWAY On February 18, Prime Minister Narendra Modi laid the foundation stone for the first phase of Mumbai’s second airport, the Navi Mumbai International Airport. To be built at an estimated cost of Rs 16,700 crore, the airport will act as a breather for the choked single-runway Chhatrapati Shivaji International Airport in Mumbai. The airport is being built at an estimated cost of 16,700 crore, by the GVK group alongwith CIDCO in a 74:26 equity structure. The new airport will have two parallel runways, and will handle close to 80 flights an hour. The project will be completed in four phases with the 1st phase of the terminal building and one runway estimated to be completed in the next 5 years making the airport operational with a capacity of handling 10 million passengers. Phase II will increase the capacity to 25 million passengers. That figure will finally rise to 60 million passengers on the completion of the final 3rd and 4th phases by 2031 triggering a direct and indirect generation of 4 lakh+ jobs in the area. Add to it new businesses and developments surrounding it. Opportunities will attract people increasing the demand for quality housing. High demand will automatically trigger a price rise with today’s affordable housing no longer remaining affordable tomorrow. Panvel, which is around four kilometres from the airport, will be directly benefitting from the project alongwith Karanjade, Khopoli, Ulwe and Dronagiri. For those looking at low budget housing in Navi Mumbai, now is the time. HOW AFFORDABLE HOUSING WILL GO AWAY IF YOU DON’T ACT RIGHT AWAY On February 18, Prime Minister Narendra Modi laid the foundation stone for the first phase of Mumbai’s second airport, the Navi Mumbai International Airport. To be built at an estimated cost of Rs 16,700 crore, the airport will act as a breather for the choked single-runway Chhatrapati Shivaji International Airport in Mumbai. The airport is being built at an estimated cost of 16,700 crore, by the GVK group alongwith CIDCO in a 74:26 equity structure. The new airport will have two parallel runways, and will handle close to 80 flights an hour. The project will be completed in four phases with the 1st phase of the terminal building and one runway estimated to be completed in the next 5 years making the airport operational with a capacity of handling 10 million passengers. Phase II will increase the capacity to 25 million passengers. That figure will finally rise to 60 million passengers on the completion of the final 3rd and 4th phases by 2031 triggering a direct and indirect generation of 4 lakh+ jobs in the area. Add to it new businesses and developments surrounding it. Opportunities will attract people increasing the demand for quality housing. High demand will automatically trigger a price rise with today’s affordable housing no longer remaining affordable tomorrow. Panvel, which is around four kilometres from the airport, will be directly benefitting from the project alongwith Karanjade, Khopoli, Ulwe and Dronagiri. For those looking at low budget housing in Navi Mumbai, now is the time.

The MAHA impact of RERA; 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.