‘Hopeful Ramesh’ raises Navi Mumbai land prices

NAVI MUMBAI: Hopeful. This one word uttered by union environment minister Jairam Ramesh recently with reference to the proposed Navi Mumbai airport project, has led to a marked rise in land prices in the satellite city.

Real estate watchers and investors observe that gaothan (village) plot rates near the airport site at Kharghar, Ulve and Dronagiri have shot up after Ramesh’s famous “sound byte’’ following his meeting with aviation minister Praful Patel. While briefing mediapersons about the meeting, Ramesh had said: “All I can say for now is that he is Praful (Patel), and I am hopeful.”

This ‘byte’ has raised the hopes of private landholders who are now selling plots at Kharghar at Rs 50,000 to 75,000 per square metre, up from Rs 40,000 to 60,000.

“Similarly, land prices in the upcoming nodes of Ulve and Dronagiri have now risen to Rs 50,000 to 60,000 per square metre and Rs 25,000 to 30,000 per square metre, respectively . This is an increase of Rs 10,000 per square metre from the earlier rate just a week ago,’’ said Manohar Shroff, secretary of Navi Mumbai Chamber of Housing ( NMCH).

The final decision on the proposed airport’s environmental clearance is to take place on November 10.
Leading developer Rajesh Prajapati said, “Already, land prices are rising; and once the airport is officially cleared, realty rates are expected to jump 70%. I even know people in other businesses such as steel, textiles, ship-breaking and infotech who are inquiring about investing in land in Navi Mumbai now.’’

NMCH president Arvind Goel, though, advised caution . “Government agencies such as Cidco have already milked dry the Navi Mumbai airport idea over the years and made their money. Ironically , the project has still not taken off. Now, even if it does happen, housing rates will not be affordable for the common man as big investors come into play.’’

Already big players such as D B Realty, Hiranandani, Vijay Wadhwa and Marathon groups have started investing heavily at Panvel region in anticipation of the airport.

On top of that, powerful politicians over various hues have also bought land under proxy names here, as sources say that the rates are bound to double in the coming months.

‘AIRPORT’ FALLOUT

Current Residential Rates*

Vashi | Rs 8,000-9 ,000

Nerul | Rs 6,000-6 ,500

CBD | Rs 5,500-6 ,000

Kharghar | Rs 4,000-5 ,500

Airoli | Rs 5,000-6 ,000

Ulwe | Rs 3,200-3 ,500

Kamothe | Rs 3,500-3 ,700

Palm Beach Rd | Rs 8,500-9 ,000

(* Per Square Foot)