Navi Mumbai realty prices soar

PLOT RATES IN Panvel on an average touched %80,000-85,000 per square yard, reflecting a steep 93% increase, compared with 58% growth in other parts of Navi Mumbai, where the prices are higher at 1,10,000-1,30,000.

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As the airport, billed to be the country’s largest when fully operational, got closer to inauguration, property developers launched a plethora of projects. About 45 million square feet of residential spaces were launched across Navi Mumbai in the last three years with around 67% of this supply contributed by just the four key micro-markets, Anarock said. Mumbai has seen launches of 282 million sq ft during the period.

Launches seem to be clearly following the demand.“Many large developers are also launching their residential projects here which makes Kharghar, Panvel, Ulwe and Taloja prominent residential hubs as well,” Puri of Anarock said.