…real estate prices go sky-high

Land rates shoot up by 50-60% in areas near airport

- RAGHAVENDRA KAMATH

THE NAVI MUMBAI International Airport has set off a rush for land and housing in adjoining areas, sending real estate prices sky-high well before the first commercial takeoff. Prime Minister Narendra Modi inaugurated the first phase of the airport on Wednesday, and commercial operations are set to begin in December.

Land rates in Ulwe, Panvel, Taloja and Kharghar have shot up by 50-60% in the last three years, while residential prices have gone up by 20-40%, according to Anarock Research. Ulwe, where the airport is located, witnessed the highest increase of 40% in residential prices while Kharghar saw 20% growth during the period.

“There remains a scope for an additional 30-40% growth (in land prices) overthe next two years,’ said Anuj Puri, chairman at Anarock Property Consulants. However, Puri said that since most corporates have already acquired land in the vicinity of the airport, any further increase in land prices is likely to create an upward pressure on overall property prices within the airport catchment.