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Infrastructural Developments To Boost The Sale Of Property In Navi Mumbai
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CIDCO (City Industrial and Development Corporation) is the authority that is responsible for building several infrastructural projects in Navi Mumbai. One of its prestigious projects is the Navi Mumbai Airport, a colossal project in Panvel. But the project suffered a number of setbacks and so, the project suffered delays. The construction for the airport started very late and there were problems in acquiring land from the villagers. In spite of its best efforts, one-fourth part of the Panvel villages is still unaquired. The villagers are still wary of giving away their prized possession to the authorities. Added to this is the escalation in value of dollar in comparison to rupee. This has increased in the price hike of the residential properties, as much as 40%.
Property in Navi Mumbai, in addition to get benefited by this upcoming Airport shall also the development of a planned township in the vicinity. This residential setup shall be sprawled over a 500 square km. In spite of the delays in the construction, CIDCO ha given green signal to carry on with the development process. The areas in the vicinity shall see proliferation of residential and commercial properties, in the years to come. The area called Navi Mumbai Airport Influence Notified Area(NAINA) will boost to the city infrastructure. V. Radha, MD of CIDCO is positive about its future. According to her, NAINA would be a game changer for the city.
Another major infrastructural development that is going in favor of property in Navi Mumbai is the ongoing construction of Metro from Belapur to Pendhar. Still in its first phase, the metro shall help in alleviating the interest of the buyers in making a purchase in the nearby localities. This project, however, is facing bottlenecks as acquiring of land for further development is still pending. The PAP(Project Affected Persons) have already been allotted more than 20% of land. Unless new land is acquired, the construction cannot be completed.
As per the report of Liases Foras, the sales have dropped in the Apr-Jun quarter. The appreciable increase in the value of dollar as compared to rupee is the prime reason behind this. Developers are facing excess of unused inventory piles. Being unable to sold them at their current prices, they are now trying to get rid of these by offering cash discounts to customers. With the price-correction, the market has turned in favor of the end-users, instead of investors.
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