For anyone who needed further proof that Navi Mumbai, and in particular Ulwe, was becoming hot property, this is it. According to industry sources, an approximate 12,000 square metre plot in Ulwe was sold at a staggering Rs 92 crore, at the cost of Rs 80,000 per square meter becoming one of Navi Mumbai’s most expensive deals.
The price of the plot located in Sector 9 is nearly 70 per cent more than the existing rate of Ulwe, which is currently Rs 50-55,000 per square metre. However, this deal could spell trouble for the common man, increasing the overall prices of homes in Ulwe.
According to Arvind Goel, president of Maharashtra Chamber of Housing Industry (MCHI), Navi Mumbai, this is just the beginning. “Expensive deals won’t stop here because the demand for plot is high and availability is less. Additionally, CIDCO only floated one tender this year that too in January,” said Goel.
But, a broker from the area claims that the plot wasn’t sold at too exorbitant amount explaining that it was at a prime location. “The plot is huge and at times when there is a scarcity of land, plots will be sold at such rates only.”
Location is everything
According to sources, the increase in prices of land in Ulwe is owing to its geographical location and positioning. It is near the impending Navi Mumbai airport and also because there are proposals from the Railways to extend their lines.
And realty experts claim that the sale of plots at such high rates would affect the prices of homes. “If plots are sold at almost double the existing rates, add to that the construction costs, and also the profits, then the common man will have to shell out more money to buy a home in Ulwe,” said realty expert Ajay Chaturvedi.
Did you know?
>> A plot of 2,343 sq m in Ghansoli was sold at Rs 1.3 lakh per square metre in May 2011
>> Another plot in Nerul measuring 1,162 sq m was sold for Rs 1.6 lakh per sq m in Aug 2011