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John · 19-07-07

A landmark property in Vashi—which is home to Bombay Mercantile Cooperative Bank—was auctioned on Wednesday for a record Rs 4.04 lakh per sq m.

It is the highest realty rate in Navi Mumbai as well as Mumbai, as the Vashi branch was sold to Shah Group, the highest bidder for the 1,824-sq-m property. "We have purchased the six-storeyed bank plot at Vashi for Rs 73.76 crore. The second highest bidder for this prime space was just Rs 25 lakh below us", said developer Nalin Shah. After paying the stamp duty charges, the cost will go up to Rs 78 crore.

The sale is mainly due to the realty boom in the commercial space sector, feels the builders’ lobby, which is optimistic that future land deals will fetch even higher prices in Navi Mumbai. The upcoming international airport and the proposed SEZ have contributed significantly to this boom. "I will demolish the bank building and build a luxury mall of at least 10 levels on this plot, with state-of-the-art facilities such as car parking on the upper floors, glass exteriors and office space", said Shah.

Earlier this year, Shah Group bought two adjacent plots in Kharghar for Rs 135 crore by quoting the highest tender rates of Rs 1.01 lakh per sq m and Rs 95,111 per sq m. There, too, Shah is thinking of building a mega mall complex. Commenting on the soaring rates, developer Mahesh Hemrajani said: "It is definitely a good growth sign for Navi Mumbai. In fact, the shops at Vashi and Sanpada are today going at Rs 45,000-50,000 per sq ft, which is comparable to Bandra’s Linking Road where shop rates are Rs 70,000 per sq ft. Developer Rajesh Prajapati said this also means that commercial establishments are doing good business, which is why they are able to afford such rates. On residential units, Prajapati said the developing node of Kharghar is the most sought after now as Vashi, Sanpada, Nerul and Belapur are saturated.

Residential rates in Navi Mumbai
Kharghar: Rs 3,500 per sq ft
Vashi, Sanpada: Rs 4,000 to Rs 6,000 per sq ft
Palm Beach Road: Rs 5,500 to Rs 6,000 per sq ft
Nerul: Rs 3,500 to Rs 5,000 per sq ft
Belapur: Rs 3,000 to Rs 5,000 per sq ft Commercial rates (for shops) are highest in Vashi at Rs 50,000 per sq ft

Source: TOI
Date: 19/07/07

19-07-07	#1
John Member Join Date: Jan 2007 Posts: 120 Thanks: 0 Thanked 0 Times in 0 Posts	Realty record set in Navi Mumbai A landmark property in Vashi—which is home to Bombay Mercantile Cooperative Bank—was auctioned on Wednesday for a record Rs 4.04 lakh per sq m. It is the highest realty rate in Navi Mumbai as well as Mumbai, as the Vashi branch was sold to Shah Group, the highest bidder for the 1,824-sq-m property. "We have purchased the six-storeyed bank plot at Vashi for Rs 73.76 crore. The second highest bidder for this prime space was just Rs 25 lakh below us", said developer Nalin Shah. After paying the stamp duty charges, the cost will go up to Rs 78 crore. The sale is mainly due to the realty boom in the commercial space sector, feels the builders’ lobby, which is optimistic that future land deals will fetch even higher prices in Navi Mumbai. The upcoming international airport and the proposed SEZ have contributed significantly to this boom. "I will demolish the bank building and build a luxury mall of at least 10 levels on this plot, with state-of-the-art facilities such as car parking on the upper floors, glass exteriors and office space", said Shah. Earlier this year, Shah Group bought two adjacent plots in Kharghar for Rs 135 crore by quoting the highest tender rates of Rs 1.01 lakh per sq m and Rs 95,111 per sq m. There, too, Shah is thinking of building a mega mall complex. Commenting on the soaring rates, developer Mahesh Hemrajani said: "It is definitely a good growth sign for Navi Mumbai. In fact, the shops at Vashi and Sanpada are today going at Rs 45,000-50,000 per sq ft, which is comparable to Bandra’s Linking Road where shop rates are Rs 70,000 per sq ft. Developer Rajesh Prajapati said this also means that commercial establishments are doing good business, which is why they are able to afford such rates. On residential units, Prajapati said the developing node of Kharghar is the most sought after now as Vashi, Sanpada, Nerul and Belapur are saturated. Residential rates in Navi Mumbai Kharghar: Rs 3,500 per sq ft Vashi, Sanpada: Rs 4,000 to Rs 6,000 per sq ft Palm Beach Road: Rs 5,500 to Rs 6,000 per sq ft Nerul: Rs 3,500 to Rs 5,000 per sq ft Belapur: Rs 3,000 to Rs 5,000 per sq ft Commercial rates (for shops) are highest in Vashi at Rs 50,000 per sq ft Source: TOI Date: 19/07/07