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
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  • Get real....

    these crazy land valuations are surely not sustainable..
    and one off deals like this spoil the market...
    the other landlords wud immediately up the stakes...
    and the consumer ends up payin much much more than the fundamental pricing..
    its not a good sign for the realty market..
    Any comments ????
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  • Greenfield Navi Mumbai International Airport and Mukesh Ambani's Special Economic Zone (SEZ) have no doubt become two biggest factors that are causing such a drastic differences in the property rates of Navi Mumbai.

    According to the latest news, Navi Mumbai has become an attraction for NRIs to invest in real estate. This NRIs investment will contribute all the more as a fuel to the alredy flammed property rates.
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  • Not only the Greenfield Navi Mumbai International Airport and Mukesh Ambani's Special Economic Zone (SEZ), the Maharashtra government has other plans supporting these projects as well....

    The Rs. 10,000 crore Navi Mumbai International Airport is being built on a 950 hectares site in Panvel. It will accommodate two parallel runways, with provision of full length taxi ways on either side of the runways. The airfield has been designed to accommodate the new large aircrafts compatible to aerodrome code 4-E. The Airport will handle 4.5 million passengers in its first operational year, doubling to 8.2 million by 2010 to 13.7 million by 2020 and 30 million by 2030.

    Matching this development, the Special Economic Zone (SEZ) in Navi Mumbai, promoted by Reliance Industries chairman Mukesh Ambani and his associate Anand Jain, will be among the first SEZs to usher in the SEZ revolution, inspired by China's stupendous success in this field. The Navi Mumbai SEZ, to be built on an area of 1,250 hectares, has been described as a project of unprecedented scale.

    The third major development is the Gulf Finance House (GFH) project, Energy City India, the second Energy City after Qatar, part of a series of energy focused business clusters planned across the Middle East and Asia. Energy City India will occupy a prime site of 600 acres on the Mumbai-Pune Expressway, a few kilometers from the Navi Mumbai international airport. The Energy City cluster concept provides a complete business infrastructure to both local and foreign oil and gas producers, as well as downstream refiners and producers and businesses involved in shipping, energy trading and support services.

    'CIDCO, the nodal development authority for Navi Mumbai is simultaneously working on massive road and rail connectivity to Mumbai City. Realty experts agree that recent developments will push the real estate prices to dizzy heights,' said Nalwalla, whose company Sternon Group has been appointed as the sole global marketing agency for the Magic Hills Residences project by Indian property developer, Garnet Construction.

    The first phase of Sternon's Magic Hills Residences, an NRIs-only mega-township of villas and row-houses in Navi Mumbai, is nearly sold out. The project, spread over 400 acres, is coming up in a serene area off the Mumbai-Pune Express Highway, close to the Navi Mumbai International Airport in Panvel.

    The present moment represents the right time to buy a home or invest in Navi Mumbai. According to some experts, Navi Mumbai's real estate could well be in the same bracket as Mumbai city, going by the new developments and the planned nature of the satellite city.

    Navi Mumbai is the only Indian city to be featured in the National Geographic Channel's 'Super Cities of the World' series. CIDCO has drawn up elaborate plans to connect the proposed airport to Mumbai city. The four-pronged plan involves a metro rail, a ring railway, a ferry service and an inter-state bus terminal, all designed to move people from south Mumbai to the Navi Mumbai International Airport in just 40 minutes.


    Source: ameinfo.com
    CommentQuote
  • BUy high and sell higher!!!
    CommentQuote