Re­de­vel­op­ment in Navi Mumbai started to get 2.5 FSI

Accommodation Times - - News -

In Sept 2014, State Gov­ern­ment of Ma­ha­rash­tra had an­nounced 2.5 FSI in global FSI norms for CIDCO con­structed build­ings. Pri­vate builders were al­lowed to re­con­struct such di­lap­i­dated and old build­ings. A set of fresh stock likely to hit by Aug 2015 in mar­ket where CIDCO al­ready started clear­ing re­de­vel­op­ment projects. A huge stock is likely to come in Sec­tor 17, 18 and 19 along APMC and Turbhe Road. Vashi, San­pada, Kharghar and Airoli are the Nodes where CIDCO had con­structed max­i­mum build­ings and in res­i­den­tial seg­ments. The rates may fall by 50% by next six months be­cause great lo­ca­tions and new brand build­ings will come in the mar­ket. As good as a new city above the old city of Vashi Nod will be in off­ing in next six months. Rates although all time low in Navi Mumbai and rang­ing be­tween 3200/- to 4000/- in Kharghar, Khan­desh­war, Airoli, and other 12.5% schemes like Ulwe and Kamothe, are most likely to fall fur­ther since posh lo­ca­tions like Palm beach Road , Nerul and Vashi will have fresh new stock with tow­ers and mod­ern ameni­ties. Since de­mand is limited in Navi Mumbai and sup­ply will be some where 10 mil­lion / one crore sqft will come im­me­di­ately in city, the rates are go­ing to crash , as of now.

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