Redevelopment in Navi Mumbai started to get 2.5 FSI
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.