Navi Mumbai, much publicized as the next big thing in the real estate, is not garnering enough attention of the investors and end-users. The constantly rising inflation with prices gone through the ceiling is the major factor that has marred the interest of a buyer into purchasing a property here. The prices of the real estate in Navi Mumbai, which were touted as best for the budget buyers, have now become paralleled to that in Mumbai and other cities. The lack of interest can be seen from the declining number of new registrations and dwindling rate of new proposals to Navi Mumbai Municipal Corporation.

The major infrastructural projects that were contemplated to elevate the demand for residential properties in Mumbai (Navi Mumbai, in this case), have suffered a setback. The international airport that was to be developed in Navi Mumbai got stalled for the shortage of the land for construction. The constant opposition from the local residents to let go off the land has put on hold the things. On the same lines, the Harbour Link that was to connect Sewri to Nhava has not seen the light of the day, thanks to the lack of interest of the bidders. If completed, this link can appreciably shorten the time to reach South Mumbai.

As the things are not faring well, the real estate in Navi Mumbai is witnessing stocks of vacant/unsold properties. With no buyers for these inventories, developers and owners are facing hard times to sell the unused inventories. The realty firm, Jones Lang LaSalle, has already declared that it would take more than a year before these properties could be sold. Such a scenario is making both the developers and the builders defer from launching any new projects.

The prices too have played a major role in bringing down the interest of the buyers. Navi Mumbai, as was projected as a budget market, is no longer the one. The present psf (per square feet) rate in September is seen as Rs. 5923/-. In Nerul, the rate has been recorded as a whopping Rs. 9390/-sq ft. In Ghansoli, it stands at Rs. 7806/-in September, 2013. With such skyrocketing values, the buyers are not finding the market affordable anymore. These rates, over the past 12 months, have undergone an appreciation of 16% and 14% respectively, in these two localities. In relatively cheaper areas like Ulwe and Kamothe too, the psf rates have escalated by more than 10% in last one year.

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