Navi Mumbai builders' groups wants NMMC to follow smart city tag

Q: The Builders Association of Navi Mumbai which will be holding their 16th Mega Property Exhibition from January 8 to 11, has incited the civic body to make sure that smart city scheme is retained.

ajit pandey,

28th December 2015

Real estate News in Mumbai

nmmc

smart city project

banm

the builders association of navi mumbai

mega property exhibition

infrastructure projects in dronagiri

infrastructure projects in jnpt

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Replies (2)

Hi everybody,
My question is that what the builders group is doing to bring down the rising prices of the property?

anurag dubey,

28th December 2015

Comment

Hi Anurag,
The real estate prices will not fall until or unless more land is made available by state.

Lokesh Patwa,

28th December 2015

Right Lokesh,
People are looking for affordable houses in developing areas like Naina, Ulwe and Dronagiri. Cidco has also announced that they are going to build 55000 housing units in the city.

Dhiraj,

28th December 2015

But the recent political opposition to smart city plan did not go down well among the developers groups, as they feel it may not be good for business.

anurag dubey,

28th December 2015

That is correct Anurag. Until there is a political consensus on the smart city plan it is unlikely that the projects will go forward. The developer groups view the smart city plan as a threat to their properties as they would face price competition.

30th December 2015

Hi Anurag,
To attract buyers, developers have tried to bring down the ticket size of their offerings by either reducing unit sizes or reducing capital values or both.

Dhiraj,

6th January 2016

Yes, Mumbai witnessed a 37% decline in residential unit launches to 15735 units, from the corresponding period last year with Mulund, Thane, Goregaon and Malad accounting for nearly 51% of total launches during 2015.

As a resuly, the new launches in 2015 have been smaller in configuration therefore with reduced base selling prices and smaller units, the ticket size has also seen a decline in these key markets.

Lokesh Patwa,

6th January 2016

Hi Ajit,
Even i heard this news. BANM former president hope and request that NMMC participates in the smart city movement, otherwise it will be a loss.

Lokesh Patwa,

28th December 2015

Comment

@Lokesh,
BANM members also welcomed the recent announcements by Cidco to commence work for Pushpak Nagar housing project in Panvel, along with other infrastructure projects in Dronagiri, JNPT, Naina and ''south smart city''.

Dhiraj,

28th December 2015