Will,the,new,airport,delay,aff business, insurance Will the new airport delay affect Panvel real estate?
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Here are 5 things you are ought to know about how the housing and commercial projects in Panvel are likely to be affected with the delay of the Navi Mumbai airport project.Ulwe and Donagiri will fall back in pricesWhen the international aiport project was announced in the year 2010, the prices of real estate in Ulwe and Donagiri were set to give Panvel investors a run for their money. They were almost competing with the best of Panvel projects. Barely 2 kilometres from the airport, as these projects had driven the prices to as high a INR 6000 per square feet. Now they will fall back in line as the airport project will take more time to realize even as the land acquisition will be delayed further.Road infrastructure towards the airport offered prime locationThe delay in the construction and inauguration of the new airport in Navi Mumbai will also affect the road connectivity as of now. Many projects in Panvel mostly coming up on the road leading to the aviation spot, the prices will definitely get a hit. Even as the townships are ready for possession, most investors are wary about selling them now as they may not fetch a good return over their investments made at least 3-4 years back.15 years at least to see price appreciationUnlike other satellite towns in the country, where airport development indirectly gravitate the real estate prices in a short span of time, Panvel will take at least 15 years to realize any substantial price appreciation. There is a serious dearth of interest from the new home buyers in the areas close to new airport site.Panvel versus other locationsIt is not just the Panvel real estate projects that were vouching for the new flourish in the market. Other suburban towns like Kalamboli, Kharghar and Ulwe are fighting for the buyer prospects. With delay in the airport project, Panvel market will see a lull for a long time. Between 2010 and 2015, the prices of the units have almost gown by 80 per cent but the sale has dwindled significantly. Big projects versus small onesIn Panvel, the big real estate players won’t be hot that much by the delay of the airport announcement as the small builders. The unsold units in small builder projects are up for grabs. Till the airport project does not receive a green signal, it is a great opportunity for ambitious home buyers and investors.
Will,the,new,airport,delay,aff