Realty prices on the stretch of Palm Beach road are discreetly going south. Officially, no one’s blinking but distress is in the air and a call from a potential buyer may be enough for builders here to sell swiftly and without too much fuss. A few months ago, the builders of the 9 km stretch of Palm Beach road which is laced with tall towers and skyscrapers were flooded with eager calls from customers ready to put down payments for projects that didn’t even have a plinth to recommend them. The curving Palm Beach Road, which lays claim to the title of the Marine Drive of Navi Mumbai, is the most upscale real estate stretch between Vashi and Belapur. On paper, residential sales are still sitting pretty at Rs 7,500 to Rs 9,000 per square foot, but with near-zero sales and a volatile market, panicky developers and regretful investors are selling for as low as Rs 4,500. Builders of Navi Mumbai have even openly acknowledged the slum in the realty market. And while these pretty buildings are sitting awaiting occupants, builders are hoping against hope that the market would pick up soon. Sana Warsia NMTV News.
January 31, 2010
January 16, 2009