'Overpriced property won't see demand despite trains to Uran'

The Central Railway (CR) has started trial runs between the Kharkopar and Uran sections of the Nerul / Belapur-Uran route and services on the stretch up to Uran are likely to start by the month-end. This will improve connectivity to emerging nodes like Ranjanpada, Dronagiri and Uran where a large number of real estate projects are underway. Even CIDCO’s mass housing under the prime minister's housing scheme in Dronagiri is ready for possession. However, developers have warned that overpriced properties won't see much demand despite the development.

According to developers, the operation of the Nerul / Belapur-Uran rail route will give a boost to the real estate sector in Navi Mumbai. Developers' body MCHI says it will be a revolutionary development for the sector as the focus will shift towards south Navi Mumbai from the north. At present, a 1 BHK flat in the Dronagiri node works out to Rs23-24 lakh in a four-storey building and the same works out to Rs26-29 lakh in a seven-storey building.

“Dronagiri has emerged as the next destination for affordable homes and the added connectivity will make it another sought-after destination,” said a developer from Navi Mumbai. Even people going to JNPT for work will have a smooth commute.

However, many real estate agents do not see an immediate rise in property prices in Dronagiri. “The Pushpak Nagar node along the Panvel-Uran highway has emerged as another affordable destination which is near the upcoming airport and has good road connectivity,” said Javed Shaikh, a real estate agent dealing in the sector for the last five years.

Another agent said that developers have already overpriced properties in Ulwe and Dronagiri. “Earlier, they were accusing CIDCO of not making land available for housing projects. However, in the last couple of years, CIDCO made available more than 2000 plots across Navi Mumbai and even plots in faraway areas saw a drop in bidding price. But developers are not bringing down the prices,” he said, adding that there will be good demand for emerging nodes instead of Ulwe and Dronagiri.