While the satellite city of Navi Mumbai has been making an impact on the global map with various infrastructural projects waiting to get operational, fuelling its growth is the real estate sector. Sometimes shaky, sometimes booming, the realty in Navi Mumbai has always been talk of the town for the residents in general and developers in particular.
Though the builders’ fraternity claim that the city has been witnessing an unexpected boom with the availability of affordable apartments every section of the society, the investors claim it otherwise. They say the developers are ‘purposely delaying’ project completion since they are eyeing major infrastructural boost to earn big moolah.
Affordability concerns among residents
People claim that many developers are shying away from committing the delivery date of the projects putting people’s money and time at a ‘risk’. For them, the glossy exterior masks a more complex reality. Even as they welcome the development, they opine that the affordability is the issue which most people can’t ignore.
“While developers celebrate the skyrocketing property values, many residents are being priced out of their own neighbourhoods. The promise of luxury living comes at a steep cost, pushing middle and lower-income families to the outskirts, disrupting established social structures, and creating a stark divide between the haves and the have-nots,” a Vashi resident said not wishing to be named.
“People have been investing their hard-earned money to buy their dream homes, but the developers have been giving vague answers when they are questioned about the delay in handing over the keys of the dwellings,” the resident added. Another resident was of the view that the real estate players are ‘deliberately’ delaying the projects since they want to cash in on the major infrastructure development happening in the city.
Influx of residents may strain facilities
The sudden influx of residents strains existing facilities, leading to overcrowded schools, inadequate healthcare, and overwhelmed public transport systems, residents say adding, “The promised improvements in infrastructure often seem to lag behind the speed of real estate development, leaving residents to navigate the challenges of daily life in an increasingly congested environment.”
Amidst these challenges, the voice of the residents is growing louder and they demand a more balanced approach to development, one that prioritises community needs over profit margins. This leads to the call for sustainable development, affordable housing initiatives, and inclusive urban planning.
Real estate players blame government apathy
Though the real estate players claim that the city is witnessing an exceptional surge, they fall short in saying that the government apathy in clearing the projects has been causing delays in project completion. “The authorities have come up with lot of tenders for the development, but the delay in giving the commencement certificate (CC) and strict RERA norms have been causing delays in the projects being completed on time,” said a prominent developer not wishing to be named.
Agreeing to this, another real estate developer said on condition of anonymity, “There is no clarity when it comes to giving FSI in Navi Mumbai as compared to that in Mumbai, particularly in CRZ areas. While FSI is more in the maximum city, it is less in the satellite city. Also, in areas such as Parsik Hills, people have invested huge money in plots, but the development is stuck for the past 12 years as the norms such as height restrictions due to the upcoming airport in the vicinity are not followed properly. As a result, development is stuck.”
“CIDCO is doing wonderful job when it comes to developing infrastructure projects, but the coordination between planning agency and the civic body is missing leading to confusion and chaos,” the developer added.
CIDCO blames real estate developers
Negating the views of developers, a senior official from the City and Industrial Development Corporation (CIDCO), said on condition of anonymity, “It is not that the authorities are only to be blamed for the delays, the developers are also responsible since at many times they come with improper documents, plot ownership status, required NOCs such as fire etc. Many of them also don’t follow the rules and regulations prescribed under Unified Development Control and Promotion Regulations (UDCPR) thereby causing delay in getting the required CC.”
“In fact, the government's proactive measures and policies have played a pivotal role in fostering a conducive environment for real estate growth. Initiatives such as the ease of doing business, transparent approval processes, and incentives for developers have contributed to the overall positive sentiment in the market,” another official said not wishing to be named.