Ananya Shekdar, a software professional, during her daily hunt for a flat was surprised when she came across a developer in Wadala who showed her the map of his residential building scheme, boasting of the site’s proximity to upcoming projects like the trans-harbour link, the Metro rail and the Monorail.
In Navi Mumbai too, proposed projects like Bollywood hills in Kharghar, international airport and SEZs have already occupied space on the brochures of many developers.
Mumbai: It may take years before some of the infrastructure projects in the city like the trans-harbour link, Monorail and Metro see the light of day, but that has not stopped builders from cashing in on them. If some prospective flat-buyers are to be believed, developers are jacking up the prices of apartments by highlighting the proximity of their schemes to such mega transport projects.
However, developer Mayur Shah of the Marathon Group said: “On the contrary, buyers frequently inquire about minute details of these projects as these infrastructure initiatives promise decongestion and smoother connectivity in future.’’ According to him, this is the “minimum development the city needs now’’ and there was no harm in marketing projects using this strategy. When asked if the formula was helping in boosting their bargaining power, he said all the developers stood to benefit from it and that he was not the only one milking the situation.
Developer Abhishek Lodha said these projects really helped people zero in on a suitable place as their permanent accommodation. “Ultimately, it will help in increasing their bargaining power when they resell their flats,” he said.
Vasudev Jaidhara of Riddhi Siddhi real estate consultant in Navi Mumbai said, after the announcement on the trans-harbour link, property prices had started shooting up. A senior bureaucrat, requesting anonymity, said the developers should pay a small percentage of this money to the MMRDA, which the agency can spend later on the projects.
Additional metropolitan commissioner S V R Srinivas, said, “The market reacts in the same way anywhere in the world. Not only developers but even the common man should benefit from it,” he stated.
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