By Accommodation Times News Services
Old days are back again! Maharashtra Vitaran, the distribution wing of the state’s power utility is set to impose load-shedding in Navi Mumbai and Thane. And this load- shedding is also ready to bring some darkness in real estate market in these cities.
The state utility, in two weeks ago, had announced zero load-shedding in these cities including Pune also, thanks to good monsoon. But now, forced power cuts are back in all major cities, due to shortage of electricity. About 2,500 mw electricity shortage has brought worried situation in real estate developers’ circle.
According to a property broker from Navi Mumbai, property enquiries have dropped drastically. “Due to the load-shedding, new property buyers are looking for a power-back up services in residential and commercial complexes and very few projects come up with this facility”, added the broker. Mohan Gurnani, MD, Moraj Builder, said,” Adequate water supply and power supply are the basic things, which are a needed expectation by any buyer. The power cuts have changed sentiments of buyers. And the change we can see in the market”.
Koushik Das, an IT professional, said,” I had been looking for a flat in Navi Mumbai, but load shedding and lack of power-back up services in residential premises, now, I am thinking for other areas in Mumbai”.
Already, real estate market in Mumbai and suburbs is seeing a 20%-25% price correction and load-shedding may bring more worsened period in the market. “Right now, I am not seeing any concern effect on the market, but if load-shedding is imposed for a long time , then there would be some worried situation for us”, said Manohar Shroff, Shivan Developers.
Even though, developers concern over load-shedding issue, but some of the developers are looking quite optimistic. Jitendra Mahta, CEO, Soham Developers, said, ” Now days, most of the projects are comprised with power-supply facilities and low- budget home buyers, who can not afford to buy property in Mumbai, have no options expect Thane and Navi Mumbai”.
Load-shedding factor is not restricted to Navi Mumbai and Thane, it will also imposed in the some parts of Mumbai such as Mulund and Bhandup, which will force to buyers look for other options, said a real estate consultant.