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REAL ESTATE PRICES MIGHT FACE A SET BACK DUE TO METRO RAIL

Prime Minister Manmohan Singh today flagged off the Metro Rail dream of Mumbai-the city with the widest infrastructure deficit among global giants: a network spanning 146 km, costing Rs 19,525 crore, to be completed by 2021. The metro rail might hit the real estate of Navi Mumbai and give a boost to the Western Suburbs. The Prime Minister conducted a bhoomi pujan ceremony for the Rs 2,356-crore Versova-Andheri-Ghatkopar corridor, which will see the first fully, air-conditioned coaches run in 2009. Real estate experts say that the new metro rail will affect the Navi Mumbai property market adversely while the western suburbs will see a boom. For the last one year, there has been an unreasonable increase in the Navi Mumbai property rates, with rates of property on Palm Beach being quoted as mush as Rs. 5000 per sq. ft. But for those who have already shifted to the area, know the civic problems that haunt residents like water scarcity and the tanker mafia, malaria and mosquito menace, no streetlights among others. With the metro rail project going underway, once again the investors will make a bee line to the western suburbs resulting in real estate prices in Navi Mumbai falling down and becoming more realistic.

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