Seaplane service set to increase property rates at Lonavala
Even as Mumbai city on Monday got it’s first and much-awaited seaplane service with the commercial operations have commencing from the commercial capital to Lonavala after the plane took off from Girgaum chowpatty, Mumbai for Pawan Dham, Lonavala, this event marked more than just the facilitation of transport service. It will also lead to a surge in realty prices in Mumbai’s hill station.
This seaplane service has now enabled the commuter to reach Lonavala in just 26 minutes, whereas via road it takes 2 hrs. It is expected that the new service will soon increase the property prices of Lonavala which is the preferred choice of many Mumbaikars who treat it as their summer capital.
There are many reasons for property prices in Lonavala to go up, not the least being the fact that Lonavala is one of the famous hill station in close proximity to Mumbai city, hence it is Mumbaikar’s favorite weekend destination. Many people have their second homes in Lonavala and visit there on weekends and vacations to relax.
With the start of seaplane service, the reduced travelling time will be very beneficiary for those people and will result in increasing their trips to the hill station. This will also attract more tourism and attract growth and development in the region, resulting to the increase in property rates.
As on today, property prices in Lonavala range from Rs. 4,500-Rs. 3, 000 per sq. ft. and with the commencement of seaplane services, it is expected there will be a significant increase in property rates in a couple of months, as demand for second homes will increase, said an expert property watcher. Environmentally, the construction sprawl in the Lonavala-Khandala belt, a favourite weekend retreat of many Mumbaikars, has been a sore point between the locals and their rich neigbhours from Mumbai. A property boom has led prices to shoot up 15 to 20 times in the past six years. Locals say the construction spree began with the entry of Mumbai builders. According to Lonavala developer Sanjay Devnani, prices were virtually stagnant from 1990 to 2004, increasing barely 5% every year. “The boom began in 2004 and since then, land rates have increased by 20 times.” Now that the sea plane service has been started, there is every possibility of the realty prices shooting up further high”, say developers.
