Dubai-based Sternon Real Estate said the construction of the ‘Magic Hills’ township in Navi Mumbai, India, being developed by Garnet Construction was progressing at a rapid pace.

Sternon Group, which specialises in developing and promoting major residential and commercial projects, is marketing the Magic Hills project.

Hussaini Nalwalla, managing director of Sternon, said the first phase of the Magic Hills project was well on track. "Currently, plinth and slab work is being carried out on 230 villas. Simultaneously, we are carrying out the infrastructure work on the site," he noted.

"For the second phase work on modern twin bungalows and rowhouses will commence shortly," he added.

According to Nalwalla, the price of bungalows has appreciated by 20 to 30 per cent. “With all the ongoing activity around the Magic Hills project, we can safely assume that the rates will keep rising. We anticipate that by the time the new airport is ready, the prices of the villas will more than double,” he remarked.

Among the projects that are boosting Navi Mumbai's property market are the proposed greenfield airport, a 22-km trans-harbour bridge, a stylish Entertainment City, Energy City India and a Special Economic Zone, he added.

Arun Kedia, managing director of Garnet Construction, said the Navi Mumbai had emerged as one of the hottest property markets in India.

"The NRIs can expect huge appreciation as the new mega-projects, including the proposed international airport, start coming up,” he added.
 
The 'Magic Hills' project is positioned as the 'pride of Mumbai-Pune Express Highway'. Combining classic traditions and modem lifestyle, it is located merely 28 km from New Mumbai and a 20 minutes drive from the proposed Navi Mumbai International Airport, Nalwalla said.

Dubai-based Sternon Group, which has corporate offices in US, UK and India, specialises in developing and promoting world-class residential and commercial projects complimented by excellent infrastructure and ultra-modern facilities.-TradeArabia News Service