Media reports have it that the latest string of premium luxury homes in Navi Mumbai is going for Rs 20 crore for each, which is on a par with homes in the heart of Mumbai or even costlier than some of the most expensive addresses in the city. Navi Mumbai, the satellite city often dubbed the back of beyond, is no longer the place where one could invest cheaply in real estate. The price of realty has gone up as high as the high-rises mushrooming there.    

Flats in the 27-storeyed El Castillo being developed by the Akshar Group in Nerul, off the arterial Palm Beach Road, has four- and six-bedroom apartments for families from the high income group. The cost of the flats range from Rs 16 crore to Rs 20 crore, including taxes, stamp duty and registration charges.    

Each apartment there, measuring more than 9,000 sqft, are priced at Rs 20,000/sqft. Builders here say that the city’s rapid development gave them the idea to construct apartments for the elite class.