Navi Mumbai market upswing, says Report

Nearly 80% of the overall residential project launches in Navi Mumbai from 2013 to H1 2018 are in the affordable (Rs.40 Lakh) and mid-segment (Rs.40 Lakh-Rs.80 Lakh) budget range, according to a market report.

The report ‘Navi Mumbai-City of Opportunities’ was released by ANAROCK Property Consultants and Confederation of Real Estate Developers Association (CREDAI) on 5 Oct 2018.

Anuj Puri, Chairman of ANAROCK Property, says: “If we focus on the unsold inventory, it emerges that Navi Mumbai has a mere 15% of the overall pent-up housing stock in Metro Metropolitan Region (MMR).

“This accounts for around 36,400 units as of H1 2018 – most of it in the affordable-to-mid-segment budget range. However, the unsold stock has been reducing visibly post 2015, recovering significant sales momentum after a surfeit of launches between 2013 to 2014 and the political uncertainty prior to the general elections.

“Today, more than ever before, homebuyers in MMR are gravitating towards Navi Mumbai’s indubitable advantages,” said Puri.

Haresh Chheda, President – CREDAI-BAMN says: “Navi Mumbai’s real estate market is on a major upswing now, with the proposed development of the international airport, a Special Economic Zone (SEZ) and other major infrastructure initiatives giving a major boost to the region.

“Also, Navi Mumbai’s Ease of Living ranking was 2 out of 111 cities in India, outshining Greater Mumbai, Thane and many prominent tier II cities such as Chandigarh, Kochi and Jaipur as well as other metropolitan cities like Ahmedabad and Hyderabad.

“The city also beats Greater Mumbai, Hyderabad, Ahmedabad and Nagpur in terms of economic prospects of businesses and employment indicators,” said Chheda. fiinews.com