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Demand For Property In Navi Mumbai Remains Stable
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Navi Mumbai real estate has shown some spark in recent months. If compared to Thane, the realty market here is performing far too better, in terms of property sales. If the two cities are compared, Navi Mumbai had more than 8000 units got sold in last one year, as compared to about 5400 units in Thane, in the same period. This report by Cushman & Wakefield clearly indicates that inflation has effected less to the demand market in Navi Mumbai.
In 2013, the number of apartments launched in the city was huge; most of the residential property in Navi Mumbai that was unfolded by the builders targeted the buyers looking for homes in high-end bracket. The inclination was mainly towards purchase of luxury homes in 75 lakh- 1 crore segment. Another noticeable trend that came to light was the proclivity of the investors towards putting their money on retail and commercial spaces as compared to residential properties. As there no such problem as exodus of commercial projects that could balk their sale, the selling did not become a major problem. The office demand was most prominent in top-notch localities like Airoli an Vashi.
As the real estate for Navi Mumbai properties fared good, the prices escalated accordingly. In hitherto budget localities, a marked increase in price rates was observed. At some of them, the rate have increased by two times and even more. To see, how the city is performing in terms of residential spaces, let' us consider rates for 3 BHK apartments. In the relatively affordable colonies come locations like Panvel, Kamothe, and Ulwe, the starting rates are centered around 30-45 lakhs. At Khargar, New Panvel, Kalamboli, Koparkhairane, Juinagar and Taloja, the prices for a three-bedroom start in 40-60 lakh segment. At all of these, the rates can go as high as 1 crore and above.
To buy the same house in Airoli, Rabale, Khandeshwar, you need to carry the budget 65-75 lakhs, though there are 3 BHK homes that can cost you up to 2 crores. Dronagiri and Mansarovar carry the rates in 80-98 lakh range. The expensive locations like Vashi, Sanpada, Seawoods, Nerul have the apartments that come with 1 crore tag. Palm Beach Road is an exclusively very pricey colony: to buy a three-room flat here, the required budget lie in the 1 crore-3.7 crore!!
The Navi Mumbai market is slated to show good performance in 2014. As the demand graph is steady here, it is expected to to give better results than Mumbai.
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