Navi Mumbai saw maximum affordable and mid segment housing units launch in five years: Report

Mumbai News

According to the latest report by a leading real estate research firm, Navi Mumbai has seen the largest numbers of housing units launches in the affordable and mid segment in the last five years. The report-‘Navi Mumbai – City of Opportunities’ was released by ANAROCK Property Consultants and CREDAI in a recently held meeting in Vashi.

The report said that nearly 80% of the overall residential project launched in Navi Mumbai from 2013 to H1 2018 are in the affordable (less than 40 Lakh) and mid-segment (40 Lakh – 80 Lakh) budget range.

Speaking during the release of the report, Haresh Chheda, President, CREDAI-BAMNsaid, “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.”

Anuj Puri, Chairman, ANAROCK Property Consultants said, “If we focus on the unsold inventory, it emerges that Navi Mumbai has a mere 15% of the overall pent-up housing stock in MMR. Today, more than ever before, homebuyers in MMR are gravitating towards Navi Mumbai’s indubitable advantages.”

Situated across two districts namely Thane and Raigad, Navi Mumbai is a planned city off the west coast of Maharashtra and has emerged as a favourable real estate investment destination. Areas in Navi Mumbai like Karanjade, Ulwe, Ghansoli, Panvel, Airoli, Taloja, and Kharghar are offering many ready to move properties which fall in the range of 36-80 lakh.

Navi Mumbai enjoys smooth connectivity, well-developed infrastructure, and a thriving commercial hub. Due to this, many professionals are keen on buying housing units here.

A 2 BHK housing unit sized in the range of 900-1,100 sq ft., is considered a good option among small families looking for affordable homes.