2020 hasn’t been kind to India’s economy. The diminishing market movements led to significant business losses for sectors like real estate.
In the last 11 months, Maharashtra’s real estate sector has undergone noteworthy alterations. The 8-months downward slope took a swift upward shift when the sectoral activity resumed in June. In this process, while the Mumbai Metropolitan Area (MMR) has recorded a 60% increase in property sales, Navi Mumbai’s performance has outshined others by a huge margin.
[Source: Liases Foras Report]
Navi Mumbai Sectoral Geography Is Working Well
The slashed stamp duty, reduced home loan interest rates, and generous credit-linked subsidies are working their charm on prospective buyers. This explains the rising sectoral performance on a macro front.
However, what makes Navi Mumbai so special than other zones is its prime location that connects well to the rest of the MMR. This, in particular works particularly well for corporate professionals who intend to save housing costs whilst looking for a convenient commute to their office locations in the city.
This 312% increase is a very promising statistic & works as a great motivational booster for real-estate agents to perform better.
However, the rising affordability stems from the fact that Navi Mumbai offers one of the broadest ranges of price bands that successfully serves varying expectations.
Urbanization is leading to Real-Estate Positive Externalities
Navi Mumbai is witnessing a significant transformation in its physical infrastructure. The onset of major projects like the Navi Mumbai International Airport, Ghansoli’s 5 million IT Square Park “Q PARC”, the Navi Mumbai Metro, and the Mumbai-Pune Hyperloop Project amongst many others have instilled positive sentiments across a wide audience.
The strong social infrastructure consisting of notable schools (Ryan International, DAV International), colleges (NMIMS, NIFT), parks (Central Park), malls (Seawoods Grand Central, Inorbit), and sports complexes (Golf Course) are increasingly drawing individuals & families in the vicinity.
With an exception, of course
The zonal performance is booming, except for Thane recording an 8% slump in the July-September quarter. While there is no concrete explanation for this downslide, it doesn’t disrupt the average performance of the other zones, outstandingly.
This sharp revival in 3 months has helped lift the real estate dead weights. Given the current trends, the industry expects the curve to experience an upwards trajectory shortly.