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March 2016

saisaakshaat_big Kamdhenu Realities Ongoing Kharghar

Navi Mumbai Hot Properties

Past one decade real estate market in Navi Mumbai and near by places has become Navi Mumbai Hot Properties. The reason behind this is the planned approach development and improved connectivity to Thane, Pune and Mumbai via all modes of transportation. The reason for such an attraction towards navi mumbai is also increase property prices in Mumbai region. The proposed SEZs at Dronagiri, Ulwe and Kalamboli, and the upcoming international airport at Panvel are expected to generate huge amount of new property development residential as well as commercial.

The following are the Locations for Navi Mumbai Hot Properties :

Khargahr is the most planned and developing commercial and residential property market in Navi mumbai. Kharghar has Wide roads, Central park, Skywalks, and Golf course. The factors which contributes to the growth of khargahr are well connected to mumbai via Sion Panvel highway and by Harbor railway line network. At kharghar Kamdhenu Realities is one the best developers providing many options in residential and commercial properties. Kamdhenu realities have multiple project at kharghar which fall under Navi Mumbai Hot Properties. Their residential projects at kharghar are Sai Saakshaat, Sai Saakshaat E wing, Pride, Eden garden and commercial offerings are Zion, Commerze and The landmark.

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Nerul : Nerul is well developed node in Navi Mumbai has 50 sectors including Seawoods-Darave. Nerul is places in the middle of the navi Mumbai and has close proximity to Vashi and Belapur. Nerul has a cricket stadium, clollages, Good hospitals and Gymkhana, which the big attraction when someone is looking for Navi Mumbai Hot Properties.

KoperKhairane : Koparkhairane is well developed and Connected to vashi via Palm Beach road has many IT parks. Most of the big builders and developers have their projects. Koparkhairne many high rise buildings and also have big housing complex, which positively affected the property market as well as development. Stores, Departmental stores, Restaurants, and mega stores like Dmart also dong well. To find Navi Mumbai Hot Properties Koparkhairne is one of the ideal location.

Vashi : At this location, there are few new constructed properties are available but it falls in expensive category of Navi Mumbai Hot Properties. Sector 17 vashi is the most expensive when you looking to buy home or commercial property.

Plam Beach Road : Palm beach road in navi mumbai which Runs from Sanpada till CBD belapur. On palm beach road residential properties fall under Navi Mumbai Hot Properties or Luxury property. The property rates are 30 percent or more than vashi at Palm beach road. Plam beach road has ultra modern high rises with top quality amenities. NRI complex and Seawoods Estate are the oldest and famous landmark on palm beach road.

To Know More About Navi Mumbai Property. Call us today at Tel: +91 22 6793 7373 / 022 6791 2125 / 022 2789 2790 / 022 2789 0751

oaklands_big kamdhenu Realities Ongoing Ulwe

Navi Mumbai Ulwe Property Future Price

Ulwe is one of the fastest growing place in Navi Mumbai in terms of residential properties. At present Ulwe has so many residential property options that if someone want east facing door or north facing window there are possibility that you will find a flat which suits your requirement. At Ulwe not even single person have to compromise on the their dream home. Being said that Navi Mumbai Ulwe Property Future Price seems to in a right path and will grow on yearly basis.

The ulwe node saw the waves of development especially in residential projects, when the announcement of Navi Mumbai airport project made. Proximity to the upcoming airport is the only selling point that Ulwe has at this moment. Navi Mumbai Ulwe Property Future Price depends upon not only on the navi Mumbai airport development but also upcoming infrastructure project, which has been started by the CICDO to connect Ulwe and Uran to Seawoods railway station.

The current Rates at Ulwe is  between Rs 4,755 per Sq-ft to  Rs 6,750 per Sq-ft and has seen one percent upward trend on last quarter of 2015.

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At present the Ulwe does not have proper roads or the drainage system, but the development has been on the fast lane. Roads are being constructed inside Ulwe and also Stadium and public places has been constructed for future use.

Navi Mumbai Ulwe Property Future Price – Ulwe is also in close proximity to the functional Jawaharlal Nehru Port and SionPanvel Expessway which further connects to the Mumbai-Pune Expressway The mentioned aspects have made Ulwe a favorable end user destination, as it is affordable compared to its neighboring localities and yet well connected
If all these projects come through, then growth of Ulwe would have a story to tell in the future  But unfortunately as of today, there is no clarity·

Navi Mumbai Ulwe Property Future Price will also be driven by NAINA project undertaken by CIDCO. Navi Mumbai Airport Influence Notified Area (Naina), which will be one of the largest such planned greenfield developments in India. Naina is an experiment in land pooling wherein villagers retain 60% of the land area and 40% will be given to Cidco. Out of the 40% given to Cidco, 25% will be used for developing infrastructure, open spaces and reserve plots for project beneficial for people living at Ulwe like schools, religious institutions and sport facilities and markets.  The projects business area will also be divided as per their functions such as Export zone, It zone, Service zone and Entertainment zone also.

Upcoming places like Dronagiri, Sez and nhava sheva sewri sea link will decide the prospects of  Navi Mumbai Ulwe Property Future Price

To Know More About Navi Mumbai Property. Call us today at Tel: +91 22 6793 7373 / 022 6791 2125 / 022 2789 2790 / 022 2789 0751

Property In Navi Mumbai For Residential

Property In Navi Mumbai For Residential

Navi Mumbai meets all the design requirements for a 21st century life. Property In Navi Mumbai For Residential is one of the most sought after destination as it lies close to Mumbai and offers much affordable residential property rates. Navi Mumbai is the world’s largest fully planned city with a total area of 344 sq. km and this is one of the top USP which attracts people from all over the India. There are lots of new projects in the city and you can easily get affordable residential apartment in Navi Mumbai.

Property In Navi Mumbai For Residential five-year price analysis shows that the ever-growing Navi Mumbai and Thane have registered the highest percentage of increase in home prices across the country. Affordability and choices of property available to the customers is main reason for the rise in Navi Mumbai and Thane. As link to Mumbai improved and developers launched quality projects, the residential real estate demand increased and gave to push to the price.

Vashi and Airoli were the first nodes to develop in Navi Mumbai and saw the very fast pace of development in residential projects. Property In Navi Mumbai For Residential have seen a tremendous response from the buyer since one decade at locations such as Vashi, Nerul, Koparkhairane and Ghansoli. Rapid growth has maintained robust infrastructure development and realty growth over the last few years has been observed on these  locations. Property prices at Mumbai with an annual appreciation of 15-20 per cent, went out of reach from most of the salaried people, so they are seeking good place to settle in Navi mumbai.

If someone is looking for luxury Property In Navi Mumbai For Residential Palm Beach highway which runs from Vashi to Belapur is an ideal location. On the palm beach highway Projects like NRI Complex and Seawoods estate falls in the luxury category and the price for residential flats falls between Rs.18000 to Rs.22000 per square feet.

Recently Khargahr which is connected via Thane- Belapur highway has seen a rapid growth new luxury property construction and priced between Rs. 7500 to Rs. 9500. The demand has surged at Khargar mainly because Upcoming metro line and Airport at Panvel.

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Upcoming airport worked as a catalyst to increase Property In Navi Mumbai For Residential especially surrounding nodes such as Ulwe, Belapur, Dronagiri and Panvel.  CIDCO will also develop a Smart City, NAINA, which comprises of 30 towns around the airport, adding this will focus on work areas pertaining to education, medical, entertainment, logistics, commerce, science, industry, etc.

If someone is looking for a serene place to live without a hustle, open spaces, great infrastructure, less populated and close to mumbai ans thane city, Navi Mumbai Is the best option for everyone. Property In Navi Mumbai For Residential  the prices have been correcting since few months and it is the best time to purchase your dream home. The best property option is provided by Kamdhenu Realities in most of the nodes of navi mumbai and they have been known to deliver quality project on time. When you think about Property In Navi Mumbai For Residential Kamdhenu Realities projects has to be visited first.

To Know More About Navi Mumbai Property. Call us today at Tel: +91 22 6793 7373 / 022 6791 2125 / 022 2789 2790 / 022 2789 0751

 

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Navi Mumbai Property Developers

When in 1971 CIDCO started development of Navi Mumbai, no one would have ever thought that Navi Mumbai would become such a modern satellite city. CIDCO can be labelled as pioneer Navi Mumbai Property Developers. Their vision and peoples acceptance towards Navi Mumbai has made the city what it is today.

Leading factor behind developing new city  was  Saturation of Mumbai and making availability of cheap housing  Navi Mumbai. For more than two decades the Navi Mumbai city did not attract many people because of political and delay in connecting navi mumbai via railway network to CST.

India is one of the rapidly growing economy and it has developed quite well over the past two decades. Metro cities such as Navi Mumbai, Mumbai, Delhi and many more are the pride and joy of India. Most of the cities are the center of India’s developing economy and cosmopolitan culture, which attract most people around the India for better job, living standards and  this requires working sound infrastructure, to support the development in the city. Even in Navi Mumbai story is not that different now and Navi Mumbai Property Developers are working towards providing best infrastructure to its community of more than  one million people.

Last ten years the real estate market in navi mumbai nodes have shown rapid growth, because of the planned infrastructure development. With the formal announcement of Navi Mumbai airport, the surround area has shown great possibility of property rates growth in near future. Still Navi Mumbai Property Developers  are giving the option of residential and commercial properties which are affordable to most of the property buyers and investors.

Today at Navi Mumbai people can find  affordable to luxury residential property in many parts of the city. In past few years the new commercial properties have became the part of skyline in Navi Mumbai.

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At Navi Mumbai most of the big builders and developers have projects across the city. One organisation which stands out among  Navi Mumbai Property Developers are Kamdhenu Realities. Kamdhenu was established in 1955 under the leading guidance of Late Mr Anantram Sabhlok. In it’s long tenure, the group (now Kamdhenu Realities) headed by Mr Surinder Sabhlok has been constructing exceptional quality living and commercial edifices.

The mission of the Kamdhenu realities among Navi Mumbai Property Developers is they believe in delivering services/products well ahead of time and space. Today Kamdhenu realities are one of the market leaders shaping landmarks in and around Navi Mumbai. They have always kept their core values at the highest level and moral high thereby ensuring that whatever they deliver is of high quality each time and every time.

Kamdhenu realities have property in most of the nodes of Navi Mumbai places such as Kharghar, Taloja, Ulwe, Dronagiri, Nerul. Kamdhenu realities being the oldest Navi Mumbai Property Developers have perfected the art building a residential or commercial project.

Kamdhenu realities have completed commercial project named Business Bay at Nerul and also have one project at khargahr named The Landmark.

Kamdhenu Realities expanded from Navi Mumbai Property Developers into Hospitality in the year 2008 with the acquisition of Raigad Resort. Originally spread around 7 acres of land, approx. 2.5 additional acres were acquired for further development.Prominently located on old Bombay – Pune Expressway, it is in close proximity to N.D. studio, Chowk and Panvel. With 75 percent of project being completed it is surrounded by lush green mountains on either sides, consisting of 60 rooms and 8 Private Cottages that makes it an ideal location for outdoor weddings.

To Know More About Navi Mumbai Property. Call us today at Tel: +91 22 6793 7373 / 022 6791 2125 / 022 2789 2790 / 022 2789 0751

Navi Mumbai Commercial property rates edited

Navi Mumbai Commercial Property Rates

Businessmen believe contrary to the popular notion, real estate isn’t necessarily a high-risk risk provided the investor is informed about his finances, his requirements and market conditions. A Navi Mumbai Commercial Property Rates is draw in real-estate marketplace now and the most secure strength. It’s believed that investing in commercial properties is more lucrative than residential properties.

There are multiple reasons to consider this: The commercial properties that were prepared to make use of are sensibly priced as compared to residential properties. It could just go up as property and building price is growing for brand new projects, thereby pushing prices upwards for properties that are prepared to launch.

Lease Guarantee for the property post possession, possession, Buy back alternatives, commercial Developers are providing quite money-making strategies including Guaranteed Return on investment, Possession Linked Strategies.

With their divisions starting in long and short run, investment in Navi Mumbai Commercial Property Rates is going to be tremendously advantageous both in these places, Dronagiri & Ulwe is considered a hot property destination as the planned Nhava-Sewri road-link can also be likely to touch there. Nevertheless, work on both the link as well as the international airport will be likely to begin anytime soon.

Many politicians, and contractors fronting for them, purchased big chunks of property and they are expecting Navi Mumbai Commercial Property Rates returns could be astronomic when the airport came up.

A source in the Navi Mumbai division of Maharashtra Chamber of Housing Industry (MCHI) said, “It is a drawback for many developers. Now, there are not any buyers.”

A successful bidder to get a residential plot did not pay Cidco as the price he quoted was too high and few customers revealed interest in his project. “Such high speeds in a super-sluggish marketplace were largely in anticipation of the newest airport,” said the official. Navi Mumbai Commercial Property Rates / land in Dronagiri reached to Rs 35,000 to Rs 45,000 a sq m,although it’s almost no infrastructure .

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Other zones have not been lower than the range of percent increase in  Navi Mumbai Commercial Property Rates. This is caused by the miscellaneous consumer opinion which regulated this section of the city lately. Also the delay in commencement of the building of navi Mumbai international airport hasn’t went with all company owners and the investors.

The top performer in Navi Mumbai Commercial Property Rates in third quarter of 2015 are office spaces along with Thane – Belapur road, commercial building on Vashi palm beach road and near to Vashi railway station. The prices grew as much as five percent. They are followed by Taloja, Kalamboli and kharghar saw a four percent hike. The latest Sion-Panvel highway included widening and concretization of the east of Vashi bridge, building of new overpass at sanpada railway station, Nerul, Uran and Kamothe. This has had an quick impact on commercial property rates.

Typical capital value increase was one percent in navi Mumbai, where increase in  Navi Mumbai Commercial Property Rates rental that is typical grew to six percent. Marketplace sources said hoteliers and builders were eyeing investment in Navi Mumbai. President of MCHI, Arvind Goel, Navi Mumbai, said nearly a dozen five star resorts have come right up in the area and another five to six are anticipated. Now, average property cost per sqft in Navi Mumbai for shops is Rs 14,496 whereas for Offices it’s Rs 11,078.

To Know More About Navi Mumbai Property. Call us today at Tel: +91 22 6793 7373 / 022 6791 2125 / 022 2789 2790 / 022 2789 0751

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Navi Mumbai Commercial Property

It is no secret that information Technology (IT) has been the single-largest driver of job creation and urban development in India No other business has had such a huge catalysing effect in the national as well as regional levels. Navi Mumbai Commercial Property is also been the most rapid responded, with absorption and IT/ITeS more or ordering commercial space development in satellite city. Navi Mumbai is playing host to a growing amount of IT/ITeS firms.

Navi Mumbai Commercial Property holds tremendous latent possibility. Its essential characteristics include: A continuous supply of capable talent from its numerous educational institutions, Close proximity to Mumbai, as well as First-Class infrastructure. It’s fallen short in regards to branding itself suitably although around 76 percent of its office spaces are inhabited by IT/ ITeS companies. So, despite its indubitable edges, corporate haven’t been brought to Navi Mumbai in the amounts. While demand for office spaces undoubtedly exists, having less supply Navi Mumbai Commercial Property has prevented from moving big corporate from other cities.

The commercial property investment chances change based on the unique features of every micro-marketplace. At first, many of these markets would appear to be volatile, but provides good returns in long term.

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Within another couple of years, capital values and the leases in the CBD in Navi Mumbai are likely to come down, providing them much more buyer and renter-oriented for the very first time in decades. Within the next 12 months, the capital and rental values in Lower Parel are likely to bottom out. Navi Mumbai Commercial Property are an outstanding investment proposition in the existing pricing levels.

The CIDCO is planning to develop commercial business district spread over 309 acres or 125 hectares will soon be finalized in another six months.The planned new business district in the Kharghar of Navi Mumbai will offer closeness to the metro job offering high class infrastructure as well as the planned international airport. According to the program, nearby industrial part and the Kharghar commercial zone of Taloja will get linked to the newest airport offering a great connectivity to commercial offices working from here and also give the boost to  Navi Mumbai commercial property rates.

Thane Belapur belt is transforming into a service industry belt. Because of newly developed IT parks such as Mindspace, Sigma IT park and recently constructed Reliance Jio headquarter. Employment is primary variable for the development of cities and the housing industry. Likewise, Navi Mumbai Commercial Property will grow in another five years.

The commercial properties that were prepared to make use of are sensibly priced as compared to residential properties. It could just go up as property and building price is growing for brand new jobs, thereby pushing prices upwards for properties that are prepared to proceed.

“Cities like Navi Mumbai, Mumbai, Noida and Gurgaon will be the hearts for commercial properties. Investment in commercial property is going to be tremendously advantageous both in long and short run with their divisions starting in these places,

New business houses are constructing their headquarters in Thane-Belapur belt. Therefore, investors in Navi Mumbai Commercial Property will likely get greater profit margins in days in the future. In a scenario institutional investors are revealing reduced taste for commercial property within their portfolios, Mumbai continues to present myriad increase opportunities in office properties to HNI and corporate investors.

The Navi Mumbai Commercial Property office space sector has seen continuous increase amid rise in costs, a protracted slowdown in the residential space because of tepid demand in India and unsold stock. These places have important long term capital worth appreciation potential, and well informed investors are keeping a close watch to them.

To Know More About Navi Mumbai Property. Call us today at Tel: +91 22 6793 7373 / 022 6791 2125 / 022 2789 2790 / 022 2789 0751

 

 

Navi Mumbai Property Rate List

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Navi Mumbai Property Rate List

The Navi Mumbai Property Rate List shows the distribution of actively traded properties by their capital values. The highest capital values are found in localities like Vashi and other adjoining areas like Kopar Khairane, Nerul and Sanpada. The lower budget segments between Rs 5,000–8,000 per sq ft range consists of two set of localities The first set is contiguous to the core localities listed earlier, Kharghar, Turbhe and MAHAPE fall under it. The price here is in the upper range of the Rs 5,000–8,000 per sq ft budget. Other localities are in the lower range and consist of localities like Taloja, Panvel and Ulwe. Most of the development activity in Navi Mumbai is happening in the Rs 5,000–8,000 per sq ft range, which will determine the movement in the City Price Index.

The long term trend in the City Index has been positive. All localities saw a price increment. However, an increment of 15% over a two-year period is enough to negate inflation and protect the value of underlying assets. The price trend for the last one year has also been positive. The biggest average price increase was in the Rs 9,000–10,000 per sq ft segment in localities such as Airoli, Belapur and Kopar Khairane.

As the older nodes of Navi Mumbai get saturated, residential development has moved towards extended locations such as New Panvel, Kamothe, Kalamboli, Ulwe, Uran and Khandeshwar. The growing demand for residential units has seen a steady price rise in most of these locations, the major reason being the planned infrastructure development in the city. Further, due to the successful execution of infrastructure projects, prospective buyers have more confidence in the execution of upcoming projects such as the Navi Mumbai International Airport, Metro, Mumbai Trans Harbour Link etc.

The Navi Mumbai Property Rate List reflects the price movement across 23 localities, chosen using the twin criterion of share in overall consumer preference as well as share of actively traded properties. The weight assigned to each locality is its share of consumer preference in the city, make for a comprehensive Index covering localities with high consumer preference and high number of actively traded properties in the secondary market.

Price comparison of ‘Ready-to-Move-in’ properties (RM) and Under Construction (UC) properties in Navi Mumbai displays a similar trend as most other developing markets. Analysis across 26 actively transacted or in demand localities in Navi Mumbai Property Rate List shows that on an average, RM properties were 6% more expensive than UC properties in the Oct-Dec 2015 period. In 59% localities with RM and UC properties, the RM properties were more expensive than UC properties.

The lower budget segments present a mixed picture. In localities with large development activity, UC properties are at a premium. This can be the case if existing options in these localities do not meet consumer requirement.

Except for the Rs 10,000–13,000 per sq ft budget segment, all budget segments saw a price increment. The Rs 10,000–13,000 per sq ft segment saw price fluctuation and after a rise over a few quarters, the values on an average declined by 5% over the last one year. Nerul in this segment saw an 8% price decline. The Rs 9,000–10,000 per sq ft segment again had the highest price increment. Other budget segments saw an average price increase of 5%. Localities like Panvel, Ulwe and Kharghar which are witnessing large scale development in the Rs 5,000– 9,000 per sq ft budget range, saw a price increase of 5%-7%.

Navi Mumbai Property Rate List

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Navi Mumbai Property Rate List

Property Near Navi Mumbai International Airport

In Navi Mumbai, especially the property near Navi Mumbai international airport areas are the most preferred because of the locations and infrastructure. The future belongs to Navi Mumbai.

Navi Mumbai will also get two Metro Lines leading up to the airport. Line I connects CBD Belapur to Pendhar, from where Line II will then go to Khandeshwar, with an extension to the Navi Mumbai airport.

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property near navi mumbai international airport

The NMIA is strategically located close to Kopar, close to Panvel. Leading developers believe that the MTHL sea link is a much awaited project which will open the 700 sq km of property near Navi Mumbai international airport, that is hardly 20-25 minute away from South Mumbai. It will be a big boost for the Navi Mumbai real estate sector and will also cut the down the skyrocketed prices of the South Mumbai and will boom the prices in Navi Mumbai — particularly in property near Navi Mumbai international airport, namely Ulwe and Panvel.

Every metro city has seen a common story in many families. Parents purchase a house in a location then considered to be the city’s periphery. The area was under-developed, too far from the city centre, had bad roads and poor train connectivity. So, few preferred to stay there. Over the next 10-15 years, things changed. The area developed, connectivity improved, the locality is now part of the city suburbs, and the property is at least 20-25 times the initial value.

The best example is Gurgaon. The city as it is today barely existed three decades earlier. It now buzzes with malls, metros, designer showrooms and houses some of the world’s biggest companies.

Real estate experts believe the same story will be repeated today with property near Navi Mumbai International Airport region.

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property near navi mumbai international airport

Projects within the city that cater to the middle class (mid-segment) have become expensive. Developers will be very cautious on raising prices in this category for at least the next three-four years, as any increase would affect the demand. This also means returns on investing in these would be less. But, demand in affordable housing property near Navi Mumbai International Airport is growing and will see better returns.

Though the definition of affordable housing varies, experts say it is best to go by what the Reserve Bank of India classifies as priority sector lending. Home loans up to Rs 48 lakh in metros and Rs 30 lakh in other centres are now part of the directed lending, as long as the cost of the property is not more than Rs 55 lakh and Rs 35 lakh, respectively. But, many such projects are also available starting at Rs 15-25 lakh.

Localities for Property Near Navi Mumbai International Airport

LOCALITY RATING
Kharghar 10
Bonkode 9.0
Khanda Colony 8.1
Nerul 7.7
Seawoods 7.5
Kamothe 7.1
Taloja 7.1
Panvel 6.8
Khandeshwar 6.8
CBD Belapur 6.8
Roadpali 6.2
Navade 5.9
Karanjade 5.8
Uran 5.1
Nhava 5.2
Vichumbe  5.0
Pen  6.0
Rasayani  5.0
New Panvel  7.5
Dronagiri  6.4
savoli  v5.0

Navi Mumbai Property Index

Navi Mumbai Property Index is a weighted price index for the city. It reflects price movement in a set of localities for each city which have been selected basis predefined criteria. This criteria takes into account the share of a locality in the consumer preference in the city as well as a minimum number of actively traded properties. Price movement in each of the selected localities is reflected in the Index movement basis the weight assigned to localities.

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navi mumbai property index

Navi Mumbai Property Index saw a rise in index values of 1%. The average was about 0.6%. The highest gain was in Thane which saw the City Index increase by 3% while other component of Mumbai Metropolitan Region (MMR) Mumbai also had a 1% increment and decline, respectively. The City indices of Pune and Ahmedabad on the other hand remained stagnant at the same level in Oct-Dec 15.

In line with general lack of activity in the residential real estate market, comparing the Navi Mumbai Property Index nationally, it has remained stagnant at the same level as last quarter. This is in continuation of the general trend of inactivity observed over in the market last many quarters (including current period between October-December 2015).

Regionally, north India comprising of Delhi, Noida/Greater Noida, Ghaziabad and Gurgaon saw an average drop of 1.9% in index values. Compared to this, Index in south Indian cities on average saw a 1.3% increment in the Index during last quarter. Kolkata in the east, saw a marginal increment of 1% in the Index value, as compared to last quarter.

CREDAI welcomed the budget announcement, which are bound to have an impact on the Navi Mumbai Property Index, on the supply front for private sector’s participation and housing for all by 100% income tax exemption on such houses besides the MAT 30 sq m in metros and 60 sq m in non-metros. This will encourage the private sector to reach these areas that accommodate about 90% of the shortage. On the enabling side to the home buyers, the increment of a deduction of Rs 50,000 on the home loan for a house of Rs 50 lakh is a big attraction. Moreover, there will be a net to net saving of 50,000 rupees a year for such home buyers. Considering there has been a 100% exemption of service tax on such houses as well.

price trend_NM navi mumbai property index Navi Mumbai Property Index price trend NMCREDAI is certain that this will spur the Navi Mumbai Property Index and the market, and induce the home buyer. Best part is that there is a timeline fixed for delivery of such affordable houses. All we ask for now is speeding up of the approval process as the whole project needs to be delivered in a time frame of about 3 years. So a single window clearance system of course would be a big enabler.

For the Navi Mumbai property index, prices rose in 48% localities by 1.9%, pushing up the Jul-Sep 15 Index value by 0.8%. The balance 52% localities saw prices drop by 4.6%, pushing down the Jul-Sep 15 Index by 2.0% leading to a net drop of 1.2% in Oct-Dec 15. Whereas in Thane, 62% localities saw an average price rise of 4.6%, pushing up the Jul-Sep 15 Index value by 3.6%. Prices dropped in 38% localities by 4.1%, pushing down the Jul-Sep 15 Index by 0.4% and a net increment of 3.2% in Oct-Dec 15. In Mumbai, 52% localities saw an average price increase of 7%, pushing up the Jul-Sep 15 Index by 2.3%. Balance 48% localities saw prices drop by 4%, pushing down the Jul-Sep 15 Index by 1.6% leading to net increment of 0.7% in Oct-Dec 15

Navi Mumbai Properties Under Construction

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Navi Mumbai properties under construction

According to a joint research by JLL India and MCHI-CREDAI conducted across Mumbai, Thane and Navi Mumbai, for the Navi Mumbai properties under construction, the proportion of completed-yet-unsold units is only 3.35 per centage, of the total number available for sale.
To clear the air, JLL India along with the Maharashtra Chamber of Housing Industry (MCHI-CREDAI) decided to find out what the numbers for Navi Mumbai properties under construction portray. Only 2,600 (or 3.35%) of the total unsold inventory of 77,460 residential units have been completed in Mumbai, as well as Thane and Navi Mumbai, according to latest figures.Developers have been left wondering why end-users are not buying into their projects even after offering numerous discounts and schemes. The latter, on the other hand, are playing the wait-and-watch game, expecting prices to go down given the continued slump in sales.

Possession Percentage

In Mumbai (MCGM limits) and Thane (TMC limits), only 1.10% and 1.33% of the total unsold units are ready for possession, respectively. Only in Navi Mumbai properties under construction (NMMC limits), this proportion is higher at 8.13%. The inventory overhang in Mumbai (including Thane and Navi Mumbai) is more than 30 months, according to latest figures.

Industry Average

Dharmesh Jain, President, MCHI – CREDAI says, “If we take an industry average, 30-storeys is the average height of a building and on an average it takes 4 – 4.5 years to complete the project, hence at 30 months inventory, the stock would be sold well before the completion of the project which is a very healthy scenario for the industry. Moreover, Navi Mumbai & MMR can look forward to a stable period ahead, as the statistics seem to suggest.”

He added, “As we note that 18% of the absorption happens at the launch, 27% happens at the completion of the project, whereas remaining 55% happens during the project construction period, and this is where the customers’ buying confidence dips.”

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Residential Units in Navi Mumbai

Policy Impact

“This is where we need to walk an extra mile to bring back the customers’ confidence. Intermittent policy changes only delay the Navi Mumbai properties under construction projects, as a developer is required to seek fresh approvals. Now these are delays over which developers have no control on. However, with the current Government’s intent of easing the way of doing business and with a new DP / DCR in the offing, we are sure that things can only brighten up from here. We have already noticed that in the last two quarters, business and buying sentiment has shown traction which reflects positively on both the supply and absorption rate in Navi Mumbai and MMR.”

Slow Absorption

Comparing the current inventory of completed-yet-unsold units in Navi Mumbai properties under construction, to the corresponding inventory of 3,094 units around the same time last year shows how inventory has, in fact, decreased. However, there is slow absorption due to buyers holding on to their purchase decisions – expecting a price correction in this weak market.

Buyer Preference

It also goes on to show how buyers prefer to buy into completed projects. Also, the market has become largely end-user-driven and investors no longer park funds in residential real estate as the high returns that it was once known for, have considerably diminished.

Price Factor

The sluggish sales could also be due to most of these 2,600 units being priced above Rs 1 crore, which is an unaffordable range for many end-users. While developers may think ticket sizes offered by them are justified, the market seems to think otherwise.

While suburbs from Vile Parle to Goregaon have 205 completed-yet-unsold units in the range of Rs 2 crore and above, a major chunk of the unsold units are concentrated in Navi Mumbai. Moreover, units priced below Rs 65 lakhs are situated in emerging areas of Navi Mumbai like Ulwe, Karanjade, Dronagiri, etc., or on the far-away stretches off Ghodbunder Road in Thane.

Clear Mismatch

This indicates a clear mismatch in demand and supply of product offerings. Even though end-users would like to buy in these upcoming areas, they do not. The reason being a lack of social and physical infrastructure – highly needed to attract end-users – in these locations.

Market Sentiment

In such a scenario, developers are gauging the market sentiment to reduce ticket sizes in the Navi Mumbai properties under construction so as to align with more realistic prices. They are working towards redesigning the larger flats into smaller unit sizes, wherever possible. Sales are improving due to this alteration in the design element.

Changing Demand

Some developers are already adapting to the changing consumer demand. Buyers are put off by poor track record of a developer.

Builders also need to realise that buyers will buy into their completed projects and thus, should stick to their construction deadlines and manage their cash flow during the construction phase properly.

Data shows that while 18% buyers bought houses in Navi Mumbai properties under construction in the launch phase, 27% bought houses nearing completion. After completion, it takes developers somewhere around two quarters to sell out the entire remaining inventory.

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