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