Surge in Navi Mumbai property sales

While the footfall at the recently-concluded Navi Mumbai property exhibition was relatively lower than that of the Mumbai exhibition held two months ago, the former's business was almost three and half times more than the Mumbai exhibit. CREDAI-Builder Association of Navi Mumbai (BANM) held a property exhibition between January 26-29. In the four-day exhibition, CREDAI-BANM claims it received a footfall of 75,000 and did a business of nearly Rs 1,400 crore. About 3,000 housing units were sold.

The property exhibition held in MUMBAI by CREDAI-MCHI in November managed to attract 82,342 visitors, but did a business of around Rs 400 crore only, of which, nearly Rs 100 crore was for spot home loans.

On the other hand, of the total Rs 1,400 crore business that Navi Mumbai exhibition did, about Rs 600 crore was for affordable homes.

Haresh Chheda, President, Navi Mumbai Builders Association, said, "The footfall was huge; one of the highest we have received. We had nearly 70,000 visitors and the developers and others did a combined business amounting up to Rs 1,400 crore."

Chedda further added, "The maximum demand was for affordable homes, between the price bracket of Rs 25-50 lakh, followed by Rs 50 lakh-Rs 1 crore. In the affordable segment alone, we did a business of nearly Rs 600 crore."

Ulwe, which is still developing, was one of the major attraction for most of the home buyers, developers claimed.

In Navi Mumbai, there are areas like Vashi's Palm Beach Road, where luxurious duplex flats costing more than Rs 20 crore are available. However, there are also areas in New Panvel, Ulwe, etc, where one can get flats within Rs 50 lakh.

A recent auction concluded by CIDCI on Tuesday also threw a surprise, when plots where sold for three time the reserve price. Plots in Nerul, the reserve price of which, were close to Rs 80,000 per sq m, reached up to Rs 2.11 lakh per sq m. Similarly, plots in Ghansoli, the reserve price of which, were Rs 47,000 per sq m, went up to Rs 1.89 lakh per sq m.

"People are gradually regaining confidence in the real estate market, especially in MahaRERA, as developers now are under the ambit and control of an authority and are bound by stricter rules. The huge turnout shows that people are willing to invest in Navi Mumbai," said a developer.

FOR A PRICE

• In Navi Mumbai, there are areas like Vashi’s Palm Beach Road, where luxurious duplex flats can cost more than Rs 20 cr. 
   
• However, there are also areas in New Panvel, Ulwe, etc, where one can buy flats within Rs 50 lakh.
   
• Huge turnout at the Navi Mum exhibit hints at willingness to invest in properties in the area.