Although Navi Mumbai has a strong real estate market
Although Navi Mumbai has a strong real estate market, it should avoid the pitfalls that Mumbai has made.
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Prices are rising.
Welcome to Navi Mumbai, a satellite city of Mumbai, where housing values rival those of the Mumbai real estate market. While prices in Mumbai have been slow to rise and have been drifting downward, prices in this market have been slowly rising. Today, prices in the area are comparable to those in Central Mumbai’s Lower Parel and are comparable to those in older structures in Bandra and Peddar Road.
The ticket sizes are also not modest. At the fabled Palm Beach Road – or Navi Mumbai’s Marine Drive – it’s not uncommon to find constructions fetching above Rs 5 crore. Furthermore, local players who have little or no presence outside of the area are primarily demanding this fee. The pricing levels that have been reached in this laid-back and quiet market may look strange to those outside of this city. The issue is, why is the pricing differential between Navi Mumbai and Mumbai narrowing?
On a simple level, one might claim that prices in the commercial capital had been maintained at unreasonable levels for a long time and that it was only a matter of time before they were rectified. On the other hand, it is no secret that home supply in Navi Mumbai has been tightly regulated in order to allow for absorption. In terms of the stock market, Navi Mumbai is a lightly traded stock with a high value.
On a larger scale, there is a case to be made that Navi Mumbai has better governance (relatively) than Mumbai. The government is also backed up by strong financial resources. As a result, despite the fact that Navi Mumbai’s population is just 1/11th that of Mumbai, the Navi Mumbai Municipal Corporation’s budget is around 1/5th that of the Mumbai Municipal Corporation.
The developer, on the other hand, is the one who can ruin the Navi Mumbai real estate party. Every builder who uses phrases like ‘saleable area,’ ‘built-up area,’ ‘super built-up area,’ etc., I suppose, as readers of this column know (instead of carpet area).
Almost every developer in this industry still utilizes that old terminology, so I’m cautious of what they’re doing. Even the marketing material and presentation are poor, resembling the primitive quality seen in Mumbai previously.
But, in the grand scheme of things, they are minor issues. The main concern is that Navi Mumbai developers may repeat the same mistakes as Mumbai developers. Developers speculated that a solid response at higher price points for a limited sample of units meant that the benchmark price for housing might be slowly reset at a much higher level.
This new benchmark price sparked some of Mumbai’s strangest land value transactions, as well as government pressure to modify ready reckoner rates. Because of the high-cost structure, developers had little choice but to price their goods expensive for a big volume of units — to appeal to a market that simply didn’t exist. By the time everything came to a head in 2020, the damage had already been done.
The latest land auctions held by CIDCO in Navi Mumbai, as well as the bid prices put up by developers, reminds one of the acts of Mumbai developers over a decade ago. Bids have risen to levels that are within striking distance of land values in Mumbai’s premier districts. As a result, the prices of apartments, offices, and retail spaces will rise. Affordability is essential for attracting and growing a thriving market.”
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Affordability is essential.
There’s a case to be made that the show can continue on as long as officials keep supplies limited. It’s a reasonable claim. However, as seen in Mumbai, once a certain price point is reached and unaffordability sets in, the path becomes difficult as sluggishness sets in both the primary and resale markets.
In terms of governance and administration, Navi Mumbai outperforms Mumbai in many ways. Its creators should learn from the mistakes of their Mumbai counterparts. It cost Mumbai’s developers a lot of money. It’s possible that the same would be true in Navi Mumbai.
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