Navi Mumbai’s Real Estate Market Is Dominated By Vashi, Panvel, & Kharghar, Per MB Prop Index Q2 2023
Property Market Overview for Navi Mumbai
Navi Mumbai’s Real Estate Market- Demand and average home prices increased in Navi Mumbai’s real estate market, while supply decreased. The most sought-after locations remained Vashi, Panvel, and Kharghar, largely because of their great connection to the Mumbai Metropolitan Region (MMR).
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Searches (demand) increased 6.1% QoQ in Navi Mumbai’s residential market during the second quarter of 2023. Additionally, the average property rate saw a QoQ increase of 2.3%. But the supply (listings) decreased by 8.8% QoQ.
Property Market in Navi Mumbai: Demand-Supply Analysis
Navi Mumbai, designed to accommodate Mumbai’s rising population with the availability of moderately cost land parcels given by CIDCO, evolved as the beneficial micro-markets of Vashi, Panvel, and Kharghar. Due to this, local developers are now providing huge, reasonably priced projects to middle-class consumers who commute every day to the island metropolis of Mumbai for work and other purposes. The most sought-after locations remain Vashi, Panvel, and Kharghar, largely because of their great accessibility to the Mumbai Metropolitan Region (MMR).
Overall, the areas that kept attracting a lot of customer interest were:
Key points include:
- In Navi Mumbai’s property market, 1 and 2 BHKs continued to see the most traction with a cumulative demand of 80% & supply of 84%. In general, during Q2 2023, 2 BHKs were the most popular among homebuyers and developers.
- All segments’ supply was equal at 33%, but the corresponding demand shares for the inexpensive, midrange, and premium segments were 27%, 28%, and 45%, respectively.
2021 to 2023 Property Market Rate Analysis for Navi Mumbai
The graph shows that despite times of stagnation or modest growth. The average rate has risen over the past two years. The average rate rose 6.7% overall throughout this time.
Summary of the Navi Mumbai Real Estate Market for Q2 2023
The prospect of the completion of significant infrastructure projects like the Navi Mumbai International Airport, the new suburban railway corridor between Panvel & Karjat, and the Mumbai Trans Harbour Sea Link by year’s end has homebuyers in Navi Mumbai eagerly anticipating upcoming launches by renowned developers in the coming months.
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