Q1 2023 Navi Mumbai Real Estate Market Insights

In the first quarter of 2023, the demand for properties in the Navi Mumbai real estate market rose while the supply fell. The most popular places to live remained Panvel and Kharghar.

In Q1 2023, Navi Mumbai had an overall rise in demand (searches) of 1.8% QoQ following two consecutive quarters of declines. Although supply (active listings) continued to decline, this time by 3.9% QoQ. The average rate in the city only slightly increased by 0.5%.


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Navi Mumbai Market- Demand-Supply Analysis for Real Estate

The most popular places to live continue to be Panvel and Kharghar: Since the previous quarter, the demand for 1 and 2 BHK designs has been consistent. With a 52% demand share, 2 BHKs are still the most popular configuration among house buyers, followed by 1 BHKs with a 34% demand share. In terms of supply, 1 BHKs come in second with a share of 36%, followed by 2 BHKs with a share of 48%.

With a demand-supply split of 41% for affordable houses (INR 7,500 per square foot) and 36% for supply, this market segment is still gaining the most traction. While its supply stayed the same at 31%, demand for mid-range homes (INR 7,500–10,000 per square foot) decreased from 29% in Q4 2022 to 26% in Q1 2023.


Q1 2023 Navi Mumbai Real Estate Market Insights



Above map depicts the key localities of the city. With the size of the bubble depicting demand (consumer preference) /supply (active listings) for properties in the localities on navimumbaihouses.com





Navi Mumbai Property Rate Analysis –

In the first quarter of 2023, Panvel West (4.6%) and Sector 36 (-3.4%) had the most increases in average mid-segment property rates, respectively. In Karanjade, the average cost of affordable real estate increased by 2.7%.

The mid-segment property average rates in Sector 36 (-3.4%) and the premium property average rates in Belapur (-2.9%) both decreased.

  • Above is the list of major localities of the city. With information about their average rate and QoQ rate changes in Q1 2023. This is an interactive table available on navimumbaihouses.com under Propindex section.
  • The locality rate are calculated by averaging the rate of all properties in a locality in multi-storey and builder floor segments after removing the outlier properties that might distort the overall prices.
  • The three tables above categorize the localities in various rate buckets.
  • The color of the numbers represents the price change in Q1 2023. With green color representing rate increase, red color rate decrease and grey as neutral.


Q1 2023 Navi Mumbai Real Estate Market Insights





Size of the bubble depicts demand, measured by volume of property searches in localities in Q1 2023.

Color of the bubble represents price change in Q1 2023. With green color representing price increase and red color price decrease.



Conclusion to Navi Mumbai Market

Due to the improvement of road, rail, and air connections. Navi Mumbai’s residential real estate industry is expected to expand in the near future. As transportation infrastructure projects like Navi Mumbai’s Metro Line-1. The Mumbai Trans Harbour Link, and a new suburban railway line between Panvel and Karjat and Navi Mumbai International Airport advance.It is projected that housing demand would increase in the ensuing quarters. Home buyers looking to buy are anticipating the debut of new projects from reputable developers in the area.




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Disclaimer: The views of this expressed above are for informational purposes only based on the industry reports & related news stories. Navimumbaihouses.com does not guarantee the accuracy of this article, completeness, or reliability of the information & shall not be held responsible for any action taken based on the published information.
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