Investors showed increased interest in emerging residential areas like Ghansoli and Ulwe as estate confidence in Navi Mumbai improved in July-September 2021. Additionally, consumer preference appeared to shift toward larger setups costing more than Rs 40 lakh.

The COVID-19 pandemic had a negative impact on Navi Mumbai’s residential market, as it did on most Indian cities,  1 BHK flat in Navi Mumbai, with the April-June 2021 period being the hardest impacted among the second wave. In July-September 2021, however, attitude improved significantly. Increased vaccination rates, along with latent house prices, cheap house loan interest rates, and a variety of freebies and upfront discounts, increased sale conversion in the region.

Buyer interest increased in Ghansoli and Ulwe.

increased interest. Most IT professionals preferred the residential areas nearby because of the presence of several Information Technology (IT) companies and specialized complexes, such as Reliance Corporate IT Park and Loma IT Park, along the Thane-Belapur Road (located opposite Ghansoli).”

In comparison to bids received for properties in other regions like Kalamboli, Kharghar, and New Panvel, the residential plots are offered for sale by the City and Industrial Development Corporation (CIDCO) in Ghansoli earned one of the highest offers by real estate developers. The same is true in Ghansoli, where developers are trying to profit from increased residential demands.

“Many end-users have been looking for a property that will give them with strong long-term profits that since second COVID-19 wave. As a result, several buyers from Navi Mumbai purchased houses in Ulwe. Property values in the area are predicted to rise due to increased business activity in the Business District of Belapur (CBD-Belapur) and the planned Navi Mumbai International Airport (NMIA) on National Highway (NH) 4B in nearby Panvel.”

Luxurious and larger properties are in higher demand.

According to the Mumbai Insite reports for the April-June 2021 and July-September 2021 months, the number of residential properties in Navi Mumbai priced under Rs 40 lakh has decreased by 10% between the two quarters.

Real estate market units priced between Rs 40 lakh and Rs 1 crore, on the other hand, increased by 6% from April to June 2021 to July to September 2021. Real estate market priced at Rs 1 crore and above increased by 4% on a quarter-on-quarter basis.

Ulwe, Panvel, and New Panvel were recognized as prominent micro-markets for properties priced between Rs 40 lakh and Rs 1 crore in the July-September 2021 Detailed insight study, while Kharghar, Ghansoli, and Airoli emerged as popular pockets for properties priced beyond Rs 1 crore.

some other similar trend was seen in terms of different housing layouts. According to the Mumbai Insite study, interest for 1 BHK housing unit in Navi Mumbai decreased by 6% QoQ in July-September 2021. Demand for 2 BHK and 3 BHK homes, on the other hand, increased by 4% and 2%, correspondingly, QoQ.

The tight implementation of restricted mobility, as well as the extensive prevalence of work-from-home and learn-from-home formats across Navi Mumbai as a result of the disastrous second COVID-19 wave, are likely reasons for these changes.

Individuals and families felt the need to live in more spacious houses as they spent more time at home. Homebuyers also valued residences with greater facilities, which increased demand for more premium properties with more convenience.

The return in economic activity, increased vaccination rate, low home loan interest rates, and offers provided by property developers all contributed to an increase in housing demand in Navi Mumbai in the July-September 2021 quarter. However, buyer tastes significantly changed during the examined quarter, and it looks that, with developers giving enticing deals around the Christmas season, the desire for bigger houses in Navi Mumbai may continue in Quarter 4 2021.

Transportation services that are effective

The upcoming Navi Mumbai International Airport, which is scheduled to open in 2024, has increased real estate in the surrounding area considerably. Additionally, the city has a well-connected network of motorways and trains that connect you to the city’s and surrounding areas’ key centers, including Mumbai, Kalyan, Andheri, and Thane, with ease.

If you’re a frequent traveler, you didn’t have to worry about locating a comfortable way to the airport. Navi Mumbai is connected to the airport through the Santacruz-Chembur Link Road and the Mumbai Highway. Moreover, Navi Mumbai Municipal Transport’s improved local rail connectivity and regular bus services make real estate investment in Navi Mumbai an excellent choice.

Social infrastructure that is well-developed

Are you thinking about buying a good place to live with your family? And then there is the need for access to medical facilities, schools, entertainment zones, business offices, clean streets, and so on. No matter whatever area you choose to buy a property in Navi Mumbai has a variety of social infrastructures thanks to impressive city planning by the City and Industrial Development Corporation (CIDCO).

Additionally, since this is a lucky time, developers are launching new home projects in the city’s hotspots. So, whether you’re looking for renowned schools, medical centers, banks, restaurants, clubs, markets, educational establishments, retail food stores, malls, or temples, you’ll find them all in every neighborhood.

This makes moving to Navi Mumbai an excellent alternative, especially when the market is bursting at the seams with potential homebuyers.

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