Navi Mumbai ranks 2nd in Ease of Living out of 111 cities, surpassing Greater Mumbai & Thane
Nearly 80% of the overall residential project launches in Navi Mumbai from 2013 to H1 2018 are in the affordable (< INR 40 Lakh) and mid-segment (INR 40 Lakh – INR 80 Lakh) budget range, states a report by ANAROCK Property Consultants and CREDAI. The report ‘Navi Mumbai – City of Opportunities’ was released at the Capital Connect event organized by CREDAI BANM in Vashi, Navi Mumbai today.
Anuj Puri, Chairman – ANAROCK Property Consultants says, “If we focus on the unsold inventory, it emerges that Navi Mumbai has a mere 15% of the overall pent-up housing stock in MMR. This accounts for around 36,400 units as of H1 2018 – most of it in the affordable-to-mid-segment budget range. However, the unsold stock has been reducing visibly post 2015, recovering significant sales momentum after a surfeit of launches between 2013 to 2014 and the political uncertainty prior to the general elections. Today, more than ever before, homebuyers in MMR are gravitating towards Navi Mumbai’s indubitable advantages.”
Haresh Chheda, President – CREDAI-BAMN says, “Navi Mumbai’s real estate market is on a major upswing now, with the proposed development of the international airport, a Special Economic Zone (SEZ) and other major infrastructure initiatives giving a major boost to the region. Also, Navi Mumbai’s Ease of Living ranking was 2 out of 111 cities in India, outshining Greater Mumbai, Thane and many prominent tier II cities such as Chandigarh, Kochi and Jaipur as well as other metropolitan cities like Ahmedabad and Hyderabad. The city also beats Greater Mumbai, Hyderabad, Ahmedabad and Nagpur in terms of economic prospects of businesses and employment indicators.”
At the Capital Connect event, Anuj Puri also engaged with Khushru Jijina, MD – Piramal Capital & Housing Finance Ltd. in a fireside chat which brought to light a number of Navi Mumbai’s strengths as a real estate destination of extraordinary potential. The discussion also revolved around the challenges this promising region faces in maintaining its momentum, which are highlighted in the report.
Navi Mumbai’s primary USP has been CIDCO’s cautiousness in carrying out multiple developmental projects by maintaining ecological balance and sustenance. Apart from the accent on IT/ITeS as a primary economic driver, its generous greenbelts, parks and water bodies help maintain a balanced real estate landscape with CIDCO allocating almost 45% of the available land as a green zone.
To the backdrop of Mumbaikars’ constant quest for a better work-life balance amidst the chaos of rapid urbanization and steep property prices, Navi Mumbai presents an oasis of organization and calm to homebuyers – and a wealth of opportunities for property investors.