Prime Minister Narendra Modi visited Navi Mumbai and was the guest of honor at the ceremony for the Navi Mumbai International Airport (NMIA) that has been proposed. The property market has been a little sluggish although it has steadily been reviving in Navi Mumbai. As per officials at the MCHI (Maharashtra Chamber of Housing Industry) in Navi Mumbai, the real estate market, especially in the Kharghar-Panvel belt. The ceremony has boosted the overall sentiments of investors and homebuyers.
Experts have stated that there have been multiple enquiries for property in Navi Mumbai. The real estate market has been down over the last two to three years as per experts but things may be looking up now. The pioneering NMIA ceremony has made sure that the airport will be developed swiftly. This is the official confirmation that has brought joy to several residents of Navi Mumbai. Also, there were previous concerns over the airport not coming up due to issues related to land acquisition and others. The CIDCO team and Government have collaborated to make this happen.
Real estate experts feel that the Navi Mumbai realty market is steadily turning around in terms of the number of overall inquiries and real estate sales volumes. The number of overall real estate site visits have already gone up and particularly on weekdays along with weekends. The Prime Minister’s visit has given a shot in the arm to the airport project and also for real estate in Navi Mumbai. The infrastructure in Navi Mumbai has been developed immaculately including the local Uran-Seawoods railway network. The Government is focusing on steady development of infrastructure which will boost Navi Mumbai’s property market immensely.
Real estate developers have already increased prices of property by approximately Rs. 5-7 lakhs and Rs. 7-10 lakhs for 2 BHK and 3 BHK apartments respectively. The market is already witnessing positive sentiments after a long period of time. Buyers were sitting on the fence in the past but they are steadily returning to the market in Navi Mumbai as per reports.
Navi Mumbai had latent demand in the real estate market. The number of inquiries has already been increasing each day as per real estate developers and these are steadily converting into sales figures as well.