Navi Mumbai and Thane become major realty hubs in Mumbai

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Affordable housing projects in Navi Mumbai and Thane are attracting several buyers and these two destinations are fast becoming coveted real estate destinations on the outskirts of India’s Financial Capital. More buyers are shifting towards Thane and Navi Mumbai from Mumbai as per reports. Real estate developers are majorly focusing on these two areas at present. Reports state that Navi Mumbai and Thane are popular with buyers since a large chunk of housing units are priced lower than Rs. 50 lakh.

Between January and March 2018, there were 11, 980 units sold in comparison to 10, 997 units sold in the last three months of 2017. 5, 163 units were sold between January and March 2018 as compared to 5, 854 units sold in 2017’s last quarter. The number of launches were 3, 698 as compared to 5, 538 units in a similar period. Several realty players are coming up with smaller sized apartments in Navi Mumbai and Thane and hence the lowered property prices in these areas. Attractive financing schemes are also being offered accordingly. The MMR (Mumbai Metropolitan Region) saw 9, 134 units being launched in the first three months of this year as compared to 4, 650 units launched here in the last three months in 2017.

Studies indicate that affordable housing is the key growth driver for both Navi Mumbai and Thane. There are more subsidies available for buyers via the PMAY and there are incentives offered to real estate developers in this market segment as well as per experts. Buyers are now preferring smaller units that are attractively priced in peripheral zones such as Navi Mumbai and Thane. There are multiple infrastructural developments on the anvil for these two zones and with improvements in connectivity, commuting is no longer a major headache for buyers in these areas.