Navi Mumbai Launches Affordable-to-Mid-Segment Housing

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Housing sales have exceeded launches in the past two years, at 36,400 units; Navi Mumbai has only 15% of MMR’s overall unsold supply. 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.
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.