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Thane, Navi Mumbai realty market upbeat than Mumbai city
Dnaindia.com  |  June 4, 2019

DNA Correspondent

The real estate market in Thane and Navi Mumbai is faring better than the tepid sales in Mumbai city. According to a report by 99acres.com, property sales in Thane rose by 15%, Navi Mumbai soared by 30% while Mumbai was 6% in the first quarter. Also, property prices grew in Thane, while they dipped in some areas in Mumbai.

 

Maneesh Upadhyaya, Chief Business Officer, 99acres.com, said, "Mumbai witnessed average property prices, going up in Jan-Mar 2019. Despite stamp duty hike and ambiguities pertaining to GST, residential launches in the city witnessed marked improvement against the previous few quarters. Thane emerged as the ace performer followed by Navi Mumbai and Mumbai."

 

Rapid infrastructure developments, reduced tax burden under revised GST and improved supply of preferred housing units elicited a 30% growth in the yearly sales of property in Navi Mumbai in January-March 2019. Nearly 1,500 housing units were sold in the quarter. The residential market of Navi Mumbai grew and posted a marginal 1% hike in the average capital prices. Over 70% of the listed locales registered an uptrend in average property values in Jan-Mar 2019. As of March end, unsold stock in the city was 12,500 units.

 

Thane's residential market remained upbeat in Jan-Mar 2019 with 15% growth in sales vis-à-vis October-December 2018. A majority of the launche were at Ghodbunder Road and Pokhran Road 2. Competitively priced housing units (within Rs 50 lakh) in the far-flung areas of the city remained largely popular.

 

Mumbai city's real estate market witnessed growth in residential enquiries and project launches in Jan-Mar 2019. Housing sales also reported a 6% growth, QoQ. Mid-sized configurations priced between Rs 1 crore and Rs 1.8 crore remained the most-preferred category. Maximum launches announced during the period restricted to 1 BHK and 2 BHK units with the carpet size of 300-400 sq ft and 600-700 sq ft, respectively.

 

Vasind, home to various small and medium scale industries, topped the popularity charts with 5% growth. Following suit, Titwala and Neral also recorded a 4% hike in the average weighted capital prices.

 

Real Estate Trends

  • Property sale in the first quarter
  • Thane up by 15%
  • Navi Mumbai up by 30%
  • Mumbai City up by 6%

 

Price Catch

 

  • Property prices in Kandivali saw a 2% , while in Kalyan west the prices went up by 2%.
  • Mulund saw 1% increase in property prices, Panvel witnessed an increase of 5%