MUMBAI: The proposed 22 km six-lane sea link between Sewri and Nhava Sheva is all set to change the skyline of Panvel as the distance between Mumbai city and Panvel will reduce drastically. With this proposed infrastructural project and development of various offices and corporate houses around Navi Mumbai, the demand for residential properties in Navi Mumbai is expected to increase.
In terms of infrastructure, Navi Mumbai is developing fast and is well connected to Mumbai and Pune. The wide expressway, connecting Navi Mumbai to Mumbai, Pune and Goa has eased commuting to a great extent. In addition, Navi Mumbai also offers seamless connectivity to CST via rail, thus making life easier for commuters on a regular basis.
Navi Mumbai was a destination for second homes and is now gradually transforming into a first home destination. It is also developing from the education point of view. There are several renowned schools and colleges like JH Ambani School, St. Joseph’s High School, MGM College for Medical, Engineering, Architectural, Dr DY Patil Engineering College, etc. It also has big hospitals such as Life Line Hospital and Gandhi Hospital.
But how has been the consumer response and who is buying? Today’s buyers are well educated, well travelled and well aware of ambience, lifestyle and facilities that are available across the globe. The economic growth witnessed by India in the last two decades has completely changed the aspirations of today’s home buyers. Real estate projects that are strategically located, offer all kinds of social infrastructure that include healthcare facilities, education, malls and multiplexes, Gym, Swimming pools, parking, gardens and security, are on their priority list. The projects by branded developers get first preference, since the ‘trust’ factor plays a key role in the final decision making.
Potential home buyers in Navi Mumbai include people from salaried classes, self employed, businessmen, High Net-worth Individuals (HNIs) and Non Resident Indians (NRIs). The budgets depend on the requirement of the home buyer. Generally, projects at premium locations are sold out at the time of soft launch itself. Others are being sold out in different phases. Today’s consumer is more demanding and ready to pay more if they are looking for a particular location which fulfills their requirement.
What is ideal, best, and unique’ always gets sold in any market. As we all know, the current market conditions are a reflection to the overall economic slowdown. But it is a temporary phenomenon, which does not last long.