The residential market in Navi Mumbai that remained fraught with construction delays, intermittent lockdowns and distressed sales during the January September period, displayed some signs of growth in Q4 2020. The reduced registration cost and festive offers by developers shored up homebuyers’ confidence. Resultantly, housing sales in the city grew by 30 percent, QoQ.
Mid-sized 1 BHK and 2 BHK units in Rs 30-60 lakh budget remained sought-after in Ulwe, Dronagiri, Roadpali, Panvel and Taloja. Kamothe, Kharghar and Ghansoli garnered enquiries for homes priced within Rs 80 lakh to Rs 1 crore.
Homebuyer’s affinity towards ready-tomove properties, particularly in highrise structures by premium developers, continued to soar due to the superior hygiene and sanitisation facilities in these developments.
New launches nearly doubled, QoQ, and stood at 6,000 units in Q4 2020. G+4 and G+7 structures were the most supplied, especially in Dronagiri, Ulwe, Karanjade and Kamothe. Builders who leveraged the renewed sentiment include Godrej Developers, Neelkanth Developers and GeeCee Developers, among others.
Amid the lean offtake and improved supply, the unsold inventory surged by 20 percent from 23,500 units in Q3 2020 to 28,000 units in Q4 2020, and the quarters required for disposing of the existing stock stands at 15. Kharghar, Karanjade, Taloja and Ulwe hoarded the maximum unsold inventory.
Rental demand improved in Q4 2020. With housing societies relaxing the entry norms and offices resuming, the renting trend was relatively better but still not at par with the pre-COVID times. Koparkhairane, Airoli, Ulwe and Panvel near the IT/ITes hubs of Belapur and Nerul garnered maximum enquiries.