New launches in Navi Mumbai witness 5 pc increase in apartment size: Knight Frank
Mumbai: With the increasing demand for large home space amid the Covid-19 pandemic, the average apartment size in new launches across Navi Mumbai has seen a rise of 5 percent to 722 square feet compared to 685 square feet in 2019, according to Knight Frank.
The city registered residential sales of 2,384 units and new launches at 2,860 units in the second half of last year, said Knight Frank's latest India Real Estate H2 2020 report. Home sales in Mumbai Metropolitan Region (MMR) witnessed a rise of 10.4 percent to 30,041 units but new launches declined by 25.2 percent to 26,904 units.
The report said that the boom in residential sales can largely be attributed to the state government's recent announcement of stamp duty reduction from 5 to 7 percent to 2 to 4 percent across various MMR regions for seven months from September 2020.
As homebuyers in mid-and high-income groups have made most of the lower stamp duty window, 57 percent of units sold in MMR were in the Rs 50 lakh segment. In the context of connectivity and infrastructure development, Navi Mumbai is well connected to Mumbai with railway networks.
The area was developed to be an organized and planned extension of Mumbai which is why it has planned sanitation, progressive transit infrastructure, and social infrastructure provisions like parks, schools, and gymnasiums.
The report said Navi Mumbai already has a fully functioning JNPT shipping port and plans to house Mumbai's second international airport at Panvel.
Residential property prices in the areas of Kharghar (Rs 6,700 to 9,000 per square feet) and Panvel (Rs 3,800 to 6,500 psf) have witnessed a drop of 4 percent while prices in the residential market of Vashi (Rs 10,000 to 15,000 psf) slipped by 2 percent in H2 2020.
