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Homes In Thane, Navi Mumbai Sell More Than Mumbai In FY 2019

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Homes In Thane, Navi Mumbai Sell More Than Mumbai In FY 2019

A recent report by 99acres shows an increase in residential real estate sales in Thane by 15 percent, Navi Mumbai by 30 percent and Mumbai only by 6 percent

In the last few years, Mumbai’s real estate sales have been abysmal. However, its neighbouring areas of Thane and Navi Mumbai have seen a huge increase in home sales in the first quarter of 2019. This was confirmed by a report in property portal 99acres. It shows that the sale of real estate in Thane has increased 15 percent, Navi Mumbai home sales are up by 30 percent. On the other hand, home sales in Mumbai rose merely by 6 percent. In a surprising trend, real estate price in Thane has grown and some areas in Mumbai saw a drop in their price tags.

Maneesh Upadhyaya, Chief Business Officer of 99acres confirmed the news. “Thane emerged as the ace performer followed by Navi Mumbai and Mumbai,” Upadhyaya said.

The reasons behind Navi Mumbai’s real estate popularity among homebuyers are rapid infrastructure developments, the slashed GST rates and improved supply of good quality homes. Approximately 1,500 residences in Navi Mumbai were sold in the quarter. Navi Mumbai saw a marginal 1 percent increase in the average capital prices. More than 70 percent of the listed locales witnessed an uptrend in average property values between January and March this year.  Unsold stock in Navi Mumbai was 12,500 units by the end of March.

Meanwhile, Thane’s Ghodbunder Road and Pokhran Road 2 areas saw a slew of project launches. Homes priced up to Rs 50 lakh were the most selling ones.

Mumbai’s residential realty did see project launches between January to March. Majority of these launches were 1 BHK and 2 BHK residences. Apartments costing in the range of Rs 1 crore and Rs 1.8 crore were sold the most.

Changing price tags of residences

  • Kandivali decreased by 2 percent
  • Kalyan West rose by 2 percent
  • Mulund increased by 1 percent
  • Panvel escalated by 5 percent

 

Source: DNA

ALSO READ: Mulund To Get A Realty Boost As GMLR Inches Closer To Reality

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