While the Gudi Padwa celebrations witnessed earlier this week may have concluded, the commemorative atmosphere continues to be visible at most real estate project sites across the Mumbai Metropolitan Region (MMR). Office bearers of two prominent associations shared insights on the advantages of buying a home during this phase and the importance of Gudi Padwa for the real estate sector coupled with the expectations as well as likely implications for the residential property market.
Jitendra Mehta, President, CREDAI-MCHI Thane
Real estate is largely sentiment-driven; festivals are an apt example of the same. Some festivals are seen to be enhancing the positive sentiments which result in home buying; Gudi Padwa being one of those. Historically, real estate sales witness higher numbers during the festival of Gudi Padwa, and this reflects in the importance that real estate gives to the festival. As of the last two quarters, real estate has performed well in terms of new launches and sales. The RBI, in its efforts to control inflationary pressures, has taken measures including hike in repo rates, which has resulted in hiked equated monthly instalments (EMIs) for home loans. This has resulted in a partial slowdown in some micro-markets, Gudi Padwa should see high sales, effectively overcoming the partial slowdown.
The real estate sector expects better home buying sentiments from Gudi Padwa this year, which would be reflected in the quantum of sales and also new launches. During our last exhibition we have data of 27k families who have shown interest of buying flats in Thane and the majority of them had completed site visits so we expect closure of around 1500 flats during the Gudi Padwa days. Any time is the right time to buy residential properties simply because the market keeps evolving. Your ‘dream home’ with the same set of amenities at a particular location and, at the current price will not be available in the future.
So, if you’re planning to buy, then don’t procrastinate. Take the decision and go ahead. The right time to buy a home is now! Property is a solid asset class on various parameters. For the home buyer, the safety factor of having bought one’s own home is beyond comparison. For the investor, it reflects a safe and secure option that provides both: rental income and capital appreciation. Obviously, a win-win for the buyer and the investor. Take advantage of the positive sentiment of Gudi Padwa and buy property - it will be the best decision you have made.
Dinesh Doshi, President, NAREDCO Progressive Neral-Karjat
For home seekers looking for the home that meets different parameters, Mumbai 3.0 a.k.a. Neral-Karjat-Panvel-NAINA, arguably, offers the widest segmentation of property options, be it affordable housing; luxury villas or plots of land. This Gudi Padwa should see a huge segment of property buying, given the festive fervour which will add to the property buying sentiment across Mumbai 3.0. Growing urbanization creates the need to not just to provide cheap houses, but also to provide the infrastructure associated with it. This is what we at NAREDCO Progressive Neral-Karjat see as the future — ‘affordable city’ — where the focus is on developing a carbon neutral region with proper infrastructure and connectivity to multi-nodal points which offers smooth connectivity to the residents. This is the feedback we are getting from potential buyers who have visited project sites over the past few months; we expect most of these to go ahead and actually buy this Gudi Padwa.
Gautam Thacker, Chairman, NAREDCO Progressive Neral-Karjat
The authorities are taking all necessary steps to provide necessary infrastructure for growth of this region. They are developing infrastructure, knowledge-based industries and research centers around the Neral- Karjat region. In sync with this, the government has also taken up various infrastructure projects, which make Neral-Karjat among the most promising locations to buy or invest in property this Gudi Padwa. While MTHL will shrink the distance to SoBo; the passenger railway line connecting Panvel and Karjat will ensure ease of travel and connectivity. The Alibaug-Virar Multi-Modal corridor and the Bhimashankar Highway will change the centre-point in the region; and property in Neral-Karjat will witness price appreciation in the coming months, which makes this Gudi Padwa the right time to invest in or buy for personal use, property in Mumbai 3.0.
Anand Doshi, Hon. Secretary, NAREDCO Progressive Neral-Karjat
A report by NAREDCO-Knight Frank, titled ‘Brick by Brick: Reimagining Affordable Mumbai’. The report, which was released during the ‘Manthan — Affordable City’ Initiative organized by NAREDCO Progressive Neral-Karjat in October 2022, points to the MMR having a significant demand-supply gap when it comes to affordable housing. According to the report, the MMR registered high demand for affordable housing units through 2022, with 67% of the demand being registered for units less than Rs 25 lakh. The demand for housing units in the range of Rs 25 – 50 lakh was recorded at 13% and units above Rs 50 lakh at 20%. Neral Karjat has offerings across projects which can easily meet these requirements. From the affordable home seeker to the mid-range home to luxury villas this region offers what is arguably, the widest range of property in the MMR. The mantra to meet growing demand for affordable housing is ‘Affordable City.’ The authorities are creating more infrastructure; law makers are supporting this development with focus on supporting carbon-neutral industries, which will go a long way in ensuring proper development of Mumbai 3.0.
Hitesh Chaudhary, Hon. Treasurer, NAREDCO Progressive Neral-Karjat
Real estate is largely sentiment-driven; festivals are an apt example of the same. Some festivals are seen to be enhancing the positive sentiments which result in home buying; Gudi Padwa being one of those. Historically, real estate sales witness higher numbers during the festival of Gudi Padwa, and this reflects in the importance that real estate gives to the festival. Enhanced connectivity will drive economic growth and jobs in the region over the next year; Neral-Karjat is shaping up to become an education hub with JIO University and XLRI University leading the big names, even as the region develops as a carbon neutral industry hub. Add to these agro-tourism, which ensures sustainable and eco-friendly development. These are factors which make Neral-Karjat among the best options to invest or buy property in this Gudi Padwa.
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