NAVI MUMBAI: The Navi Mumbai realty wing of Maharashtra Chamber of Housing Industry (MCHI) has informed that there is improvement in sales and registrations of houses and commercial properties from March to July this year, as 16346 property transactions were reported in various registration offices from Panvel to Vashi, till July 31.
Real estate watchers said that with the upcoming festivals like Ganeshotsav and Diwali, more realty sales will occur, as lockdown restrictions are being eased.
The senior vice president of MCHI-Navi Mumbai, Manohar Shroff, said, "Despite the second wave of the pandemic and the lockdown, the market sentiments are slowly getting better. At the seven registration offices from Panvel to Vashi, our study shows that there is a steady increase in sales and registrations of properties. Of the total 16346 registrations done from March to July, around 20% are for house rental deals, while the rest are realty sales after paying stamp duty.''
Shroff further commented, "After the government of Maharashtra reduced the stamp duty rates from 6% to 3% on property deals, more and more customers are coming forward to buy both ready-possession houses and also those under construction. The city builders are further anticipating rise in property sales once the auspicious Ganesh Chaturthi begins, followed by Dhanteras, Diwali, Christmas and New Year."
Another market watcher added, "`The new and developing nodes like Ulwe are also witnessing more property deals, as the working class people have again started searching for rentals and owned houses which are close to Navi Mumbai and also linked to Mumbai by rail and road.''
Shroff informed, "The carpet rate for residential houses in Ulwe is currently in the range of Rs 6500 to Rs 8000 per square foot (psf), while that in Vashi still remain highest at Rs 15000 to Rs 22000 psf. This is because Vashi is the oldest and most developed node of Navi Mumbai, hence real estate pricing is maximum here.''
