May 21, 2022

Over 26,000 house registrations recorded in Navi Mumbai in Jan-Mar quarter

Realty Project 1

As per the Maharashtra Chamber of Housing Industry (MCHI-Navi Mumbai), total 26,484 house sales were recorded in the registration offices in Panvel, Vashi, and CBD-Belapur, with a majority of 2,184 registrations from the five registration offices of Panvel.

NAVI MUMBAI: More than 26,000 house registrations have been recorded in the last quarter of the financial year 2021-2022 (January 2022 to March 2022). City developers have called the numbers good for the real estate market.

As per the Maharashtra Chamber of Housing Industry(“MCHI-Navi Mumbai“), total 26,484 house sales were recorded in the registration offices in Panvel,Vashi, and CBD-Belapur, with a majority of 2,184 registrations from the five registration offices of Panvel.

“With the declining Covid-19 cases and lifting of lockdown, the real estate business is picking up. We expect more sales in the next two fiscal quarters as the citizens are showing interest in Navi Mumbai properties, especially in the growing Panvel areas, including ,Ulwe,” senior vice president, MCHI-Navi Mumbai,Manohar Shroff, said.

He, said the carpet rate for residential houses in Ulwe is currently in the range of Rs 6,500 to Rs 8,000 per square foot, while that in Vashi, being the oldest and most developed node of Navi Mumbai, it still remains highest at Rs 15,000 to Rs 22,000 per square foot.”

Shroff further said that in comparison to the 26,000 registrations in the last quarter, the figures for the corresponding period in 2021 were only 16,400, mainly because of the second Covid wave-induced lockdown rules.

“Since the state government has reduced stamp duty rates on property deals from 6% to 3%, more customers have come forward to buy ready-possession houses, and also those under construction. The city builders are further anticipating a rise in property sales this year,” he informed.

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