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PropIndex | Magicbricks
Residential Market Insights
Strong fundamentals sustain the long term potential of Navi Mumbai
Navi Mumbai has historically grown as an affordable alternative to Mumbai for both commercial and residenialsegments of real estate. Inspite of a country-wide lockdown trigerring varying levels of price decline across cities,Navi Mumbai managed to ward off any major price decline on the back of a strong commercial segment and wellplaced residential localities around economic hubs.
Additionally, even though the buyer interest was temporarily disrupted due to the lockdown, developers seem to beholding on to their inventory rather than offering steep discounts to increase sales, in anticipation of improvedmarket conditions by the year end, owing to the city's strong fundamentals.
5 YearChange YoY QoQ
-0.4%3.0%18.2%
5 YearChange YoY QoQ
-0.5%-2.0%20.5%
"Theunder-constructionsegment of Navi
Mumbai has been risingsince 2014, but pricesfell by 2% in the last
one year"
Navi MumbaiApr-Jun 2020
Parameters India Navi Mumbai
Demand+ -27% -45%Supply++ -43% -55%Price Index+++ -1.5% -0.4%
"Prices ofready-to-move (RM)properties marginallyfell by 0.4% QoQ, butstill managed a growth
of 3% YoY"
Notes:Above parameters represent QoQ change in Q2 2020 atIndia and city level + change in volume of property searches ++ change in volume of active listings +++ change in the weighted average price
Source: Magicbricks Research
Paradise Group
Bhagwati Group
Akshar Group
Adhiraj Constructions
Indiabulls Greens
Gajra Developers
Juhi Developers
Arihant Superstructures
Marathon Realty
Tricity Reality
Moraj Residency Sanpada
Indiabulls Greens Panvel
Fortune City Panvel
Sidhivinayak Kopar Khairane
Ekvira Complex Rabale
Govinda Sector 35-Khargar
Sairaj Golden View Old Panvel
Bhagwati Greens Kharghar
Haware Karekars NisargPanvel
Sky Home Kharghar
Average changes in prices for localities in various price segments
Market Dynamics
Ready to Move Price Index
Under Construction Price Index
- Investment hotspot of Ulwe likely tosee continued rise in demand on theback of developing civic infrastructure,as well as newly operational railconnectivity from Kharkopar to Neruland Belapur.
- Reduction in stamp duty by 1% toreduce total cost of buying a home inNavi Mumbai. - Economic slowdown expected tofurther prompt businesses and homebuyers to shift to lower priced satellitecities like Navi Mumbai, therebyincreasing demand.
"Except the premiumsegment, most otherprice brackets
witnessed mild pricedecline"
Key Trends to Watch Out
2014
2015
2016
2017
2018
2019
2020
5,000
6,000
7,000
8,000
9,000
10,000
2014
2015
2016
2017
2018
2019
2020
5,000
6,000
7,000
8,000
9,000
10,000
Price Bracket (INR per sqft)
< 7,000 7,000-9,000 9,000-11,000 > 11,000
RM UC RM UC RM UC RM UC
-1.5%
-0.7%
-1.0%
-0.4%
0.1%
-1.6%
-0.5%
0.8%
Key Projects
Key Developers based on activelistings
Project Name Locality
Average Price INR per sqft
Average Price INR per sqft
The above table represents the top developers by share ofactive listings on Magicbricks website in Q2 2020
Source: Magicbricks Research
Note:The above table represents the top projects by consumerpreference on Magicbricks website in Q2 2020
Source: Magicbricks Research
Notes:1. Ready to move price index represents the weighted average price of completed properties on Magicbricks website as on June 20202. The trend line represents the average prices of dominant asset class in each locality of the city. Source: Magicbricks Research
Note:1. Under-construction price index represents the weighted average price of under-construction properties on Magicbricks website as on June 20202. The trend line represents the average prices of dominant asset class in each locality of the city.
Source: Magicbricks Research
Note:Above table represents the price changes for Ready to move (RM) and Under construction (UC) properties for dominant asset classes in each locality under various pricebuckets as on June 2020
Source: Magicbricks Research
Page 1© magicbricks.com
1 BHK46%
2 BHK39%
3 BHK12%
Above 3 BHK3%
DEMAND
Demand Supply Analysis Navi Mumbai | Apr-Jun 2020
Demand-supply mismatch amongst lower price buckets
1 BHK most demanded configuration, followed by 2 BHKCommercial hubs and upcoming infrasustain Navi Mumbai market
While smaller configuration homes still continueto be preferred by buyers in Navi Mumbai, thedemand for 1 BHK homes has gone down to 46%from 50% in the last quarter. However, there isstill a noticeable demand-supply mismatch for 1BHKs in the market.
"1 and 2 BHK most demandedconfiguration in Navi Mumbai as buyers look for affordability
in a costly market"
- Developing localities priced within INR 7,000per sqft such as Taloja, Panvel, Karanjade, andDronagiri have witnessed majority of thedemand, owing majorly to the upcominginternational airport and metro line. However,the supply has not been able to keep up with thedemand for this price segment.
- Major areas surrounding IT and industrial hubs,including Airoli, Ghansoli, Kharghar, CBDBelapur, Nerul, Sanpada, and Kopar Khairanewhich are priced above INR 11,000 per sqft arewell catered, with respect to the demand inthese areas.
- However, the critical INR 7,000- 9,000 per sqftsegment has become oversupplied in recentyears. High levels of unsold inventory built up invarious large scale residential projectsundertaken by developers in recent years inlocalities such as Kharghar, Kalamboli, OldPanvel, New Panvel, Kamothe, Bamandongri, andUlwe.
Top Micromarkets by consumersearches
Propensity of demand and supply in terms of searches andlistings by localities
1 BHK37%
2 BHK47%
3 BHK14%
Above 3 BHK2%
SUPPLY
9,000-11,00016%
7,000-9,00028%
> 11,00020%
< 7,00037%
SUPPLY Price buckets in INR per sqft
Top Micromarkets by active listings
9,000-11,00013%
7,000-9,00019%
> 11,00020%
< 7,00048%
DEMAND Price buckets in INR per sqft
Notes:1. Demand represents property searches on Magicbricks website during Q2 2020, segregated by Bedroom, Hall, Kitchen (BHK) configuration2. Supply represents active listings on Magicbricks website during Q2 2020, segregated by BHK configuration
Source: Magicbricks Research
.Notes:1. Demand represents property searches on Magicbricks website during Q2 2020, segregated by price buckets2. Supply represents active listings on Magicbricks website during Q2 2020, segregated by price buckets
Source: Magicbricks Research
Note:1. Above map depicts the key localities of the city, with the size of the bubble depicting demand (consumer preference) /supply (active listings) forproperties in the localities on Magicbricks website in Q2 20202. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
Source: Magicbricks Research
Note:1. Top micro-markets of the city, ranked by their active listings onMagicbricks in Q2 20202. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Note:1. Top micro-markets of the city, ranked by number of searches onMagicbricks in Q2 20202. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Seawoods
Karanjade
Dronagiri
Road Pali
Ghansoli
Airoli
Ulwe
© OpenStreetMap contributors
Demand/SupplyDemand
Panvel 4000 - 9300
Ulwe 6000 - 9050
Vashi 9150 - 17800
Kharghar 7050 - 10950
Kamothe 6200 - 9050
Airoli 9500 - 14300
Nerul 10150 - 16450
11
22
33
44
65
76
57
Ulwe 6000 - 9050
Panvel 4000 - 9300
Kharghar 7050 - 10950
Taloja 4350 - 8850
Kamothe 6200 - 9050
Airoli 9500 - 14300
Vashi 9150 - 17800
11
22
33
44
55
66
77
Micro-Market Price Range Rank Rank Q2-20 Q1-20
Micro-Market Price Range Rank Rank Q2-20 Q1-20
Page 2© magicbricks.com
Note:1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q2 20202. Color of the bubble represents price change in Q2 2020, with green color representing price increase and red color price decrease.3. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
LocalityAvg.Price
PriceChange
Rasayani
Taloja
Dronagiri
Palava
Karanjade
New Panvel East
New Panvel
Panvel East
Panvel
Sector 30-Khargar
Taloje Panchanand 0.6%
-3.8%
-1.7%
-5.2%
-3.6%
-1.9%
-1.7%
0.9%
0.3%
-1.9%
1.0%
6,980
6,923
6,725
6,692
6,577
6,022
5,982
5,927
5,325
5,318
3,512
< INR 7,000 psf INR 7,000-9,000 psf INR 9,000-11,000 psf > INR 11,000 psf
Price Analysis Navi Mumbai | Apr-Jun 2020
- Most of the localities on the Thane-Belapur Road had a positive price change for the quarter, as it has access to most employment hubs in and around NaviMumbai. In particular, Airoli, Kopar Khairane, Sanpada, and CBD Belapur, had price increment of 1-5%.
- Price decline was restricted to peripheral localities of Panvel, Taloja, Karanjade, and some sectors of Kharghar, where prices fell by 1.5-4%. Source: Magicbricks Research
LocalityAvg.Price
PriceChange
Kharghar
Sector 11-Khargar
Sector 19-Khargar
Sector 12-Khargar
Sector 15-Khargar -1.8%
-4.0%
0.0%
-4.1%
0.8%
10,369
9,249
9,215
9,175
9,086
Locality Avg. PricePrice
Change
Kopar Khairane
Belapur
Ghansoli
Airoli
CBD Belapur
Seawoods
Nerul
Vashi
Sanpada
Palm Beach Rd 0.4%
2.9%
-4.6%
1.7%
1.6%
4.4%
0.9%
0.4%
-2.3%
4.9%
18,126
15,173
13,990
13,305
12,614
12,376
11,892
11,795
11,708
11,442
Note:1. Above is the list of major localities of the city, with information about their average prices and QoQ price changes in Q2 2020. This is an interactive table available on Magicbricks.com under Propindex section.2. The locality prices are calculated by averaging the prices of all properties in a locality in multi-storey and builder floor segment, after removing the outlier properties that might distort the overall prices.3. The four tables above categorize the localities in various price buckets.4. The color of the numbers represent the price change in Q2 2020, with green color representing price increase, red color price decrease, and grey as neutral. Source: Magicbricks Research
Disclaimer: The data represented above is compiled by MagicBricks from multiple sources. MagicBricks gives no warranty, express or implied, as to the accuracy, reliability, and completeness of any information and does not acceptany liability on the information which may or may not be subject to change from time to time due to Governmental or non Governmental regulations/directions.
Q2 2020 Price changes for the city's major localities
Locality Avg. PricePrice
Change
Old Panvel
Kalamboli
Road Pali
Ulwe
Bamandongri
Kamothe
Khanda Colony
Sector 37-Khargar
Sector 34-Khargar
Sector 36
Sector 35-Khargar
Sector 18-Khargar
Sector 21-Khargar
Sector 20-Khargar -4.0%
-2.9%
1.9%
0.6%
1.0%
-4.8%
-2.3%
-3.8%
0.9%
1.4%
0.5%
3.5%
3.3%
4.7%
8,935
8,871
8,752
8,587
8,500
8,307
8,243
7,749
7,676
7,650
7,606
7,357
7,324
7,002
Surabhi Arora | Head of Research Devendra Lohmor | Chief Manager Ankur Upadhyay | Data Manager Deepak Rajput | Sr. Research [email protected] [email protected] [email protected] [email protected]
Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
For more information and research related queries, please contact:
Seawoods1.6%
Karanjade-1.7%
Dronagiri0.3%
Rasayani1.0%
Ulwe0.5%
© OpenStreetMap contributors
-7.5% 7.5%
-5% -2.5% 0% 2.5% 5%
Page 3© magicbricks.com
