Is Navi Mumbai and Thane, A new homebuyers’ hub?
Affordable houses are driving homebuyers towards Thane and Navi Mumbai out from the metropolitan city – Mumbai. This shows a boost for cheaper houses in the realty sector, which has been on a downward spiral for month due to GST and RERA.
The areas in and around Thane and Navi Mumbai are becoming increasingly popular with homebuyers, as apartments cost less than Rs 50 lakh. Between January and March this year, 11,980 apartments were sold, compared to 10,997 in the last three months of 2017.
Meanwhile, in Mumbai city, sales and launches have dropped. Only 5,163 apartments were sold between January and March 2018, down from 5,854 in the last quarter of 2017.
Builders raised realty prices to unaffordable levels, forcing buyers to postpone plans but this led the homebuyers choose affordable housing at distant places.