Navi Mumbai – The Real Estate Growth Hub
Ashok Chhajer, Chairman & Managing Director, Arihant Superstructures Ltd
What are the reasons for Navi Mumbai’s growth as a real estate hub?
Navi Mumbai is a very good example of how a planned city can make life easier for its residents both in terms of physical and social infrastructure. Further, Navi Mumbai is home to the biggest names in industry such as Reliance, TCS, Infosys, Capgemini etc. attracting talent from across the country. Planned infrastructure, fast expanding commercial hubs and growing employment opportunities will ensure that Navi Mumbai remains a thriving real estate hub.
What is the current scenario of residential real estate in Navi Mumbai?
The City registered Residential sales of 2384 units in the 2nd quarter of 2020 and new project launches @ 2860 units during the same period the city also witnessed a growth of sales @ 10.39% viz a viz previous quarter of 2020 in the Navi Mumbai Region.
How can developers maintain the current momentum of high sales?
Firstly, the sales is a function of product quality and experience and the value developers built in their offerings, On tactical front, leveraging the power of technology through Innovative ideas and techniques of reaching out to the customer through online mediums, arranging online sales meetings, Sharing the project details through Digi-tours and Project videos through Mobile mediums & emails and even getting the bookings done online for their preferred choice of unit and project.
With government focus on land monetization and connectivity infra development, how will it impact real estate growth?
Government focusing on land monetization and connectivity infra development opens up newer geographies of growth which results in increased public and private investments contributing especially to the expansion of existing satellite towns and tier 2 cities.
How to address the liquidity challenges faced by the developers?
The best way to address the liquidity challenges is to focus on operational cash flows by prioritizing costs and managing cash flows, maintaining continuous flow of sales, channelizing the funds to the construction activity on existing sites and increasing collections. This will be imperative to generating liquidity for the developers.