Home buyers prefer Western Suburbs, Navi Mumbai

It seems that the new town has finally attracted the investors’ crowd, as per the latest Housing Sentiment Index (HSI) Report.

Navi Mumbai is the second most preferred region of Mumbai, second only to Western Suburbs. Interestingly, buyer sentiments remained negative for both the regions while areas such as Thane, Central Mumbai, and South Mumbai recorded higher sentiments. This is basically due to increased number of interested buyers in the region who are looking for prices to fall and seal the deal.

What has made Navi Mumbai one of the choicest investment destinations?  Its long-term growth plan. The depreciating sentiments that have been recorded can be attributed to high property prices. In fact, some projects have not yet received completion certificate while others are yet to receive clearances from the Environment Ministry.  Interior areas of Navi Mumbai are still struggling for break-free connectivity to important business centers and marketplace.

In case of Western Suburbs, given the affordability of Pune, developers are finding it difficult to sell their properties in Mumbai. The same goes for South Mumbai, where super luxury properties with decent amenities are available for Rs 5-8 crore while Pune offers similar property options within Rs 2 crore.

The Brihanmumbai Municipal Corporation (BMC) recently conducted a survey which reveals Goregaon to be the greenest area of Mumbai. While Western susburbs have always maintained their vanity for being livelier region of the city, Film City in Goregaon, Linking Road in Bandra West and celebrity addresses in Juhu have further kept the buyers glued to the region which is majorly out of desperation to live close to entertainment hubs.

Apart from this, availability of metro, mono rail and nearness to the international airport and business centers have captured the buyers’ interest in the region.

Source - http://content.magicbricks.com/industry-news/mumbai-real-estate-news-industry-news/home-buyers-prefer-western-suburbs-navi-mumbai/82605.html