Bhupendra Shah of Bhumiraj Group talks about real estate boom in Navi Mumbai
Chairman Trustee Board, BANM explains why Navi Mumbai stands out for home buyers By A Correspondent, Mumbai Despite the Covid pandemic and over all recession in the real estate market, elsewhere, the situation in Navi Mumbai is buoyant and the future bright believes Bhumiraj group, Chairman and Managing Director, Bhupendra Shah. This he says is because the city caters to the affordable to mid segment housing demand of the people coupled with the development of mega projects by CIDCO.
A report 'Navi Mumbai - City of Possibilities’ by ANAROCK Property Consultants and CREDAI has confirmed that nearly 80% of the overall residential project launches in Navi Mumbai in the last few years have been in the affordable (< ₹40 lakh) and mid-segment ( ₹40 lakh – ₹80 lakh) budget range. According to Bhupendra Shah, “While there is talk of unsold stock all over MMR region, less than 15% of the stock is unsold in the city and even that is reducing. Home buyers are increasingly flocking to Navi Mumbai due to the quality of life and advantages it offers.” Explained Shah, “Navi Mumbai's real estate market is on a major upswing now, with the proposed development of the international airport, a Special Economic Zone (SEZ) and other major infrastructure initiatives giving a major boost to the region.” He added, “Also, Navi Mumbai's Ease of Living ranking of 6 among 111 cities in India and 2nd in Maharashtra outshining Greater Mumbai, Thane and many prominent tier II cities as well as other metropolitan cities speaks volumes of the progress by this new city in just a few years against cities that have been in existence for hundreds of years.”
According to Bhupendra Shah, who is also Chairman Trustee Board, Builders Association of Navi Mumbai (BANM) Founder Trustee, “Navi Mumbai's primary USP has been CIDCO's cautiousness in carrying out multiple developmental projects by maintaining ecological balance and sustenance. Apart from the accent on IT/ITeS as a primary economic driver, its generous greenbelts, parks and water bodies help maintain a balanced real estate landscape with CIDCO allocating almost 45% of the available land as a green zone.” Stated Shah, “In the backdrop of Mumbaikars' constant quest for a better work-life balance amidst the chaos of rapid urbanization and steep property prices, Navi Mumbai presents an oasis of organization and calm to homebuyers - and a wealth of opportunities for property investors.”