Real cheer as 600 flats go for Rs 600 cr in Navi Mumbai

The realty market finally saw a bump with a four-day exhibition in Navi Mumbai which  saw sales of 600 apartments worth over Rs 600 crore. 

Over a lakh people turned up for the exhibition. Most of the takers were for the affordable housing segment, with 360 affordable flats being sold. The trend is indicative of the demand for affordable homes, whether developed by a private builder or the Maharashtra Housing And Area Development Authority . 

For the MHADA lottery for 1,384 homes in Mumbai scheduled to be held on December 16, over 1.97 lakh applications have been received. 

The exhibition was organised by CREDAI-Builder Association of Navi Mumbai, and its president, Haresh Chheda, said, “The footfall of more than a lakh people is one of the highest we have received. All participating developers did business amounting to Rs 600 crore. We managed to transact some 600 flats. Of this, 360 were in affordable segment, 120 in the middle-income group, and 120 in the high-income group.” 

He said the maximum demand was for affordable homes, in the price bracket of Rs 10 lakh to Rs 1 crore, followed by those in the Rs 1 crore to Rs 2.5 crore bracket. 

There are areas in New Panvel and Ulwe and their surroundings where one can get flats for up to Rs 50 lakh.  

In the upper segment were flats in Ghansoli, Kharghar, Vashi, Nerul and others. Vashi’s Palm Beach Road has duplex flats costing way above Rs 20 crore. 

“Here affordability with connectivity  and infrastructure is the plus point,” Chheda said.