Many developers say that this will impact the real estate industry not only in Navi Mumbai but even in central suburbs.
The news that in Navi Mumbai's Sanpada, City and Industrial Development Corporation (Cidco) has identified 230 hectares of land where they aim to construct 1.09 lakh homes has created a hullabaloo in the real estate industry. Many developers say that this will impact the real estate industry not only in Navi Mumbai but even in central suburbs.
Arvind Goel, a developer from Navi Mumbai said, "This move by Cidco will impact the 1-BHK homes. Especially the market where people pay Rs 3,00-3500 per sq ft. Those home buyers would wait and instead of investing in homes in far-flung areas like Neral, Karjat they would opt for these homes.
According to data already in the Mumbai Metropolitan Region (MMR), there are around 2.2 lakh homes that are unsold. Cidco is constructing 2.2 lakh homes in different nodes of Navi Mumbai, this even includes the 1.09 lakh homes at Sanpada.
Many developers say that this would mean people will stop going to outskirts. "Areas like Panvel and even on the central suburbs will be impacted because of this," said Haresh Chedda another developer from Navi Mumbai.
However, Chedda further claims that this huge inventory of affordable housing would mean that inquiries for affordable housing in Navi Mumbai would mean that there will be more opportunities for local developers. "Developers will have to re-think their strategies on how they will manage to attract the crowd that will come to Navi Mumbai, and especially for the affordable segment," said Chedda.
Some developers fear that many home buyers who would now put their purchase on hold hoping to be able to buy an affordable home at Sanpada.
Goel says that there's is no doubt that there would be a lot of expectations and even the number of applications would be good for the Cidco homes. "This would also mean a boost for the economy of Navi Mumbai, as many people would come once these homes are constructed and sold, that means new business, would crop up here and that will directly help the economy of Navi Mumbai."
Goel says areas in central suburbs will be impacted majorly because of these new homes. "Nahi Mumbai still has better infrastructure compared to a Kalyan or Dombivali and Sanpada as such is hardly 45-minutes by road from Mumbai. So people will prefer coming here.
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