The year 2018 has been and still is an eventful year for the real estate market across the country. The impact of demonetization has slowly worn off, and the real estate was getting back on its feet when the government introduced the Goods and Service Tax(GST) in 2017 which unified many complex taxes into one single format. The year 2017 also witnessed the introduction of the Real Estate (Regulation and Development) Act which aims to protect the buyer’s interest and regulate the real estate market in the country.

The real estate market of Navi Mumbai started looking up after these eventful changes and here are some of the trends that are dominating Navi Mumbai:

1.The Real estate developers in Navi Mumbai witnessed a rise in the sale of residential and commercial units as the queries regarding GST on under-construction units were resolved.

2. The final quadrant of 2017-18 witnessed a surge in the home purchases as there were signs of improving economy. There were even indications of a marginal increase in the first quarter of 2018-19.

3.The Mumbai Trans Harbour Link and the construction of Navi Mumbai International airport also lead to an increase in the sale of projects in Ulwe and the other surrounding areas of Navi Mumbai.

4.Builders in Navi Mumbai are building world-class apartments full of amenities with pre-approval from RERA that guarantees and protects buyer’s interest.

5.The commercial buildings are also on the rise in the areas of Navi Mumbai. Many Information Technology parks and a proposed Special Economic Zone has seen an increase in the sales of flats in Kharghar and other surrounding areas of Navi Mumbai.

6.As Tier 1 cities like Mumbai is getting expensive by the day, many companies are looking for office spaces in Tier 2 cities like Navi Mumbai that not only offers buildings at a lesser cost but with the same amenities as the Tier 1 cities.

7.The government has also been pushing the all-around development of all the cities in India. The companies should consider expanding in the cities where the state governments are offering financial and non-financial incentives to companies basing their operations and boosting the local employment.

8.The City Industrial and Development Corporation of Maharastra are building crucial infrastructure projects such as the proposed Alibaug-Vihar highway, the Mumbai Trans Harbour link and the Navi Mumbai International airport that can handle up to 40 million passengers a year.

9.If the buyer is investing in flats in Ulwe or any other area of Navi Mumbai, there are chances that the rental income can rise steadily over the years. Due to its locational and infrastructural advantages, many buyers are interested in owning residential property in Navi Mumbai.

10.The significant steps taken by the Government like the Pradhan Mantri Awas Yojana that provides a subsidy for the first home buyers and the stable interest rates have prompted all types of salaried class people to purchase their dream home.

These are some of the trends that have been spearheading the real estate in Navi Mumbai. As far as the base values of the properties stay stable, investors can benefit from their real estate investments in the area of Navi Mumbai.

Source:http://siddhivinayakhomes.co.in/2018-trends-dominating-real-estate-market-navi-mumbai/