Navi Mumbai residential launches witness 5% increase in flat sizes in H2 2020

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The city registered residential sales of 2,384 units in the second half of 2020 and new launches at 2,860 units during the period. Home sales in MMR witnessed a rise of 10.39% YoY to 30,041 units in H2 2020 and new launches saw a decline of 25.26% YoY to 26,904 units.

In the backdrop of rising demand for relatively bigger homes owing to the ongoing pandemic, the apartment size in new launches in Navi Mumbai has seen a rise of 5% to 722 sq ft in the second half of 2020, showed a Knight Frank India report.

The city registered residential sales of 2,384 units in the second half of 2020 and new launches at 2,860 units during the period. Home sales in MMR witnessed a rise of 10.39% YoY to 30,041 units in H2 2020 and new launches saw a decline of 25.26% YoY to 26,904 units.

The boom in residential sales can largely be attributed to the state government’s reduction in stamp duty reduction from 5-7% to 2-4% across various Mumbai Metropolitan Region (MMR) regions effective for 7 months from September 2020.

Residential property prices in the areas of Kharghar (6,700 – 9,000 psf) and Panvel (3,800-6,500 psf) have witnessed a 4% on-year correction, while prices in the residential market of Vashi (10,000 – 15,000 psf) witnessed an on-year correction of 2% in the second half of 2020, Knight Franks said.

As homebuyers in the mid and high-income groups have made most of the lower stamp duty window, 57% of units sold in MMR were in the over Rs. 50 lakh segment.

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