“With over 21 million sq ft of housing sold over the last two years, Navi Mumbai is fast emerging as the preferred destination for home buyers in the Mumbai Metropolitan region,” CBRE India said in a statement.

More than 16,000 housing units have been sold in the last two years in Navi Mumbai, the consultant said.

To provide further thrust to the trend, CBRE India has partnered Young Optimists of Urban Townships and Habitats (YOUTH) to organise a four-day property show — CBRE PropFair — in Navi Mumbai starting May 20.

Navi Mumbai being preferred by homebuyers in MMR: CBRE
Navi Mumbai being preferred by homebuyers in MMR: CBRE

“The end objective of the CBRE PropFair is to provide potential home buyers with an array of options to consider from to realize their dream of owning their own home in the city,” CBRE India said.

The property fair would witness participation from close to 150 developers with properties in a price range of Rs 9 lakh to Rs 2.5 crore, it added.

Besides housing, the property exhibition would showcase plotted schemes, commercial office spaces, retails shops and industrial opportunities available in the city.

“This event offers a chance to the consumers to engage with all the developers under one roof and select the best possible option for themselves,” said A S Sivaramakrishnan, Head, Residential Services, CBRE India.

Navi Mumbai would continue to interest both end users and investors as attractive price points coupled with significant infrastructure developments like the upcoming airport, metro corridor and ease of connectivity with Mumbai and Thane, make this region an attractive residential destination, CBRE said.

The strong growth in Navi Mumbai’s office leasing activity (close to 8 lakh sq ft of absorption in 2015) has further generated substantial demand for residential apartments.

Along with the established micro-markets of Vashi, Kharghar, Airoli, Nerul etc, demand has now percolated to emerging micro-markets such as Panvel, Ulwe, Taloja etc.

“As infrastructure further improves and project completions increase, capital values in the region are likely to inch up in the near future,” CBRE said.

Navi Mumbai being preferred by homebuyers in MMR: CBRE