How Navi Mumbai Will Unlock The Good Times For Brokers
The Navi Mumbai real estate market has got a shot in the arm with the Bombay High Court’s decision to vacate its stay on state government’s move to raise the Floor Space Index (FSI) in the township from 1-1.5 to 4. The Maharashtra government had proposed to increase FSI under its Cluster Redevelopment policy.
What does it mean for brokers?
Property owners will be on a look-out for deals with builders and redevelopment specialists in order to add more floors to their properties and brokers can strike good deals in an upbeat scenario. The move will present an opportunity for builders as well, as they will try to get the best re-development deals from property owners.With the higher FSI, real estate developers and property owners will be able to add more floors to their under-construction and existing properties. In return, this will open doors of opportunities for real estate brokers.
This way, both the parties of the game will engage brokers who can help them make good deals and you can benefit from both sides of such transactions.
So, if you are operating in Navi Mumbai property market, it will be worthwhile if you start thinking in this direction and start developing a database of property owners and builders who may be interested in re-development. After all, it is a sound business opportunity for all the parties.
Icing on the cake
The development of Navi Mumbai airport in Panvel will come under full swing as GVK has withdrawn its stake from the Bangalore Airport project. GVK, in various media reports, has clearly stated that this move will help them focus on the Navi Mumbai project. This step will further raise sentiments of homebuyers searching for residential properties in this satellite township encompassing 14 nodes viz. Airoli, Ghansoli, Kopar Khairane, Vashi, Sanpada, Nerul, CBD Belapur, Kharghar, Kamothe, New Panvel, Kalamboli, Ulwe, Dronagiri, Taloja, Karanjade.
With the implementation of Real Estate Regulatory Authority (RERA), developers will not be able to launch new projects recklessly. Therefore, the number of new launches will go down significantly. This trend may appear to be negative in the first look but if you re-align your strategy, you will be able to turn this challenge into an opportunity.
In the past three years, the average prices of residential apartments in the Navi Mumbai areas have witnessed a modest rise from Rs 6,300 to Rs 7,100 per sq ft and the prices are likely to recover in the mid-term.
Notably, Maharashtra is the first state in India to implement RERA.