CBRE: Investors’ interest in Navi Mumbai and Thane properties on a rise
According to CBRE, the world’s largest commercial real estate services firm, the interest of property investors in the real estate market of Navi Mumbai and Thane has been increasing, thanks to the proposed development of an international airport and other key infrastructure projects in the city of the 21st century. Besides, skyrocketing interest rates and property prices in Mumbai and its suburbs are also motivating investors to shift focus towards the relatively affordable projects in Navi Mumbai.
The increased demand of these affordable projects has hiked the property prices in these suburbs by 7-8% between July 2011 and June 2012. In the meanwhile, the apartment prices in south and central Mumbai have soared at a modest 2 – 4% over the same period.
Anshuman Magazine, CMD of CBRE, South Asia:
“There are some end-users too, but the larger portion is investors. Apart from ongoing and proposed infrastructure development, price is definitely a pull factor.”
The report by CBRE further highlighted the increasing interest from investors in lesser-known nodes such as Ulwe, Karanjade and Dronagiri in Navi Mumbai. Investors are more interested in these areas due to their proximity to the proposed airport, according to the CBRE report.
Source: The Economic Times
