Imagine having a tourist destination near the city, and that too on an Island. If all goes well then soon this dream for many may turn into reality.

The City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) is appointed the new town development Authority of Navi Mumbai under the Maharashtra Regional and Town planning act 1966 and is engaged in the development of Navi Mumbai.

The purpose of CIDCO at the time of its creation was to develop Navi Mumbai as a counter magnet town for Mumbai in Maharashtra.

CIDCO is now functioning as New Town Development Authority and Special Planning Authority for the development of several new towns across Maharashtra by planning and developing entire urban infrastructure, providing municipal services, and executing large-scale infrastructure projects including Navi Mumbai International Airport, Navi Mumbai Metro, International Corporate Park etc.

CIDCO has developed 14 nodes of Navi Mumbai which are divided into north and south parts. The seven nodes that fall in North Part are Airoli, Koparkhairane, Vashi, Sanpada, Nerul, and CBD Belapur on the southern part Kharghar, Kamothe, Kalamboli, Pushpak, Panvel, Ulwe and Dronagiri are the same seven nodes.

Nhava Island is located approximately 5 km from Ulwe node towards the creekside. CIDCO is in possession of approximately 60 ha of land pocket at Nhava Island. This is a peninsular area with Karanjade and Thane creek spanning on three sides facing the historic Elephanta islands.

The Nhava Island location is situated very close to the Mumbai Transharbour Link (MTHL) connecting Sewri and Nhava and is well-connected to Ulwe node/township.

The land parcel situated on Nhava Island is along the coastal stretch, the Coastal Zone Regulation permission is applicable. As per the Coastal Zone Management Plan applicable to the area, about 30 ha of land, falls in CRZ II.

A notice inviting expression of interest (EOI) for the development of Nhava Island located at Navi Mumbai was issued by CIDCO on Sunday.

As per the Navi Mumbai Development Plan, this area falls in the Regional Park Zone. The notice stated, “CIDCO is of the view that this entire land parcel on Nhava Island can be used for tourism development or is an excellent location for cultural and social activities like a picnic spot.”

The notice further read, “In order to create interest in this project amongst the prospective investors and buyers and seek inputs from them this EOI document is being released. The document expects to provide interested parties with the relevant information regarding the project and to invite feedback from interested private sector applicants. The applicants are advised to study this EOI document carefully before submitting their feedback and suggestions in response to the EOI notice.”

The feedback and suggestions received as part of the response from the industry participants to this EOI document may or may not be used towards formalising the RFP for the project which is proposed to be released in the near future. No prequalification of applicants is proposed to be done as part of this EOI. The right to accept/reject any or all the responses received is reserved with authority without assigning any reason their off.

The notice further stated, “Any person form interested to develop must submit the EOI as per formats given in the EOI documents In a sealed envelope. Applications should be sent to CIDCO on or before 5 pm of July 29, 2021.”

Also Read: 12 CIDCO Plots In Navi Mumbai Up For Grabs

The post Island near Mumbai to be Developed as Picnic Spot appeared first on Square Feat India.

By Varun Singh

Mumbai Metropolitan Region (MMR) sold a total of 18,012 units in the last quarter of the financial year 2020-21.

While almost all the areas in MMR witnessed a growth in sales, one specific area sold maximum number of units.

MMR as per a report of Liases Foras a real estate research firm is divided in eight zones or areas.

They are Island city, Central suburbs, Western suburbs, Thane, Navi Mumbai, Central suburbs extended, Western suburbs extended, and Panvel.

In Q4 2020-21 Island city saw a sales of 631 units, at the same time, Central suburbs saw a sales of 2,193 units and Western suburbs witnessed 2,951 sales.

Thane saw sales of 2,128 units, New Mumbai had 1,885 sales, Western Suburbs extended saw a total sales of 2,007 units, while Panvel witnessed a sales of 539 units.

The most number of sales in entire MMR was registered in Central suburbs extended, a total of 5,678 units.

In terms of unsold stocks Central suburbs extended has the highest number of unsold stocks in MMR. Central suburbs extended has a total of 77,095 unsold units.

Island city has 16,673 units, Western suburbs has 43,735 unsold units, Central suburbs has 48,521 unsold units. Thane, New Mumbai, Western extended sububrs and Panvel has 27,520, 18,511, 40,182 and 14,755 unsold units respectively.

QoQ
• Sales increased Central Suburb by 54%, followed by western
suburb (53%), Thane (51%), Island City (35%), and Centra
Suburb Extended (17%).
• Sales decreased in Panvel by 19%, followed by Western Suburb
Extended (-9%).
• Unsold stock reduced 7% in New Mumbai, followed by Thane
(5%), Central Suburb Extended (3%), and Panvel (2%).
• The unsold stock increased in Western Suburb (4%) and 3%
each in Central Suburb and Western Suburb Extended.

YoY
• Sales increased maximum in Western Suburb (38%) and Central
Suburb (30%) followed by Thane (16%) while it decreased
maximum in Panvel by 38% and Western Suburb Extended by
15%.

Overall India, the eight major cities saw a sales of 69,697 units in the last quarter of 2020-21. Here MMR recorded the highest sales with 18,012 units, while Pune followed with sales of 12,950 units.

Ahmedabad recorded 6,990 sales, Bangalore saw 9,997 sales,Chennai recorded 3,621 sales, Hyderabad saw a total of 5,943 sales, Kolkata saw 3,054 sales, while NCR recorded a total of 9,130 sales.

QoQ
• Tier I cities had recorded sales of 69,697 units in the Mar quarter (Q4 FY 20-21) which is a 32% growth compared to last quarter when the sales were 52,727 units.
• Sales across the Tier I cities have increased by 32%, with all cities showcasing an upward movement.
• Sales witnessed maximum recovery in Bangalore by 72%, followed by NCR (46%), Chennai (40%), Hyderabad (33%), Pune (30%), MMR (20%), and Kolkata (16%).
• Sales increased minimum in Ahmedabad by15%

YoY
• Overall sales across tier I cities increased by 9%.
• Sales in Chennai witnessed maximum growth of 31% on YoY, followed by Pune (24%), Bangalore (19%), Hyderabad (18%), and MMR(7%).
• NCR witnessed the maximum decline (8%), Ahmedabad (7%), and Kolkata (2%).

Also Read: MMR Homebuyers Prefer Smaller Homes: Report

The post Which Area In MMR Sold Most Houses Last Quarter? appeared first on Square Feat India.

By Varun Singh

Island City, comprising of South Mumbai, and Central Mumbai saw a sale of only 204 units in the first quarter of 2020-21.

This is the lowest in MMR, which saw a total of 6,396 units being sold in Q1 of 2020-21.

Island City starts from Colaba/Cuffe Parade till Mahim and Wadala. It comprises of Altamount road, the Beverly Hills of South Mumbai, Worli, Lower Parel, Malabar Hill and other areas.

According to a report by Liases Foras, a real estate research firm, Island City in Q1 of 2019-20 sold 563 units. This figure went up in Q4 of 2019-20 to 642 units.

However, it came down to 204 units in Q1 of 2020-21 a drastic fall of 68% compared to previous quarter.

Western Suburb which starts from Bandra and ends at Dahisar saw a sale of 869 units in Q1 of 2020-21. The figure was 2,135 in Q4 of 2019-20, while it stood at 2,168 in Q1 of 2019-20.

Central Suburb which is from Sion till Mulund sold only 538 units in the Q1 of 2020-21, while in Q4 of 2019-20 it sold 1,683 units. In Q1 of 2019-20 the units sold stood at 1,760.

Western Suburb Extended that is from Mira Road to Virar sold 885 homes. In Q1 of 2019-20 it was 1,728 units, which rose to 2,355 in Q4 of 2019-20.

Central Suburb Extended which is from Kalyan till Bhiwandi, Titwala and Badlapur; witnessed the highest sales in Q1 of 2020-21. It sold 2,210 units in the first three months of the financial year. This figure stood at 5,285 units in Q1 of 2019-20, while 5,303 in Q4 of 2019-20.

Thane comprising of areas like Thane, Kalwa and Kasarwadavli, saw a sale of 1,050 units in Q1 of 2020-21. While it had sold 1,830 units in Q4 of 2019-20, and 2,284 units in Q1 of 2019-20.

Navi Mumbai comprising of Navi Mumbai till Taloja and Kamothe, Ulwe and Karanjade, in Q1 of 2020-21, sold only 346 homes. In Q1 of 2019-20, it had sold, 2,289 and 1,972 homes in Q4 of 2019-20.

Panvel also had a bad time in sales, only 294 homes were sold in Q1 of 2020-21. In Q1 of 2019-20, it had sold 1,074 units while in Q4 of 2019-20 it had sold 874 units.

On a yearly basis, sales decreased maximum in New Mumbai and Panvel by 85% and 73% respectively.

On quarterly basis, sales decreased in all the suburbs with maximum reduction in New Mumbai by 82% followed by Central Suburb one Island city each by 68%. Panvel (66%), Western Suburb Extended (62%), Western Suburb (59%), Central Suburb Extended (58%) and Thane (43%).

On a yearly basis unsold Stock increased by 5% each in Central Suburb and Western Suburb Extended followed by 3% in New Mumbai and 2% in Central Suburb Extended.

On quarterly basis, unsold stock reduced by 6% in Central Suburb Extended, 2% each in Western Suburb and Western Suburb Extended. Marginal reduction was seen in Island City, Central Suburb, Thane, New Mumbai and Panvel.

“The main reason for the drop in sale figures is the lockdown due to the COVID 19 pandemic,” said a real estate broker.

According to builders and brokers, there’s hardly any sales taking place, as everything has come to a standstill. Situation has worsened with uncertain future in terms of job losses and salary cuts.

Also Read: 8 points on what makes more sense to buy or rent a home

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