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PropIndex | Magicbricks Navi Mumbai Apr-Jun 2020

Residential Market Insights Market Dynamics Strong fundamentals sustain the long term potential of Navi Mumbai Parameters India Navi Mumbai

Navi Mumbai has historically grown as an affordable alternative to Mumbai for both commercial and residenial Demand+ -27% -45% segments of real estate. Inspite of a country-wide lockdown trigerring varying levels of price decline across cities, Supply++ -43% -55% Navi Mumbai managed to ward off any major price decline on the back of a strong commercial segment and well Price Index+++ -1.5% -0.4% placed residential localities around economic hubs. Notes: Above parameters represent QoQ change in Q2 2020 at Additionally, even though the buyer interest was temporarily disrupted due to the lockdown, developers seem to be India and city level holding on to their inventory rather than offering steep discounts to increase sales, in anticipation of improved + change in volume of property searches ++ change in volume of active listings market conditions by the year end, owing to the city's strong fundamentals. +++ change in the weighted average price

Source: Magicbricks Research

Ready to Move Price Index Key Developers based on active listings 10,000 "Prices of Paradise Group ready-to-move (RM) 9,000 Bhagwati Group properties marginally Akshar Group t f

q fell by 0.4% QoQ, but s

8,000 Adhiraj Constructions r e p still managed a growth Indiabulls Greens R N I of 3% YoY"

e 7,000 Gajra Developers c i r P Juhi Developers e g a

r 6,000 Arihant Superstructures e

v 5 Year A Change Marathon Realty 5,000 YoY QoQ Tricity Reality 4 5 6 7 8 9 0

1 1 1 1 1 1 2 18.2% 3.0% -0.4% 0 0 0 0 0 0 0 2 2 2 2 2 2 2 The above table represents the top developers by share of Notes: 1. Ready to move price index represents the weighted average price of completed properties on Magicbricks website as on June 2020 active listings on Magicbricks website in Q2 2020 Source: Magicbricks Research 2. The trend line represents the average prices of dominant asset class in each locality of the city. Source: Magicbricks Research

Under Construction Price Index Key Projects "The 10,000 Project Name Locality under-construction Moraj Residency Sanpada 9,000 segment of Navi Indiabulls Greens Panvel t

f Mumbai has been rising q

s Fortune City Panvel

r 8,000

e since 2014, but prices p

Sidhivinayak Kopar Khairane R

N fell by 2% in the last I Ekvira Complex Rabale e 7,000 c i one year" r

P Govinda Sector 35-Khargar

e g

a Sairaj Golden View Old Panvel r 6,000 e v 5 Year A Bhagwati Greens Kharghar 5,000 Change YoY QoQ Haware Karekars Nisarg Panvel 4 5 6 7 8 9 0

1 1 1 1 1 1 2 20.5% -2.0% -0.5% 0 0 0 0 0 0 0 Sky Home Kharghar 2 2 2 2 2 2 2

Note: Note: 1. Under-construction price index represents the weighted average price of under-construction properties on Magicbricks website as on June 2020 The above table represents the top projects by consumer 2. The trend line represents the average prices of dominant asset class in each locality of the city. preference on Magicbricks website in Q2 2020 Source: Magicbricks Research Source: Magicbricks Research

Average changes in prices for localities in various price segments Key Trends to Watch Out

Price Bracket (INR per sqft) - Investment hotspot of Ulwe likely to < 7,000 7,000-9,000 9,000-11,000 > 11,000 see continued rise in demand on the back of developing civic infrastructure, 0.8% as well as newly operational rail connectivity from Kharkopar to Nerul "Except the premium 0.1% and Belapur. segment, most other - Reduction in stamp duty by 1% to price brackets reduce total cost of buying a home in -0.4% -0.5% witnessed mild price Navi Mumbai. -0.7% decline" -1.0% - Economic slowdown expected to further prompt businesses and home -1.5% buyers to shift to lower priced satellite -1.6% cities like Navi Mumbai, thereby RM UC RM UC RM UC RM UC increasing demand. Note: Above table represents the price changes for Ready to move (RM) and Under construction (UC) properties for dominant asset classes in each locality under various price buckets as on June 2020 Source: Magicbricks Research

Commercial hubs and upcoming infra 1 BHK most demanded conﬁguration, followed by 2 BHK sustain Navi Mumbai market DEMAND SUPPLY While smaller conﬁguration homes still continue to be preferred by buyers in Navi Mumbai, the Above 3 BHK Above 3 BHK demand for 1 BHK homes has gone down to 46% 3 BHK 3% 3 BHK 2% from 50% in the last quarter. However, there is 12% 14% 1 BHK still a noticeable demand-supply mismatch for 1 1 BHK 37% BHKs in the market. 46%

"1 and 2 BHK most demanded 2 BHK 39% 2 BHK configuration in Navi Mumbai 47% as buyers look for affordability Notes: in a costly market" 1. Demand represents property searches on Magicbricks website during Q2 2020, segregated by Bedroom, Hall, Kitchen (BHK) configuration 2. Supply represents active listings on Magicbricks website during Q2 2020, segregated by BHK configuration Source: Magicbricks Research

- Developing localities priced within INR 7,000 per sqft such as Taloja, Panvel, Karanjade, and Dronagiri have witnessed majority of the Demand-supply mismatch amongst lower price buckets demand, owing majorly to the upcoming international airport and metro line. However, the supply has not been able to keep up with the DEMAND Price buckets in INR per sqft SUPPLY Price buckets in INR per sqft demand for this price segment. > 11,000 > 11,000 - Major areas surrounding IT and industrial hubs, 20% 20% including Airoli, Ghansoli, Kharghar, CBD < 7,000 37% Belapur, Nerul, Sanpada, and Kopar Khairane < 7,000 which are priced above INR 11,000 per sqft are 48% well catered, with respect to the demand in these areas. 9,000-11,000 9,000-11,000 13% 16% - However, the critical INR 7,000- 9,000 per sqft segment has become oversupplied in recent 7,000-9,000 7,000-9,000 years. High levels of unsold inventory built up in 19% 28% various large scale residential projects undertaken by developers in recent years in . Notes: localities such as Kharghar, Kalamboli, Old 1. Demand represents property searches on Magicbricks website during Q2 2020, segregated by price buckets Panvel, New Panvel, Kamothe, Bamandongri, and 2. Supply represents active listings on Magicbricks website during Q2 2020, segregated by price buckets Ulwe. Source: Magicbricks Research

Top Micromarkets by consumer Propensity of demand and supply in terms of searches and Demand/Supply Demand searches listings by localities

Micro-Market Price Range Rank Rank Q2-20 Q1-20

Panvel 4000 - 9300 1 1 Airoli Ulwe 6000 - 9050 2 2 Vashi 9150 - 17800 3 3 Ghansoli Kharghar 7050 - 10950 4 4 Kamothe 6200 - 9050 5 6 Airoli 9500 - 14300 6 7 Nerul 10150 - 16450 7 5

Note: 1. Top micro-markets of the city, ranked by number of searches on Magicbricks in Q2 2020 Road Pali 2. Price ranges represent the range of avg locality prices in the micromarket in INR per sqft. Source: Magicbricks Research Seawoods Top Micromarkets by active listings

Micro-Market Price Range Rank Rank Ulwe Karanjade Q2-20 Q1-20

Ulwe 6000 - 9050 1 1 Panvel 4000 - 9300 2 2 Kharghar 7050 - 10950 3 3 Taloja 4350 - 8850 4 4 Kamothe 6200 - 9050 5 5 Airoli 9500 - 14300 6 6

Vashi 9150 - 17800 7 7 © OpenStreetMap contributorsDronagiri

Note: Note: 1. Top micro-markets of the city, ranked by their active listings on 1. Above map depicts the key localities of the city, with the size of the bubble depicting demand (consumer preference) /supply (active listings) for Magicbricks in Q2 2020 properties in the localities on Magicbricks website in Q2 2020 2. Price ranges represent the range of avg locality prices in the 2. This is an interactive map available on Magicbricks.com under Propindex section. micromarket in INR per sqft. Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard. Source: Magicbricks Research Source: Magicbricks Research

Q2 2020 Price changes for the city's major localities

Seawoods 1.6%

Ulwe Karanjade 0.5% -1.7%

Note: -7.5% 7.5% 1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q2 2020 2. Color of the bubble represents price change in Q2 2020, with green color representing price increase and red color price decrease. -5% -2.5% 0% 2.5% 5% 3. This is an interactive map available on Magicbricks.com under Propindex section. Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.

- Most of the localities on the Thane-Belapur Road had a positive price change for the quarter, as it has access to most employment hubs in and around Navi Mumbai. In particular, Airoli, Kopar Khairane, Sanpada, and CBD Belapur, had price increment of 1-5%.

- Price decline was restricted to peripheral localities of Panvel, Taloja, Karanjade, and some sectors of Kharghar, where prices fell by 1.5-4%. Source: Magicbricks Research

< INR 7,000 psf INR 7,000-9,000 psf INR 9,000-11,000 psf > INR 11,000 psf

Avg. Price Price Avg. Price Price Locality Locality Avg. Price Locality Locality Avg. Price Price Change Change Price Change Change

Rasayani 3,512 1.0% Old Panvel 7,002 4.7% Kopar Khairane 11,442 4.9% Kalamboli 7,324 3.3% Kharghar 9,086 0.8% Taloja 5,318 -1.9% Belapur 11,708 -2.3% Road Pali 7,357 3.5% Dronagiri 5,325 0.3% Ulwe 7,606 0.5% Ghansoli 11,795 0.4% Sector 11-Khargar 9,175 -4.1% Palava 5,927 0.9% Bamandongri 7,650 1.4% Airoli 11,892 0.9% Karanjade 5,982 -1.7% Kamothe 7,676 0.9% Khanda Colony 7,749 -3.8% CBD Belapur 12,376 4.4% New Panvel East 6,022 -1.9% Sector 19-Khargar 9,215 0.0% Sector 37-Khargar 8,243 -2.3% Seawoods 12,614 1.6% New Panvel 6,577 -3.6% Sector 34-Khargar 8,307 -4.8% Nerul 13,305 1.7% Sector 36 8,500 1.0% Panvel East 6,692 -5.2% Sector 12-Khargar 9,249 -4.0% Sector 35-Khargar 8,587 0.6% Vashi 13,990 -4.6% Panvel 6,725 -1.7% Sector 18-Khargar 8,752 1.9% Sector 30-Khargar 6,923 -3.8% Sanpada 15,173 2.9% Sector 21-Khargar 8,871 -2.9% Sector 15-Khargar 10,369 -1.8% Taloje Panchanand 6,980 0.6% Sector 20-Khargar 8,935 -4.0% Palm Beach Rd 18,126 0.4%

Note: 1. Above is the list of major localities of the city, with information about their average prices and QoQ price changes in Q2 2020. This is an interactive table available on Magicbricks.com under Propindex section. 2. The locality prices are calculated by averaging the prices of all properties in a locality in multi-storey and builder ﬂoor segment, after removing the outlier properties that might distort the overall prices. 3. The four tables above categorize the localities in various price buckets. 4. The color of the numbers represent the price change in Q2 2020, with green color representing price increase, red color price decrease, and grey as neutral. Source: Magicbricks Research

For more information and research related queries, please contact:

Surabhi Arora | Head of Research Devendra Lohmor | Chief Manager Ankur Upadhyay | Data Manager Deepak Rajput | Sr. Research Analyst [email protected] [email protected] [email protected] [email protected]

Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.

Disclaimer: The data represented above is compiled by MagicBricks from multiple sources. MagicBricks gives no warranty, express or implied, as to the accuracy, reliability, and completeness of any information and does not accept any liability on the information which may or may not be subject to change from time to time due to Governmental or non Governmental regulations/directions.