Pandemic creates mayhem in Navi Mumbai’s rental market
Rents reduced by 30%, yet no takers for vacant flats in Ulwe, Karanjade, Panvel and Taloja
The Covid-19 pandemic has wreaked havoc in the real estate market across the country. The rental market in Navi Mumbai, a much preferred destination till three months ago is in the doldrums now. Rental rates in some parts of Navi Mumbai are down by almost 30 per cent in Ulwe, Karanjade, Panvel and Taloja. Distressed house owners are being forced to bring down rents to keep their houses occupied.
Real estate brokers opine that since many tenants from Maharashtra have returned to their native villages during the pandemic there are no takers for rental properties. “The house owners are being compelled to bring down rent to keep their houses occupied,” said Aslam Patel, a real estate broker.
In March, a 1-BHK apartment in Ulwe would fetch a rent of approximately Rs 7,000. Today, the same flats are on offer for Rs 5,500-Rs 6,000. The 2-BHK apartments are now available between Rs 8,500 and Rs 11,000 in Ulwe area. A similar trend is being noticed Karanjade, another developing node Taloja which is adjoining Kharghar. There has been a drop in rental prices in some parts of
Kharghar too.
In the past few years, Navi Mumbai has emerged as a preferred destination to live because of its clean weather, open spaces and quality of life. There are many people who work in Mumbai and prefer to stay in Navi Mumbai. “Navi Mumbai is a planned city and has good infrastructures. Also, the rent here is low compared to Mumbai,” said Jatin Shah, a real estate broker from Nerul.
Ulwe emerged as the new destination for the middle class or lower middle who were not willing to pay high rent in a society building in Vashi or Nerul. They shifted to Ulwe after train services were started in November 2018. “As demand for residential properties soared, the rents also increased. Until March, it was difficult to get a 1-BHK in a good society in Ulwe node because of demand,” said Patel.
Sunil Ramakrishnan, a public relations professional who resides at Sector 17 in Ulwe on rent said that his house owner himself decided to not increase the rent this year. “I am happy that the landlord understands the situation,” said
Ramakrishnan.
Taloja which is very close to Kharghar and Panvel also saw a drop in rental properties. “A 1-BHK is now available for just Rs 4,000 which earlier commanded a rent of Rs 6000 till March,” said Abhijit Sawant, another broker. He added that a majority of the tenants work in the MIDC area. Many of them left for their native places during the pandemic. “Now, house owners have no option but to reduce the rent,” added Sawant.