The year 2022 was robust for Indian real estate, bolstering sales in major cities and micro markets. There has been a paradigm shift in housing trends that have proven paramount in increasing property demands. Among several cities, Pune and Panvel have gained remarkable interest from homebuyers. Considering the multifarious customer profiles, developers were encouraged to experiment in several micro-markets. Tackling every hassle of pandemic-induced lockdown, the sector has experienced sustained growth, which is said to continue in 2023. Homebuying has never seen such a fan following before. Belmac has been benevolent towards changing homebuyers preferences. Belmac has coupled aspirational designs with realistic architecture that is distinctive and sleek. Mr. Vidip Jatia, Managing Director of Supreme Holdings and Hospitality (India) Ltd., the parent company of Belmac, whose initial promoter was Mr.Vinod Jatia, has experienced exceptional growth in the housing sector in the last few years.
Vidip Jatia commented, “We have experienced changing sentiments among buyers since our first project, Belmac Residences. From first-time homebuyers to millennials and NRIs, everyone is keen to invest in major markets in India. Pune was undeniably our first option to initiate with Belmac Residences. It is in Kalyani Nagar, a city surrounded by key commercial hubs and IT centres in Pune. Pune is highly preferred by HNIs for luxurious segments. Post-pandemic, there has been a robust recovery of sales in this market. There was a 5% increase in housing prices in Pune, and the price appreciation will continue to hike against the backdrop of flourishing infrastructural developments surrounding the city. We have experienced exceeding demand for our project as buyers are willing to pay more for an augmented lifestyle. “We have already delivered four towers to our customers, and the last two towers are being constructed at a fast pace.”
Reforms by the state government played a pivotal role in sustaining the growth momentum. They enhanced transparency and accountability. Micro Markets are enticing heterogeneous homebuyers to jump on the bandwagon. Panvel is leading in this, following rapid urbanisation and an infrastructural boost. Panvel has now become a booming hotspot for housing opportunities. Panvel is a centrally located city that connects the mainland to coastal areas and major cities. Panvel lays a strong foundation for ambitious residential opportunities. Developers are surging towards this city, foreseeing growth opportunities. Prateek Jatia commented, “Panvel is emerging stronger as the epicentre of the Mumbai Metropolitan Region. The unprecedented success of Belmac Residences in Pune and stronger customer trust prompted us to step into the flourishing market of Panvel. Navi Mumbai is a satellite city of Mumbai, but it is rapidly expanding. Among other nodes of Navi Mumbai, Panvel undeniably stands out as it offers an abundance of space to reside with no cluttered buildings and streets. The city ensures peace of mind backed by assured, foreseen growth that captivates the interests of today insightful homebuyers. This led us to develop another integrated township, Belmac Riverside. The project gained a positive response from homebuyers within a shorter period. Since its inception, we have remained committed to quality and timely deliveries. “Despite the pandemic-induced lockdown, we delivered Sky Towers and Aqua Towers successfully for consecutive years.”
“Customer centricity has been our key focus.” Along with spacious homes, we designed over 20 of the finest amenities to cater to the recreational needs of residents. More than 100 families live happily at Belmac Riverside, taking advantage of the majority of the amenities. The high level of customer trust encouraged us to design Belmac Codename Skyline, an exclusive residential setting. This project will be a major landmark in the legacy of Belmac. It will consist of exquisite high-rises with approximately 4000 luxurious apartments. “Due to the multitude of advantages such as connectivity and infrastructural upheaval, the per-square-foot rates have increased by 3% “5% in Panvel, thereby supporting investment opportunities,” said Vidip Jatia. The dynamics of MMR will change once major infrastructure developments such as Mumbai Trans Harbour Link and Navi Mumbai International Airport become operational. A city like Mumbai needs affordability in locations that derive the benefits of infrastructure and connectivity to the major commercial establishments in Mumbai. Panvel is poised to feed this demand for the next 20 years.