MARKET DEMAND AND PRODUCTIVITY ASSESMENT FOR SELECTED LAND PARCEL IN AIROLI, NAVI MUMBAI

Airoli is located at 19.15900 N,72.99860E in Navi Mumbai. Airoli is a part of MMR Region and has emerged as a commercial and residential hub. The growth of the micro- market is credited to Mindspace office developed by Rahejas and the Airoli bridge. Airoli is connected to Mulund, Thane and rest of Navi Mumbai. The micro-market also has Maharashtra’s first state of the art Coastal and Marine Biodiversity Centre. A market scrutiny is a quantitative and subjective assessment of a market. It investigates the extent of the market both in capacity and in worth, the different consumer slices and purchasing behaviours, the opposition, and the financial condition regarding barriers to segment and direction. (Anon., 2018). Market analysis is a term that is mainly used in economics but has more narrowed down meaning in the appraisal discipline. (Appraisal Institute of Canada and the Appraisal Institute, 2010). Market and feasibility analysis commence the action of focusing from a larger perspective to data that is relevant to the selected asset. The analysis to identify most profitable, competitive use for which the selected property can be maximised. The scope of the study is to assess the highest and best use for the selected land parcel. The potential was estimated for residential, commercial, retail and hospitality sectors of real estate development. It was concluded that the micro-market lacked in the hospitality and retail sector and the highest and best use is commercial Grade A space.