arin_12

As per today Mumbai Comercial is Coolling off. No Bidder for the Comercial property in Mumbai. Cheers mumbai Manus.

Out of 3 plot there is only 1 has sold. Only one bidder for this is JET Airways... Other 2 is unsold. BKC Auction.

need_b2

arin_12, thanks for posting this and keeping us updated.
what you told is a good news!

ash khan

At last there is some hope for Middle & Low Income group people. Below is the article from Economic Times
MUMBAI: The Mumbai Metropolitan Region Development Authority (MMRDA) on Tuesday auctioned three plots in city’s Bandra-Kurla Complex (BKC) for Rs 1,322 crore.

It’s a far cry from the Rs 2,790 crore the authority earned just three months ago for a similar transaction, confirming what every player has dreaded so far, the slowdown in Mumbai’s is finally real.

The slump in the real estate market is also being attributed to the turbulence in the equities market and a slowdown in Indian industrial production figures on concerns that the recession in the US and financial liquidity problems may adversely impact India. It could be for the first time since 1995 that the MMRDA is getting a poor response to its auction.

The MMRDA had put five plots on auction in the G-Block of Bandra-Kurla Complex, two commercial, two residential and a club house. However, it did not open the bids for one of the commercial plots, while there were no bidders for the club house property.

MMRDA officials said the authority sold the three plots, two residential and one commercial, to pharma tycoon Ajay Piramal-promoted Starlight Systems and Jet Airways, respectively. Starlight quoted Rs 248 crore each for the two residential plots measuring 7,050 sq m.

Jet Airways offered Rs 826 crore for the commercial plot spread out over 28,000 sq m of developable area. The fall in prices is evident from the comparative prices. While Jet’s bid on Tuesday for the commercial plot was Rs 32,000 per sq ft, Wadhwa had offered Rs 46,000 per sq feet in November.

Interestingly, Jet Airways was the sole bidder for the commercial plot in BKC, considered to be Mumbai’s emerging financial hub. No other corporate house or developer participated in the bid, said MMRDA executives.

“The poor response indicates that the real estate market in India is witnessing a slowdown,” said international property consultant DTZ director Amber Maheshwari. “What happened in BKC today is a reflection of what has been happening in the Mumbai property market over the past 4-6 months. Prices could correct further... however, when it will happen is yet to be seen.”

Starlight Systems, which bagged the residential plots, is an associate company of Piramal Suntech Realty, a joint venture between Ajay Piramal and the Mumbai-based Suntech Group.

“Acquisition of these two plots makes good business proposition as this land is adjacent to Signature Island, a residential complex being developed by Piramal Suntech. So, this would give additional space for further expansion of the project,” said Suntech MD Kamal Khetan.

The proximity of the plots prompted Starlight to pay a 200% premium to the reserve price of Rs 1.2 lakh per sq m. ONGC, the next immediate bidder for the residential plots, quoted around Rs 22,000 per sq ft, which is Rs 10,000 less than Starlight’s bid, another first in the land auction space.

Other realty players like Peninsula Land, Akruti City, Neelkanth and K Raheja Corp were other bidders for the residential plots. The bidders were expecting a hike in the floor space index to 4 compared to the existing 2. However, MMRDA did not make any changes in the FSI.

35kimmig

Hold off your purchase .. its all going to come crashing down .. this is the time to do research and be on the lookout for the right price ..
I am told that back in 1995 -- Hiranandani rate had gone up till 9500 psf .. when the market crashed -- they went down to 1500

arin_12

Some more good news for Mumbaiwala

http://www.moneycontrol.com/india/ne...y/23/25/336912

realtyrider

So you are attempting to understand the real estate position in Mumbai, but you are not clear in your mind the market picture of real estate in massive Mumbai? To help you, here is a preview of real estate market in Mumbai. Mumbai is going to be the town of the potential. According to the facts & figures, the real estate sector is growing at a blistering 30 per cent annually. Mumbai real estate is among the most expensive in the world - more than that of Tokyo or New York - and there is no shortage of those who can afford to pay. Some of the few successfully completed real estate projects in Mumbai are new airport at Navi Mumbai, New Suburban Trains Project, Bandra-Worli Sealink Project, Santacruz-Chembur Link Project, De -congestion of Prime CBD areas, Current Transportation systems, New Bridges Project, Sprawling Townships Project, Shopping Malls, IT Software Parks, Office complexes and development of Property investment proposition. Now, the city is undergoing redevelopment and restructuring. Various big real estate developers & constructors like DLF, Akruti, Parasvnath are bidding for the redevelopment of Dharavi which is Asia’s biggest slum and Mumbai’s biggest mess. Another interesting trend taking place in Mumbai is the remodeling of commercial spaces to retail spaces. With the property values of commercial spaces touching the sky, developers find it difficult to sell their commercial/office property. Hence, many of them are positioning their property as retail space in a hope to find more takers. Mumbai property market is a case in point. This market needs to be studied carefully as most the property trends arise from this market.

jayant.madkaikar

The projects in point like the new airport in navi mumbai,the metro project are long way off for delivery.so also the areas in navi mumbai having pathetic infra like railway stations malls theatres bus services public utilities