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Mumbai Real Estate News

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  • Mumbai Real Estate News

    Mumbai Real Estate News

    Apartment developers cut corners to boost cash flows

    As volumes in the real estate sector refuse to pick up, some apartment developers have slashed the average saleable area in Mumbai apartments. As a result, you now have homes that on the face of it look cheaper than the going rates in a particular area, but then in effect the size of the apartments have also shrunk.

    A BSE-listed developer is selling a two-bedroom apartment for Rs 1.3 crore in Mumbai's north-western suburb of Andheri.

    "The apartment has a carpet area of 550 sq ft, which is much less than normal two-bedroom properties,"¯ said a real estate broker. "So eventually the per sq ft rate ends up to be more than Rs 20,000 per square foot on carpet area."¯

    Analysts say the recent reduction in size is also a result of a new state government rule.

    "If you see at the carpet area, you would realise that it has remained more or less the same, just that many developers were projecting the super built-up area as a lot more,"¯said Pankaj Kapoor, managing director, Liases Foras, a real-estate research firm. "But with the new development control rules that is not happening."¯

    Also, some developers especially in Mumbai and the National Capital Region are repositioning their properties and also planning to slash size of the apartments. "It is no secret that smaller, cheaper apartments generate faster cash flows than luxury apartments,"¯ said a real estate developer, who launched luxury apartments in Borivali some time back. "We are planning to convert our luxury project in North Mumbai to something that an average buyer can afford."¯

    The trend of shifting back to smaller apartments is, however, more seen amongst cash-strapped developers. Industry experts say, that many more developers could be compelled to follow the plan, if the sales continue to remain lukewarm. Earlier in 2008, when the chips were down, many developers had followed the same trick to generate sales.

    Apartment developers cut corners to boost cash flows - Hindustan Times
    Last edited November 8 2016, 01:20 PM.
    __________________________________________________ __________
    It is better to be blind than to see things from only one point of view
  • #2

    #2

    Re : Mumbai Real Estate News

    Navi Mumbai to get state’s first marina

    If all goes as per City and Industrial Development Corporation’s (Cidco) plan, Navi Mumbai will soon get state’s first — a harbour to park boats and yachts — and a waterfront to promote social activity on its coast. “With its alignment, the Navi Mumbai coast can prove to be a good location for marina and waterfront development. This, in turn, could boost tourism. We are seeking international consultants who will help us prepare a feasibility report for the project,” said a senior CIDCO official, requesting anonymity.

    Despite having a 150km coastline, Navi Mumbai has not been able to develop a waterfront similar to Marine Drive, Chowpatty, Haji Ali, Worli Sea Face, Dadar Beach, Bandra Bandstand, Carter Road, Juhu Beach or Versova. “Waterfronts are popular public spaces. Our idea is to develop social and cultural activity at these waterfronts and attract tourists,” the official said.

    The development authority also plans to create a marina. “The concept of yachting is picking up in India and the growth seems promising,” he said.
    CIDCO has asked consultants to undertake the feasibility study at the nodes of Nerul, Belapur, Ulwe, Kharghar and the area adjacent to the JNPT Port to identify a suitable location for setting up the marina and waterfront.

    “We will finalise the consultant by the end of March and give him four months to prepare his report,” the official added.

    In the past few years, there has been a rise in the number of boat owners in Mumbai. According to officials, Mumbai can boast of 143 private yachts, the highest in the country. Though top business honchos such as Vijay Mallya and Gautam Singhania own a yacht, in the absence of parking facilities, the boats are parked in the sea.

    The jetty at Gateway of India is used for water transport to areas such as Elephanta and Mandwa. However, the jetty is not equipped to handle huge passenger traffic. So far, Kerala is the only state in the country, which has its own marina at Kochi.


    Navi Mumbai to get state
    __________________________________________________ __________
    It is better to be blind than to see things from only one point of view

    Comment


    • RohanR
      RohanR commented
      Editing a comment
      If all goes as per City and Industrial Development Corporation’s (Cidc
      Last edited December 5 2017, 03:10 PM.
  • #3

    #3

    Re : Mumbai Real Estate News

    Originally posted by Designer View Post
    If all goes as per City and Industrial Development Corporation’s (Cidco) plan, Navi Mumbai will soon get state’s first — a harbour to park boats and yachts — and a waterfront to promote social activity on its coast. “With its alignment, the Navi Mumbai coast can prove to be a good location for marina and waterfront development. This, in turn, could boost tourism. We are seeking international consultants who will help us prepare a feasibility report for the project,” said a senior CIDCO official, requesting anonymity.

    Despite having a 150km coastline, Navi Mumbai has not been able to develop a waterfront similar to Marine Drive, Chowpatty, Haji Ali, Worli Sea Face, Dadar Beach, Bandra Bandstand, Carter Road, Juhu Beach or Versova. “Waterfronts are popular public spaces. Our idea is to develop social and cultural activity at these waterfronts and attract tourists,” the official said.

    The development authority also plans to create a marina. “The concept of yachting is picking up in India and the growth seems promising,” he said.
    CIDCO has asked consultants to undertake the feasibility study at the nodes of Nerul, Belapur, Ulwe, Kharghar and the area adjacent to the JNPT Port to identify a suitable location for setting up the marina and waterfront.

    “We will finalise the consultant by the end of March and give him four months to prepare his report,” the official added.

    In the past few years, there has been a rise in the number of boat owners in Mumbai. According to officials, Mumbai can boast of 143 private yachts, the highest in the country. Though top business honchos such as Vijay Mallya and Gautam Singhania own a yacht, in the absence of parking facilities, the boats are parked in the sea.

    The jetty at Gateway of India is used for water transport to areas such as Elephanta and Mandwa. However, the jetty is not equipped to handle huge passenger traffic. So far, Kerala is the only state in the country, which has its own marina at Kochi.


    Navi Mumbai to get state
    This is really hopeless, first they should try to atleast providing housing and other facilities rather than these useless things. I remember they have also started howercraft and we can see its fate now...

    Rather than government should use the time to atleast think of the real estate scenario, which is haywire right now...

    Comment

    • #4

      #4

      Re : Mumbai Real Estate News

      Government to provide residential plots in Bandra-Kurla Complex

      Published: Tuesday, Feb 7, 2012
      Place: Mumbai | Agency: PTI
      Government is planning to change the reservation of a few plots at the Bandra-Kurla Complex (BKC), a prime business district in the suburban Mumbai, from commercial to residential, Chief Minister Prithviraj Chavan said today here.
      "At present there are no residential plots in the business district. The concept of `walk to work' will enhance the standard of living in the area and is aimed at elite sections of the society. There are schools, offices, clubs, hospitals, etc, there, but no residential areas," Chavan said.
      Describing the BKC, developed between eastern and western suburbs, as a "success", Chavan said the government was exploring the possibility of creating another business hub in the north Mumbai, in areas such as Wadala, Oshiwara or Malvani.
      Spelling out his vision for Mumbai, where the civic polls will be held on February 16, Chavan said the Congress-NCP joint manifesto will highlight the plans for transportation, affordable housing and safe drinking water.
      Hitting out at the incumbent Sena-BJP which have been ruling Mumbai corporation for 17 years, Chavan said there was no transparency in tender process, and blacklisted contractors were given repair/road construction works repeatedly.
      He said the state government had hired a Swiss company, SGS, for testing the roads. "It will be reviewing and monitoring the standards of roads as per Indian Road Congress guidelines," he said.
      The Chief Minister rejected the criticism that he had ceded too much space to NCP by forming pre-poll alliance with it in places such as Mumbai and Nagpur, where the Sharad Pawar-led party does not have much base.
      "It is absurd to say that. My larger aim is to defeat the Shiv Sena-BJP. In the last two elections we tried to do that by going it alone, and failed. My party (Congress) is not in the position to fight Sena-BJP and NCP at once," Chavan said.
      Source:
      Government to provide residential plots in Bandra-Kurla Complex - Mumbai - DNA

      Comment

      • #5

        #5

        Re : Mumbai Real Estate News

        Malls make way for offices, residential projects

        Mumbai/Bangalore: Burdened by capital investments, lower rentals, delayed returns and overcrowding of shopping malls in an economy in which shoppers are reluctant to loosen purse strings, real estate developers have begun converting such projects into offices or homes.

        The trend, which has emerged at a time when the government has been forced to suspend the opening up of multi-brand retail to overseas investment, is more evident in smaller cities, according to the industry and analysts.
        Builders there have lost their appetite for malls since they have to wait for 8-10 years to get returns on their investment, and have begun scouting for bigger developers to bail them out.
        Read more at;
        Malls make way for offices, residential projects - Corporate News - livemint.com
        Last edited February 4 2016, 09:49 PM. Reason: posted link content

        Comment

        • #6

          #6

          Re : Mumbai Real Estate News

          India’s highest deal for a flat: 1.11 lakh/sq ft

          Hot news for reality market of Mumbai that still big deals are going on as usual but what about the infrastruture outside society limits


          India’s highest deal for a flat: 1.11 lakh/sq ft - The Times of India
          __________________________________________________ __________
          It is better to be blind than to see things from only one point of view

          Comment

          • #7

            #7

            Re : Mumbai Real Estate News

            No takers for low cost homes

            When three years ago record home prices and higher interest rates dampened demand, developers hit on the idea of constructing affordable (mass) housing projects to fuel sales.

            Three years later, leave alone flats worth crores, Mumbaikars are wary of touching even much cheaper property; a survey finds at least a third of the under-construction flats, priced below Rs 35 lakh, in the Mumbai Metropolitan Region have not yet been booked. Nearly 36% of flats costing approximately Rs 35 lakh that are currently being constructed are lying unsold in Mumbai, says a study carried out by Knight Frank, global real estate consultants. These flats are located in the western suburbs beyond Borivali and Thane.

            Its an all-india trend. Data by the consultants shows that developers who had rushed to launch these affordable housing projects are sitting with 44% of unsold stock. While the demand for Rs 35 lakh apartments went up in Mumbai, Gurgaon, Noida, Thane, Bangalore, Kolkata, supply grew at a faster pace as realtors rushed into the market to improve their cash flows at a time when there were few takers for upper-end dwelling units.

            Hyderabad has the highest unsold stock of 54% while Bangalore and Kolkata had 50% respectively. Pune had 25% unsold stocks.

            A number of property developers such as Unitech, Omaxe, Tata Housing, Puravankara, Lodha Developers and Ansal have announced projects in the sub-Rs 30 lakh category in the last one year following the economic downturn, coupled with fear of job losses and salary cuts that slowed sales of premium projects.

            Property experts said a lot of developers took the plunge as it was the only segment that was doing well. And, since unit sizes were small, more houses were built in a given piece of land. Supply has overshot demand and, therefore, we are seeing a piling up of inventory," said a consultant.

            Price hike had a big role to play in this.

            According a real estate broke in recent months many developers increased rates sensing signs of normalcy in the market. The impact of the price rise has been in all segments, but since the sub-Rs 30 lakh segment was selling the most, sales were hit maximum in this segment," said he said.

            Source: News

            Comment

            • #8

              #8

              Re : Mumbai Real Estate News

              mainly, because these so called low cost homes are some 50 kms away from mumbai...
              hahahhaa... so much for low cost homes... mumbai is a funny place...

              Comment

              • #9

                #9

                Re : Mumbai Real Estate News

                Resident moves court for stay on Metro construction

                Mumbai: Alleging that safety measures taken by the Mumbai Metro One Private Ltd (MMOPL) — constructing the Versova-Andheri-Ghatkopar Metro Rail Corridor-1 — are inadequate, Andheri-resident Monica Matani has moved the Bombay High Court to stay further construction and quash the No-Objection Certificate (NOC) granted by the Brihanmumbai Municipal Corporation’s Chief Fire Officer (CFO) last year.

                Matani, in her PIL, has contended that the 12-km corridor, consists of 12 station buildings that are being built in violation of the Development Control Rules (DCR) and the National Building Code.

                “The designs for the entire 12-km length of the viaduct connecting the stations have not even been submitted to the fire department nor has an NOC been sought from or granted by the CFO for the viaduct, though mandatorily required,” Matani’s PIL states.

                Stating that entrances to the stations are being constructed on busy and congested roads, Matani has cautioned, “Any incident of fire on the viaduct or station building or in adjacent buildings will have serious and disastrous effects on commuters, residents, users, occupants, and on the huge pedestrian and vehicular traffic below the Metro rail on the roads.”

                The PIL claims that while construction of the Versova-Andheri-Ghatkopar stretch started in February 2008, an application for NOC from fire department was made only in December 2009.

                On February 5, 2011 an NOC was issued by the CFO, three years after the construction began in the Metro yard at Versova, the PIL claims. This, according to Matani, is a “blanket” NOC for all 12 Metro stations on the corridor, which is illegal. Each station has its unique fire risk potential and should have been assessed individually by the CFO before granting the NOC, the PIL states.

                The MMOPL has also not followed the requirement of maintaining a distance of 6 meters from the station buildings and other constructions, as mandated under the law. At Ghatkopar, for instance, there are constructions just 1.5 meters away from the station, Matani has contended.

                Meanwhile, Chief Justice Mohit Shah and Justice R V More have asked the CFO to file a reply to the PIL in four weeks.



                Resident moves court for stay on Metro construction
                Last edited January 5 2016, 08:21 PM.
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                • #10

                  #10

                  Re : Mumbai Real Estate News

                  Prices in Mira Road, Bhayandar area to remain firm: PINC - Moneycontrol.com -

                  Interesting article.. It validates what I think will be the future... There was also an similar results in the Navi Mumbai trade fair
                  Big ticket properties will remain, but what many builders will move is for budget homes.. 1 and 1.5 BHK's. Though there might not be a huge correction, what this will do is bring down the total value for an apartment and this will boost sales..

                  Sales are down and it is not due to lack of demand, but the demand is there aplenty albeit at lower levels..

                  So if you have 30 to 40 lakhs budget, you will go beyond Borivili..

                  And furniture and electronics are getting more compact ..

                  Comment

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