Mumbai Property News

MCHI sops fail to attract buyers

The real estate exhibition by the Maharashtra Chamber of Housing Industry in Mumbai got a lukewarm response from the prospective buyers. Superficial discounts like stamp duty waivers, free car parks, no charge for floor rise and special offers on the equated monthly installments that is to be paid on home loans seem to be failing to change the buyers’ sentiments as they expect a crash in prices soon. Even as hundreds of enquiries poured in at the exhibition on Dussehra, it failed to translate into actual bookings.

“Most developers in Thane have been quoting a price range of Rs 5,500-5,750 and the price has remained some what constant in the last six months. Now a majority of them are willing to negotiate further. But I am planning to wait till the prices come down to Rs 4,500-5, 000,” said a buyer. Read More>>

Monday, November 03, 2008  India-Realestate

Dharavi project schedule revised

The Maharashtra government has finalised a revised schedule for the bidding process on the Dharavi Redevelopment Project in Mumbai. Work on the project will start 2009. According to Mr Gautam Chatterjee VP of Maharashtra Housing and Development Authority, also officer on special duty for the project, the tentative timeline has been approved in principle by Mr Vilasrao Deshmukh CM of Maharashtra. The 19 short listed consortia of global realty majors will be issued amended bid documents by September end. They will present their master plans by mid October following a deliberative process regarding each bid’s technical merits. Financial bids will be opened by November end.

If adhered to the timeline, the winning bids will be announced year end and work would then begin by early 2009. It is mandatory for bidders to demarcate spaces for economic activities in their master plan since Dharavi is a hub for manufacture of leather goods, food products, clothing and artificial jewellery besides a large recycling industry. A conceptual master plan, technical specifications of amenities and mandatory infrastructural development should be submitted by the bidders. Read More>>

Monday, November 03, 2008  India-Realestate

MCHI to organise real estate exhibition

Maharashtra Chamber of Housing Industry stated that it will organise a four-day real estate exhibition at Bandra-Kurla Complex here between October 9 and 12. State Bank and MCHI are organising the exhibition. This exhibition is expected to draw more buyers because the overheated real estate market has seen a correction. “The market had heated up by 200 per cent. A correction was overdue. Now investors have exited and end users are buying houses,” State Bank of India Deputy General Manager Arun Kumar Agarwal said. The demand-supply gap is estimated at 25 million houses, which is expected to go up.

At the end of 2007, the Planning Commission in its report had said there is a shortage of 24.71 million homes. The prices of commodities have come down by 30 per cent, MCHI President Pravin Doshi said. With the lean period of June, July, August, September behind, Doshi expects sales to pick up in the coming months. The exhibition would attract 85 real estate developers and 15 housing companies. Read More>>

Sunday, November 02, 2008  India-Realestate

Mumbai to add 3,000 hotel rooms in three yrs

With the rising demand for hotel accommodation, especially from business travelers, Mumbai will see addition of over 3,000 hotel rooms in the next three years. The additions are expected to happen latest by 2011, according to a report by global hotel investment service firm Jones Lang LaSalle Hotels (JLLH).

“The majority of this new supply (about 51 per cent) is anticipated in 2008,” the report said, noting that the city witnessed about 7.3 mn international tourist arrivals in 2006-07 recording a growth of 9.2 per cent over the previous year. “Given Mumbai’s positioning as a commercial hub and logistic centre, business travel remains the key motivator for visiting Mumbai. However, the leisure segment has further potential for growth,” it added. Read More>>

Sunday, November 02, 2008  India-Realestate

Green Building Congress 2008 organised

A seminar to promote the Green Building movement in India was held in Mumbai. Organized under the aegis of the Indian Green Building Council (IGBC) and Confederation of Indian Industry (CII), the vision of the seminar, ‘Green Building Congress 2008′, was to enable India to be recognized as one of the leaders in promoting this ecologically sustainable movement. While delivering the special address, Dr Ajay Mathur, Director General, Bureau of Energy Efficiency congratulated Mumbai for ‘turning the corner’ and setting a precedent for India in adhering to energy efficiency norms and green buildings. He advised developers to innovate and introduce sustainable models for lighting, air conditioning and heating systems. He also highlighted the need to reach out to schools and colleges and introduce modules on ecological sustainability.

The Guest of Honour, Niranjan Hiranandani - MD, Hiranandani Group highlighted the small and thoughtful initiatives that add value to the green buildings concept at all levels. He said that, “Well thought out lighting plans in building passages, planting and nurturing trees, implementation of small sewage recycling plants at corporate and individual society level, and smart water management projects will go a long way in conserving resources and will serve as a clever investment for the future.” Hiranandani further emphasized on the need for a more deliberate, macro and micro focus on water management and called on the BMC to take the leadership initiative and look at the viability of using recycled water for watering gardens in Mumbai. CII has been a key contributor towards popularizing the concept of Green Buildings in India. Read More>>

Sunday, November 02, 2008  India-Realestate

Mumbai commercial property hit by US financial crisis

The financial crisis in the US has affected the commercial property market in Mumbai commercial property market. Rentals in Mumbai are finally beginning to crack and deals for office space have slowed over 30 per cent in the last three months. Leading property brokers and consultants in Mumbai say things will be worse with prospective tenants asking for a 50 per cent cut in rates. Companies, mainly IT and BPO service providers and finance firms, with significant US businesses are cutting back expansion plans and, therefore, the need for prime commercial real estate. Meanwhile, tighter liquidity at home is encouraging companies to defer their property bookings.

In the Bandra Kurla Complex, the city’s second main commercial hub where rentals peaked at Rs 450 per sq ft a month, clients are now negotiating with developers at below Rs 300 per sq ft. Rents are expected to come down to Rs 200 a sq feet when three prominent buildings are completed in six months. In the Churchgate area of business district Nariman Point, which houses old office buildings, rentals have already settled at Rs 240-250 sq ft a month from Rs 325-350 a sq ft barely two months ago. That is a 45 per cent correction. “Companies are not signing at the rates asked by developers like they did earlier and transactions are not taking place. We have seen prices correcting sharply in Nariman Point in the last one month,'’ said Suketu Mody, president and chief operating officer of Coldwell Banker Goodwill Consultants, a US-based consultancy firm that advises many Indian companies on their property deals. Read More>>

Sunday, November 02, 2008  India-Realestate

Mumbai SEZ promoters oppose defacto referendum

Promoters of the Mumbai Special Economic Zone (SEZ), including Reliance India Limited, have filed a petition in the Bombay High Court opposing the Government’s decision to hold a defacto referendum on the project.

The Mumbai SEZ is slated to come up in the neighbouring Raigad District. The Raigad District Collector had last month issued a notice asking the landowners in the 22 affected villages to record their statements regarding their consent for the land acquisition. About 4,000 landowners in 22 villages near Mumbai will decide the fate of Reliance groups proposed Mumbai Special Economic Zone (MSEZ) through a referendum which will be held on September 21 to ask villagers whether they wish to part with their land for the 5,000-acre project. Read More>>

Monday, October 20, 2008  India-Realestate

MHADA to sell 600 budget flats

The Maharashtra Housing and Area Development Authority (MHADA) is planning to sell 600 budget flats in Mumbai around Diwali and expects at least 200,000 applications for this, an indication of the demand for affordable housing in one of India’s most expensive real estate markets. The flats, which will be 225 sq. ft and 600 sq. ft in size, are located in Sion and Vikhroli in the city. Property prices in Sion range between R s6, 000 and Rs12, 000 a sq. ft. The flats will be priced at Rs 2, 000-2,200 a sq. ft. Buyers will be picked from applicants through a lottery.

“There is a huge demand for such affordable housing in Mumbai where real estate prices have become unaffordable… We got overwhelming response from our sale earlier this year and have decided to sell some more flats this year,” said Honaji K. Jawle, Chief Operating Officer, Mumbai Board, MHADA. Read More>>

Monday, October 20, 2008  India-Realestate

Parsvnath bags project in Mumbai

Real estate developer Parsvnath Developers Ltd has won another project from Mumbai to develop a plot of land at Mahim Bus Station for commercial and residential utilization along with remodeling of existing bus station. The project would give the Company a developable area of forty thousand square feet with a realizable value of approximately seventy crore rupees.

This project is in addition to a project grabbed from BEST, Mumbai for re-development into a modern bus terminus at Kurla with modern amenities and a commercial shopping complex in Mumbai. The Mahim project would be on lease to the Company for a period of sixty years and would be executed within two years from the date of commencement of work. Read More>>

Saturday, September 20, 2008  India-Realestate

DB realty to build Mumbai’s biggest mall

The Mumbai-based real estate firm DB Realty is investing Rs 700 crore to set up a large mall in the city. The mall, Orchid Ozone, would encompass facilities for retailing entertainment and hospitality.

“As Indians move up the value chain, large format retail combined with themed luxury environments will drive Indian retailing,” said Nabil Patel, director, DB Realty, which is the real estate arm of the diversified Dynamix Balwas group. “Indians not only want to shop but want to be entertained. This is the need that Orchid Ozone seeks to fulfill,” added Patel. Read More>>

Sunday, September 14, 2008  India-Realestate

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