So you are lattempting 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.
Real estate in the busy, bustling, on-the-move city of the rich and famous – Mumbai, is something that is always in the news, for it’s rapidly evolving scenario.
In the latest news, Alok Industries in a joint venture with Ashford Infotech will acquire and develop office space spanning over a million square feet in suburban Mumbai. The venture will cost billions of rupees to develop.
Matheran Realty, a real estate firm based out of Mumbai has proposed to develop huge township for the ‘low-income’ group of people at Karjat, located on the outskirts of Mumbai. The company says that it will build about 10,000 houses using technology sourced for an Australian company and will boast all facilities like shopping malls, super markets and entertainment arenas.
In other news, the slums around Mumbai airport face closure following a directive from the government. The slums are probably the first thing people see while landing in Mumbai and will result in thousands of people standing to lose their homes. The slums are a goldmine for developers given Mumbai’s exorbitant land prices. In a related incident, over 6,000 slum dwellers blocked roads and protested the re-development project initiated by the government. The people of the Dharavi slum protested the fact that thy will have nowhere to live when the government begins work through a private firm to build free schools and healthcare establishments for them. The re-development is said to take over 7 years to complete.
Land sharks are popping the champagne after the Maharastra government repealed the Urban Land Ceiling & Regulation Act (ULCRA). The act that restricts development on big land holdings has been relaxed. The good news it is that it frees up over 1,00,000 acres from the government for development. The companies standing to benefit from this include Godrej, Wadia Trust and Hirandani Developers.
In other gossip, let’s talk about the Ambani’s with their dream home ‘Antilia’ being built on Altamont road in Mumbai. It comprises 27 floors boasts of 3 helipads, parking floors for their imported cars, an entertainment floor, guest accommodation, health & fitness areas and a whole lot more – all just for the Ambani’s! The Ambani’s new home will be the talk of the town once completion in September this year. If you’re wondering what land costs in the area hold your breath – 75,000 rupees ($ 1,912) a square foot!
The Mumbai real estate market is enjoying a high time. There is a real estate boom in India and after Gurgaon and Delhi, Mumbai is the next most popular hub where people are moving into in great numbers. There has been a marked enhancement in the supply and demand in the micro markets. The investors have been trying to foray into the real estate scenario investing into retail sectors, residential sectors, and banking, insurance and IT/ITES sectors too.
India is going through some major transitions at the moment. Mumbai has become one of the most expensive cities in the world as far as property prices are concerned. Major property investors, including the Trump organization, Krogers, the U.S supermarket chain, and several UAE property investment trusts are investing heavily in the Indian property markets.
The ‘House of Patels’, which is one of India’s largest conglomerates has come to an arrangement with Parsvnath, a renowned Indian developer to promote PRIDEASIA
PRIDEASIA is a US$1 billion project being developed in Chandigarh, Northern India. Parsvnath in India has 115 ongoing projects with a developable area of over 191 million square feet.
Global real estate majors such as Dubai World, the Trump Organisation, Smart City of Dubai, Kishimoto Gordon Dalaya, Khuyool Investments, Bonyan Holding, Plus Properties, ABG Group and Al Fara’s Properties are descending on the Indian real estate market with an investment of around $20-25 billion in the next 12-18 months.
To own a beautiful house in first-rate area of any city is everyone’s dream in India today. But not every dream comes true. And this dream becomes all the more difficult to come true if you would like to own a house in big cities like Mumbai, Delhi, Kolkata, Chennai, and Bangalore. In big cities and above all in Mumbai, it takes a gigantic task to come across to an appropriate house within your means. But this tricky task can be made trouble-free if you can engage the services of a competent property consultant who knows each and every thing about Mumbai Real Estate market.
Chandigarh is among the fastest growing cities in India. With a year-on-year growth rate of 7.91 per cent since year 2000, the city has been positioned at number four among the fastest growing cities in India according to a recent report by the International Institute for Environment and Development. Now that the local economy of Chandigarh is flourishing at a sustainable rate, the property market is beginning to follow. Dozens of property deals are closed every week in the city.
Real estate developers from India will come together this weekend with Citibank offering options for home loans from October 18th to 20th. The event will provide an opportunity for Non Resident Indians (NRIs) in the UAE to check out a variety of home options in 15 cities across India .