Housing sales across seven major cities are estimated to fall 47 per cent year-on-year to 1.38 lakh units this year on lower demand because of the COVID-19 pandemic, according to property consultant Anarock. New housing supply, too, is likely to fall 46 per cent to 1.28 lakh units in 2020 in seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
Housing sales in seven major cities rose 5 per cent annually to about 1.2 lakh units during the April-June period, while demand fell 8 per cent from the preceding quarter on surge in prices, according to Anarock. Real estate consultant Anarock, which is one of the leading housing brokerage firm, on Thursday released the data of housing market for the current April-June quarter. In April-June 2024, housing sales across seven major cities are estimated at 120,340 units, up 5 per cent from 115,090 units in the year-ago period.
MMRDA is set to sell 5 more properties in BKC after receiving record bids for plot earlier. Out of the 5 plots, 2 are meant for residential structures while 2 are for commercial places and one for a gymnasium.
On July 31, one of the five shortlisted companies, IRB Infrastructure, had said it would not bid for MTHL.
The cyclone is likely to bring heavy rainfall in its wake in parts of Maharashtra, Gujarat and Goa. The light showers/drizzle in parts of Mumbai city, its suburbs and neighbouring districts of Thane and Palghar on Monday morning brought some respite to people from the sweltering heat and humidity.
Highlighting that mutation in a virus is a natural phenomenon, the civic body said citizens should do not panic and appealed to them to follow COVID-19-appropriate behaviour.
Amid the continuing stand-off with the Bharatiya Janata Party over the proposal to appoint a Chief Executive Officer for Mumbai, the Shiv Sena on Monday warned its former ally to consult it before taking any such decision for the megapolis.
A separate standard operating procedure will be issued by the tourism department for precautions to be taken while operating these establishments, an official release said.
Suburbs from Vile Parle to Goregaon have 205 unsold units.
The stocks of Mumbai-based real estate companies have been hitting lifetime highs on expectations that launches, steady demand, and price increases in the largest real estate market in the country would boost their financials. Macrotech Developers (Lodha) and Oberoi Realty hit their all-time highs last week, while Godrej Properties came close to its 52-week high last month before witnessing a sharp correction.
The real estate sector wants "high-impact" measures, like special schemes and tax breaks for developers, to revive the fortunes of the affordable housing segment in the country, multiple executives told Business Standard. This segment has been struggling since the Covid-19 outbreak, in contrast to larger and costlier homes which have been selling like hot cakes. The demand comes at a time when the government is taking suggestions from industry players before tabling the General Budget in the Parliament next month.
Urban planners and real estate experts say bad town planning in Mumbai and rising deaths during the ongoing pandemic are a "sad reality". Dev Chatterjee and Raghavendra Kamath report.
With the Japanese government taking a lead in funding the megapolis' many signature infrastructure projects, the World Bank has evinced interest in funding the proposed Charkop-Dahisar and Wadala-Teen Hath Naka Metro projects.
CLSA has downgraded select real estate stocks and expects most counters from this sector to consolidate in the months ahead after the sharp run seen in them in the last few months. Most positive factors in terms of a pick-up in housing demand and office space absorption, it said, are already priced in. "We expect housing industry demand to grow around 12 per cent in 2024 and for large developers to outpace industry to grow at 15 - 20 per cent.
During this summer, Indian travel buffs are opting for destinations that provide an escape from the ominous heat, along with coastal regions within the country and countries offering visa-free travel.
Taxi and autorickshaw drivers under Jai Bhagwan Taxi Rickshaw Sanghatana have announced they would go on indefinite strike from August 29 in Mumbai, Thane and Navi Mumbai.
However, some areas in south Mumbai, which witnessed a record rain on Wednesday, were still water-logged, they said. The India Meteorological Department (IMD) has predicted moderate to heavy rainfall in the city and suburbs and intense showers in some parts of the Mumbai Metropolitan Region in next 24 hours.
In Mumbai city alone 1,008 patients have been detected as per the state health department, of which 64 died.
The United States has approved the extradition of Tahawwur Rana, accused of involvement in the 2008 Mumbai terror attacks, to India. The decision was announced by President Donald Trump during a joint press conference with Prime Minister Narendra Modi in the White House. India is currently working on the logistics of Rana's surrender and extradition, with several final steps to be completed before he is sent back to India. The joint statement issued by India and the US during Prime Minister Modi's visit reaffirmed their commitment to fighting terrorism and eliminating terrorist safe havens. The leaders also called on Pakistan to bring to justice the perpetrators of the 26/11 Mumbai and Pathankot attacks. Rana, a Canadian national of Pakistani origin, is currently lodged at a metropolitan detention center in Los Angeles. He is associated with Pakistani-American terrorist David Coleman Headley, one of the main conspirators of the 26/11 attacks.
The entire Mumbai Metropolitan Region has reported 21,925 cases and 718 deaths.
Fresh housing supply rose 43 per cent quarter-on-quarter across six cities during January-March to around 80,000 units, mainly driven by a revival in the demand for residential properties, according to proptech firm Square Yards. Technology-led real estate consultant Square Yards sells homes on behalf of builders and facilities home loans to consumers. In its report 'India Residential Overview: Jan-Mar 2022', Square Yards has covered Hyderabad, Bengaluru, MMR (Mumbai Metropolitan Region), Pune, Noida and Gurugram.
At present, Mumbai Metro One Private Ltd (MMOPL) is offering a promotional fare of Rs 10 for all the destinations till July 9.
'Some buyers believe prices may correct in the future.' 'This is unlikely. Many developers are increasing prices amid strong sales and inflationary trends.'
The Mumbai-based real estate developer Oberoi Realty has been one of the top-performing companies in its segment and most brokerage remains bullish on the stock. The company's stock price is 52 per cent in the last 12 months beating the broader market by a huge margin. The benchmark BSE Sensex is up just 6.5 per cent during the period.
Twenty-six coronavirus patients died during the day, taking the death toll to 485, a state health department statement said.
The 102-acre government land at Kanjurmarg was handed over to the MMRDA on October 6.
The government and MMRDA are keen to develop the 22-km link, which will connect Sewri on the island city to Nhava Seva in Navi Mumbai, on an engineering, procurement and construction basis and not on the build-operate transfer model, considering past experience.
Locations such as Chembur, Ghatkopar, Navi Mumbai and Andheri will be the future growth centres.
Mangroves absorb excess water but they are being destroyed in Mumbai in the guise of infrastructure development, city-based environmentalist Debi Goenka told PTI.
'Netflix, Amazon Prime Video, Crunchyroll, and Disney+ Hotstar are continuously expanding their Anime libraries.'
Thackeray held a meeting on the issue and instructed authorities concerned to ensure there is no recurrence of the episode, an official statement said.
Uddhav said the protesters were citizens standing up for future of the planet.
Consultants say at Rs 1,442 a sq ft, the developer has got a good bargain.
Piramal Realty will invest Rs 3,500 crore over the next two years in four ongoing housing projects as it aims to deliver a 6 million square feet area to customers, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate arm of the business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial under development in the Mumbai Metropolitan Region (MMR).
The COVID-19 hospital has a 190-bed ICU, 1,536 beds with oxygen facility, an ICU for children, a 20-bed dialysis unit, a 40-bed triage and a 384-bed isolation room with a total of 2,170 beds, the MMRDA said in a release.
"Does one need bullet train or improvement of basic rail infrastructure," the MNS chief said.
The matter came up for hearing on Monday before a bench chaired by Justice R D Dhanuka.
The net leasing of Grade-A commercial office space in India will stagnate this financial year at 32-34 million square feet, with global uncertainties brewing caution among key tenant categories, according to the latest Crisil Ratings report. Major seven cities in India - Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - had Grade-A office space with an operational stock of around 705 million square feet as of March 2023. India's commercial office space is dominated by technology companies, with information technology (IT) and IT-enabled services (ITeS) companies occupying 42-45 per cent of the operational stock.
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