Leading chains plan Rs 40K crore infra revival to close capacity gap over next 3-5 years
Housing sales rose 36 per cent year-on-year to a record 120,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, real estate consultant Anarock said average housing prices across the seven cities grew 11 per cent annually in the July-September period this year.
Flight operations at the Mumbai airport were suspended for nearly half an hour as visibility dropped well below the required 550 meter-mark
The government will provide necessary land at a nominal rate.
The deal is expected to be around Rs 1,000 crore (Rs 10 billion) in size and will take a month to conclude, a person involved with the talks between the two groups said. The plot is a part of the 18.5-acre land RIL had bought in 2006 from Mumbai Metropolitan Region Development Authority for Rs 1,104 crore (Rs 11.04 billion) in an auction.
The housing inventory overhang in the top seven cities in India stood at a five-year low of 20 months at the end of the January-March quarter, data from real estate consultancy Anarock showed on Monday. It was the highest at 55 months in the quarter ending December 2020. The inventory overhang is the amount of time it would take to sell the current housing listings in an area. A lower overhang denotes higher demand in a particular area.
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The commissioning of the 3-km Versova to Azad Nagar stretch of Mumbai Metro-I project will not be operational from September, as the Central Railway Safety Commissioner's approval is still awaited.
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.
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.
On July 31, one of the five shortlisted companies, IRB Infrastructure, had said it would not bid for MTHL.
Housing sales rose 8 per cent annually during the April-June period to 80,250 units across eight major cities, mainly on increased demand in Mumbai and Pune, according to PropTiger. Sales stood at 74,320 units in the year-ago period across primary (fresh sales) residential markets of the top eight cities. The housing brokerage firm on Wednesday released its Real Insight Residential - April-June 2023 report, stating that housing sales rose in three cities Mumbai, Pune and Ahmedabad but declined in other five major cities -- Delhi-NCR, Bengaluru, Hyderabad, Chennai and Kolkata.
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.
Suburbs from Vile Parle to Goregaon have 205 unsold units.
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.
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.
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.
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.
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.
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.
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.
At present, Mumbai Metro One Private Ltd (MMOPL) is offering a promotional fare of Rs 10 for all the destinations till July 9.
In Mumbai city alone 1,008 patients have been detected as per the state health department, of which 64 died.
The entire Mumbai Metropolitan Region has reported 21,925 cases and 718 deaths.
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.
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.
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.
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.
Mangroves absorb excess water but they are being destroyed in Mumbai in the guise of infrastructure development, city-based environmentalist Debi Goenka told PTI.
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.
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.
Thackeray held a meeting on the issue and instructed authorities concerned to ensure there is no recurrence of the episode, an official statement said.
Consultants say at Rs 1,442 a sq ft, the developer has got a good bargain.
Uddhav said the protesters were citizens standing up for future of the planet.
'Some buyers believe prices may correct in the future.' 'This is unlikely. Many developers are increasing prices amid strong sales and inflationary trends.'
