After years of living with his family in a poky 110 sq. ft. 'house', textile worker Sambhaji Surve dreams of moving into a home four times the size once the Maharashtra government starts its ambitious redevelopment of the 39-acre Kamathipura shanty town in south-central Mumbai. Sharing his dream are about 8,000 other families hoping for a better life when the redevelopment project, part of the government's effort to redevelop old settlements and make life more livable for some residents, gets underway. The Shiv Sena-Nationalist Congress Party aims to redevelop BDD Chawl and Dharavi but for Surve all the matters is Kamathipura where he arrived in the 1970s from Nasik to work in a textile mill. Kamathipura was originally built 150 years ago following construction of a causeway to connect the seven islands of Mumbai. From the British Raj to post-independence, it became infamous for slums and brothels.
Mumbai and Bengaluru also featured among the list of top five global cites in terms of future rental growth.
Property sales have been sluggish and the sector has been facing headwinds. So, firms are in wait-and-watch mode.
To overcome your fear of the property being taken over, draw an ironclad agreement with a good lawyer's help, recommends Sanjay Kumar Singh.
Indians are the fourth-largest property buyers in Singapore.
It is expected that the global real estate market will see some major improvements in the latter half of the year.
Identified as states with "great potential", Andhra Pradesh, Gujarat, Karnataka, Maharashtra and Tamil Nadu are projected to increase their industrial production by more than two-and-half times to Rs 50 lakh crore in the next five years.
General Motors vice-president P Balendran is less diplomatic and talks about a 'severe blow'.
Weak absorption and rising inventories in the residential market in Mumbai may lead to price correction in the early part of 2014, real estate consultancy firm Knight Frank said.
While there is little doubt that the emerging economies present the best chances for economic growth, not all countries will prosper at the same rate, says the Wealth Report 2012 by Knight Frank & Citi Private Bank.
One of Mumbai's biggest real estate redevelopment projects of Bombay Development Directorate's (BDD's) chawls (large buildings divided into many separate tenements, offering cheap, basic accommodation) has taken off in Central Mumbai, opening up a Rs 20,000-crore opportunity for real estate companies. It is expected to drive down real estate prices in Central Mumbai by up to 25 per cent, forecast real estate experts. Spread over 92 acres in Central Mumbai's prime localities of Worli, Lower Parel, and Dadar and consisting 195 four-storey houses, the BDD chawls were constructed in the 1920s.
Banks are auctioning 2,362 properties in next 30 days. The foremost benefit of purchasing a property in a bank auction is that you could get it at a significant discount to the market rate.
The gap between the performance of Europe and Asia's top cities has narrowed.
Rich and powerful see New York and London as the leading business hubs over the next 10 years, but emerging nation centres are catching up.
Bidders have to deposit a security fee of Rs 25 crore as well as minimum guarantee fee.
This year's survey reveals 14 cities sliding down the rankings and 16 moving up.
European cities continue to lead in terms of quality of life.
Though New York and London are seen by high net worth individuals as the world's leading hubs over the next 10 years, emerging nation centres are fast catching up.
Overseas investors questioned the difference between the net asset value of Unitech's Alternative Investment Market-listed Unitech Corporate Parks Plc fund and what the traded price of the units reflected. Company sources, however, maintained that investors were merely seeking information to understand the variance between the NAV of the fund, which was about 140 pence, and what its unit's trading price of 11.5 pence reflected.
A weaker pound and robust economies at home have made Asians the largest investors in Central London's real estate market, a global property consultancy firm, Knight Frank said recently.
Housing sales are estimated to rise 93 per cent year-on-year during April-June across seven major cities, but may fall 58 per cent compared to the previous quarter due to the adverse impact of the second wave of COVID-19, according to property consultant Anarock. Sales are likely to be around 24,570 units across seven major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune, Anarock said. Sales of residential properties stood at 12,740 units in April-June 2020 and 58,290 units in March quarter 2021.
Indian prefer to buy expensive properties in Dubai.
Consultancy firms Jones Lang Lasalle Meghraj and Knight Frank India said there are about 7,000 such apartments to be delivered within a year in Mumbai alone, where the cost is not below Rs 4.7 crore (Rs 47 million) for a single unit.
Greed is coming back. So, developers can increase prices. I am sure that prices will not go down from here onwards.
"Our extensive research reveals that as the real estate sector's growth continues to improve, the country will witness a supply of 138,000 residential units in 2010, 57 per cent more than the supply seen in 2009."
The affordable housing segment will offer business opportunities worth over Rs 5,00,000 crore (Rs 5 trillion) as India requires more than ten million houses to be built by 2013-14.
According to property consultancy firm Knight Frank, only 19 states and UTs have a functional portal in place, that too with a lot of information dissymmetry across data points
While Mumbai is home to India's costliest real estate, Thane is the fastest growing housing market in the country
Reit as an investment vehicle has a huge opportunity as the country has a rent-yielding office inventory of 537 million square feet valued in excess of $70 billion.
A forecast by this international real estate consultancy suggests that 'in Mumbai, rentals will fall for some more months and bottom out in the second half of next year, while in the national capital region, rents may bottom out in the second half of the current financial year in most areas.' In both metros, the correction in rents would be between 40 to 60 per cent by the first half of next year of their peaks in 2007-08.
In the first of its kind among property consultants, the UK-headquartered Knight Frank Group will launch a $250 million India-focused real estate fund.ICICI Prudential Mutual Fund recently launched its real estate securities fund, which is the first real estate mutual fund in India.
Are you planning to buy a flat in the near future? If yes, then should you wait for another 6-9 months given the global meltdown in financial markets?
On the residential segment, there is a new thing opening up, and that is organised rental housing.
A study of households with an annual income of Rs 3 lakh (Rs 300,000) to Rs 10 lakh (Rs 1 million) in seven cities shows substantial variations in the type of houses they can afford to buy.
Of this, nearly 80 per cent of demand is expected to come from the Rs 300,000-500,000 segment, it said. Over 32 per cent of potential buyers are looking at making purchases in the next 6-12 months. The highest requirement is from Mumbai and the NCR, which require 0.4 million units and 0.54 million units, respectively, with corresponding investment of Rs 64,700 crore (Rs 647 billion) and Rs 87,600 crore (Rs 876 billion).
Housing market in Mumbai Metropolitan Region recording worst half-yearly performance since global financial crisis in 2008 has worsened the situation for them
The real estate action is no longer limited to the large metropolises of India but has now permeated to the burgeoning smaller towns and cities.
Developers and consultants said even buyers have not been showing much enthusiasm in booking properties, due to high prices and the overall lacklustre economic environment.
From San Francisco to Sydney, find out how much--or little--property your dollar will fetch.
