Housing sales across top eight cities rose 51 per cent last year, even as the office market continued to slump due to the Covid pandemic with gross leasing witnessing a 3 per cent fall, according to Knight Frank India. Housing sales increased to 232,903 units during last year, from 154,534 units in 2020, but demand was down 5 per cent from the 2019 pre-pandemic levels and 37 per cent lower than the 2011 peak numbers. In the office segment, the gross leasing of office space fell to 38.1 million square feet in 2021, from 39.4 million square feet in the previous year, due to the adverse impact of the second wave of the Covid pandemic.
While the responses of the candidates were predictable, depending on which side they belonged to, an interesting point slipped through when Rahul Shewale cited the Dharavi Redevelopment Project as a scheme that would add to Mumbai's importance. No big infrastructural project in Mumbai, he said, could be successful without the Centre's nod.
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.
'If they are taking marquee locations and, say, are paying 50 per cent higher rent, those locations will see a spurt in rates as well.'
Mumbai Metropolitan Region recorded housing sales of nearly 9,200 units in Q3 of calender 2020, against 3,620 units in the preceding quarter, registering a 1.5 times growth which is the highest growth seen any city except Chennai.
Apartments likely to be in the Rs 5-10 crore range each.
Pirojsha Godrej, 43, patriarch Adi Godrej's son, is set to take over as chairman of the Godrej Industries Group from 2026 whol Nyrika Holkar, Smita Godrej Crishna's 42-year-old daughter, has emerged as the face of the Godrej Enterprises Group.
Mumbai may see the most expensive real estate deal mid this year.
Raghavendra Kamath reports on what ails India's real estate sector.
If things go as planned, Navi Mumbai will emerge as one of the most accessible areas in the city of Mumbai and prices on its Palm Beach Road will be close to the city's famous Marine Drive some years down the line.
With the insistence on data centres to be onshore, entities in real estate believe there is going to be a rise in demand for specialised Grade-A commercial spaces to set these up.
According to the Mumbai police, the accused worked as a waiter at a restaurant, and a briefing regarding the case will take place later at the DCP zone IX office at 9 am.
With Mumbai grappling for additional land for expansion, the city's western suburb Bandra could see availability of close to 60 acres of real estate for development.
Difference due to pricing; up by a third in Mumbai since Jan, almost stationary in Delhi.
Real estate developer Lodha group has roped in UK-based Yoo Ltd to design, brand and market one of its two luxury towers coming up in Mumbai.
Police have filed an extortion case against Mumbai Deputy Commissioner of Police Akbar Pathan and two other cops, one of them arrested for the killing of businessman Mansukh Hiran, on a complaint by a man who is an accused in a cheating case, an official said on Thursday.
Third attempt to get more buyers, property market still quite depressed.
The real estate portal stated that it conducted a nationwide online survey christened 'Realty Trends 2010' for metros and Tier II cities across the country, which saw participation from over 4,800 property seekers.
The official said that intelligence reports indicated that Dawood had reportedly invested crores of rupees to construct a mall in Clifton area of Karachi, one of the elite areas of the port town.
The removal of unauthorised construction at Union minister Narayan Rane's bungalow in Mumbai's Juhu area started on Thursday, a civic official confirmed.
On a short trip in Mumbai for a board meeting, Nick Thomlinson, chairman of Knight Frank, the global residential and commercial property consultancy, shares his insights and forecasts with Byravee Iyer.
Body blow for real estate developers as state switches off tap to high-rise projects.
The registration of residential properties in Mumbai fell 42 per cent in April to 10,136 units as compared with the previous month, as fresh demand was affected due to the second wave of the COVID-19 pandemic and expiry of the reduced stamp duty period, according to Knight Frank India. The fall would have been steeper as over 90 per cent of the registrations were of the properties on which the stamp duties were already paid by the homebuyers before April 1 in order to avail lower stamp duties. From September 2020 to March 2021, the Maharashtra government reduced the stamp duty by 2-3 per cent to boost housing demand amid the pandemic.
The Supreme Court on Monday dismissed a plea challenging the Bombay high court verdict that directed the Mumbai civic body to demolish the unauthorised construction at Union minister Narayan Rane's bungalow in the Juhu area, noting that there was a violation of the Floor Space Index and Coastal Regulation Zone rules.
Real estate development on Mumbai airport land and the work on Navi Mumbai airport have been inordinately delayed, which have prompted rating downgrades and raised questions on its financial capabilities. It is also trying to stave off Adani group's entry as a shareholder in the Mumbai airport project.
Sahara Group chief Subrata Roy passed away on Tuesday due to a cardiorespiratory arrest after a prolonged illness, a company statement said. He was 75. He was 75. According to the company statement, he passed away at 10.30 pm due to cardio-respiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes.
Property developer Indiabulls Real Estate is talking to investors to raise at least $150 million (Rs 750 crore) from sale of shares to select investors as part of its qualified institutional placement (QIP) plan.
Haryana has done well in terms of economic growth over the last couple of decades. For it to continue to lead the growth ladder, the new government has to work hard on multiple dimensions, recommend Shishir Gupta and Rishita Sachdeva.
Unitech Ltd, the country's second largest realty firm, has forayed into the Mumbai's property market and plans to invest Rs 4,000 crore (Rs 40 billion) in the next three years on real estate development. According to company sources, Unitech plans to develop three million sq ft, primarily office space, in Central Mumbai in the next three years and is targeting to construct up to nine million sq ft in the next five years.
Leading real estate sector players attribute the impending fall to rise in interest rates, escalation of cost, credit squeeze by banks, bearish capital market and weak sentiments globally leading to poor offtake of properties. Indiareit Fund Advisors manages a total of $450 million domestic and offshore funds.
Sensing a correction in the real estate sector, commercial banks have become selective in lending to new residential and commercial real estate projects.
Prices in Bengaluru, the National Capital Region, Hyderabad and Ahmedabad, however, witnessed an uptick during the period.
After making the model work in metro cities, players in the quick commerce sector are rapidly expanding their footprint into smaller tier 2 cities and markets beyond that ahead of the festival season.
Good range of properties, stable prices, makes the city perform better than peers.
Chinese companies who were actively pursuing business opportunities in India have adopted a wait and watch approach following the Chinese government clampdown.
The project, titled New Cuffe Parade, will come up at Wadala and is spread across 23 acres over the next five to seven years.
Earlier, CBI had arrested Salem soon after his extradition on November 11 in the 1993 bomb blast case.
The family that used to make the legendary sports car wants to bring the same design panache to luxury flats.
