After many failed attempts over the past decade, Bhendi Bazaar, one of the most underdeveloped and busiest business-cum-residential districts in Mumbai city, is taking a big leap into the future in what's said to be the nation's largest cluster redevelopment project. The 125-year-old neighbourhood spanning 16.5-acres, not very far from the iconic Chhatrapati Shivaji Terminus, is already home to two newly-developed towers of 36 and 41-floors which have opened up a new world of modern living for the families there. Around 610 of the over 3,200 families and 128 of the over 1,250 businesses have moved into the new buildings -- all for free.
Residential sales have declined 60-70 per cent in Mumbai due to high property prices and rising interest rates.
Most of these projects were launched between 2008 and 2010
'The fact that housing units worth a whopping Rs 4.5 lakh crore in top seven cities are stuck under various stages of non-completion indicates that there is a dire need to create stress-asset fund which will help bail out lakhs of distressed homebuyers,' says Anuj Puri, Chairman, Anarock Property Consultants, a real estate services company.
President Zelenskyy's telephonic conversation with Prime Minister Modi came hours after India abstained on a UN Security Council resolution by the United States that 'deplores in the strongest terms' Russia's 'aggression' against Ukraine.
The government's food subsidy in the ongoing fiscal year is expected to be a little less than Rs 4 trillion.
CPPIB, which started investing in the country in 2009, has invested in Kotak Mahindra Bank, L&T Infrastructure Development Projects, online education firm Byju's, energy company ReNew Power, logistics firm Delhivery, among others.
The redevelopment project of the Central Vista -- the power corridor of the country -- envisages a new triangular Parliament building, a Common Central Secretariat and the revamping of the three-km-long Rajpath from the Rashtrapati Bhavan to India Gate and new residences for the prime minister and the vice president.
All real estate developers may not be able to avail the benefit of Reserve Bank of India's one-time restructuring scheme as they might not meet the required financial ratios and have the necessary credit rating, HDFC vice chairman and CEO Keki Mistry said. He was speaking at a real estate and infrastructure investor summit organised by Naredco. "Restructuring may not necessarily help every developer because not too many will be able to meet the criteria laid down in terms of meeting the various ratios and getting credit ratings," Mistry said.
The country's largest carmaker Maruti Suzuki India (MSI) is planning to invest around Rs 18,000 crore on a new manufacturing facility in Haryana, as per a top company official. The new plant would replace the company's Gurugram-based facility and is expected to have an installed production capacity of 7.5-10 lakh units per annum. While confirming the Rs 18,000 crore investment plan, MSI chairman RC Bhargava told PTI that the company had always planned to shift the Gurugram facility to a nearby location.
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
The average home prices in Mumbai have touched Rs 12,000 per sq ft
Knight Frank and Royal Institute of Chartered Surveyors in their report said that 10 million homes will be delivered by 2022 as targeted by the government.
With the expert panel's recommendations, the project comes a step closer to getting the environment clearance (EC), to be given by the Union Environment Minister.
Mumbai's property markets, where prices earlier crossed Rs 1 lakh per sq. ft in South Mumbai, are seeing a 20-25 per cent markdown from last year's levels.
The aim of the mission is to accelerate the development of at least six vaccine candidates and ensure that they are licenced and introduced in market for emergency use at the earliest.
Oberoi Relaty expect 20-25 per cent premium for tis residential project.
'We are planning load shedding in such a way that the entire state will not suffer.'
The purchase or construction of houses by large numbers of people can add meaningfully to India's economic growth, points out Neelkanth Mishra.
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.
Prime Minister Narendra Modi on Saturday announced a number of welfare measures for children who lost their parents to COVID-19, including ensuring a corpus of Rs 10 lakh when they turn 18 and providing for their education.
Developers announce new projects, vacant land being unlocked
Average apartment size in residential projects launched in 2020 increased by 10 per cent to 1,150 sq ft, as builders expected demand for bigger flats to rise after the COVID-19 pandemic, according to property consultant Anarock. Average apartment sizes in seven major cities have risen by 10 per cent on a yearly basis to 1,150 sq ft in 2020 from 1,050 sq ft in 2019, it said in a report. The consultant said the average apartment sizes were reducing year-on-year since 2016 but the trend has reversed last year.
While he has been primarily a white-ball bowler, in 2020 during the first COVID-19 lockdown, Mohsin Khan got a rare chance to train with Mohammed Shami at his residential ground in Amroha.
The 47-year-old has developed swelling in both his legs after his injections could not be administered due to the ongoing nationwide lockdown to contain the COVID-19 pandemic.
Equinox plans to launch 1.4 million sq ft residential project in Bengaluru in the last quarter of calender year 2011 and a one-million housing project in Thane near Mumbai in the next one year.
Markets such as Bengaluru and Chennai, which had managed to escape the impact of real estate slowdown so far, appear to be giving in now.
The Kanakia group, from which Mapletree did the purchase, had bought the plot from India Tube Mills and Metal Industries for Rs 363 crore in 2018.
A Parliamentary panel on Monday rapped the defence ministry and the Maharashtra government on the Adarsh Housing Society scam, saying there was "monumental failure" at all levels of governance with certain officials abusing their position.
Institutional investment in real estate jumped nearly 9-fold during the April-June quarter to $1.35 billion, mainly driven by the inflow of funds in the warehousing projects, according to property consultant JLL India. In its 'Capital Markets Update Q2 2021', JLL India reported that institutional investors deployed $1,357 million in real estate during the second quarter of the 2022 calendar year as against a mere $155 million in the year-ago period.
A series of flash floods in Himachal Pradesh and the Union Territories of Jammu and Kashmir, and Ladakh killed at least 16 people on Wednesday and damaged several residential houses, standing crops and a mini power plant, officials said.
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.
A parliamentary panel has rapped the Defence ministry and the Maharashtra government for "monumental failure" at all levels of governance with certain officials abusing their position leading to the Adarsh Housing Society scam.
In the NCR region, a significant number of residential projects in areas such as Noida have been delayed because of disputes with regards to land acquisition.
While Gurugram sees biggest drop in house prices, housing sales in Bengaluru dropped by 45 per cent followed by Kolkata, a 44 per cent decrease, and Ahmedabad, a 42 per cent decline.
Owing to the risk perception attached with the segment by banks, the residential realty segment has been increasingly relying on non-banking financial companies and housing finance companies to raise debt financing, reports Abhijit Lele.
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.
Housing Development Finance Corp (HDFC) chairman Deepak Parekh on Tuesday said that while the country's macroeconomic fundamentals remain strong and the recovery is in progress, the unpredictability of coronavirus will remain a key challenge. Owing to the second wave, the Indian economy is likely to mirror a similar trend seen in FY21, where the first half of the financial year is weaker and the second half is significantly stronger, he said. "I remain confident that India's macroeconomic fundamentals are strong. Recovery is underway," Parekh said while addressing the 44th annual general meeting of HDFC Ltd. He said, the country's forex reserves and foreign direct investment inflows have scaled record highs, the capital markets are also buoyant and agriculture growth is expected to remain strong with food grain production estimated at over 305 million tonnes.
Experts say that the lockdown and its aftermath will further quicken the consolidation in the real estate sector, which has been taking place since 2012, with more small players going out of the business and bigger, branded players dominating the market.
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.
