'In the past six months, capital markets have seen a dip, and realty is struggling. The stock-market investor will be cautious of putting that investment in real estate when there may be a slowdown coming.'
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'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.
Although residential sales faced a major set back in Q2, they made a comeback with help of pent up demand.
This is the second extension for the bids since June 18.
This is largely on the back of Tata Steel's expansion at Kalinganagar, as well as JLR's in China and Brazil
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