What makes Mumbai’s commercial property market so promising?

Natraj, Andheri

Rustomjee Natraj, Andheri

The commercial realty market in the financial capital of india is only set to grow further on the back of an improvement in global economies.

Market report shows that across India 13 million square feet of office space has been absorbed in the first half of 2013. Whereas, in the first half of 2012, this figure was 12.8 million square feet. Also in the first half of 2013, construction of around 19.3 million square feet of office space has been completed as compare to 10.7 million square feet of 2012, happened in the same time duration. The major portion of this growth, which occurred in the first half of 2013, belongs to Mumbai, making it the city registering the highest absorption of 3.8 million square feet of office space. At one hand the demand is growing high and on the other hand the supply is getting limited.

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Is this the right time to invest in Real Estate?

Rustomjee Elanza

Rustomjee Elanza

A question playing on the mind of many buyers and investors today is – Is this is the right time to purchase real estate? Given the economic slowdown, high inflation and interest rates and political uncertainty, the overall sentiment running among the consumers is negative.

However, at any given time, the suggestion for end users would be anytime you have the propensity to save and spend will be the right time to invest in real estate, say experts. The market has witnessed a slowdown in terms of price. Yet, the mid-income group is witnessing a stable and robust demand as the trend of urbanization continues. Massive demand is available so definitely this is the right time to buy. The conversions may have reduced but the end user is still looking for good options to invest in.

“The transaction from the investor’s end has witnessed a cutback but now is a great time for an investor to tap on the rental opportunity. Investor does not know where the market will bottom out; therefore it is an attractive time to invest when the market is still low compared to other times”, says Percy S Chowdhry, Director, Rustomjee Group.

Read more: Is this the right time to invest in Real Estate?

MID-Day Hot Property: Home Truths – The ‘D’ of Home-Buying: Documentation

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For purchasing a house you need to have the requisite set of documents. These documents are a source of your valid details. The documents are the ‘personal documents’ required for salaried, self employed professional or self employed businessman.

Hindustan Times Estate: Know your home loan Insurance

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Home loan insurance is a product that insures the loan amount taken for the purpose of buying a home.

Taking a home loan is a long term financial commitment as the tenure of loan can run up to 20 years. The home insurance takes care of the loan liability incase of any unfortunate eventuality during the loan term and the family is not burdened with the liability .

Afternoon: Consumer-Friendly Real Estate Bill To Come Up In Parliament

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The government is all set to introduce a buyer friendly real estate legislation which aims the consumers and bring transparency in the sector in the Monsoon Session of Parliament.

The Monsoon Session of Parliament will begin on August 5 and the Bill, after its introduction, is likely to be reffered to the Standing Committee of Parliament for examination.

The Hindu Business Line: Curbs on property investment abroad may boost premium segment in India

Rustomjee Paramount

Rustomjee Paramount

In its bid to control the outflow of capital from the country, RBI slashed the annual cap on automatic outflows from $200,000 to $75,000 for an individual. Along with it, a ban has been imposed on overseas real estate purchases with immediate effect. (Above) A bird’s-eye-view of South Mumbai real estate.

RBI curbs on overseas property investments to protect the rupee seems to be good news for Indian real estate as capital which otherwise would have been diverted abroad will now stay in the country.

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Financial Chronicle: First Time Home Buyer? Count Your Extra Outgo On The House

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When investing in an apartment or a house, the first time buyers should be careful about additional charges such as taxes and maintenance, which he reckons only after the deal is struck and the details are explained to him.

Besides the cost of the property calculated per sq.ft for the total are, the buyer has to plan additional 20-30 percent of expenditure on stamp duty, registration fee, service tax, advance deposit of maintenance charges for 12 months, legal charges, water and electrical connection fees, car parking, club charges and other charges.

Hindu Business Line: Choosing Your Nest!

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Home buyers have the choice of buying either an under-construction property one one already built and ready to occupy. It depends on your motive of buying the house, budget and the level of flexibility. Broadly speaking, a house under construction makes more sense if you are an investor. But if you are an end-user and plan to live in it, a ready to occupy property may be a safer choice.

Times Property: Housing for all – A distant dream?

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It is important to minimize costs for construction of low-income housing whilst balancing the amenities provided, while at the same time ensuring the safety and serviceability of the built structure during its lifecycle.

”For developers constructing in far-flung suburbs, the government must develop civic infrastructure and ensure better connectivity through roads and railways, as this will lead to an influx of people.” Said Abhishek Kapoor, CEO, Rustomjee Urbania.

Mumbai Mirror: Mumbai Skyline To Get A Makeover

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High-rise construction along the city’s coastline could pick up pace, with the state government on redevelopment of old and dilapidated cessed building in coastal belts. Such on-going redevelopment projects will be entitled to higher FSI of 2.5 instead of the current 2. This means that for every square metre of plot area, there can be 2.5sqm of built-up space?