NEW DELHI: India’s eight major cities saw launch of 1.32 lakh homes during January-September 2013, up by five per cent from the year-ago period, according to global real estate consultant Cushman & Wakefield.
These eight cities — Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune — had witnessed launch of 125,590 residential units during the corresponding period of 2012.
As many as 31,434 units were launched in affordable segment, while 75,529 and 24,032 homes were introduced in the middle-income and high-end segments, respectively. Nearly 1,100 luxury homes were also launched.
Malad is a western suburb which has evolved in the last 10 years with the growth of Mumbai. A sea change from the East Indian Catholic village that it was traditionally, Malad is now recognised as one of the new residential and commercial hubs of the city.
Though Malad West is the more developed and lucrative investment option, the East part of the locality has also recently developed.
Malad enjoys connectivity to other Western suburbs such as Goregaon and Andheri. Access to the Western Express Highway and the Eastern Express Highway has brought this area into favour.
Rustomjee is coming up with two projects, Rustomjee Ozone and Rustomjee Elanza both located on Goregaon – Malad Link Road. These projects have already announced possession. More projects are expected to be announced.
The successful implementation of the cluster development scheme and redevelopment of cessed buildings will generate at least 2.5 lakh housing units in the city.
According to Liases Foras, a real estate research firm, the redevelopment of cessed buildings will generate 1.50 lakh housing units, while the implementation of cluster redevelopment will create 26,272 housing units after rehabilitating the existing tenants. According to a conservative estimate, if the entire 16,000-odd buildings are developed in a cluster mode, the city will get 2.5 lakh housing units, said an expert.
“There is no virgin land available in the island city and redevelopment is the only option,” said Paras Gundecha, former president of Maharashtra Chamber of Housing Industry (MCHI).
Mumbai, has recorded a rise of 16 % in the registration of properties in the year 2013, when compared to the data for the first six months of 2012. Reporting the figures for the same period in the year 2013. There has been a multifold increase in the number of properties being sanctioned in the first two quarters of this year as compared to the figures recorded during last year. Another prominent push for the growth in sales of homes has come from the easy and lucrative schemes offered by the developers. Schemes like the subvention plan has lured the home aspirers to cash upon easy payment options that requires not more than 20% of the net value of the property to be paid up-front.
Rustomjee has carved a niche for itself in the real estate sector and is today synonymous with innovation, customer satisfaction, transparency and developing luxurious, affordable and value for money projects.
Rustomjee was amongst the first developers to tap the massive redevelopment opportunities in a space-starved Mumbai and has successfully redeveloped many properties thereby providing residents with better infrastructure and state-of-art facilities. They have transformed the homes of thousands of families who now live in homes equipped with better security, more living space, landscaped gardens, swimming pools and gymnasiums, padded play areas for children and libraries. Each of their redevelopment projects is tailored with amenities chosen to enhance the living standard of people for a lifetime.
Redevelopment is a process of urban renewal. The potential benefits of redevelopment in a city are many. It not only reduces urban sprawl but also improves the economic competitiveness of city’s prime precincts.
Mumbai has, for many years now, been a subject of redevelopment to catalyse urban renewal and improve the quality of real estate and infrastructure. A fast-growing population’s demand for space amidst limited availability of developable land has forced the redevelopment of old properties into brand new structures.
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.
India offers a wide range of real estate options for various budgets, with improved quality and features of properties. Currently the larger cities like Mumbai are witnessing a slump in sales forcing the developers to offer good deals. “There is a possibility of two-fold benefits for the NRI investors – the current weakening of Indian rupee is expected to be short-lived phenomenon, and once the Rupee starts appreciating, the investor will get more dollars for the same investment in rupees. Secondly over the mid-long terms (three-five years), property prices in India will appreciate considerably, thus giving good returns to investments,” said Mr. Om Ahuja, CEO – Residential Services, Jones Lang LaSalle India.
At the Real Asset Conference held in association with moneycontrol.com, on 19th March, Mr. Chinmay Gersappa, GM, Corporate & Residential Sales, Rustomjee spoke on the Real estate asset class, that was followed by a panel discussion with eminent personalities from the Real Estate industry.
About Rustomjee, Mr. Gersappa comments that it is a predominantly Mumbai based developer, the company’s expertise is residential development, although Rustomjee has also undertaken resi-commercial, retail, across all the regions, but have a strong focus on residential spaces.
The panel discussion was moderated by Mr. Santosh Nair – Editor, Moneycontrol.com and joined by experts like – Mr. VK Sharma – CEO, LIC Housing Finance, Mr. Neeraj Bansal – Director (Risk Consulting), KPMG, Mr. Balaji Raghavan – CEO, IndiaInfoline, Mr. Sanjeev Dasgupta – President, ICICI Ventures (Real Estate) and Mr. Abhishek Kapoor – CEO, Rustomjee Urbania.
The discussion covered varied topics on the Real estate industry, trends and the issues and opportunities in the real estate sector. The Real Asset panel discussion focused on serious issues like affordability, assured return schemes being offered by developers and key regulatory changes required that need to be tackled for smooth functioning of the real estate industry.
Mumbai has been revealed as the favourite spot for Indian expats in the UAE to buy property, despite the city’s soaring home prices, according to a new survey.
Thirty one per cent of Indians in the UAE said that Mumbai was their preferred destination for property investment in India, the results of the Indian Property Show survey released yesterday revealed. About 14,000 Indian expats in the UAE participated in the survey.
“Despite being the ‘highly unaffordable’ place, even for the upper middle income group back home, Mumbai has become a top choice for non-resident Indians [NRIs] in the UAE for investment in the real estate sector,” said Sunil Jaiswal, the chief executive of Sumansa Exhibitions, which organises the Indian Property Show, to be held in Dubai this month. Home prices in Mumbai have increased by 66 per cent over the past four years, according to a recent report by Jones Lang LaSalle.