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.
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.
NRIs, particularly the first-time home buyers, see multiple advantages — the foreign exchange value is now to their advantage, they get home loans overseas, people in the Gulf pay 2-3 per cent on home loans and invest in property here and with money on the table, they bargain hard and get a better deal from developers who are certainly seeing a drop in bookings in recent months.
Consider getting Rs 50 for a US dollar a few months back to Rs 65 now – that is a more than 20 per cent benefit straightaway, points out Joseph Ittiachen a real estate consultant.
With the rupee value continuing to slide, investing in real estate in India has become increasingly attractive for non-resident Indians.
The lack of cost-effective housing is one of India’s most pressing developmental problems. According to official figures, India faces a shortage of around 18.78 million homes, of which 10.55 million are required for the economically weaker section (EWS) and 7.41 million for the lower income group (LIG) section.
While the low-cost housing segment has got some boost in the last few years—primarily after the contraction of the housing market in 2008-09—there is still a long way to go and there is a need for comprehensive steps from the government.
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.
Rustomjee Elements offers a priceless sense of location in the heart of Mumbai, highlighted by spacious and luxurious interiors and endless, beautifully landscaped exteriors.
It has all the ingredients to suit the choices of individuals and families who believe in living life king-size. Conceptualized by the renowned Hong Kong-based Cybertect James Law, Elements is ‘the’ address for those with a taste for fashion and luxury living. Set up in the most affluent suburb of Mumbai, Elements boasts of a neighbourhood that is home to the biggest names in Bollywood and houses more celebrities per square kilometre than any other locality in Mumbai.
These flats in Juhu possess truly a visual delight and offer a refreshing breaking to any city dweller who seeks to be in the hubbub of India’s biggest, commercial city and still enjoy their moments of peace and tranquil. Elements has created houses in Juhu for residents to create and live
their dream lives, and rejuvenate their minds and spirits like they can nowhere else.
To know more about Elements, please visit: http://www.rustomjeeelements.com/
For information about our projects, visit: www.rustomjee.com
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.
Many people shopping for real estate today are younger than previous generations of home buyers, and they’re extremely tech savvy. They grew up with smartphones, apps, and Google searches. And they want to use technology not only in their search for a home but throughout the home itself.
A recent survey by Better Homes & Gardens Real Estate shows that 77 percent of Gen X & Gen Y home buyers want their homes “equipped with the technological capabilities they have grown accustomed to.” And it doesn’t stop there. This new generation of home buyers is “rewriting the rules to home ownership and reinterpreting traditional norms to fit their values,” says Better Homes & Gardens Real Estate.
These aren’t your standard-issue young home buyers from 30 or 40 years ago, who were often married couples looking for a starter home in the suburbs to raise a family. Today, single women make up a large percentage of first-time buyers, as do gay couples and the always-connected mobile professional.
As the home buyer evolves, so does the home. Here are five major shifts in homes you can expect to see today and in the coming years.
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.
For Somesh Vaidya, who shifted to Virar from Borivili, it was a decision he would not regret. The area has excellent connectivity, more open space and social infrastructure is no less compared to the other suburbs. Another added advantage of buying property here is its easy accessibility to Mumbai via the Western Express Highway, which is just five kms from the area and the Metro is only in three kms. The roads are also constructed well and are in good shape.
Being the first station on the western railway’s suburban line, people get the benefit of travelling through local trains. It is the only station, which isolates Mumbai from other locations like Vaitarna, Safale, Kelwe, Palghar and Boisar.
Real estate has been booming because of players like Rustomjee, Ekta World, Bhoomi Group, Poonam Group, which have many good projects in the area. In the next two-three years, Virar is being considered as a major development city. Experts believe that if one is on a lookout for affordable housing projects, low- and high-yield investment near Mumbai, Virar is a good option. One room kitchen, one-BHK and two-BHK flats in Virar are come at a reasonable price bracket of Rs 15-30 lakhs, while the prevailing rates are Rs 3,250-5,500 per sq ft. The built-up area of a one room kitchen is about 350 to 450 sq ft and a one-BHK unit here is about 520 sq ft and two-BHK is 760 sq ft.