If you are living as a tenant in Mumbai and seeking to buy a house this year, there seem to be quite a few confusions going around. While some of the reports and projected forecasts may give you a ray of hope, it would rather mislead you and your wait for a cheaper home may actually cost you to pay more in future.
Don’t wait for the right time to buy a house expecting a price correction, say seven out of ten home buyers who are on house hunting. Contrary to the price correction reports, the property search of prospective buyers and sellers across the country have convinced them that cheaper house in 2011 are a fancy and wishful thinking. At least those who have done their home work on property search are pretty sure about it.
While some reports have predicted correction in Mumbai realty market, Babulal Varma, Managing Director of Omkar Realtors & Developers assert that rising demand and low availability of ready-inventory will make Mumbai the most sought-after property market in 2011.
An increase in lending rates is almost inevitable, considering the high need to curb inflation. On its own, an increase in lending rates would probably not have a very significant effect on the market. However, the fact is that there are already a number of negatives such as overpricing at play in the residential real estate sectors of large cities like Mumbai and Delhi.
Gurgaon initially gained prominence as an outsourcing centre for major international companies that found it cheaper to locate their back-end operations in India due to the availability of high-quality but cost-effective employee resources. GE Capital initiated this trend and was the first multinational company to enter Gurgaon in 1997.
U.S. billionaire real-estate developer Donald Trump is entering the Indian realty market with a luxury residential tower in Mumbai, more than two years after announcing plans to expand in the south Asian nation. Trump, who has partnered with Mumbai developer Rohan Lifescapes Pvt. for his first venture in the country, expects to start marketing the project by March, said Donald Trump Jr., Trump’s son and executive vice president at the Trump Organization LLC.
Starbucks, the world’s largest coffee chain, is still in talks with New Delhi-based Jubilant FoodWorks and some of the top real estate and retail chains to set up standalone stores in the country, said a person with direct knowledge of the development. Starbucks has signed a binding memorandum of understanding (MoU) with Tata Coffee to set up stores in Tata Group’s associated retail outlets and hotels besides sourcing and roasting coffee beans in Tata Coffee’s Kodagu facility in Karnataka.
The buzz word among realty consultants at the beginning of the year seems to be price correction. After the real estate firms like Jones Lang LaSalle India and Cushman & Wakefield forecast of a correction in real estate prices in 2011, now Crisil also forecasts a price correction, though in select pockets.
After Gurgaon One, western part of the city might see rise of another multi-storey building in the same vicinity. Jawala Mills, decades-old defunct textile mill on Old Delhi Road is slated to be sold by mid-February. The 17 acres of land was first purchased by IT major Aricent Technologies in early 2000s as tech firm wanted to re-develop the area into an office space. However, the new Master Plan of Gurgaon has marked the area as a residential zone. Following this, Aricent Technologies have decided to put the land up for sale.
This is the story of the plight of a family who wanted to sell off the house. What they got in exchange was a series of harassment by the property dealer. What makes this individual experience a case study and a newsworthy item is the fact that in the absence of any regulation, how the petty local goons are operating as property dealers.