Even as Lower Parel and BKC vie with each other for pre-eminence as Mumbai’s commercial real estate hotspots, Dadar – Mumbai’s oldest and most established locations – stands in a class uniquely its own by virtue of its extremely favourable geographical placement and connectivity. For this reason – and for all practical purposes – Dadar is the heart of Mumbai.
In a change of stance, the state home department has decided to look into its own move to shift out the Yerawada police station on the Pune-Ahmednagar road and allow commercial exploitation of the three-acre plot on which it stands.
Vigneshwara Developers has claimed to redefine the concept of Central Business District (CBD) with the launch of Smart Office Home Office (SOHO) in sector 74 of Gurgaon. SOHO offers a combination of the comfort of home with the present-day needs of office, all under one roof.
Within a week of launching the super-luxury Nitesh Logos, Bangalore-based premium property developer Nitesh Estates Ltd., now announces the launch of Nitesh Mall, in the up-market Indiranagar. This mall built with world-class amenities is going to offer great shopping and entertainment experience, making it the most sought after mall in the Central Business District of Bangalore.
The Confederation of Real Estate Developers’ Association of India (CREDAI) has forecasted Kochi to emerge as the next realty hot spot in the wake of the commissioning of the International Container Transshipment Terminal (ICTT ) at Vallarpadam. CREDAI believes the prices of land and buildings are all set to skyrocket as it will generate more direct and indirect employment opportunities.
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.
The outlook for Chennai’s residential property market remains positive in 2011. This is a stable market, and the prices have risen rationally in tandem with normal market trends. With the IT sector on the upswing and job security once again strong, Chennai’s residential real estate market will see accelerated demand in 2011.
Value and Affordable housing remains a segment where government should definitely continue to provide developers with tax free status which was available earlier. Rather than restricting it to unit sizes as in the past of 1,000 / 1,500 sft per housing unit, the government could instead have a maximum per unit value of say Rs. 15 lakhs for units near Tier I Cities, Rs. 10 lakhs for Tier II Cities.
The Reserve Bank of India has asked banks to put in place an escrow mechanism that can ring fence their loans to real estate firms and keep a closer tab on the end use of funds. The RBI has been looking to tighten the lending norms for the real estate sector after last year’s bribery-for-loan scam. The scandal also exposed several unethical practices, such as diversion of funds.
There will be significant changes in term of the redevelopment of Mumbai seafront with the revamping of the Coastal Regulation Zone norms that direct construction in these areas. Numerous old structures and unregulated residential developments that have been awaiting this signal in the areas in question will now be redeveloped.