According to the 2011 census, the Mumbai Metropolitan Region has over 23.5 million people. To house this population on the ground floor, assuming a household size of 4 and dwelling units of 900 sq ft per family which are laid wall to wall, we would need 121,384 acres of contiguous land.
India has the second largest population in the world and is expected to overtake China by 2025. Fulfilling the housing needs of the Indian population which is growing at 1.41% annually is a tremendous challenge for the government today.
We are into 2012 – the New Year with its fresh hopes and aspirations as also a fresh optimism for the economy.
As the second home phenomenon gains currency in the industrially-developed Mumbai-Pune- Nashik belt, real estate firm Eiffel Group has earmarked Rs 300 crore over the next three years to launch more projects in the region, referred to as the state’s ‘golden triangle’.
DLF now extends its footprints further by launching a plotted development, Hyde Park Estate at DLF New Chandigarh and Park Place, a luxury apartment complex in Jalandhar.
Market forces of demand and supply are the most potent determinants of price and the developments in the real estate industry during year 2011 is the latest example.
GMR Group is set to participate in the modernisation of airports in Brazil, Group Chairman, G.M. Rao has said.
Godrej Properties has entered into a joint venture to develop a group housing project in Undri, Pune.
Peninsula Land and Canada based Brookfield Asset Management have formed a 50:50 JV to launch a real estate fund for investments in India.
Mumbai-based Panchshil Realty has entered into an MoU with Korean company Hanmi Global Co Ltd for a business arrangement by which both parties would jointly pursue and perform consultancy services for project management.