Mumbai continues to be the costliest property market in India but the sales graph show this value has started taking its toll on the volume. Property registration in India’s biggest real estate market continued its slide and in September recorded a 29-month low at 4,137, down 22 per cent year-on-year.
Mumbai’s residential home sales dropped to a three-year low in the quarter ended December as record home prices and higher interest rates crimped demand, according to Liases Foras Real Estate Rating & Research Pvt.
With the market set to bottom by out by the second quarter of 2012, we will see the beginning of a recovery in the city’s residential real estate fortunes by the second half of the year.
Hyatt Hotels Corporation has introduced its new Hyatt House extended-stay brand in India, with the signing of a management agreement by a Hyatt affiliate for a hotel in Mumbai.
Sunteck Realty has reportedly entered into an agreement to acquire over 10 acres land parcel in Goregaon suburb of Mumbai for nearly Rs.350 crore.
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.
After much talk on accountability and morality in public life where Anna Hazare repeatedly called for donations through cheque and draft to ensure clean money coming to the Lokpal cause, Team Hazare finally accepted money for his Anshan be a small time Mumbai builder.
The global real estate fund of Morgan Stanley is in talks with Mumbai-based Sheth Developers to invest $100-125 million in a residential project in Mumbai, sources with direct knowledge of the development said.
Zandu Realty has struck a deal with Sheth Developers to rebuild erstwhile herbal healthcare firm Zandu Pharmaceutical Works’ headquarters in Mumbai’s Dadar neighbourhood into a 2.7-acre commercial complex.
Textiles’ major Alok Industries is looking for a Rs.900-1,000 crore deal; discussions with global realty funds, however, is stuck as slowdown upsets valuation matching.