The MMR was notified in 1967, in an effort to address the rising problems faced by inhabitants. More areas were also included in the region and today the MMR covers Greater Mumbai, Thane, Kalyan and Navi Mumbai, apart from several more towns and villages. Over the years, property price rise has been astronomical in the original core parts of Mumbai.
Indirapuram has been the introduction of Delhi-Noida-Ghaziabad to modern living that was till then the privilege of only the luxury buyers of Gurgaon. Most of the residents of Mayur Vihar, IP Extension and adjoining areas of Delhi were exposed to the modern urban housing with club, swimming pool and other high-end amenities in this market. Other residents of Noida and Ghaziabad had till then availed only the plotted developments and apartment with amenities was introduced to them here only.
The question is in the absence of high paying economic activity like IT/ITeS will the city keep the desired pace to sustain the projected growth and the life style. Critics often point out that in the absence of steadfast pace of economic activity the market may end up being another investors’ haven. However, developers active in this market maintain that more employment opportunities have seen people preferring to stay in Bhiwadi than commute to work. Also, a large number of floating population from nearby cities and across the country is still high, which needs to be catered to in terms of their aspiration and lifestyle choices. The rise of nuclear families have further seen emergence of more demand for dwelling units in the region.
Ready to move apartments are even bringing the fence sitting buyers back to the market now. With many ready to move and near completion projects available in the Mumbai market, the prospective homebuyers are now coming forward for the standing inventory with more confidence.
Somil has over a decade of experience with leading organizations like Airtel and Cisco, across different functions and geographies. In his last role at Airtel, he was responsible for driving product innovations for the national mobile internet business and leading strategic business partnerships.
When one develops a slum, for instance, and even if 20 per cent of land is given for commercial use as incentive in the bargain, it is a deal for the developer. After all, in the space starved city like Mumbai even a small chunk of land in any of the prime location is a rare commodity. The question is if such a business dynamics is a feasible model, why did the developers shied away from making the best of it so far.
Considering the overall economic health of an economy is largely influenced by the functioning of its housing market, there is definitely a need to reform the property buying and selling process which allows consumers to be more involved. This is all the more relevant in the present market conditions where, the cost of capital and loans are high and not expected to decrease in the near future – affecting the affordability and availability of homes.
What has also fuelled this inventory creation is the fact that the Centre recently gave infrastructure status to smaller homes. This will help builders get funds easily and also give them more time of five years from the current three years to complete the projects.
Despite delayed implication of demonetisation and recent layoffs by technology companies, due to automation and changing technology, commercial market continued to remain resilient, backed by sustained expansion plans of the major occupiers. The Gross office take-up in India amounted to 9.6 mn sq ft (882,800 sq m) in Q2 2017 representing a nominal 2% increase Q-o-Q from 9.3 mn sq ft (Total office absorption in H1 2017 stands at ~18.9 mn sq ft, as per Colliers Research marginally down by 2% from, H1 2016)
Ever since the Jewar airport has been given in-principle clearance there has been the last ditch attempt by the developers of subdued property market of Noida and even Ghaziabad to make the best of it. They have suddenly started firing all cylinders with marketing overdrives. It seems the airport is the marketing mantra of survival amidst a prolong spell of slowdown and sales drought.