Track2Realty: Omkar Realtors & Developers, one of the leading players in making the slum redevelopment a success story in Mumbai believes slum projects are generally feasible in Metro Cities and more particularly in Mumbai. Shifting focus on Slum Rehabilitation for ECB will really help the sector.
Track2Realty Exclusive: The Umeda Exit of the Ikeda Route of the Hanshin Expressway system passes through this building. The expressway is the tenant of these floors. The elevator doesn’t stop on floor 5th-7th; floor 4 being followed by floor 8. These floors consist of elevators, stairways, machinery and other stuff.
Track2Realty Exclusive: Developers have also been trying to get the government to introduce the concept of single window clearance. It is common knowledge that time taken to grant approvals directly affects property prices. It has been found that delays in approval processes alone increase sale value of houses by 40%.
Track2Realty: When the Reserve Bank of India made the announcement of allowing External Commercial Borrowing (ECB) in affordable housing, including slum redevelopment, there was an optimism and euphoria that cheaper money coming into the much-needed segment of real estate would redefine the property market in general and in the process help the country meet the housing shortage.
Track2Realty Exclusive: While the concept is being touted as the next big thing for the realty industry, there are both pros and cons to be weighed with integrated townships. There, of course, is the flip side too. Long gestation periods for these projects to take off and reluctance on the part of people to move to an isolated location are challenging from the developers perspective.
Track2Realty Exclusive: Real estate has not just been innovative but also aggressive in raising money. They have raised money against sales with a guarantee that if the price falls, they will buy it back. It has been a protection on the bank’s side that if the prices fall, of course there is a margin of about 20% and if the prices fall more than that, they will buy back. 20% has been the cut off because about 10% is the expense in buyback, brokerages, paperwork etc.
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Track2Realty Exclusive: Puniet Singh, CEO, Sherwoods Independent Property Consultants says the latest trend of moving to the outskirts in the vicinity of IT companies benefits individual and professionals to have their comfort nearby with office and home in the same areas. This will expand the horizon of modern living as well. Further the distance from the city allows its residents to stay away from traffic, pollution and congestion.
Track2Realty: A builder nexus will render 200 families homeless or with uninhabitable apartments. The B.M.C. has issued notices to 140 residents to demolish all structures above the fifth floor of the seven buildings in the Campa Cola Compound, Worli.
Track2Realty Exclusive: Realtors rue that in spite of all the scrutiny, even today realty does not have the right formula. The issue is not to go public or whether the people who have already gone public are right or wrong. The issue now is if while going public, there is a solution where the actual value is derived on the basis of how other industries value themselves? Only then it makes financial sense to go public as the sector has seen successful IPOs also.