East West Commercial Real Estate

The Mumbai real estate market witnessed a slowdown in the second quarter of 2007 with a decline in property prices. Real Estate Mumbai is likely to see a marginal correction in capital and rental values during the coming year but is likely to affect the price-sensitive pockets of the city more than high-end and posher colonies.

The real estate boom and a plethora of development activities in major parts of Mumbai have made it even more attractive for investment prospects in commercial and residential sector through excellent returns. The hike in demand as well as supply and appreciation in capital values have attracted considerable attention from overseas investors. The Mumbai Real Estate stands for the high growth in Indian property market. micro markets in Mumbai generally have experienced an increase in real estate value.

Commercial Property in Mumbai

Mumbai western suburbs have already seen some major commercial occupancy especially in the BPO segment. Navi Mumbai is witnessing major developments with the proposed Special Economic Zone (SEZ) planned by Reliance and CIDCO. Thane is also making rapid strides in residential properties. Good connectivity and vast green belts and shopping malls add to its prospects even further.

International companies like Fishman Holdings are materializing their hi-tech, commercial and office project at an investment of $330 million in Thane, north of Mumbai.

Major property developers in Mumbai, underpinned by the vastness, scope, success and scale of progress in the city are now transforming developing properties into strong retail bases. Then of course, the government permitting foreign direct investment (FDI) up to 51% in retail trade has also brought about major moves in retail industry which is visible from the chain of retail companies. This particular trend has demanded more retail space in Mumbai fulfilling the need of the competition and market requirement.

New Mumbai is a scorching area for real estate investors as it has one of the world’s best master-planned cities, and the proposed international airport project in Navi Mumbai pushing up plot rates is a major boost to the area.

Sternon Group Dubai-based real estate developers is working closely with Garnet Construction to offer investors, holiday-seekers and Non Resident Indian families homes with large airy rooms, good lighting and amenities of international standards.

It also anticipates high appreciation in the short-term and high rental values in view of the rising mortgage rates in India.

The new developments relating to Maharashtra’s draft housing policy regarding

the mandatory requirement of buying home in Mumbai and selling of real estate on basis of carpet area, and the Maharashtra government taking on the role of a facilitator and an enabler real estate, and is making efforts to remove the constraints faced by real estate industry.

There is a rage for redevelopment in the posh Mumbai neighborhoods, such as Bandra and Juhu. owners of old housing blocks can swap their apartments for newer ones, which are also typically 30 percent bigger.The builder even pays rent to the temporarily displaced families for the time period when the new building to come up.

Bandra-Kurla Complex (BKC) and Lower Parle have seen appreciations in commercial spaces falling under the category of Grade A. The occupancy levels in other preferable locations like Andheri West and Nirman Point also increased in the current year and are believed to have marked the rise by 90-95%. Another mark appreciation is in regard to commercial properties in Mumbai, and is prevailing in the city’s micro markets barring a few exceptions.

NRI Real Estate trends

Spread across 400 acres, the project named ‘Magic Hills’ is a residential cum commercial township, of which the 250-acre residential portion offers row-houses and individual and twin bungalows, with world-class amenities as well as recreational, retail and educational facilities designed to meet the sophisticated tastes of NRIs worldwide.

He spoke of the proposal for reserving some portion of housing layouts and townships for low income group (LIG) housing or homes for economically weaker sections (EWS). He said the government could not be a mute onlooker, given the rising price levels of residential real estate. He termed ‘affordable housing’ as a goal which the government was striving towards. Touching on Public-Private Partnerships, affordable housing, self approval and working towards a single window clearance, adopting new technologies, private sector sharing responsibility for infrastructure development, incentives for rental Apartments in Mumbai, credit rating and bringing about more transparency, Kshatriya said these are the issues that the government of Maharashtra is seized of. ‘Public-Private Partnerships’, he said, were a means of facilitating ‘the tremendous opportunity knocking at our doors’. . Sternon Group, , builders and promoters, has entered Mumbai’s booming real estate market with a Rs. 1,200 crore mega-project on the Mumbai-Pune Express Highway near the proposed New Mumbai International Airport in Panvel.

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