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News & Views on Indian Real Estate

Thursday, May 01, 2008

Recent real estate development in Bandra

Real estate in Mumbai has been on an upswing in the last three to four years, and continues to display tremendous potential. A multitude of factors including increasing urbanisation, rising disposable income, easy availability of finance and favourable tax regime have backed the development of real estate in the city. With the demand for housing in Mumbai high and shortage of land to meet the rising demand, the city’s western suburb Bandra could see availability of close to 60 acres of real estate for development. The residents of the Maharashtra government’s employee staff quarters have suggested that government redevelop the colony spread across 96 acres. The relocating of existing staff in the multi-storey buildings will require 25-30 acres of land while the government can exploit the rest for further development. The project will also fetch additional revenue to the government that is spending Rs 15-20 crore on annual maintenance. If the approval for the project is granted it would result in a significant supply of real estate in Bandra, which would inturn attract corporate houses to set up new offices .According to the industry experts, the real estate rates at Bandra-Kurla Complex have jumped 100 per cent in the last three years. The additional of piece of land will have huge impact of the area’s realty considering the strategic position of the colony. The specific assessment is not possible as the project will take time to come up if approved. The staff has already paid the cost of the houses through the HRA deductions and it is impossible to buy new houses at such high realty prices. With such developments taking place there is no chance for the real estate growth in Mumbai to come down.

apoorv said...

this thing about abt mumbai rael estae wass really gud to know

apoorv said...

Mumbai, the financial capital of India has always been the trendsetter in the indicative property prices of real estate India Mumbai as such has always been in the forefront when it comes to property prices. It has in the recent years a record rise in property prices at par with some of the highest real estate prices in the world. In such terms, Mumbai, our ‘Manhattan of India’ can put New York’s Manhattan to shame.

The property prices as well as the increase in rental values in Mumbai owe much of its credit to the large scale investments in the commercial sector. Mumbai has always been the hot favorite for most of the corporate sector to have their headquarters in the city. And with increasing investments by MNCs in the IT, ITES and the BPO sector, there has been a growing demand for office space; which have consequently created an imbalance in demand and supply for residential properties. The rental values in Mumbai have also in high corresponding to that in other metros.

Manish said...

Real estate boom is now coming in the mumbai attached area like bandra. This is good for the development of this area.

Williams said...

'no chance that real estate growth will come down'. True enough, but prices can :)

Following the repeal of the Urban Land ceiling act, a large supply of land will hit Mumbai's realty sector (think Godrej).. You may want to cover it

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