Hot Indian property destinations for NRIs in 2012
Deepa Venkatraghvan Dec 23, 2011, 08.20PM IST
The Non Resident Indian (NRI) might as well remember 2011 as the year of the ‘lazy investor’. For NRIs have gained 18% since August 2011, simply by remitting money to India; no effort at all. But as we approach 2012, NRIs must take stock of how best to use their remittances. The traditional favorite has always been real estate. But in this volatile market, how great an investment is it? Is this a good time to buy property in India? What kind of property is a good bet? Let’s try to find answers.
Commercial property
Is it a good time to invest in commercial property in India? Read more…
Commercial and bollywood hub Mumbai vs Media and political ‘capital’ Delhi: Is the race over?
25 Dec, 2011, 02.01PM IST,
TV Mahalingam, Rohit Chandavarkar, Malini Goyal & Shantanu N Sharma,ET Bureau
Mumbai versus Delhi – that’s one topic that can resurrect comatose parties, that’s a perennial favourite on Twitter and one that often leads to chest-thumping louder than a band of gorillas engaged in a territorial showdown. It’s a war of words that Delhi and its fans are starting to win more often, and not without reason. Even Mumbai’s most ardent fans cannot deny that life in the megapolis has got tougher and the quality of life in the country’s national capital has improved over the years.
Don’t take our word for it. Just sample the public transport in the two cities before you pass judgment. A train journey from Huda City Centre (a station in the satellite city of Gurgaon) to Rajiv Chowk in central Delhi takes roughly 50 minutes – about the same time taken to get from Vashi (in Navi Mumbai) to the iconic Chhatrapati Shivaji Terminus in South Mumbai by a ‘Mumbai local’. Read more…
Rupee dip raises NRIs’ hopes for India home
A weakening rupee is leaving Indians abroad with more cash to invest in properties back home.
J itendra Parikh, a New York-based IT professional, is among many NRIs who want to take advantage of the rupee depreciating against the dollar. Just a fortnight ago, he closed the deal on a 2BHK house in a multi-storeyed residential project, Star City, in Jaipur.
“Since I belong to Mumbai and own a house there, I was looking for a holiday home in India. This seemed to be the right time so I did some research and bought a flat in Jaipur for around R24 lakh.
Due to the rupee depreciation, I saved around 20%. Had I gone for a similar buy in June or July, 2011, it would have cost me around R30 lakh,“ says Parikh.
A California-based NRI, who doesn’t want to disclose his name, has just finalised a deal in Sobha International City in Gurgaon. “The cost of a 3BHK flat is R3.5 crore, but against a strong dollar it came to around R2.8 crore,“ he says.
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Mumbai flat sold for Rs 6.9 crore
ET Bureau Sep 16, 2011, 01.16am IST
NATIONAL CAPITAL REGION
A residential unit measuring approximately 5,000 sq ft, situated in Panchsheel Park in South Delhi, was leased to an NRI for a monthly rental of Rs 3,00,000. The duplex property has commanded the prevailing rental value; the rental value for comparable property in the region ranges from Rs 1,75,000 to Rs 3,25,000 per month.
Rental values have seen a rise of 5% over the last quarter in the region of south-central areas of NCR, which includes Panchseel Park, due a steady rise in demand and limited availability. Going forward, however, rental values will remain stable in the short to medium term.
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Cabinet approves draftLand Acquisition Bill
New Delhi, Sept. 5:
The Union Cabinet on Monday cleared the draft Land Acquisition Bill without any modifications.
The Bill is likely to be tabled in Parliament on September 7, after which it may go to the Standing Committee.
The Bill comes at a time when most States are grappling with agitations on the issue of land acquisition.
“The Cabinet has approved the draft Bill,” the Rural Development Minister, Mr Jairam Ramesh, told newspersons after the Cabinet meeting. But sources said some changes have been made from the original draft put on the PIB's Web site on July 27.
Once the Bill becomes an Act, the proposals will be implemented with retrospective effect in case the award has not been made in Land Acquisition Act, 1894 or possession has not been taken.
The draft was put in the public domain a month ago for inviting comments.
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“First they ignore you, then they laugh at you, then they fight you, then you win.” Mahatma Gandhi
It is truly very difficult to remain unmoved by happenings on street on corruption. The current events are of the magnitude and enormity that it happens only once in the timetime of a person, if one is lucky. Yes, as true Indians, we all have been immensely moved by Anna Hazare ji for his steely determination and commitment to the noble cause to make our society corruption-free. Here is a man who is trying to change the future for us and our children while he may not live long enough to enjoy a corruption-free India and nor does he have any child to pass on the benefits (though I truly wish him a long-long life). Here is a man who says that he is willing to give ultimate sacrifice for the cause. This movement will certainly reach its destination because going by the track record of Anna ji, whatever cause this Gandhian has chosen has reached to ultimate destination. When the common people are oppressed beyond a torture point, they take on street and win, as narrated by Gandhiji: “First they ignore you, then they laugh at you, then they fight you, then you win.”
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High-speed trains on fast track
August 1, 2011
By PARUL CHANDRA
New Delhi
Chugging ahead with its plans to build high-speed rail corridors along certain important routes, the Indian railways now plans to carry out pre-feasibility studies for these chosen routes. As the railways Vision 2020 document says, this could make train journeys between Delhi and Mumbai or Delhi and Kolkata just overnight journeys.
Also as a part of the ambitious project, which will aim at reducing the travel for passengers by as much as three to four hours, the railways is busy readying a Cabinet note for setting up a national high-speed rail authority, according to sources. Read more…
Skyscrapers to rise more easily
By: Ravikiran Deshmukh
Date: 2012-03-07Place: Mumbai
BMC commissioner simplifies process of getting NoCs from civic agency for high-rises, announces annulment of High Rise Committee
With little room for horizontal growth, Mumbai’s aspirations to touch the sky got a boost on Tuesday, when BMC commissioner Subodh Kumar disencumbered the process of developing tall buildings in the city by announcing that the High Rise Committee of the civic agency will no longer exist. Instead, buildings beyond 40 floors (121m) would have to be designed by structural engineers of international repute.
Addressing a seminar on ‘Impact of DCR modifications on development’, organised by Practicing Engineers, Architects, and Town Planners Association (PEATA) at Bandra yesterday, Subodh Kumar announced that the high-rises’ proposals need to be backed by the latest fire-fighting equipment of international standards, such as fire sprinklers and evacuation devices. Read more…
realty check – Home fix: buy or rent?
Sandeep Singh sandeep.singh1@hindustantimes.com
MUMBAI:
WATCH YOUR STEP: As interest rates surge amid a property price surge, buyers and investors need caution
Apartment prices up and interest rates are going up. The big question for people trying for a dream home with rising equated monthly installments (EMIs) these days is: should one buy a flat or does it make more sense to live on rent and wait for better days to make a purchase?
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Eye in sky to make city go round
Chittaranjan Tembhekar, TNN | May 14, 2011, 12.27am IST
MUMBAI: As far as tourist attractions go, this will no doubt be the biggest and the most well-rounded. After the super success of the Bandra-Worli Sea Link, the authorities are considering building a mega Ferris wheel right beside it to attract tourists. They are also thinking of auctioning land alongside Mumbai-Pune expressway to build IT parks.
Planned along the lines of the controversy-plagued London Eye, the Mumbai Eye will give people a bird's-eye view of the city. And right below the Ferris wheel would be an entertainment and recreational park.
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‘Coastal road toll lower than sea link’
Chittaranjan Tembhekar, TNN Jan 19, 2012, 02.32AM IST
With the Rs 8,000-crore coastal road proposal now firming up to replace the earlier Rs 20,000-crore sea link-tunnel-road plan between Malad and Nariman Point, Mumbaikars could look forward to cheaper toll and for a lesser period.
A senior transport expert said the coastal road toll would be just a third of that estimated for the sea link. “As per our estimates, the one-way toll on the sea-link plan between Malad and Nariman Point could have been Rs 450 for each car. Now, as per the new coastal road plan, it would be Rs 150 to Rs 175,” said a senior state government official. “Our toll will then match that of the 90-km Mumbai-Pune Expressway built in 2000 at a cost of about Rs 2,500 crore,” said the official pointing out the difference in costs then and now. Read more…
Where to buy real estate?
Published on Fri, Apr 29, 2011 at 13:00 | Source : Moneycontrol.com
Updated at Fri, Apr 29, 2011 at 22:47
With prices and interest rates always on a high, real estate has been a hot topic since over a year now. However, when necessity dawns and buying is inevitable, the next big question that lingers on your mind is "Where should I buy?" Moneycontrol.com offers you experts' advice on this and many other queries.
Below is a verbatim transcript of Knight Frank India's national director of residential agency Anand Narayanan's exclusive interaction with moneycontrol.com users.
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Mumbai to get two more heliports
Ketaki Ghoge, Hindustan Times
Mumbai, February 23, 2011
The intra-city air traffic in Mumbai is likely to grow in days to come with the state government proposing two new heliports in the city and satellite township, Navi Mumbai. This proposal has been pending since long and will come up for clearance before the cabinet on Wednesday. The Mumbai
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700-km highway hits roadblocks
TNN, Feb 23, 2011, 06.28am IST
MUMBAI: The state's ambitious Rs 900-crore project to carve out a 700-km highway between Nagpur and Mumbai, which began a few years ago, has hit a major stumbling block. The width of the road cannot be extended on several stretches along the half-completed route between Nagpur and Mehkar ( Sindkhed Raja), said sources in the Maharashtra State Road Development Corporation (MSRDC). "To put it simply, there is no space to construct a four-lane state highway on 270 km of the 700 km stretch," said an MSRDC source.
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Mumbai is world's 6th most expensive city for office space
PTI, Feb 23, 2011, 04.56pm IST
NEW DELHI: Mumbai slipped by one place to sixth in the list of the world's most expensive office locations in 2011, according to global realty consultant Cushman & Wakefield.
The 2011 list was topped by Hong Kong, while London and Tokyo came second and third in the rankings, which valued Mumbai's office occupancy cost at USD 114 per square foot a year. India's financial capital occupied the fifth position in 2010, Cushman & Wakefield (C&W) said.
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Dadar: Real Estate Metamorphosis in Mumbai's Heart
by Guest Columnist on Feb 22, 2011
Ramesh Nair, MD – West India, JLL India
Even as Lower Parel and BKC vie with each other for pre-eminence as Mumbai’s commercial real estate hotspots, Dadar – Mumbai’s oldest and most established locations – stands in a class uniquely its own by virtue of its extremely favourable geographical placement and connectivity. For this reason – and for all practical purposes – Dadar is the heart of Mumbai.
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JNPT, Mumbai port to form venture for dredging channel
The Jawaharlal Nehru Port Trust (JNPT), the country’s largest container port, and Mumbai Port Trust (MbPT), India’s oldest, will form a special purpose vehicle (SPV) to execute a long-delayed dredging programme to deepen the common shipping channel the two facilities use, according to JNPT chairman L. Radhakrishnan.
JNPT, which handles more than 60% of India’s container traffic, is likely to hold an 87.5% stake and MbPT the rest.
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New Metro, sea routes will connect Navi Mumbai airport
By: Shashank Rao
Date: 2011-10-22
Place: Mumbai
In a recent report submitted to state government and other authorities, 2 metro corridors and 2 water routes have been proposed, in addition to several road and rail routes
Even as the first metro rail corridor is fumbling to the finish line, two new metro corridors have been proposed to connect the Navi Mumbai International Airport (NMIA) itself a long way away from completion to south Mumbai and the western suburbs.
In addition, the inland passenger water transport project has also made a comeback, as part of the holistic transport plan to facilitate commute to the airport.
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Prithviraj Chavan okays metro plan for Pune
Published: Friday, Feb 18, 2011, 14:35 IST
By Dinesh Thite | Place: Pune | Agency: DNA
Many crucial decisions relating to Pune were taken at a meeting chaired by chief minister (CM) Prithviraj Chavan in Mumbai on Thursday. MLC Mohan Joshi had requested the CM to meet elected representatives to discuss the issues.
The state government agreed to approve the proposed metro railway project in the city and to forward the proposal by February 28 to the central government for approval. The project will be completed without private partnership.
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Ahmedabad-Mumbai bullet train project cost escalates
Posted: Mon Feb 14 2011, 03:37 hrs Gandhinagar:
One of the country’s most ambitious railway projects — the Ahmedabad-Mumbai-Pune high speed bullet train is likely to hit a speedbreaker. The reason is its drastically escalated estimated cost — now implying an “unbearable” burden of Rs 16,800 crore to Rs 24,000 crore on Gujarat, as its share in the project.
The state government is now looking up to the Centre for an affordable solution, to keep the idea alive.
Sources told The Indian Express that the state government is inclined to do a rethink on the project.
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Mumbai property prices up by 87% in 4 years
Published: Monday, Mar 26, 2012, 8:25 IST
By Rahul Gadpale | Place: Mumbai | Agency: DNA
| India’s financial capital Mumbai has witnessed a whopping 87% increase in property prices in the last four years, while neighbouring Pune has seen a rise of 63%.According to the recent economic survey report, property prices in other larger cities have gone up by 43% to 166%. This situation in the real estate sector is worsening day by day mainly due to the absence of a regulating authority. It was worse in Mumbai, which is ranked third as the most promising investments markets.
The report stated that the cost of land in Mumbai is sky rocketing as very few land is available to accommodate the daily influx of migrants. Scarcity of land is the major problem to construct affordable housing for people, leading to the vertical growth of slums, the report said.
National Housing Bank, which conducted a nationwide survey to know the trend of pricing policy in the real estate sector, has found that Chennai ranked first. In the last four years, property prices in Chennai have gone up by 166%. Bhopal is second with a hike of 117%. Comparatively, the rates in Mumbai and Delhi have increased slowly. In Mumbai, the property prices have gone up by 87%.
According to the report, property prices in Mumbai are going up due to the expanding infrastructure in the city. Upcoming projects like the metro, monorail and the new international airport in Navi Mumbai have contributed to the inflated real estate price in the Maximum City.
One of the major reasons for price hike is the rental housing market, which is very unorganised. Renting a house in Mumbai is a very difficult task. In India around 11% people used to rent a flat, while the percentage for Mumbai is 27 %. There is a shortage of 3.72 million houses in Maharashtra. Over 90% of this demand is in the 300-800 sq ft size category (defined as EWS and LIG).
Pranay Vakil, chairman of Knight Frank Pvt Ltd, said the report is selectively true about the real estate segment in Mumbai. “Simple principle of the market is either supply has to come up or the connectivity has to come up but we are poor in both that’s why the prices are growing up day by day,” Vakil said. |
http://www.dnaindia.com/mumbai/report_mumbai-property-prices-up-by-87pct-in-4-years_1667419
Update 14 Feb 2011
The Bubble May be Set To Burst Again
Property prices in major Indian cities, including Mumbai and New Delhi, are set to slump by as much as 30% in the next three-six months as rising interest rates and tighter lending norms have led to a sharp drop in demand for homes.
“Softening in prices would begin in a month or two if sales continue to be low,” said Adhidev Chattopadhyay, an analyst at Mumbai-based Edelweiss Securities Ltd. A Credit Suisse note on 19 January forecast that property sales in India may decline unless prices are cut 10-30%.
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India’s $100-billion idea
Global manufacturing and trade corridor plan has the potential to create as many as 3 million jobs.
India has embarked on creating the Delhi-Mumbai Industrial Corridor (DMIC) in collaboration with Japan.
The US$100-billion project is expected to double employment potential, triple industrial output and quadruple exports from the region in five years.
Total employment to be generated by the project is estimated at 3 million people, mostly in the manufacturing and processing sectors.
Plans call for a 4,000-megawatt power plant, three seaports and six airports, in addition to connectivity with existing ports. Construction is scheduled to be complete by 2018, and the corridor will house and employ more than 1.5 million. Read more…
Airport rehab project delayed
Published: Saturday, Feb 12, 2011, 1:17 IST
By Pooja Sarkar | Place: Mumbai | Agency: DNA
Shifting of families in the first phase of the gigantic Mumbai International Airport (MIAL) project is likely to be delayed again. The shifting, which was rescheduled to March, is expected to be delayed by at least three months over the issue of eligibility of slum dwellers for rehabilitation. Housing Development and Infrastructure Ltd (HDIL), which is developing the rehabilitation component, is to receive 65 acres after completion of the first phase. “We have built 7,000 units, which have been handed over to the government. We are waiting for the eligibility and land allocation issue to be resolved,” Hari Prakash Pandey, vice-president finance, HDIL said.
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IT demand powers Mumbai office market revival
Raghavendra Kamath / Mumbai February 11, 2011, 0:36 IST
We are full. We have no space left,” says Niranjan Hiranandani, Managing Director of Hiranandani group, about the Hiranandani Business Park, a plush office complex at Powai in Mumbai. Early last year, the complex witnessed vacancies of 30 per cent or so, he says.
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8 new rail routes for Mumbai region
Shashank Rao, Hindustan Times
Mumbai, February 12, 2011The Mumbai Metropolitan Region may get some brand new suburban railway routes after the state government recently asked the Mumbai Rail Vikas Corporation (MRVC) to study eight new corridors spanning 223 km. These proposed routes will connect Thane, Navi Mumbai and Alibaug in Raigad district with the Mumbai. The proposed rail corridors are Thane-Bhiwandi, Diva-Vasai Road, Panvel-Uran, Diva-Panvel, Kharkopar-Jite, Panvel-Karjat, Panvel-Jite-Thal and Thal-Alibaug.
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Fourth flyover may come up on old Mumbai-Pune highway road
Asadullah Hanfi, TNN, Feb 11, 2011, 10.49pm IST
THANE: The steep hike in density of traffic in the city including that of heavy transport vehicles has forced the Thane Municipal Corporation (TMC) to take some major steps to de congest the traffic situation. The civic Public Works Department (PWD) is toying with the idea of more flyovers in the city to avoid traffic jams on high traffic density city roads.
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A new bridge on Thane creek
Chittaranjan Tembhekar, TNN, Feb 7, 2011, 01.13am IST
MUMBAI: Do you want to cut down travel time to Pune or Goa by 50 minutes and shorten the distance by 17 km?
You may be able to do so in three or four years if the Union environment ministry clears a proposal for a bridge between Vikhroli and Mhape on the Thane creek.
The six-lane bridge will start where the Jogeshwari-Vikhroli Link Road (JVLR) meets Eastern Express Highway (EEH) and end near Koparkhairane on Palm Beach Road. From here, it will be a short drive to Thane-Belapur Road, which connects with the Pune or Goa highways. JVLR's daily load of one lakh vehicles (travelling between the eastern and western suburbs) will be substantially eased once the bridge comes up.
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Mumbaikars will get water, but it will cost more
Published: Saturday, Feb 5, 2011, 0:55 IST
By Pandurang Mhaske | Place: Mumbai | Agency: DNA
Considering the city’s burgeoning population and its ageing water supply network, municipal commissioner Subodh Kumar has decided to put water supply projects on the fast track. On the flip side, though, this may lead to an escalation in operational costs.
At present, the cost of operation and maintenance is Rs287 crore per year. However, it may increase by Rs544 crore after the completion of the Middle Vaitarna, Gargai and Pinjal projects, the three crucial projects that the BMC is hoping to complete by 2021.
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Tenders floated for Matheran funicular railway
TNN, Feb 5, 2011, 12.16am IST
MUMBAI: The much- awaited funicular railway for Matheran got a boost with the MMRDA Mumbai Metropolitan Region Development Authority (MMRDA) floating tenders for the project, a 1.3 km stretch from Dodhani Village near Panvel to Mallot Spring Point near the hill station, which is expected to cost Rs 100 crore.
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Mumbai plans new beach at par with Goa
Mid-Day.com, Updated: February 03, 2011 09:52 IST
Mumbai: Coastline between Worli and Mahim will be expanded with tonnes of sand; BMC promises our beaches will be in the same league as Goa's.
On the face of it, the aspirations the civic authorities have for the beaches of the city are bold, but to put it in the words the municipal official used, "Mumbai will soon give tough competition to the beaches of Goa."
The BMC's plan to revitalise the shores between Mahim and Worli will see the light of day in June, says Chairperson of the Standing Committee, Rahul Shewale.
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