High Prices Make It Unrealistic To Buy A House In Mumbai

As compared to other cities, the real estate in Mumbai has shown an acceleration in property prices  in the last few years. With such a sky-rocketing rise in rates, the demand has not risen at the same pace. Therefore inspite of various baits offered by the builder in the form of discounts and freebies, the investors are finding it difficult to pay a whopping crore or more for a 2BHK flat in a decent locality in the financial hub of India. As a result a large chuck of property is lying unsold. Overpricing of property rates can be seen in almost all areas of Mumbai like Thane, Powai, Navi Mumbai, Goregaon, Borivili and Malad. Prices in Navi Mumbai real estate as well as flats in Mumbai have reached a new high.

The acceleration in Mumbai property prices can be attributed to many factors. On the main factor of this scarcity of land in the region. Scarcity of land has led to lesser number of project launches, this can also be due to the agonizingly slow pace at which real estate developers are able to get approvals from government authorities. Although Navi Mumbai was devloped to tackle the land shortage problem of Mumbai but due to overpopulation and concentration of people in the city, it seems that even real estate in Navi Mumbai is running short of land. Secondly, real estate developers have to endure heavy taxation, which forces them to raise the rates for projects in Mumbai accordingly.

Real estate Mumbai and Navi Mumbai properties is largely under the control of powerful brokers and industry players. This allows the brokers extort and twist the property Mumbai prices.  Strcit policing and vilgiance is required to keep this act under check so that affordable housing is available to all people in Mumbai.

SIT Reveals That Faulty Construction Caused The Collapse Of Moulivakkam Building

Real estates in Chennai was in for a shock when two buildings in Chennai had collapsed which caused the death of many innocent lives as well as loss of money and property. But investigation now reveals that the building in Moulivakkam, Chennai which collapsed on June 28 was not build according to the submitted plan. Reports indicate that structural engineers has removed crucial weight bearing  pillars in the basement of Chennai properties. These pillar which were supposed to support the Chennai property were removed in order to make a larger parking space for the residents. This means that the site engineers had deviated from the original plan that was submitted and approved by the City's civic authority Chennai Metropolitan Development Authority (CMDA).

Removing of the pillars has proved to be a big mistake as the India property Chennai collapsed and this sad incident resulted in injuring 27 people and the death of 61 people. To probe in the incident Tamil Nadu chief Minister Ms.J Jayalalithaa had announced an Special Investigation Team (SIT) to investigate the collapse of real estates Chennai. The SIT was working under supervision of S. George, Police Commissioner. The team also got expert advice from the Public Works Department(PWD), Anna University, IIT Madras. The team also conducted soil tests as well as inspection of construction materials. The investigation took a total of 50 days, and it came out with 10 key findings.
The team concluded that density of the concrete which was used for construction was unsatisfactory, steel samples were also of bad and substandard quality. The soil bearing capacity was deemed as inadequate and there was very low overall structural stability. The team also found that people who were enraged as engineers on the property sites were not qualified to do the job in real estates in Chennai.

Political Turmoil Ends And Property Prices Rise

Now that that political turmoil over the bifurcation of  Andra Pradesh has ended and Telengana has been formed the real estate in Hyderabad, India is showing positive signs of revival. It is expected that in the next few months, the demand for real estate in Hyderabad, India to increase. It can be anticipated that the demand for Hyderabad properties – both residential as well as commercial will increase. Price appreciation of Hyderabad properties is also on the cards. All these positive trends in real estate in Hyderabad can be attributed to end of political confusion and full-scale infrastructural development happening in the city. Full scale construction on outskirts of the city are a proof of this fact. Places like Outer Ring Road and localities near International Airport are witnessing surge in residential projects. Top-class real estate developers are launching both affordable as well a luxury Hyderabad properties which will cater to home buyers from all the sections of the society.

The real estate in Hyderabad has also got boost by the announcement of Hyderabad-Warangal industrial corridor and development of 158-km long Outer Ring Road. This expressway connects Shamirpet to Pedda Amberpet and offers speed and fast disposal of traffic. The development of Hyderabad Metro is another development that is accelerating the real estate prices of the city.

In West Hyderabad, the hot localities are Manikonda, Gachibowli, Gandipet, Kokapet and Tellapur. These realestate in Hyderabad properties are being developed for the middle-segment buyers. Hyderabad properties, have for a very long time seen a stagnant phase but now things are impoving. The Chief Minister of Hyderabad has also announced several new infrastructural facilities to boost the realty sector of the city. Several projects in Madinaguda, Miyapur, Madhapur, Hi-tech City are already witnessing an increase in demand of Hyderabad property and apprecaition of realty prices.

Architects Conferred With Unesco Award

Recently the Shri Sakhargad Niwasini Devi Temple complex  has been given the Unesco Asia-Pacific awards. The property in Pune has been awarded for conservation of the cultural heritage site. The complex has received the award after it was restored by the Pune-based Kimaya architects, which is headed by conservationist Kiran Kalamdani.

This award is Pune division's first UNESCO award. Fourteen projects from 10 different countries, like Afghanistan, New Zealand, Iran and Thailand were competing for the award. Kimaya architects were conferred with the award as they had spearheaded the temple complex restoration. This award is given to individuals and private organizations who have worked successfully in restoring and conserving heritage sites. The award aims at recognizing and appreciating private efforts to restore historic sites. The award aims to encourage people to undertake conservation projects to protect heritage structures.

The jury panel which include nine international conservation experts gave the award to Shri Sakhargad Niwasini Devi Temple, located in Kinhai Village, Pune in Maharashtra, after taking a look at the striking transformation the Pune Property. The property at Pune underwent remarkable transformation as this properties in Pune required some major repairs. Several analysis were done on the property at Pune so that the temple retains its original vibrancy. The award aims to highlight the hard work put in restoring a heritage site.

Apart from this properties in Pune awards of  merit were given to Exeter Farm in Australia; Wak Hai Cheng Bio in Singapore;  Frankton Boatshed, in New Zealand; Phraya Si Thammathirat Residence in Thailand.

Many structures were also given an honourable mention. These structure are Shahzada Hussain Mausoleum, in Afghanistan; Gali Surjan Singh in Pakistan; Rottnest Island World War II in Australia; Cape Inscription Lighthouse Keepers' Quarters, in Australia; Nanjing Yihe Mansions in China; De Driekleur in Indonesia and Esplanade House in Mumbai.

Mumbai Property Bought For 175 Crore By BL Jatia Group

Real estate in Mumbai is abuzz with the news of sale old Razak Haven, a three-storey dilapidated building located at Nepean Sea Road in the posh south Mumbai area. It is believed that the building has been sold for approximately Rs 175 crore. The dilapidated real estate in Mumbai property has been bought by the well known Amit Jatia belonging to the Jatia family of the renowned B L Jatia Group. Amit Jatia, 47, manages 174 McDonald food chain spanning across 17 cities in the country. He has a net worth of Rs.5, 739 crore .

The Jatias are well-known fast food tycoons in India. The are the master franchise of McDonalds. In 1995 Mr. Amit Jatia had started a 50:50 partnership McDonalds and since then he has owned the McDonalds franchise in west and south India.

The residential property in Mumbai bought by the Jatia family, is said to be almost a hundred years old. The structure is positioned in the tiny Darabsha lane at the Nepean Sea Road. According to the insiders the real estate Mumbai deal was finalized last week. It is being estimated that the family has bought the real estate Mumbai property so that they can reside in it after the redevelopment work is completed.

Currently the Jatia family lives at Breach Candy, and it is being said that the family has been look to buy a larger Mumbai property. The century-old structure Razak Haven has housed numerous owners and a few tenants. This is not the first time that a family has bought an expensive Mumbai property not as as an investment, but for the purpose of residing in it. Earlier too several promient industrialist had bought bungalows so that se could redevelop it into a comfortable abode.  Mr. M P Aggarwal who is the chairman of Sajjan India had bought Glamis Villa last year. The bungalow at Breach Candy was bought for Rs 180 crore so that Aggrawal could refurbish it in a comfortable home.

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Skyrocketing Property Prices In The City Of Dreams

Mumbai is a city of dreams that brings many people to its shores. But over the years due to rise in demand of real estate in Mumbai the prices of property in Mumbai have reached a new high. Buying flats in Mumbai, these days, has remained the sole privilege for the very affluent class, especially in the Western Sururb of the dream city. In areas like Powai, Andheri, Jogeshwari and Goregaon an unfurnished, 650 ft., 1 BHK flat can cost you anywhere between 60 lacs and 1 crore!! The prices in real estate in Mumbai has swelled too much that it can burst any time now. Areas such as Thane and Navi Mumbai that were supposed to offer the affordable housing to middle and lower-middle segments, who could afford to buy property in Mumbai, are ranking high in terms of price rates. What could be the reason behind such a catastrophic rise in rates?

The inflation that hit the Indian market recently resulted in an appreciable increase in the cost of construction materials like sand, cement, steel etc. To compensate for their invested money on these, developers started raising the rates. But they were not fair in doing so: they let the prices get appreciated too much, so much so, that the Mumbai flats gained a considerable raise in terms of prices. The greed of developers and builders, along with their nexus with political authority gave them ample freedom to appreciate the prices too much.

Seeing the hefty rates, the demand for real estate and flats in Mumbai came to an all-time low. Even the middle and upper-middle income groups started wavering from their decision to buy. In spite of the fact that the demand dwindled, the developers did not lessened the rates. Instead, to bring back the customers, they came up with offers like freebies and small discounts. But this strategy of theirs has not brought any fruitful result. As long as the prices do not get corrected, it would be difficult to see the demand get any increase.

State Government Changes Land Laws To Attract Investors

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In a decision that is expected to have far-reaching consequences on property Bangalore and industrial development, the State government has offered to simplify the age old land reforms laws. The State government has tabled The Karnataka Land Reforms as well as the Certain Other Law (Amendment) Bill, 2014. These bills will pave the path of reducing procedural delays in the government. 

In the present scenario, a non-agriculturist who has an annual income of over Rs 2 lakh is not allowed to buy agriculture land Bangalore property. But, single-window committee or the state high-level clearance committee (SHLCC), under its vested powers can allot agricultrual real estate in Bangalore for industrial development. The Agricultural property Bangalore can also be alloted for development of places of worship, educational institutions, residential Bangalore properties and many other purposes according to the section 109 under the Land Reforms Act.

After allotment of agricultural properties Bangalore the allotee , under section 109 has to meet and request the district deputy commissioner (DC) to apply for land conversion of properties Bangalore according to the section 95 of Karnataka Land Revenue Act,1964. After introduction of this new legislature, the tedious process of requesting for the DCs permission to allow the conversion of Bangalore properties will be removed.

The new legislative will also allow the State government to take back agricultural land from all those who have not utilized agricultural land for the purpose for which it was given. This means several owners of educational institutions, industrialists, developers of residential properties, people who own places of worship, would have to surrender their allocated lands if the State government if they the land sanctioned to them has not been utilized for the specified purpose within the 10 year period. The land surrendered back to the government will be put under the properties/ Land bank of the State government.


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