People familiar with Mumbai’s residential market might be aware about the special provisions developers make in their upcoming projects; swimming pool, sports arena, theme gardens, podium park and much more.
Despite the strong probability of correction of residential property prices…
Mumbai saw a steep rise in property prices during the boom period of 2008. However, the economic slowdown in 2009 led to a property market crash which made itself very tangible in Mumbai in the first quarter of 2009, stabilizing by the middle of year and rising again between the 3rd and 4th quarters.
Amit Bhagat, CEO & MD, ASK Property Fund said, “This was a recapitalisation opportunity and before the NBFC crisis. By providing the requisite and flexible working capital, we ensured the project’s completion, supported by sales during the life of the project. The investment was self-liquidating with regular cash flow from the sales and collection linked to milestone. We truly believe all projects in the established suburbs which are job clusters have healthy absorption if completed as per committed timeline.”
The holy river Saryu flows quietly; unmindful of the fact that on its bank, Ayodhya is fast emerging as the epicenter of economic growth and global tourism hub. The property landscape of the sleepy city till recently has made a giant stride in the last three years. Envisaged as a spiritual center and tourism hub, Ayodhya is also attracting big ticket economic corridors. A Track2Realty report.
First, residential project delay is not a pan-India phenomenon and only limited to major metropolitan cities of Delhi NCR and Mumbai in terms of quantum as well as value of projects. Second, the slowdown in completion of projects is not across the entire spectrum of housing categories but significantly visible in upper-mid and premium categories. What is needed is perhaps a push from the government and funding agencies along with a strict code of conduct among developers which will improve the situation. Going forward, developers should take cognizance of the situation at hand and accordingly realign their marketing strategies so that their launches are in sync with people’s affordability and demand.
Even as India’s middle-class grapples with the prospect of an uncertain future in their careers and financial ability – the main drivers of housing demand – the rise of India’s super-rich continues unabated. According to Credit Suisse report, there were an estimated 3.42 lakh dollar-millionaires in India as on mid-2018 who collectively held around USD 6 trillion. It is forecast that 5.26 lakh Indian dollar millionaires’ wealth will be around USD 8.8 trillion by 2023. Market fluctuations make very little difference to the personal networth of these individuals.
Construction consultancy firm, Linesight has opened offices in Mumbai. Linesight intends to focus on Mumbai, Pune, Bangalore and the Hyderabad metro cities of India as part of its expansion plans in the region.
About 40% of all the new launches in 2018 were under the affordable segment. Cities such as Bengaluru, Chennai, Hyderabad, Kolkata and NCR witnessed maximum launches in the affordable segment that is below INR5 million. Mumbai on the other hand witnessed more launches in the mid segment housing, in the range of INR 5-10 million.
The project named Atelier Greens, focuses on offering lifestyle beyond the carpet area, drawing inspiration from making spaces where art of living grows naturally.