Tag Archives: south mumbai realty news

Akshay Tirtiya igniting red hot property of South Mumbai

Posted on by Track2Realty

South Mumbai real estate, mumbai real estate news, realty news mumbai, south mumbai realty news, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India PropertyTrack2Realty Exclusive: If you ever thought religious sentiments only affect the home buyers in affordable category, then probably you have neither been exposed to the India’s costliest property market trends in South Mumbai, nor have you monitored the transactions in this region during Akshay Tirtiya.

Though Akshay Tirtiya is a festival that sweeps the buyers’ sentiments across Maharashtra and even Gujarat also, what makes this festivals special in South Mumbai is the fact that the properties at the top of the pyramid in residential segment are witness to as much upward movement as the commercial properties in Central Business Districts (CBDs) and Secondary Business Districts (SBDs), thus making sure that both the transaction volume and value is realistic.   

Today, when the market sentiments are subdued due to negative macro-economic outlook, the question is whether Akshay Tirtiya this year will be any different in and around South Mumbai property market. Analysts tracking the property market in the region nevertheless believe that the property market in this belt is buoyant this year on the eve of Akshay Tirtiya for two specific reasons.

While there is enough supply in the market with choice of inventory galore for the buyers, the overall subdued macro-economic indicators are also making sure that there has been not much price appreciation on the eve of one of the most important Marathi festivals known for property buying.

Conventional wisdom of property market suggests that properties around Cuff Parade, Colaba, Worli and Bandra have never been a buyers’ market, but this Akshay Tirtiya it can easily be vouchsafed as an equal opportunity market, if not completely the buyers’ market. After all, South Mumbai is the 10th most expensive place in the world and matching to its pace is the real estate belt outside the island city, with Bandra-Khar (West) being one of the city’s costliest real estate belt due to its close proximity to the CBD & SBD.

The location which is also referred to as the queen of suburbs is the fashion capital of Mumbai and is known as the choicest suburb for film-stars and entrepreneurs. Several colleges, multiplexes, fine dining restaurants, high-end boutiques, designer jewellery showrooms, 5-star hotels, convention and exhibition centres are located in the vicinity. With the town planning of Bandra East, BKC by the MMRDA and the kind of road connectivity and open spaces reserved for recreation, etc., the property rates in Bandra have gone up substantially in the last few years.

Hiral Sheth, Director, Marketing, Sheth Creators says that most of the protruding areas in Bandra like Carter Road, Hill Road, Bandstand and Pali Hill are fast trying to catch up with the areas of Cuffe Parade and Malabar Hill. Prices in these upmarket suburban enclaves have spiralled to between Rs 40,000 and Rs 60,000 a sq ft approximately from around Rs 15,000 per sq ft few years ago.

“Homebuyers and investors typically have predetermined sets of indications while investing in Bandra. The projects in Bandra are thereby classified into various sub categories of luxury and super luxury homes. The real estate market in Bandra has been steady in terms of prices. In all, there has been a constant demand for well-located and well-built properties with modern amenities; prices are also increasing due to good demand. While Bandra has emerged as the most sought after residential area, the Bandra-Worli Sea Link is proving to be the icing on the property market cake. The demand in these markets has been stable but festive spirit is bound to bring in new array of demand for the housing projects,” says Shah.

Dibyendu Banerjea, CEO West Zone, Pashmina Developers agrees that home buying is a very important decision as it involves an emotional as well as a rational aspect in the minds of Indian consumer. Festivals are considered to be prosperous and promising time for investments, especially Akshay Tirtiya. According to him, since Akshay Tirtiya is considered as an auspicious occasion for wealth creation and good fortune, developers at this time seek to capitalise on these festive sentiments via increased marketing efforts. In that respect, festivals like Akshaya Tirtiya can act as a powerful market force.

“Worli is considered as a prime location for residential, commercial and an elite shopping destination in Mumbai. Thanks to excellent connectivity with suburbs, it is considered to be one of the finest areas to reside. There is a lot of supply in the market currently, making the market buoyant with expectations. We just have to wait and see how the same is perceived and received by the buyers in the current economy,” says Banerjea.

So, while Akshay Tirtiya holds importance in the emotional quotient of property acquisition, it is not just about the buyers at the bottom of the property market who are enthused in buying affordable housing. As a matter of fact, the festival has the emotional traction power even among the property buyers at the top of the pyramid, not to forget about the buyers of commercial properties. At least, the property market trends in South Mumbai areas like Cuff Parade, Colaba, Worli and Bandra indicate this. Akshay Tirtiya is definitely igniting the red hot properties of Mumbai.

South Mumbai property goes northwards in demand

Posted on by Track2Realty

By: Ravi Sinha

South Mumbai real estate, mumbai real estate news, realty news mumbai, south mumbai realty news, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India PropertyWhen a property dealer suggested Kartik Shah to set up his office at Navi Mumbai, instead of South Mumbai market, it seemed to be a sound business sense. After all, the businessman from Gujarat setting up new base in Mumbai was getting a much cheaper place in the upcoming business centre than a cramped old CBD where the property rate and expected ROI on per sq feet was much higher. However, a proper research on Mumbai property market made him understand why South Mumbai still holds its charm and is home to the elites of Mumbai city.

After all, which other place in Mumbai can showcase as many business hotspots like Nariman Point, Ballard Estate, Churchgate, Fort, Cuffe Parade. And to add to this, financial organizations such as the Reserve Bank of India and Bombay Stock Exchange makes it one of the busiest parts of the country. South Mumbai attracts businessman from all over the world and Shah realized that his overseas clientel that mostly stays at South Mumbai hotels such as Taj Mahal, Hotel Oberoi, Hotel Searock Sheraton, Chalukya Hotel on Elephanta Island, there can’t be any substitute of South Mumbai even if the skyrocketing property prices ranging between Rs. 30,000 to Rs. 1,00,000.

Facts speak for themselves. Last year only Indiabulls Infratech had bagged the 2.39 acre South Mumbai property of National Textile Corporation’s Poddar Mill bidding at Rs. 474 crore. The reserve price for the sea-facing property at Worli was Rs. 250 crore. Similarly, a South Mumbai bungalow was sold at Rs. 500 crore. All these figure are staggering in a market that was battling to come out of a slowdown sentiments. But amidst this, one of the costliest land deal 0f Rs. 40 billion took place in South Mumbai. And to top it all, the world’s most expensive home worth $1 billion (£630 million) of Ambanis is here.

Ten duplex apartments at the Lotus Villa in the Napean Sea Road area of South Mumbai have been priced at a minimum Rs. 100 crore each. Each square foot of the apartments costs Rs. 1 lakh. A survey conducted by Wealth Bulletin, published in August 2009 listed Altamount Road as the tenth most expensive street in the world, with prices as high as Rs 95,000 per sq ft. Altamount Road is just one example. Places like Altamount Road and Carmichael Road are exclusive localities in terms of the kind of people who are choosing to call them their homes. Besides Bollywood stars, industrialists like Kumar Birla and Ratan Tata, these places are also home to various consulates.

Experts believe South Mumbai is and will always remain as a top property hotspot. Only few lucky ones and rich people own property in South Mumbai. South Mumbai has best of infrastructure, Heritage Buildings and connectivity. Ackruti City is launching 2-3 projects in prime locations of South Mumbai. Mayur Shah, Chief-Sales, Ackruti says, “South Mumbai has its own identity and charm. Buyers of South Mumbai do not come to other areas. Now also most of the corporates and elite class looks for property in south Mumbai. Proximity to work place being one reason, the beauty of old Mumbai still attracts everyone. The kind of sea facing flats and prime upmarket neighbourhoods which one gets in balkeshwar or Malabar hill cannot be compared to prabhadevi, worli or versova.”

One of the fundamental reasons of South Mumbai still having an edge despite of alternate locations is the fact that there is a huge gap in demand and supply. There are very few new buildings coming up as there is no redevelopment in posh areas. Due to space constraint it will hold its upper end price pattern. Atul Modak, Head of Kohinoor City believes that to some extent Bandra is emerging as new property hotspot and more happening place since the focus of activities is being shifted from South Mumbai to Bandra. However, Bandra is becoming too congested and cluttered to claim top spot.

“In spite of new emerging preferred locations, South Mumbai has its unique positioning and no other location can match it. All the creamy layer of the society prefers to stay or work in South Mumbai. That’s the reason it is one of the costliest place to live or work in the world. Some suburbs are now trying to match with south Mumbai, however, ever increasing population and limited infrastructure in suburbs put burden on those offerings,” adds Modak.

Kruti Jain, Director, Kumar Urban Development says South Mumbai still hold its unique positioning despite of the property rates in South Mumbai being more than double if we compare the best location in the suburbs (Bandra) with the best in South Mumbai (Malabar Hill). The company is launching 2 high end projects in South Mumbai.

“To some extent, after the emergence of BKC, Andheri and other suburbs as office destinations a certain amount of working options shift has definitely happened. Also with offices in suburbs, these locations are experiencing better residential projects with some high end projects offering the amenities offered in South Mumbai projects. But one this is for sure that the infrastructure in South Mumbai is better than that of the suburbs and hence providing better living standards,” she says.

Rohan Lifescapes has collaborated with Donald Trump for one of their projects. They have currently 8 to 10 projects under construction in prime area like Nepean Sea Road – Aashiyana, Altamont Road – Altimo, Prabhadevi – Aquino, Parel – Glory. The company believes it is the topmost location in India and is comparable to real estate in London and New York.

“South Mumbai still holds its unique positioning and upper end price pattern. If you get into a demand supply pattern you will easily confirm that South Mumbai real-estate holds maximum price. The fact remains that most of the clubs, some of the better schools are in this part of town and people are till today unwilling to move or relocate from this premium social neighborhood,” says Harresh N. Mehta, Managing Director of Rohan Lifescapes.

The Mumbai property market is quite convinced with the numero uno positioning of South Mumbai, be it residential or commercial. The demand supply mismatch also suggests that the South Mumbai property will only go northwards. This can be attributed to the nature of the city, which was dependent on its port for its economy. Over time, South Mumbai CBD became Mumbai’s primary commercial real estate hotspot and it still represents a fair share of Mumbai’s economy. A large number of companies operating in India have their head office in South Mumbai CBD. With the emergence of peripheral locations, while South Mumbai may have lost its locational preference a bit, most companies still prefer to have their corporate headquarters in South Mumbai CBD due to the proximity of RBI, BSE, SEBI, the political legal fraternities as well as 5 star hotels.