Even as we continue to discuss the acute shortage of industrial land in Mumbai, the fact remains that there are rather significant land parcels held by the MIDC along Mumbai’s Thane-Belapur Highway.
Alibaug is one of the traditional weekend-getaway destinations for residents of Mumbai. Since the late 1990s, it has also emerged as a second home destination. Apart its proximity to Mumbai, many other factors make Alibaug an attractive second home destination.
The outlook for Chennai’s residential property market remains positive in 2011. This is a stable market, and the prices have risen rationally in tandem with normal market trends. With the IT sector on the upswing and job security once again strong, Chennai’s residential real estate market will see accelerated demand in 2011.
Gone are the days when we were chained to our desk from 9 to 5. How we work is changing. The idea of a “Third Place,” a space that’s neither home nor office but where people want to spend a portion of their lives, was introduced as far back as 1989 in Ray Oldenburg’s book “The Great Good Place.” Today, thanks to the advent of wireless technology, the concept has evolved from being merely from a civic or entertainment space and now also applies to a flexible work space for mobile employees.
There will be significant changes in term of the redevelopment of Mumbai seafront with the revamping of the Coastal Regulation Zone norms that direct construction in these areas. Numerous old structures and unregulated residential developments that have been awaiting this signal in the areas in question will now be redeveloped.
Gurgaon initially gained prominence as an outsourcing centre for major international companies that found it cheaper to locate their back-end operations in India due to the availability of high-quality but cost-effective employee resources. GE Capital initiated this trend and was the first multinational company to enter Gurgaon in 1997.
Pune is virtually unrecognizable from the sleepy, laid-back city it was a few decades ago. There were no signs of any significant real estate action in the erstwhile Punyanagari before that. Today, however, Pune numbers in the Top Seven property hotspots within the country.
There has never been a real decline in the popularity of second homes in India. It certainly is a full-fledged real estate market segment in its own right. However, just as on the first home market, the demand for second homes is driven by the general economic climate. When the economy declines, all real estate segments decline with it. By the same coin, the demand for second homes always rises when people’s spending power increases.
It is an established fact that scheduled infrastructure projects tend to increase the value of properties in the adjoining areas. This occurs because the infrastructure project becomes a part of USP for the developers or property owners. There have been instances where property prices have increased 50-70% from the announcement of an infrastructure initiative until the operational phase.
Demand for mid-segment residential units in Mumbai is far greater than available and future supply, therefore growth is expected in 2011. In the industrial sector, cities such as Ahmedabad, Vadodara and other port cities in Gujarat are seeing the highest growth.