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.
The concept of international, standardized luxury floor space must evolve further before India can absorb the demand. Developers must come up with more imaginative ideas of differentiating their luxury malls from the run-of-the-mill.
Anil Wadhwa, Indian Ambassador to the Sultanate of Oman inaugurated the two-day India Property Show (IPRO 2011) today at Al Falaj Hotel.
Buying land can be a time-consuming and expensive affair. Not only can the initial phase of buying it be quite complicated, but the cost involved in maintaining a purchased plot can also be quite high.
Thane Municipal Corporation has issued a stop-work order against Casa Univis, a luxury township project by Lodha Developers. The project involves development of 26 towers over 55 acres in Ghodbunder Road in Thane.
Land mafia has surfaced in the twin cities of Hubli and Dharwad of Karnataka in a big way. They are converting agricultural lands into residential plots without the CLU (Change of Land Use) and other required approvals from the concerned authorities and are selling to gullible people.
Uttarakhand government has set up a judicial commission on the High Court orders to investigate the role of some officials in the Rishikesh-based housing project.
The Budget is relying heavily on maintaining the trajectory of growth in the economy to provide solutions for inclusive growth that touch the ‘Aam Aadmi’ and parallelly stressing on governance aspects, which hopefully will be covered separately through concrete action plans to deal with the menace of unaccounted wealth. The trend for consolidation is expected to continue.
The unfulfilled demand of more than 24 million houses in the country needs large scale impetus to achieve desired results. Allowing deduction for investment into affordable housing is a welcome step and will surely boost morale of housing industry and will accelerate investments in affordable housing.
With the reasonable expectation of a roof over the head not very long ago, the real estate boom in the last decade has scaled up the liberty of choice for the average home buyers. While the aspirations of even the middle and lower middle income with moderate budgets have gone up, there are very many residential projects launched in recent times that seem to fill the gap with the promise of faster deliveries, hi-tech amenities, luxurious lifestyle, lush green surroundings within the affordable range of 20-40 lakhs.