Mumbai developer launches project in Varanasi
Sep 09, 2013
Source : The Hindu

 

MUMBAI: One of the oldest real estate developers in Mumbai, S Raheja Realty has moved into Varanasi to develop 140 apartments totalling over two lakh sq ft.

Ram S. Raheja, Director, S Raheja Realty, said it was a joint development project and local response has been good , considering that it would be 14-storey complex and among the first high-rise buildings with basement parking in the city.

With over 3.5 lakh sq ft under development, Raheja feels that prospects today are brighter in tier 2 and tier 3 cities. The company is also looking to move into other cities such as Kolkata, Indore and Chennai. It has a presence in Pune.

REDEVELOPMENT

Asked about Mumbai real estate, Raheja said it was saturated. The company preferred redevelopment work as returns were assured without the burden of paying for the land. The pricing of apartments could also be pre-determined. Moreover, the free sale component with the builder in prime locations such as Bandra and Khar, where the Rahejas prefer to work, can be easily disposed of.

There are about 19,000 dilapidated properties in the city occupied by over 20 lakh families, which qualify for redevelopment. In the late Seventies, the Government levied a cess on the buildings for repair and maintenance as landlords were unwilling or could not meet the expenses with rentals frozen by the Bombay Rents, Hotel and Lodging House Rates Control Act, 1947. Developers say there are many cases where the landlords could not be even traced.

Redevelopment is big business in Mumbai, where old societies seek re- construction of their homes free with the developer making good his margin and investment through a free sale component, which is the additional space he builds over and above the owners’ share.

Last year, the Rahejas launched a mid-income housing project in Palghar, a distant suburb, on a seven-acre plot. With over 90 per cent bookings, the company is looking to work on the second phase. This apart, the company has three redevelopment projects. The company is also working on a high-end luxury offering at Lonavala.

 

 

Latest Realty News

Decoding the 80:20 deal
Sep 08, 2013
MUMBAI: Earlier this week, the Reserve Bank of India cautioned home buyers on innovative home loan schemes, popularly known as 80:20 or 75:25 schemes. The interest in these schemes had heightened in recent months, as builders and developers increasingly found it difficult to access funding. The central bank has clearly nipped the growing interest in the bud. This is because the scheme, in its current form, seems to give a raw deal to home buyers. Read on to understand how.
Property market not to gain from curbs on overseas investments
Sep 08, 2013
MUMBAI: Recently, the Reserve Bank of India reduced the permitted amount of annual remittances through the Liberalised Remittance Scheme (LRS) to $75,000 from $200,000 and also prohibited overseas property investments.
Mumbai’s long wait to replicate Manhattan, gets longer
Sep 07, 2013
MUMBAI: Perhaps no other ambitious urban infrastructure project that has been touted as a game changer, has waited for more than 30 years, yet has had no takers, with a future that is delayed, if not denied. The Mumbai Trans Harbour Link (MTHL) project has been under consideration for the last 30 years to develop the island city the way Manhattan in the US has been developed, reduce traffic congestion and grow the area surrounding Navi Mumbai.
CREDAI chief pins hopes on new RBI Governor
Sep 07, 2013
MUMBAI:Welcoming the new RBI governor Mr. Raghuram Rajan, developers’ apex body CREDAI Chairman and CMD Kumar Urban Development Ltd Lalit Kumar Jain appealed to him to adopt a consultative process with all stakeholders before making any major policy decisions relating to real estate
Mumbai property rates may remain subdued in near future
Sep 06, 2013
MUMBAI: Real estate developers in Mumbai are finding it difficult to increase property prices because of rising inventory levels, subdued demand and uncertain macroeconomic environment, says credit rating agency Icra.
Mumbai property rates may remain subdued in near future: Icra
Sep 06, 2013
MUMBAI: Real estate developers in Mumbai are finding it difficult to increase property prices because of rising inventory levels, subdued demand and uncertain macroeconomic environment, says credit rating agency Icra.
RBI should have consulted stakeholders before disbanding 80:20: CREDAI
Sep 05, 2013
DELHI: “Reserve Bank of India issuing circular on disbanding current practices, should consult stakeholders before issuing such circulars,” says Lalit kumar Jain, Chairman, CREDAI.
A look at top investment destinations giving best returns in a slumping realty market
Sep 05, 2013
MUMBAI: A big garments exporter in Mumbai wants to invest his kitty of Rs 50 crore somewhere, but neither does the stock market have appetite, nor is gold cheap. His only other option is real estate, but in Maximum City, yields are falling sharply. So, his wealth manager has now advised him to invest in properties in Adayar — some 1,300 km away. Adayar, in south Chennai, is one of the southern city's most expensive neighbourhoods.
New supplies, resellers to bring down home prices
Sep 05, 2013
MUMBAI: If you have been waiting to buy a home, this could be your chance for some bargain hunting as nearly five lakh apartments are expected to be delivered this year, shaking up an already oversupplied home market and forcing real estate investors to sell them in a hurry.
Ingersoll Rand working on Nano homes
Sep 05, 2013
PUNE: Industrial technology major Ingersoll Rand is working on a new “Nano-like” concept for dwellings which will be small, affordable and sustainable, Venkatesh Valluri, Chairman and President has said.

Latest Realty News Of State

Realty Talk's