Thane, Navi Mumbai flat prices up 85%
Jul 09, 2014
Source : The Times of India

 

MUMBAI: A five-year price analysis of residential realty market in 11 cities shows that the ever-expanding Navi Mumbai and Thane have registered the highest percentage of increase in home prices across the country. They are followed by Mumbai.

According to the report by Jones Lang LaSalle (JLL) India, the two cities on Mumbai's outskirts have recorded a 80-85 % average price rise between April-June 2009 and January-March 2014 and Mumbai has shown a 75-80 % average increase. The lowest rise has been in Hyderabad (25%) followed by Noida & Greater Noida (25-30%) and Delhi NCR (30%).

"The main reason for the rise in Navi Mumbai and Thane home prices is that the rates were very affordable. As link to Mumbai improved and developers launched quality projects, the residential real estate demand increased, pushing up prices," said Anuj Puri, chairman and country head, JLL India.

The report says with the RBI not expected to decrease interest rates in the short to medium term, residential sales are likely to remain low. JLL data shows absorption of residential property is currently at a five-year low.

According to experts, the low sales volumes in the residential market means the launch of projects in the high-sale "affordable segment".

Puranik Builders MD Shailesh Puranik said, "The only way prices can be controlled is to ensure abundance of supply. For that, the state has to free new plots for development and reduce the high input cost of steel and cement." Ashutosh Limaye, JLL's research head, said he did not expect price rise in three to five years. "Sales has slowed down due to a high entry barrier of prices touching Rs 9,000 a sq ft," he said.

Latest Realty News

Piramal raises Rs 100 crore for residential realty fund
Jul 09, 2014
MUMBAI: Ajay Piramal-led Piramal Fund Management today said it has raised Rs 100 crore in a fund, which will be focusing on residential real estate investments.
Mahindra makes a bold bet on affordable homes
Jul 09, 2014
MUMBAI : The Mahendra group's recent foray into affordable housing is significant for two reasons. For one, it is after a long hiatus that a big business house has ventured into real estate. In the 1990s, many large groups, especially those with land banks in prime locations, had drawn up fancy plans for the sector but quietly retreated when they realised the complexities of the business. (Land is a state subject and so, each market has its own sets of rules and regulations. There are, therefore
SC: Deal with Campa Cola as per law
Jul 09, 2014
MUMBAI: The Supreme Court on July 7 did not agree with the BMC that residents of unauthorized flats in Worli’s Campa Cola Compound have committed contempt of court by not vacating their residential units in disregard of the SC’s February 27 judgment.
Mumbai: Residential demand increases in eastern suburb
Jul 07, 2014
MUMBAI: The hitherto low-profile eastern suburb of Mumbai, starting from Kurla to Thane on the Lal Bahadur Shastri Marg, is fast becoming the next commercial hub of the city with tiny office complexes and new-age retail destinations, giving tough competition to its southern and western counterparts such as Nariman Point, Worli-Lower Parel and Bandra-Kurla Complex, among others.
Housing Prices Can Fall on Transparency, Timely Approvals: HDFC
Jun 20, 2014
Calling for major reforms in housing sector, HDFC chairman Deepak Parekh has said transparency and timely approvals from different authorities can reduce home prices by almost 20 per cent.
Brahma Management to invest Rs 3,000 crore in Indian real estate sector
Jun 20, 2014
Nine years after it was formed, New York-based Brahma Management has lined up big investments for the Indian real estate market . Brahma, an FDI-funded investment and asset management company, has already invested around Rs 2,500 crore in the sector and has plans to put in another Rs 3,000 crore over the next two years.
Mahindra Lifespaces ventures into affordable housing segment
Jun 20, 2014
Mahindra Lifespaces Developers, the real estate arm of the Mahindra group, on Monday launched its new business vertical 'Happinest' that will focus on developing affordable housing projects.
Mumbai’s Vasai-Virar belt offering affordable homes
Jun 15, 2014
MUMBAI: For most homebuyers who are looking for affordable homes, the Vasai-Virar belt has many good projects to suit their budget and needs. With office premises shifting from south Mumbai to the city’s western suburbs and rehabilitation of slums going on in full swing, the areas are witnessing huge interest from buyers.
Campa residents divided as deadline gets over
Jun 15, 2014
MUMBAI: June 12 marks the final deadline for residents of the illegal flats at Worli’s Campa Cola compound to vacate their apartments and hand over the keys to the local G South ward office. The BMC on June 13 is likely to serve notices, saying they will enter their premises and take action to evacuate the occupants.
Not a single Campa Compound resident returns keys
Jun 15, 2014
MUMBAI: The deadline for vacating illegal flats in Worli’s Campa Cola compound lapsed at 5pm, June 12, but not a single resident submitted keys to their ward office, as asked by the BMC. The civic body now plans to enter the premises on June 17 to cut electricity, water and gas connections, following which it will start demolishing the internal walls of the flats to make them uninhabitable.

Latest Realty News Of State

Realty Talk's