July 2016 Vol 02
BMC single-window clearance could drive down realty prices
Mumbai realtors expect the BrihanMumbai Municipal Corporation (BMC)’s single-window clearance for construction to be a game changer, which could lead to the much-needed correction in prices of residential property. At present, obtaining construction permits accounts for 46 percent of the total cost of construction, say experts.
Civil contracts for Metro-III corridor finally awarded, work to begin in Sept.
Mumbai Metro Rail Corporation Ltd (MMRCL) has finally awarded civil contracts for the 33.5km long underground Metro-III corridor, whose first phase is expected to be completed by 2020.The entire Metro project was originally estimated to be Rs 23,136 crore, but is now likely to increase.
Metro-III will be a crucial north-south corridor connecting major CBDs of Nariman Point, BKC, domestic and international airports and industrial areas of MIDC and SEEPZ. It also connects various areas in the island city and suburbs that are not served by the existing suburban network, like Kalbadevi, Worli and Prabhadevi.
Navi Mumbai airport gets final green nod, work to start soon
The Navi Mumbai airport project received its final approval–a Stage 2 forest clearance from the Centre, clearing the tarmac for work on the ground like flattening hills and diverting rivers to take off.
The Forest Advisory Committee of the environment ministry in Delhi gave the nod impressed with a presentation made by the City and Industrial Development Corporation (CIDCO), the nodal authority, on compliance with the 35 conditions the ministry had laid down while giving its first clearance in 2013.
To Buy or To Rent?
Renting or buying? While both the options have their own set of advantages, there are also some roadblocks, which could make a potential home-buyer confused in pursuing the two.According to experts, in the suburbs of Mumbai, the rent starts from Rs.20,000
and may rise upto Rs.60,000-70,000 depending on the location and configuration of the property. “We have rental yields of about 2 to 3 percent of the property value as against the cost of finding a house through a home loan, which is about 9 percent.Therefore, it’s vital to understand that rentals do not get the desired appreciation and stability.
Home buyers can now file police complaint against builders violating norms
The state police has directed police stations across Maharashtra to register complaints against errant builders who cheat flat buyers and violate building norms. Housing experts have welcomed the move, but the real estate industry finds ‘disturbing’. In a circular issued recently, special inspector general of police Prabhat Kumar instructed police commissioners in the state to take action according to the provisions of law when people file such complaints.
A handful can’t hold society to ransom over revamp: HC
A handful of flat owners cannot hold a housing society to ransom over redevelopment, the Bombay high court has ruled.Hearing a plea against the occupants and owners of 10 flats in the Azad Nagar Cooperative Housing Society, a ground-plus-two-storey structure with 36 apartments on Netaji Subhash Chandra Road, is spread over 1,237 sq m.in Mulund (W), Justice Gautam Patel ordered them to vacate the apartments within four weeks.
PE realty funds flock to residential projects
The slowdown that was supposed to deter investors has actually resulted in opportunity for domestic private equity (PE) real estate investors who are providing structured debt to builders with successful track record. Since last year, PE real estate funds have invested more in residential than commercial projects that see equity investment.
MMRDA banks on BKC land to fund Metro, trans-harbour link
The Mumbai Metropolitan Regional Development Authority has decided to hit the real estate market to raise funds for big-ticket development projects proposed for the city. The infrastructure agency plans to auction 12,500 square metres of land at BKC.
MMRDA hopes to raise Rs 1,500 crore from the sale of the land at Bandra Kurla Complex, a business district developed by it. If successful, MMRDA will use the money for the Mumbai Trans Harbour Link and Metro corridors.The plot, which is equivalent to the size of three football fields, is in the G block of BKC, said sources. Currently, MMRDA has unsold land parcels admeasuring 123 acres at the business hub.
Nagpur-Mumbai Samruddhi Corridor gets investment boost
The state government recently signed a MoU with CIDB Holdings, Malaysia, for investments worth Rs 10,000 crore in highway and road projects. A sizeable chunk of the investments will be in the ambitious Nagpur-Mumbai Super communication Expressway. The 712-km highway between Nagpur and Mumbai worth Rs 30,000 crore has been renamed the Nagpur-Mumbai Samruddhi Corridor.
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