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19/02/2014

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The real estate market is currently at its worst, sinking to the 2009 levels which marked the low point of the last decade; however, despite the negative sentiment, prices in Mumbai and other major cities are going up consistently, a nation-wide study done by Knight Frank India and FICCI said. However even with regard to the large cities, where prices are going up, developer sentiment is low.

A real estate sentiment index, released on Friday as part of the study, showed that developers, financial institutions and private equity players think the market has reached a trough and have very little hope for its improvement in the near future.

The sentiment for the current quarter stands at 36 on a scale of 1-100, where anything below 50 is pessimistic. The study says the realty market has worsened from even six months back.

However Mumbai and other large cities have bucked the trend. Mumbai showed a 55 per cent increase from 2009 in residential property prices. Insiders said developers control the supply in Mumbai, maintaining a steady price rise, and do not launch too many projects. As for office space in the city, rentals have gone up by only 7%.

Nationwide the real estate market in the country started looking up after the 2009 trough, but currently the sales are not any different from what they were in 2009. "Project launches and absorption peaked in 2010, post the Global Financial Crisis (GFC), and have been trending down since then. A drastic fall has been witnessed in the last three quarters of 2013. Residential launches and sales volumes are nearing 2009 levels," says the study.

From the buyers' point of view, however, this is a good time to do a bit of aggressive bargaining.

Nirnajan Hiranandani, chairman of Hiranandani Group and a member of the FICCI real estate committee, said the sentiment index reflects only what developers feel. "It is a great tool for buyers. Given the market sentiment, buyers can negotiate hard and get good prices,"

19/02/2014

Tata Steel puts Borivli land worth Rs 1,000 cr up for sale

The bidder must have initiated at least two million sq ft of construction in the past three years or completed more than two million sq ft of construction in the past five years and the bidder should have a net worth of at least Rs 100 crore.

Four years after Tata Steel shut its Borivli manufacturing facility, the company has put the land parcel up for sale.

One of the biggest plots of land to become available in Mumbai in recent memory, the plot measuring 25 acres on the Western Express Highway is expected to earn Tata Steel over Rs 1000 crore. The company has not yet quoted a price.

The plant used to specialise in manufacturing wires and steel cables for the Bandra-Worli Sea Link were supplied from this factory.

The process of relocating the plant to Tarapur began in 2008. By August 2009, the manufacturing operations were officially shut and only administrative offices remained on the campus.

"For the last few years, this plant has been moving towards becoming unviable and non-competitive on account of environmental, logistical and financial issues because of its location within the Mumbai municipal limits," a press release issued in 2009 by the company had said.

Over the past few years there have been speculations about the Tatas using the land to build a large office space for group companies. At one point, the group's retail business was contemplating opening its stores here.

The Tatas have put two major conditions for the sale - 1. the bidder must have initiated at least two million sq ft of construction in the last three years or completed more than two million sq.ft. of construction in the last five years; 2. the bidder should have a net worth of at least Rs 100 crore.

The land located 1.5 km from the Borivli railway station is considered to be a prime plot. "Since it is owned by a corporate with a clear title, it would get picked in a jiffy," said a director of a known real estate company.

It is easily one of the largest plots put up for sale in years. The last large land parcel of 17 acres in Parel was sold last year by DLF to Lodha Group for Rs 2,700 crore. A six acre plot in Byculla was picked up by Piramal Group early this year for around Rs 650 crore.

Last year, Lodha Developers Pvt. Ltd bought 17 acres of mill land in central Mumbai for Rs 2,700 crore from DLF Ltd. Experts said the land parcel has development potential of around 30 lakh sq feet. Going by prevailing rate of Rs 14,000 per sq ft for residential properties in the area, the plot has a potential of generating around Rs 5,000 crore.

Tata Steel sources said the sale is an attempt to monetise the company's land holdings. The sale announcement is expected in a day or two.

Sources say that the company has invited expression of interest from bidders by January 3, 2014. The bidders who qualify would be given information memorandum and will have to deposit Rs 20 crore advance.

12/11/2013

Here Are Some Tips From BARealty

******Difference between Lease and License Agreement******

• Lease is an inheritable right, which is available as a right against any person in the world. License is not an inheritable right. It is personal and exclusive to the Licensee and on death it automatically stands revoked.

• Lease creates interest on the leased property in favour of the lessee. In License no such interest is created in the Licensee.

• Lease interest can be assigned. License is not assignable.

• Denial of Lessor’s title results in forfeiture of lease. It is not so on a License.

• Remedy of breaches in case of lease is that lease can be enforced. In the case of License only suit for damages can be filed.

• Termination of lease requires notice to be served on the lessee. Termination of License can be done without notice.

• Lease deed requires registration under Registration Act 1908 and Transfer of Property Act 1882 if the value of property exceeds Rs 100 or lease duration exceeds 11 months. Earlier in case of leave and real estate License agreement registration was not compulsory. However according to recent amendment in Maharashtra, stamp duty and registration is made compulsory.

• A Lessee can sue stranger or third party in his own name. A Licensee cannot do so. Hence it can be constructed from the above that under terms of agreement in respect to land and building for commercial purpose, exclusive possession is not given, and there is a covenant for delivery of vacant possession after expiry of the terms of agreement, the agreement would be a License and not a lease. Hence the cardinal distinction between a lease and License is that in the former there is a transfer of interest of the immovable property to enjoy, whereas on the latter case there is no transfer of interest on immovable property at all.

License only acquires a right to occupy premises. When premises are given out on lease or tenancy basis, the legal possession of the premises in these cases is also deemed to be transferred to the lessee or tenant respectively. Source: Maharashtra Societies Welfare Association.


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12/11/2013

According to a spokesperson of the Kalpataru Group, “Goregaon has witnessed a sea change in terms of infrastructure development and has emerged as one of the fastest growing suburbs for premium and superpremium residential development, for people moving from south Mumbai. It has successfully, transformed itself into a hub for premium and luxury housing, from being a sleepy suburb in Mumbai. It has actually been on the radar of HNIs over the last few years because of its central location and easy connectivity, with the fastest growing CBDs of Andheri, Bandra-Kurla Complex (BKC) and Lower Parel. With the government giving a lot of impetus to infrastructure development, Goregaon has emerged as the hottest suburb, offering best of both worlds to consumers. The area offers excellent connectivity to SV Road, thus, reducing the commuting time to CBDs like Andheri and BKC to a bare minimum. Unlike other suburbs, Goregaon has massive plots of green land and open spaces. The residents in Goregaon will get a feel of being with the nature in its tranquil environment, without going away from the city.”

12/11/2013

Mumbai

While south Mumbai continues to face a space crunch, locations in the western suburbs, such as Malad and Goregaon, have emerged as flourishing residential hot-spots with quality construction and state-of-the-art lifestyle amenities, made available by renowned property developers. With more and more offices also moving to the western suburbs from south Mumbai, the region continues to witness enormous development and higher residential options, especially amongst the people working here. The suburb is even preferred by professionals, working in the commercial business districts of Powai and Andheri. What makes it even more popular is the fact that Goregaon and Malad are well-connected by both, the rail and road network. It is also in close proximity to the airport and has a great cluster of international schools, colleges and hospitals, in the vicinity.

Speaking about how Malad has developed, Subhankar Mitra, headstrategic consulting (west), Jones Lang LaSalle India, says, “Earlier, the populace residing in Malad was majorly from the middle-income group. Habitation was concentrated in the stretch between the railway stations and the SV Road, with some pockets of development, along Marve Road and Evershine Nagar. There were industrial developments towards the outskirts (now, the rapidly growing Link Road) beyond which, there was the creek. Real estate players acquired a stretch of land along the creek area, after the development of strong connectivity through the Link Road. Currently, this area is the most sought-after destination of Malad, with Mind Space, as the major commercial development, Inorbit, as one of the largest successful retail malls and the high-end residential developments like Palm Court.”

Percy Chowdhry, director, Rustomjee, who has developed several projects in Malad for the past ten years, has seen the transformation of the area – from a sparsely populated suburb, to becoming a prime location in the western suburbs, mainly as it is fast becoming an IT hub, with many corporate houses opening their facilities. Mayank Jain, deputy general manager – sales, Sheth Creators, foresees a huge response from this area. “Malad has serene beaches like Madh and Aksa beach and also, old churches and temples are in the vicinity. Business hubs, shopping malls, theatres to schools and hospitals, all are now present in Malad. Apart from good rail connectivity, the area is also wellconnected to the Western Express Highway, SV Road and is close to the JV Link Road. The domestic and international airports are in close proximity. The upper middle-class and corporate executives, who longed to have a luxurious lifestyle in ubercool locations, can now move to Malad. The property rates currently prevailing range between Rs 18,000 and Rs 24,000 per sq ft.”

12/11/2013

Mumbai

Developed by CIDCO, Dronagiri in Navi Mumbai has proved itself as a highly potential investment destination. Those who invested about a year back have already realised this, and those who are yet to decide, still have time to hit the jackpot. With the locality appreciating by over 30 per cent within one year, experts believe it to have a fate like Ulwe, which has been widely accepted as an investor’s haven.

With projects being developed by developers, such as Dwisha Developers, Akshar Builders & Developers and DevKrupa Enterprises, Dronagiri is seen as a prospective residential destination by many middle-income homebuyers. Those who cannot afford a property in even the outskirt nodes of Navi Mumbai, such as Ulwe and New Panvel, are looking forward to Dronagiri to own their first home.

Bhavin Keniya of Jalaram Investment and Real Estate Consultant says, “With property values still hovering between Rs 3,500-4,000 per sq ft today, many first time homebuyers, who have been staying on rent till now, prefer Dronagiri. In Ulwe, the property prices have already touched about Rs 4,500-5,000 per sq ft and New Panvel offers properties within Rs 4,000-4,500 per sq ft. Thus, a buyer with a budget of Rs 50 lakh may get a 2.5BHK in 1400 sq ft in Dronagiri, but in New Panvel, he may get only a 2BHK of 900-950 sq ft area.

Commenting on the future appreciation potential of Dronagiri, Keniya says, “Till three months ago, developers were only taking the booking amount and there were no construction activities going on here. However, in these three months, most of the projects have started being constructed and the property prices have appreciated by 15 per cent since then. In the coming one year, one can expect the prices to rise by at least 25-30 per cent.”

The Bokadvira Railway Station, which is being constructed near sector 47 and 48 of Dronagiri is supposed to join the Panvel-JNPT (Jawaharlal Nehru Port Trust) Line. While the station will still take about 2-3 years to flag off, its development is believed to be giving the real estate markets of nearby sectors such as 47, 48, 51, 52 and 53 a new high. Ashok Chhajer, CMD, Arihant Superstructures Ltd says, “While the upcoming rail network is expected to give a thrust to the property values, the buyers will have to wait for a longer time to reap best returns. A minimum of 3-5 years of investment horizon is advised.”

In addition to the railway network, the upcoming Mumbai Trans Harbour Link Project is also expected to push the real estate market of Dronagiri. An expert with Magicbricks.com says, “The locality is situated towards the end of the upcoming Mumbai Trans Harbour Link Project that connects Sewri in Mumbai to Nhava Sheva in Navi Mumbai. This link, when completed, will not only cut down the travel time between Mumbai and Navi Mumbai, but will also boost real estate prices here.”

Thus, if you have already invested in Dronagiri, you have a reason to cheer. But, if you are still lingering upon your investment decision, Dronagiri is the place to be. Though, it is important that you first work out your investment horizon.

08/11/2013

A Video That Make Us Feel to Pure

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06/11/2013

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05/11/2013

BANDRA KURLA COMPLEX, MUMBAI EMERGING AS A HUB FOR CONSULATES

Ramesh Nair, JLL India Bandra Kurla Complex (BKC) is now one of the most strategic commercial and residential real estate locations in Mumbai - and, in fact, in the country. This extremely valuable location has gone from strength to strength ever since it was reclaimed from useless marshlands hemmed in by Bandra in the West, Kurla in the East and Santacruz in the North.

In fact, Bandra Kurla Complex is one of the most amazing feats of reclamation urban renewal in the history of Indian real estate. This is not an insignificant claim for a city which itself was shaped from seven islands by the Hornby Vellard project in 1845. Apart from its tactical importance to Mumbai's most prominent corporates, who adopted it as an idea alternate CBD location and shaped its imposing silhouette with glittering, ultra-modern office complexes, BKC has also emerged as the most preferred destination for foreign Consulates and trade offices. It is already home to the US Consulate, the British High Commission and the consulates of Australia and New Zealand. And the trend is spreading.

Over the last twelve months, the consulates of Belgium, Sweden and France have also taken up spaces in Mumbai's showcase commercial/residential location. This is in line with the increasing inclination of Mumbai's embassies and consulates to shift to more convenient locations. Currently, a number of other consulates continue to operate from residential villas on Napean Sea Road and at Malabar Hill.

These locations, though inherently high-profile on the Mumbai real estate landscape, do not offer the kinds of buildings which suit the precise needs of these establishments. It will be interesting for serious real estate observers to track the relocation trend, which will doubtlessly cause more and more of the city's consulates to find more suitable operating bases in the future.

Consulates have specific requirements for the office spaces they opt for: • High standards of fire safety and security, with at least two exits from the floor and preferably one of the fire exits providing direct access from the unit

• The premises should be at least 10 metres above the ground • High-visibility buildings, with ease of access and robust utility provision

• The shafts within the building should be suitably secured to prevent unauthorized access Key Drivers for BKC’s Increasing Popularity With Consulates

• Excellent infrastructure and regulated traffic

• Proximity to domestic and international airports and the Western and Eastern Highways

• Proximity to high-end residential areas such as Bandra and the presence of Dhirubhai Ambani International School and The American School of Bombay

• The presence of the MCA Club and the Trident and Sofitel Hotels

• Hygienic surroundings, ample green cover and open spaces (unlike many old projects in other locations in Mumbai)

Finally, and very significantly, the newer commercial projects in BKC offer modern amenities and better car parking ratios. Commercial office projects such as TCG Financial Centre, Maker Max City and Capital are among the most sought-after destinations for consulates, given the availability of smaller unit sizes, the high standards of building maintenance, better safety and security features, high-quality finishes and energy efficient buildings.

05/11/2013

Property Rate In Mumbai..

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05/11/2013

HOW PUNE’S INFRASTRUCTURE DIFFERS FROM MUMBAI...

There are often comparisons made between the infrastructure of Mumbai and Pune. The popular consensus seems to be that both cities are equally challenged as far as supportive infrastructure is concerned. This is inappropriate for two reasons one, Mumbai’s growth pattern has been very different from Pune’s. The city has evolved into the country’s financial capital, and the pressures on it are enormous and overwhelming, considering the fact that a significant part of it is an island that cannot grow horizontally to accommodate the growing real estate demands.

Pune, on the other hand, has an advantage by virtue of the fact that it has been able to add to its borders by means of surrounding villages. This has served to decreased pressure on the central city and encouraged an outward growth pattern. The challenges on Pune’s infrastructure particularly its road network - have more to do with the speed of this growth. While there are various proposals for roads and road widening, these have to be translated into real time to be effective.

The pockets of infrastructural under-development are the result of both developers and the Government concentrating on existing growth areas and sidelining those with high future potential. It is a known fact that no area can grow in terms of residential, commercial and retail real estate unless the necessary infrastructure is first put in place.

This is quite a common phenomenon that is the result of the principle of fastest returns almost instinctually followed by both developers and the Government. Bangalore, for instance, was initially not well planned for radial expansion. The approach in this city was simple where Information Technology projects went, residential projects followed. IT and ITeS, as business lines, are not dependent on a city’s CBD areas and can workably exist in areas where property prices are low.

Once such a project is established, residential, commercial and retail establishments follow. Since this kind of growth in no way follows a master plan, the result is haphazard pockets of growth. This naturally leads to the neglect of areas that have not been so favoured. The syndrome is also evident in the case of other industries such as manufacturing. To identity another factor that has compromised Pune’s holistic growth in terms of real estate viability - the first masterplan for the city designated a much more progressive ‘roadmap’ for the city’s road network. However, even today, key roads leading to new growth areas are not being put in place with the speed necessary to ensure that these new areas have the requisite connectivity.

In comparison, the Pimpri Chinchwad Municipal Corporation (PCMC) has been proactive in terms of a proper road network. This explains why there have been such spurts in growth and corresponding real estate values in this region. Even within Pune, there were earlier precedents wherein languishing areas were given fast-paced infrastructure upgrades because of an new market catalyst. For instance, the Youth Commonwealth Games brought with them the fast-tracked enhancement of Baner Road and Pashan Road.