Indian Property News on 'January, 2007'

Property Prices in Navi Mumbai Gets Dearer

Property in Navi Mumbai has been more affordable than in Mumbai, since the City Industrial Development Corporation, (CIDCO), established the world’s first planned city in the 1990s. Residential and commercial development has been steady over the years, offering a pleasant neighborhood and good infrastructure.

Rates in Navi Mumbai range between Rs. 2100 to Rs.3500 per sq. ft in Vashi for residential properties, and Rs. 2800 to 4800 for commercial spaces. Panvel averages between Rs.750 per sq. ft. to Rs. 2100 per sq. ft. for residential apartments, depending on the quality of the project. Commercial property is available between Rs. 1200 and Rs.3200 per sq. ft. Read More »

Real Estate Trends in Ahmedabad

Gujarat’s healthy economy finds expression in all its cities, bustling as they are with activity on all fronts. Ahmedabad, being primus inter pares among other cities in Gujarat is recognized as one of the fastest growing Tier II cities in the country today

The very strong connections of NRI to Ahmedabad, and the Gujarati’s spending power and entrepreneurial skills have encouraged a healthy movement in real estate prices of late. Read More »

Retail expansion triggers land buying by builders

Real estate builders are on a massive land hunt to accommodate the booming retail market across the country. Mumbai is expecting retail property rates to go up by another 10 to 15% by the end of the fiscal year 2007.

Not to be left out in the race, established real estate developers in land-starved Mumbai are scrambling for commercial space in the suburbs. Nirmal Lifestyle, apart from their expansion project in Mulund, is looking for 7 to 8 lakh sq. ft of space for another outlet in Andheri. The Runwal Group has recently acquired land in Andheri for an ‘RMall’ housing a multiplex as well. Read More »

Ranchi property to be more affordable soon

Residents of Jharkhand’s state capital Ranchi can look forward to paying less for apartments and offices in the city, once the Ranchi Regional Development Authority (RRDA) clears the 450 proposals for residential and commercial projects piling up on its tables for the last one year.

The RRDA is expected to speed up the approvals, and the Real Estate Developers Association of Jharkhand is hopeful that rates would decline marginally by Rs.100 to Rs.200 per sq. ft. Rates in the city range between Rs. 900 to Rs.1600 per sq. ft. Read More »

Retailing - King Size

India’s metros are in the global race for bigger and bigger retail malls, with Delhi –NCR leading the way. Of the total retail malls under construction in the country today, 30 are over a million sq. ft in area.

India’s real estate developers are chasing the world-wide trend for large malls. India’s largest upcoming malls include the
Read More »

Limited FSI adds to land scarcity

If India’s skyline sans skyscrapers reflects a growing economy, it has also at the same time added a few limitations as it is by the low Floor Space Index (FSI) restrictions imposed by municipal authorities of major metros.

With land already scarce, and acquisition quite an issue, the low FSI is compounding matters for real estate builders across India. Read More »

50 lakhs additional housing units in Delhi Master Plan

The congested living conditions in many areas of Delhi may have made many people to sit up, and think about relocating to the adjoining NCR cities of NOIDA and Gurgaon. However, the proposed amendments in the Delhi Master Plan – 2021 may make you think otherwise. The capital city is in for a vertical expansion if the new provisions in the draft Delhi Master Plan are approved.

The draft recommends a revision of height restriction on buildings to 15 meters from the existing 11.5 meters. The FAR, which is the ratio of gross floor area permitted for construction on a site to its area on the ground, expressed in number of housing units, is also likely to be raised .The draft MPD 2021 aims to increase the FAR to 350 for plot sizes of 175 to 200 sq meters. Read More »

Is your Home Vaastu-compliant?

You are emotionally disturbed, with illness and financial problems at home. At work, you’re losing out on opportunities, and your efforts are not taking your career to where it should be.

Ever thought of VAASTU? Applying vaastu principles to your home could just about bring greater equilibrium into your life.
A complete vaastu solution can be provided only by an expert. Visit one with the right credentials and references. Here’s a basic guide however, which you can follow to derive the maximum benefits from India’s ancient science of design and architecture.
To make your home vaastu-compliant, do check out the following: Read More »

Vasant Vihar Rentals Touch New High

New Delhi’s Vasant Vihar, the choice residential area for diplomats and expatriates, set a new record in rentals, with its latest deal at Rs.114 per sq. ft. The independent bungalow stands on 14,400 sq.ft and has been leased by an African consulate in India

Though current rates are Rs.45-70 per sq. ft in the neighborhood, this bungalow fetched more than twice the rate. The rent for the month works out to Rs.16.5 lakh, and Rs. 1.98 crore for the year. The deal also includes an advance of 2 years’ rent at the time the deal was signed. Read More »

Commercial Real Estate on the Fast Track

India’s premier IT city Bangalore continues to occupy the most commercial space amongst all other metros in the country. According to real estate consultant Cushman and Wakefield, of the 40 million sq. ft commercial space absorbed in the country, Bangalore accounts for 33.75%, or 13.5 million sq. ft.

Chennai takes second position with 6.5 million sq. ft commercial space absorbed in 2006.
Close on its heels at 6.4 million sq. ft. in 2006, as against just 3.2 million in 2005, the NCR recorded the maximum growth – in fact the area doubled in a year’s time. In 2007, 3.5 million sq. ft commercial space will be added, taking the total to 9.9 million sq. ft. Rental values increased with this increased space, going up by as much as 60%. The IT and ITES sector have led the growth in Delhi, Noida and Gurgaon.. Read More »