Thane: Connectivity-Based Popular Realty Destination

Connectivity is considered as one of the major factors which makes Thane in Mumbai as one of the top most and popular realty destination. In fact connectivity fuels Thane’s popularity.
Connectivity holds the growth-key of Thane

Connectivity holds the growth-key of Thane.

A few couple of years or decades back, Thane remained as an unpopular suburb in the Mumbai Metropolitan Region, right now this has become one of the most popular suburbs in the region.

Though the well planned development and schemes of the Authority plays a key role in the growth of Thane, the main role is played by the connectivity which has attracted more population to the city. Along with the infrastructure growth the connectivity of the area got developed.

The area is all set to be a fully–developed city in all spheres. With easier connectivity to Brahamand, Ghodbunder Road, Owala and Patlipada, the city becomes a hub for all the other areas of the city. Moreover there is a simultaneous and concurrent growth of commerce and infrastructure in the city. Continue reading

Mumbai offers little hope for home buyers.

In a recent report, Jones Lang LaSalle said that Mumbai seems to be in a tighter spot with Rs275 billion being sunk in land since FDI (foreign direct investment) was allowed in real estate in 2005; most of which has failed to yield returns. Even many investments done in South Bombay once named as one of the hottest and costliest property location in the world have met the same fate. Read Mumbai has sunk Rs275 billion in lands since 2005, the reason is known to all. Sky high prices have put off customers. In Mumbai, an average flat costs more than Rs10,000 per sq. ft. and even in Navi Mumbai, in less populated areas, there are many projects that have flats priced at over Rs1 crore.

Add to that the confusion created by the new DCR (development control rules). Many builders now have to make fresh plans to accommodate the proposed changes about FSI; and the worst affected are those whose projects are already underway. Many of the launches have been put on hold, and construction has been stalled in many places. And for people who have already invested in these projects, the longer the deadlock lasts, the more they have to pay.

Buy or not to buy? Despite a profusion of analyses and research reports on housing prices and their future direction, home buyers remain as confused as ever. So it is little wonder that 37 lakh of flats remain vacant in Maharashtra, of which 4.79 lakh are in Mumbai. The Census Directorate data says that even Thane district has more than 5 lakh vacant flats.

“Why doesn’t the government or RBI (Reserve Bank of India) understand that the more they squeeze liquidity by raising interest rates, it raises returns on black investments even higher. If our country can bring down black element out of property, rents will fall, property prices will fall,” said a commentator.

The home-buyer, however, is at a loss. The Budget came as a flop, and a recent Crisil report says that prices of steel and cement will go up, which will probably be passed down to the end-user. And then, there is the proposal to hike on leave-license, which is going to make rentals expensive. There are some who expect matters to improve.

Pankaj Kapoor, MD, Liases Foras also had echoed similar thoughts. “The high prices are not fault of only the builders. The hike in stamp duty was uncalled for and it is too revenue-centric and indicates a short term vision.” Read Maharashtra Stamp duty hike: “Neither can you afford to own a home, nor take it on rent”

However, as most experts say, one can buy a home any time. “You never know what will happen next. And honestly, there is little evidence to suggest that customers have waited for better home loan or price options when they have to buy a home—because it is a necessity. So if you want to own a home, there is no bad time,” said an analyst.

Maharashtra Govt. Launches E-Portal for Building Plans

THANE : In a step that could lift the curtain of secrecy surrounding the process of construction projects, chief minister Prithviraj Chavan on Monday inaugurated a web-based portal for issuing clearances for new building plans.

The software of the portal is designed to issue timebound clearances.The commencement certificates has been the preferred project of Thane municipal commissioner R A Rajeev , who faced criticism from members of the standing committee at the time he was introducing the domain to the CM. The domain, “tmc.tp”, will improve clarity by permitting proposals for building projects to be sanctioned online in a specified time-frame.

A member of Shiv Sena opposed the manner in which the civic chief chose to “ignore” the elected council. Designed by software professional Prashant Ugemuge, Nagpur based, the portal will give the commissioner daily updates on the status of each proposal and can question any delay by the subordinate officials . In the beginning, proposals would now be examined by a surveyor or an assistant director online who will then put his seal of approval.

Sheth Developers concentrating again on Vivacity Mall

250 Bishopsgate, London, E1
Since the demand of commercial real estate is increasing due to the increase in retail activity, Sheth Developers, a property firm tied up approximately half the space at its upcoming 1 million sq ft mall in India’s financial capital.

Sheth developers are Mumbai based developers. They have lined up retailers Hypercity and Shopper’s Stop. Also Cinepolis, which is a Mexico-based multiplex chain, is lined up as tenants for the ‘Vivacity’ mall at Thane which is currently under-construction. All this information was gathered by some reporters on Monday from the vice-president for marketing & leasing of Sheth developers.

He also admitted that although the firm had slowed down construction work due to the market slump, they are now back into operation since their leasing team is getting tremendous response now.

This mall has a total of 670,000 sq ft area as the saleable area and it scheduled to start operations by August 2011.

Peninsula Land to raise QIP

Real estate company Peninsula Land is planning to raise a qualified institutional placement of five hundred crore rupees for acquiring land in Mumbai. Peninsula Land has already recognized five plots in Parel, Lower Parel, Kanjurmarg and Thane. The raised capital will be used for acquiring new properties. The company currently has a board approval to raise up to seven hundred and fifty crore rupees and will make a decision on the final amount to be raised in its annual general meeting.