Monthly Archives: June 2017

Mumbai’s new schemes of development

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Mumbai being the financial capital of the country, it is known for being the most populous city in the country which of course surpasses the national capital Delhi by approximately four per cent. When it comes to the area, Mumbai stands fourth, which comes after Kolkata, Bengaluru, and Delhi. The capital, however, is three times more than Mumbai when it comes to the geographical size. It is surveyed that the city has a large population of 20,482 people per square kilometer. This is known as the highest among the other cities in India.
It is a known fact that Mumbai is not spread cut-out like Delhi or Bengaluru, and the pressure to provide homes to the families is immense on the capital but it cannot be considered less.
Mumbai, according to the RDDP needs more land to develop Mumbai real estate and purview more development. For this, they have taken up the lands which are yet considered as the no development zones. These lands are the eco-sensitive areas, the water bodies, forest lands and the private lands which totally accounts for approximately 13,000 hectares. Therefore, for the further development these lands will be used, however, the further separated lands, known as the natural areas, will be left untouched. Out of the total lands considered under the NDZ, only 10,000 hectares will be used for further building flats in Mumbai and other residential developments.

The complete separation to use these lands as given by the RDDP, is somewhat like the major part of the 25% of the land will be totally allocated for open spaces, a complete amount of 8% of the land is to be used to make and develop institutional areas, again a big amount of 25% will be used to develop flats which will come under affordable housing and for building educational institutes, three percent of the land will be available to develop medical sectors including hospitals, clinics, and pharmacies. This clearly means only the left amount of 34% of the land can be used for development according to however the owner likes it to be.

However, providing people with affordable houses will be the top priority and a major thrust of RDDP 2034. Each of the residential development projects will have a gross plot area of 4000 square meters and this will be specifically for affordable housing which will be developed by only the municipal corporation.

Affordable Housing, a priority for real estate

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With an aim to achieve housing for all by 2020 and thus planning new flats in Delhi/NCR till 2022, finance minister on January 1 had stated that the affordable housing schemes will be given infrastructural status which will be a great deal for builders like Ashiana, Housing, Puravankara. This move will dip the costs for the builders and developers and attract most and more investors.

It would also mean a great hike in demand for loans which would be a step in the forward direction for housing finance companies like Gruh Finance, as well as Repco Home Finance.

“Infrastructure status to the affordable housing segment especially to Noida real estate will mean lower loan costs for the sector and thus aims at the margin issues that private players in this segment face,” said Nidhi Seksaria, Advisory Partner & Leader – Real Estate, BDO India LLP.

“The combined with interest subventions, this could be a big step in making apartments for sale in Noida more affordable,” he said.

Ashiana Housing was already trading 15 percent higher at Rs 163. On the other hand, Puravankara was up by 3 percent. The housing finance companies, Gruh Finance was already up by 1.4 percent while Repco Home Finance was up nearly 2 percent.
To achieve the targets set by the government in the affordable housing sector, the builder tends to increase their number of apartments with a certain decrease in amenities which consequence into lower costs. The competition has increased in the past quarter and thousand of new flats for sale in Noida are being constructed and ready for you to live in.