So far, there have been no answers – only more questions
Mumbai’s Dharavi, one of the largest slums in Asia, has been an area of contention for almost two decades now.
For all its revelations, the recent blockbuster film ‘Kaala‘ only underscored what Mumbaikars, human rights activists, urban planners and real estate developers have known for decades – there is no simple formula for unravelling the complex Dharavi equation.
Occupying 535 acres of prime land in the very heart of India’s financial capital, Dharavi could be a motherlode of pure gold for developers who could get a piece of it.
Formal housing developments there would also give innumerable Mumbaikars exactly what they need – homes in the heart of the city and within a short commute to some of Mumbai’s most important workplace hubs.
Not surprisingly, the Maharashtra State Government has been eager to redevelop Dharavi. Building affordable to mid-range housing projects here would completely reinvent the residential real estate equation of Central Mumbai and also make a major contribution to the Central Government’s Housing for All by 2022 target.
ANAROCK Launches Consulting Services Headed By Ashutosh Limaye
Gaurav Wahi joins as Head of Operations, ANAROCK Consulting
Mumbai, 19 November 2018: Leading full-stack real estate services providers ANAROCK Property Consultants have announced the formal launch of ANAROCK Consulting Services.
The division will be led by industry veteran and thought-leader Ashutosh Limaye as Director & Head – ANAROCK Consulting Services.
Limaye was previously National Director & Head of Research at a leading international property consultancy. His long-standing senior associate Gaurav Wahi comes on board as Head of Operations for the new Consulting vertical.
“It is exciting to be a part of ANAROCK, India’s most disruptive and tech-driven real estate services firm,” says Ashutosh Limaye. “We look forward to amplifying its scope with our consulting expertise. This division will provide expert advisory services to major real estate stakeholders across the board, starting with developers. We service Government agencies, banks, NBFCs, institutional investors and retailers as well as HNIs and end users on the perfect entry,
As knowledge partners for the event, ANAROCK unveiled the report at Economic Times’ ACETECH real estate trade fair in Mumbai today.
In the process of scoping out MMR’s new real estate growth corridors, this report clearly illustrates how the rising property prices in Greater Mumbai are leading to a natural housing demand progression towards the peripheral areas.
While Mumbai’s share in overall launches in MMR declined from 71% in 2013 to 67% in the first three quarters of 2018, Navi Mumbai has witnessed an increase in share from 9-17%.
Due to the expansion of city limits from Greater Mumbai to the peripheries, more than 1.8 lakh units since 2013 have been launched in the western and central peripheral regions.
At Economic Times-powered ACETECH event on 15th November 2018 in Mumbai, knowledge partners ANAROCK Property Consultants will release their latest and most incisive report on MMR – ‘The Peripheries – Greater Mumbai’s Future Suburbs‘.
A veritable Who’s Who of Mumbai’s real estate industry is participating in a panel discussion on Mumbai: Resurgence and Preparation for The Big Leap
Dr Niranjan Hiranandani, Managing Director – Hiranandani Group
Venkatesh Gopalkrishnan – CEO, Shapoorji Pallonji
Parag Munot, Managing Director – Kalpataru
Vikas Oberoi, Chairman & Managing Director – Oberoi Realty
Sandeep Runwal, Chairman – Runwal Constructions
Shrikant Joshi, CEO – L&T Realty
Sangeeta Prasad, Managing Director & CEO – Mahindra Lifespaces Developers
Ashish Raheja, Managing Director – Raheja Universal
It is still too early to provide hard numbers of 2018 festive season’s property sales numbers as it is yet to conclude. Also, sales numbers are usually collated by the end of the fourth quarter.
However, trends in recent years suggest that the entire fourth quarter of the calendar year is seen as an auspicious time wherein housing sales rise. Considering the q-o-q trends in 2018, sales numbers have increased across the major cities.
For instance, housing sales in Q3 2018 increased by 9% as against the preceding quarter. In comparison to Q3 2017, sales increased by 15% in a year across the top 7 cities.
If we go by these numbers and look at the current scenario, we can expect sales to go up by 9-12% in Q4 2018 (the festive season quarter) as against Q3 2018. However, the ongoing liquidity crisis in Indian real estate could, to come extent, play spoilsport for developers this festive season.
While sales numbers have been increasing q-o-q, there is no significant change noted in the number of inquiries seen during this festive season so far.
Senior living essentially refers to homes that cater to adults aged 55+ who are looking to live independently in a peer environment.
Seniors who gravitate towards such housing options tend to have no major health issues and are active enough to more or less take care of themselves.
Such projects usually provide a variety of facilities for recreation and socializing, including a clubhouse, health club or gym, facility management services, squarely focused on the needs of the elderly.
Assisted living, on the other hand, pertains to homes for adults who need some or considerable assistance to live their daily lives. These seniors are not entirely bed-ridden yet need assistance in their day-to-day lives.
Many of such seniors require nursing home care, including full-time nursing to assist in personal hygiene, ambulation and perhaps even feeding.
The more traditional old-age homes are establishments usually run by NGOs or government agencies and are populated by senior citizens who can, for any number of reasons, no longer cohabit with their families or are entirely homeless.
There are more than a thousand old-age homes in India with most of them offering free accommodation.
4.25 lakh housing units ready-to-move-in in top & cities
Only 5% buyers will consider under-construction projects
RERA was supposed to save the day for homebuyers, but that doesn’t seem to have happened – at least not yet. In many states RERA, in its present form, is currently either non-existent or a pale shade of what it was intended to be. It is a fact that RERA has been diluted in some states to favour developers while in a few others it hasn’t even been deployed yet.
RERA’s primary area of focus is under-construction properties. After all, this is the area where buyers had been facing the most challenges on account of project delays, project plan deviations and various other issues.
As things stand now, states like Maharashtra, Uttar Pradesh, Gujarat, Karnataka, Punjab, Madhya Pradesh and Rajasthan have the benefit of operational RERA, but even in these states, the registration numbers are far from motivating.
While Maharashtra comes out on top with over 18,300 projects registered under it, other states where RERA has been implemented are lagging far behind.
Ever since the Indian rupee began nosediving, more and more NRIs (non-resident Indians) have turned their focus to the Indian real estate market. There are good reasons for this.
Other than the favourable exchange rate, the new regulatory environment driven by RERA, DeMo and GST have served to clear up a lot of the misgivings that kept many NRIs from investing in property in India. However, that’s not all there is to it.
Most NRIs, regardless of whether they are permanently stationed or well-settled abroad, at some point entertain a fond wish to buy a home in India – if not for themselves, then for their families back home.
Buying a property is still a mark of prestige and accomplishment for any Indian, regardless of where they are in the world. Nor will most NRIs ever entirely shed a feeling of responsibility towards their families back home.
Hosur Road in South Bengaluru essentially covers locations such as Begur, Kudlu Gate, Singasandra and Electronic City. Major factors contributing to its growth are:
Affordable Property Prices:
Locations along Hosur Road close to Electronic City and Begur Road essentially cater to affordable and mid-segment housing.
Prices in Electronic City, for instance, range between Rs. 3,500-5,600 per square foot. Prices on this stretch are more relatively affordable than other major IT hubs, including Whitefield and Outer Ring Road-Marathahalli.
Good office rental yields:
Commercial property prices range from Rs. 4,500-8,000 based on the type of property and the amenities available in the building. Rental yield in Electronic City varies from 3.5 to 4.2%, which makes it one of the top rental yield markets in Bengaluru.
A wide range of housing options:
A favourable confluence of factors such as ample new supply in Electronic City due to large tracts of land, affordable property prices coupled with high consumer demand,
Housing sales increase by 32% in a year, highest amongst the top cities
Unsold housing stock declined by 32%
Maximum new supply in the Rs. 40 – 80 lakh budget range
Bengaluru, 29 October 2018: Bengaluru’s real estate market has out-performed all other cities in terms of shedding unsold housing inventory, says the latest report by ANAROCK Property Consultants.
The report, released at ACETCH 2018 in Bengaluru last Friday, confirms that Bengaluru saw a remarkable decline of 25% in the total unsold stock across the top cities.
City-wise Unsold Inventory (in Units)
The report studies Bengaluru’s residential real estate trends since 2013, factoring in the city’s evolution in terms of infrastructure development, transport and connectivity.
Given the ever-escalating challenges the city faces on these fronts, a marked preference for walk-to-work options by homebuyers has become evident. That said, Bengaluru’s overall market profile retains most of its sheen thanks to its highly favourable confluence of market drivers.