Real Estate News | Developers see rate cycle reversal kick-starting housing demand

Real Estate News | Developers see rate cycle reversal kick-starting housing demand

The Reserve Bank of India's second surprise rate cut outside the regular policy review may not boost the housing demand immediately, but is being seen as reversing the direction of rate cycle and kick-starting the housing demand.

Developers are excited by the move to soften interest rateswhich would make home loans cheaper and help improve the sluggish sales scenario. A possible reduction in construction finance, currently available at up to 16 per cent, is also seen helping them cut financing costs.

"The rate cuts announced in January had not translated into action by the banks, but a cumulative cut now amounting to 0.5 per cent will enhance lending powers of the banks. It will allow banks to cut down interest rates on home loans enabling new consumers to take advantage of the low interest rates in the real estate market," said Brotin Banerjee, MD and CEO, Tata Housing Development Company.

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Real Estate News | Ahuja Tower Offers 'The Seven's Heaven', A Bespoke Collection

Real Estate News | Ahuja Tower Offers 'The Seven's Heaven', A Bespoke Collection



Ahuja Tower Offers 'The Seven's Heaven', A Bespoke Collection

Ahuja Constructions, a real estate firm, with its presence in Mumbai and Navi Mumbai has offered 7 exclusive residences in Ahuja Towers to be designed in collaboration with world’s most coveted interior designer, Wilson Associates, New Yorks. These limited edition residences are being offered as part of ‘The Seven’s Heaven’, bespoke collection, with ready to move in privileges which will re-define the future of luxury living in the city.

Through this state-of-the-art proposition, the customer will be personally meeting the designer from Wilson Associates in New York to discuss the interiors of the apartment. This offer is planned meticulously keeping every minute detail in mind right from preparing the wishlist along with detailed information of customer’s preferences to finalizing the agenda for 3 days travel to New York and choosing the exclusive artefacts for the apartment with them.

At Wilson’s head office in New York, the customer will be reviewing the concept of their apartment which will incorporate the latest global trends. Completing the experience in New York will be a visit to high-end stores together with a representative from Wilson Associates to select accessories, collaterals and artefacts for their apartment which will be shipped to Mumbai.

Gautam Ahuja, MD, Ahuja Constructions says, “The Seven’s Heaven Limited Edition Bespoke Residences” is an endeavour to bequeath our customers with superlative living experience within their apartment at Ahuja Towers.

By bringing in Wilson Associates, New York, the name behind one of the most spectacular interior designs of the world, we will enable 7 cherished couples to custom design their homes according their wishlist.”

Ahuja Towers, our project in Worli is a testament of timeless design, classic elegance and international lifestyle combined with practically efficient and sustainable real estate development.

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Real Estate News | Mumbai Mulls China-Like Skyscrapers in Makeover

Real Estate News | Mumbai Mulls China-Like Skyscrapers in Makeover



Mumbai is seeking to amend its 24-year-old building rules that allowed slums to mushroom and kept housing beyond the reach of most of its 19 million residents.

The island-city, which has little land available for development, is proposing changes to its Floor Space Index regulations that may permit developers to tear down old structures and build taller towers. This may be good news for companies including Oberoi Realty Ltd., Sunteck Realty Ltd., Peninsula Land Ltd. and Godrej Properties Ltd., according to Edelweiss Financial Services Ltd.

The plan for the world’s second-most densely populated megacity after Dhaka is part of Prime Minister Narendra Modi’s “Housing for All” program, which seeks to build 20 million homes across India by 2022 to help eliminate urban slums and squalor. In theory, the move should increase the supply of apartments, cut property prices and help India’s financial capital emulate wealthy peers including New York and Shanghai.

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Real Estate News | Thane, Ghatkopar, Kurla and 9 more stns to get emergency medical rooms

Real Estate News | Thane, Ghatkopar, Kurla and 9 more stns to get emergency medical rooms



Mumbai: CR Takes Action Following HC Order On PIL. Central Railway has said it will within six months set up emergency medical rooms (EMRs) at 12 suburban stations on the Main and Harbour lines.

Each EMR will have a bed, stretcher, portable oxygen cylinders and other medical equipment and will be manned by a doctor, a nurse and an attendant round the clock. The personnel will work in shifts and will either be hired by the railways or recruited by contractors.

Jitesh Matalia, member, Divisional Rail Users Consultative committee (DRUCC), CR, said, “Tenders have been invited for the EMRs. The last date of submission is April 7.“

 

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Real Estate News - No development in Aarey precinct, says CM

No development in Aarey precinct, says CM
Feb 27, 2015

Mumbai: Chief minister Devendra Fadnavis on February 26 reiterated his government is committed to protect open spaces in the city, adding there was no question of allowing any kind of development in the Aarey colony precinct.

"All of Aarey colony is a no-development zone and we will ensure it remains the same. There is absolutely no change in the stand taken by my government. We are exploring the possibility of utilizing a small piece of land for setting up the metro station,'' Fadnavis told TOI.

The CM said the controversial development plan is not acceptable to his government. "The development plan has been submitted. It will be first examined by a committee to be set up by the BMC. Subsequently, it will be scrutinized by the urban development department," he said.

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Real Estate News Mumbai - Maharashtra needs 50 lakh new homes to meet 'housing for all' target

Maharashtra needs 50 lakh new homes to meet 'housing for all' target 

Feb 25, 2015

MUMBAI: As part of the Centre's target under the 'housing for all' scheme, the Maharashtra government will have to build 50 lakh new homes by 2022 and for this it can consider some projects based on PPP model, industry body Naredco said.

"Maharashtra will need 50 lakh houses till 2022 if it has to meet the central government's target of housing for all. So far, the state government's contribution in creation of housing stock is less than 5 per cent, but we want it to make active participation by taking on some projects on PPP basis for planned development," Naredco national president Sunil Mantri told reporters here today.

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Acme Group to develop over 10 million sq. ft. within 5-7 years

Acme Group to develop over 10 million sq. ft. within 5-7 years

Acme Group, the Mumbai-based company, unveiling their future plans for next 5-7 years held a conference, where they showed up company’s ambitious plans to develop up to 10 million sq. ft. of residential and commercial real estate in Mumbai and Gujarat over the period.

 

The realtors have signed up with Godrej as a sustainability partner and plans to attain leadership position in affordable housing, slum redevelopment projects and Greenfield projects in future. “We have eight ongoing projects today covering about 4.5 million sq. ft. of saleable area,” Pravin Doshi, Chairman,Acme Housing, told at a press conference. Further he added, “While we are proud of our contributions on improving the real estate landscape of Mumbai, we see a clear shift in the consumer preferences in near future.”

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