MagicBricks

RBI Governor speaks exclusively to ET Now & ET Now Swadesh on March 6 at 3.30pm

Tue, 05 Mar 2024 13:56:56 GMT

Mumbai March 5:

In one of the most anticipated interviews of 2024, Reserve Bank of India (RBI) Governor Shaktikanta Das will be speaking exclusively to India’s leading business channels ET Now and ET Now Swadesh on March 6, starting from 3:30 PM. Against the backdrop of inflation hovering within the Reserve Bank's tolerance band, the Governor will address ET Now and ET Now Swadesh viewers viewers for the first time since the release of the latest third-quarter GDP data.

India registered a surprising 8.4% GDP growth in the third quarter. Despite increasing growth projections in the past, RBI's focus has remained on keeping inflation at target of 4%, reminiscent of Arjuna's unwavering gaze.

A significant point of discussion will be India's recent inclusion in the Bloomberg Emerging Market Bond Indices, a milestone that elevates the country's bond market and enhances its global stature. This achievement follows India's inclusion in the JP Morgan bond index last year, showcasing the country's increasing attractiveness to international investors.

Additionally, as the March 15th deadline approaches, customers and users of Paytm payments bank may find answers to pressing questions during the interview. The resilience of the Indian Rupee amidst global market volatility, coupled with the RBI's interventions to maintain currency stability, will be thoroughly examined, offering valuable insights into the central bank's currency management strategies.

This interview presents a unique opportunity for viewers to gain profound insights from the RBI Governor on a myriad of issues critical to the Indian economy and its future trajectory. As the nation prepares for a significant leap towards becoming a developed nation, the RBI Governor's insights serve as a beacon of clarity and direction, guiding stakeholders towards a path of sustainable growth, stability, and financial resilience.

The Golden Ring: Unlocking Tremendous Real Estate Potential in Delhi-NCR's Tier-2 Cities

Fri, 30 Jun 2023 11:41:33 GMT

The real estate sector in Delhi-NCR has witnessed a significant transformation in recent years. While the capital remains a hub of economic and cultural activity, the development of tier-2 cities around it has emerged as a game-changer, especially for the real estate sector. The establishment of the "Golden Ring", a network of connectivity encircling Delhi-NCR, has led to the rapid growth of significant cities such as Bhiwadi, Bahadurgarh, Alwar, Sonipat, Jewar, Manesar, and Meerut. These cities offer tremendous investment potential, with promising growth prospects, excellent connectivity, and a plethora of amenities.

Ashwani Kumar, Pyramid Infratech marked the potential for tremendous growth, stating, "Tier-2 cities in the Golden Ring have become hotspots for real estate investment. The region offers ample opportunities for growth, driven by factors like infrastructure development and increasing urbanisation. Rewadi, Bhiwadi, for instance, has witnessed a surge in commercial and residential projects, making it an attractive destination for investors. The future prospects of these cities are highly promising, with substantial appreciation expected in property values."

"The Golden Ring ensures seamless connectivity within and around Delhi-NCR, making it easier for people to commute and access various amenities. For example, Bahadurgarh benefits from the Delhi Metro's extension, offering residents a convenient and faster mode of transportation. These tier-2 cities are also witnessing the development of modern infrastructure, including schools, hospitals, shopping complexes, and recreational facilities, thereby enhancing the overall livability quotient," said Ms. Radheecka Rakesh Garg, Director, Rajdarbar Realty.

The exponential growth of commercial real estate in the National Capital Region (NCR) can be credited to the substantial progress in infrastructure development. The combination of favourable policies implemented by state governments, the expansion of the Metro network, the upcoming Jewar Airport, the Eastern Peripheral Expressway and the Dwarka Expressway, including the proposed Bodaki Railway station, have significantly boosted the realty prospects of the NCR. These factors have immensely contributed to making it a corporate, commercial and residential hub.

Mr. Rajjath Goel, Managing Director, MRG Group, highlighted the affordability factor, saying, "Compared to the soaring property prices in Delhi and other major cities, the tier-2 cities within the Golden Ring offer relatively affordable options for real estate investment. This affordability factor attracts diverse buyers, including first-time homebuyers, young professionals, and investors. As the cities continue to evolve and prosper, there is tremendous potential for appreciation, making it a win-win situation for buyers and investors alike."

"The tier-2 cities in the Golden Ring have seen a surge in investment activity, attracting domestic and international players. The government's focus on policies like PMAY, DDJAY and 'Housing for All' have further stimulated growth in these areas. Moreover, initiatives like the Jewar International Airport project have significantly boosted investor confidence. These cities are poised to emerge as lucrative real estate markets with improved infrastructure and business-friendly policies," said Mr. Yash Miglani, MD, Migsun Group.

The Golden Ring has emerged as a catalyst for developing tier-2 cities surrounding Delhi-NCR, transforming them into desirable destinations for real estate investment. Cities around the national capital offer tremendous growth potential thanks to industrialisation, infrastructure development, and increasing urbanisation. The seamless connectivity, availability of amenities, affordability, and favourable investment climate further contribute to the attractiveness of these cities. As the real estate markets in Delhi-NCR evolve, investing in the tier-2 cities of the Golden Ring can unlock significant returns and create a promising future for investors and residents alike.

Current scenario of retail market space in Pune’s Peth area

Fri, 09 Jun 2023 12:51:57 GMT

According to a recent research carried out by Sigma One Universal and a published report conducted by a leading global real estate services firm, Pune with a population of 7.3 million and ranked as the 7th largest metropolis in India, stands as a thriving city in Maharashtra. Renowned for its ease of living and exceptional quality of life index of 129.26, Pune offers a conducive environment for residents and businesses alike. With a total retail space of 8.1 million sq.ft, Pune demonstrates its robust retail market, with only 6.60% vacancy, indicating a high demand for retail spaces. The decreasing retail space vacancy rates year on year further highlight the sustained demand and growth potential of the retail sector in the city, the research found. The Peth area, known for its historical significance, acts as a magnet, attracting customers not only from Pune but also from neighboring cities like Ahmednagar, Chatrapati Sambhaji Nagar, Nashik, Kolhapur, Lonavla etc.

Investors in the Pune Peth area market benefit from attractive rental yields, with the city area offering the highest rental yield of up to 6.8% compared to other markets. This makes Pune’s Peth area an enticing destination for those seeking lucrative investment opportunities.

The traditional Peth areas that are Kumthekar Road and Laxmi Road, both stretching approximately 1 km in length each, have over 500 bustling markets in the vicinity. The clothing brands have asserted their dominance in this bustling area, capturing a significant market share of over 75%. This remarkable achievement is closely followed by jewellery brands, which occupy approximately 15% of the market. It became evident that this location has tremendous potential, with a staggering daily footfall of approximately 1,80,000 on a daily basis during peak times.

This number itself is a testimony to the glory of the Peth area, which has been flourishing with many businesses for centuries. Even though Pune has seen tremendous growth in malls, shopping centers, big brand stores, etc., the Peth area still holds the charm to be the favorite shopping destination of Punekars. Located in the heart of Pune, the Peth area is easily accessible from any part of the city. Specifically, Kumthekar Road houses over 75% of clothing stores, making it one of the biggest and busiest shopping destinations in most of Maharashtra.

Situated at a prime location, Sigma One Bizbay, which is a flagship commercial project of Sigma One Universal, offers unparalleled advantages for retailers, entrepreneurs and enterprises looking to establish a strong presence in Pune. Its strategic positioning at Kumthekar Road ensures easy accessibility and high footfall, making it an ideal destination for businesses seeking growth and success.

Sigma One Bizbay is an 8-floor structure that embodies the perfect blend of functionality, aesthetics, and convenience. Sigma One Bizbay, a modern iconic retail structure in Pune's oldest shopping destination is offering state-of-the-art specifications with multi-tier assisted parking and intelligent lighting systems for the facade.

"At Sigma One, we are thrilled to be a part of Pune's oldest and busiest shopping destination. We have observed that people from different cities across Maharashtra flock to this vibrant retail hub to indulge in a delightful shopping experience. With a vision to provide the best to the city area and the iconic Peth area, we are committed to uplifting the retail experience and creating a space that exceeds expectations. Sigma One Bizbay is the result of our dedication to offering a transformative and enjoyable shopping destination that caters to the diverse needs of shoppers,” said Kapil Gandhi, Managing Director at Sigma One Universal on the launch of the project.

Luxury homes becoming increasingly popular among young buyers

Tue, 30 May 2023 11:50:41 GMT

In the post-pandemic world, luxury real estate has become increasingly popular among young and first-time homebuyers. These buyers are looking for homes that offer lavish designs and state-of-the-art amenities. The pandemic has also emphasized the importance of health and wellness, leading to a higher demand for homes that provide amenities like air purifiers, green spaces, and fitness facilities.

A spokesperson of DLF Ltd, says, "There has been sustained sales growth across major Indian metropolises, but NCR saw a sizable jump in demand for luxury homes. In the past two years, the housing market in Gurugram has emerged as a hot real estate investment destination, with annual price growth reaching record highs. Today's discerning buyers have directed their purchase decisions towards luxury homes, where- earlier they would invest in other asset classes or luxury goods. One of the most significant trends this year has been an influx of demand for homes in the luxury and above segment. In India, while there has always been an appetite, people have preferred other asset classes to invest in, which has significantly changed since the onset of the pandemic."

Luxury homes today are no longer just about the physical structure; they offer a complete living experience, focusing on convenience and providing every possible amenity and facility that allows residents to pursue their passions. Additionally, second homes, which were once seen as a luxury, have now become a necessity for a growing segment of consumers with higher spending capacity who desire an extension of their current homes.

There are several notable trends in the luxury real estate market:

Premium Location: Infrastructure development has led to the creation of new urban centers, such as business districts, entertainment hubs, and retail spaces. Buyers value homes in premium locations that provide easy access to these amenities.

Spacious Living: The pandemic has made people more conscious of health and safety concerns. As a result, there is an increased demand for homes that offer more space and better ventilation. Many young homebuyers in India are specifically seeking luxury homes with large balconies or open terraces that provide fresh air and natural light, creating a healthier living environment.

Trust and Reliability: Purchasing a luxury home is a significant investment, and young Indians want to work with developers they can trust. Reputed real estate developers with a proven track record of delivering high-quality projects are considered reliable choices by these buyers.

Wellness amenities: Young buyers are seeking homes that offer a range of wellness features, such as gyms, spas, and yoga studios.

Luxury homes with large outdoor areas like gardens, patios, and balconies have also become more popular among buyers who want to create a private oasis and enjoy nature without leaving their property. Navdeep Sardana, founder, Whiteland Corporation, says, "The market for opulent residences is gaining popularity amongst home purchasers in Gurugram owing to a multitude of factors such as an increase in incomes, evolving lifestyles, and escalating aspirations for a superior quality of life. The luxury housing sector has transformed in the aftermath of the pandemic, characterized by a surge in demand for residences with ample out- door spaces such as balconies, terraces, gardens, and rooftops, as individuals now spend more time at home due to remote work and are looking for spaces to unwind and relax."

The home buying process has also undergone significant digitization, with real estate developers promptly adapting to the changing times. They have implemented virtual reality tours, online payment options, and digital documentation to make the buying process more convenient and safer for buyers, considering the social distancing norms in place.

Jatin Lohia, director, LID (Lion Infra Developers) shares, “Luxury homes have been gaining popularity among homebuyers in Gurgaon due to the city’s rapidly evolving infrastructure, expanding job market, and easy connectivity with Delhi NCR. Luxury homebuyers in Gurugram are now looking for homes with spacious balconies, terraces, and gardens that offer a sense of openness and privacy.”

Luxury homes in Gurugram are now equipped with advanced automation systems that allow residents to control various aspects of their homes, including lighting, temperature, and security, using their smartphones or voice commands.

Changing NRI Investment In The Face Of Indian Real Estate

Tue, 30 May 2023 11:03:24 GMT

An NRI, commonly known as a non-resident Indian, denotes an Indian citizen who, in the course of a fiscal year, spends a minimum of 182 days residing outside the territorial boundaries of India. Notwithstanding their physical absence, NRIs retain intimate affiliations with their country of origin.

This expansive and heterogeneous community encompasses an estimated population of around 30 million dispersed across diverse global locations. NRIs embody a rich tapestry of cultures, languages, and professions, thereby rendering substantial contributions to their adopted nations while simultaneously nurturing their intrinsic Indian heritage.

Why are NRIs investing in Indian Real Estate?

Within the domain of the Indian real estate market, non-resident Indians (NRIs) are presented with a multitude of opportunities to invest in residential, commercial, and industrial properties strategically. The estimable cohort of approximately 30 million NRIs residing abroad has witnessed a discernible surge in their investments within this sector in recent years. The salient advantages that allure NRIs to engage in such ventures encompass favourable currency exchange rates, resilient rental yields, and the potential for appreciating property values. These factors collectively contribute to the compelling appeal of real estate investments for NRIs, substantiating their profound significance within the market.

Potential Returns

NRIs perceive the realm of real estate investment in India as an enticing opportunity brimming with the promise of augmented financial gains and portfolio diversification. These astute investors exhibit a pronounced penchant for directing their resources towards flourishing urban centres like Gurgaon, Bengaluru, Hyderabad, and more.

Interestingly, there has been a notable surge in NRI's inclination to procure expansive residential abodes within their cherished hometowns, particularly in Tier 2 cities. Such an intriguing trend can be attributed to the transformative impact of the pandemic on Indian family dynamics. In response to the changing circumstances, a growing number of individuals now seek to embrace the cherished values of togetherness by residing alongside their beloved parents and grandparents, thereby fortifying the time-honoured tradition of the extended family system.

Rapid Growth of the Market

The exponential surge in the market has brought about a discernible shift wherein traditional investments are being supplanted by stock-based instruments among Indian investors. This remarkable trajectory, driven by escalating market and stock valuations, has created a propitious environment for investment in India.

Favourable to Investors

In light of the Indian government's amicable disposition towards foreign investors and the proactive initiatives undertaken by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) to facilitate Foreign Direct Investments (FDI), NRIs are redirecting their investment focus towards India. This conducive landscape, characterised by supportive regulations and guidelines, has contributed to the growing confidence of NRI investors in exploring investment opportunities within the country.

Projections from various sources suggest that NRI investments in India are poised to reach new heights, with estimations indicating a significant surge to INR 96 crore in the fiscal year 2021. Notably, the establishment of the Real Estate Regulatory Authority (RERA) has played a pivotal role in catalysing this unprecedented inflow of real estate investments. NRI investors find solace in the fact that properties are registered under the purview of RERA, working with reputable developers, and benefitting from a streamlined engagement process.

In the period spanning from 2023 to 2028, the Indian real estate sector is projected to experience a substantial growth rate of 9.2% (CAGR). The exchange rate between the rupee and the dollar has reached an unprecedented low, making it an opportune moment to repatriate funds to India and engage in real estate investments. This convergence of factors, characterised by the depreciation of the rupee and the ascending value of real estate, establishes the present time as highly favourable for investment endeavours.

Source: This article is contributed by Mr. Aditya Kushwaha, CEO & Director, Axis Ecorp

High-end property purchases continue to fuel Mumbai's real estate market's growth

Wed, 17 May 2023 11:36:55 GMT

In recent decades, Mumbai has drawn many manufacturing and service sector businesses and migrant workers from all over India due to its excellent regional and international connectivity provided by airports, railroads, motorways, ports, and infrastructure upgrades. As a result, there has been a significant increase in the sale and acquisition of real estate, especially since the pandemic-induced lockdown. Despite rising mortgage rates and property prices, Mumbai, the nation's largest and most expensive real estate market, has maintained its strong momentum of real estate sales in 2023 as consumer attitude towards home ownership remains high. As a result, the Mumbai Municipal Region (MMR) saw the highest current five-year property buying activity level.

Due to considerable infrastructure improvements and resurgent housing demand, the city's residential real estate market is poised for another year of solid expansion. Eight metro lines are now being built in the Greater Mumbai area, bringing new communities like Navi Mumbai closer to the city centre. As new metro routes open for business, it is already possible to see the formation of new micro markets.

One of the main reasons for the surge in real estate prices in Mumbai is the city's limited availability of land for development. Mumbai is a crowded metropolis with many people already living there. Because of this, there aren't many new real estate developments in what is called ‘Bombay’, and demand for existing homes is high. Add to that, there is a consistent rise in demand for higher-value apartments, on higher floors due to many people migrating to the city and a considerable increase in NRIs investing in Mumbai's real estate.

The expansion of Mumbai's IT and finance sectors has also increased demand for office space and commercial real estate. Since so many significant global firms have opened headquarters in Mumbai, there is a demand for first-rate office space. The need for residential houses has also increased as a corollary to this.

The infrastructure of the existing roads and trains is under extreme strain due to the workforce's requirement to commute to the island city from the adjacent towns. Similarly, the current Chhatrapati Shivaji Maharaj International Airport, which saw nearly 50 million passengers pass through it annually in 2019, has already used up all of its yearly handling capacity. Mumbai is also one of the top 50 cities worldwide that will experience the most significant population growth by 2030. This is being addressed by the Govt.

Numerous significant transit infrastructure projects, including the metro rail, the Mumbai Trans Harbour Link, and the Versova Vasai Sea Link, have been announced recently to improve connectivity within the micro markets around the MMR. In addition, to relieve the pressure on Mumbai's key business districts, a new international airport is also being built near Navi Mumbai, a secondary commercial zone. Due to such infrastructural improvements, more commercial and residential development is possible in the MMR and its immediate surroundings. As a result, it now boasts of the largest real estate market among India's leading cities.

In conclusion, despite a few infrastructural challenges, the top-end Mumbai real estate market is very robust and is only in competition with the affordable real estate market, in terms of business volumes. Real estate prices have increased due to the scarcity of land, the influx of high-net-worth individuals, and the expansion of the IT and finance sectors. Although the market still has some issues, including problems with transparency and a lack of infrastructure in some places, the city's growth potential continues unabated.

Source: This article is contributed by Ms. Manju Yagnik, Vice Chairperson, Nahar Group Senior Vice President of NAREDCO- Maharashtra

Discover the Real Estate Hotspot of Noida: Sector 153 - An Ideal Investment Destination

Mon, 08 May 2023 05:38:27 GMT

Renowned for its unpolluted green environs and excellent connectivity through an extensive network of highways, flyovers, and metro rail, Noida, situated adjacent to the national capital Delhi, has become a dream destination for all. As a well-planned, integrated, and modern industrial and residential city for almost four decades, Noida has attracted real estate buyers, including investors and end-users from all segments, ranging from luxury to mid-range to affordable.

Already famed as one of the largest industrial townships in Asia, Noida was established under the Industrial Area Development Act of 1976, resulting in the creation of well-planned infrastructure facilities. While Noida has multiple sectors that attract real estate buyers, Sector 153 has gained significant popularity for several reasons. The highly sought-after proposition of living close to work and home is provided in Sector 153 of Noida, along with several other attractive features. It has become a prime location for real estate buyers looking to buy their choicest properties.

What makes Sector 153 appealing for real estate?

Noida is known for its flourishing residential and commercial projects across various sectors. However, the most sought-after sector is Sector 153, located on the Noida Expressway, which is the lifeline of Noida and Greater Noida. Sector 153 offers all essential urban facilities such as electricity, water, sewer, transportation, schools, hospitals, green belts, gardens, business centres, excellent medical services, banks, post offices, and community centres. The Noida Authority is continuously engaged in developing the basic infrastructure to support these facilities and Sector 153 is poised for rapid development. It has become the prime location for real estate buyers looking to purchase their ideal properties, especially due to its strategic location and well-developed infrastructure.

Another reason why Sector 153 in Noida has become a real estate hotspot is the multitude of large-scale development schemes recently announced by the government. Its location at the centre of three urban and industrial townships - Noida, Greater Noida, and Yeida - and proximity to the border of Greater Noida make it even more attractive. With Yamuna Express Industrial Development Authority (YEIDA) projects, Jewar International Airport, Film City, Multimodal Logistics Park, Medical Device Manufacturing, Ecological Investment Hub, and the presence of many multinational companies, experts in urban development predict that Sector 153 is poised to become an important investment opportunity.

Investing in Sector 153's Residential Real Estate: A Smart Move

Sector 153 boasts several world-class residential projects under construction, with many more proposed. Reputed real estate developers are constructing apartments and villas, taking advantage of the sector's good connectivity and prime location. The attractive investment options are drawing in investors, with many already seeing a boom in properties. Furthermore, several leading real estate developers are preparing to launch their projects in the sector in the coming months.

A Hub of Commercial Real Estate Development

Noida's integrated industrial township concept is brought to life in Sector 153, which boasts numerous industrial, residential, and commercial projects. This diverse array of establishments includes IT parks, hospitality venues, medical facilities, special economic zones, and commercial centres, creating a large-scale development that generates abundant employment opportunities.

Located adjacent to Sector 153 on the Noida Expressway, Sectors 150, 151, and 152 are rapidly developing areas that offer a mix of residential and commercial properties, as well as exceptional sports amenities, including golf, cricket, football, and more. These sectors are home to renowned builders who have established high-rise residential apartments, villas, commercial complexes, and amenities institute projects, with many projects already in possession status. Additionally, Sector 151 is experiencing a rapid surge in apartment and plot development.

The Excellent Connectivity of Sector 153

Smooth connectivity is vital for better living and business development, and Sector 153 has it covered. Situated on the Noida Expressway, an international roadway, Sector 153 provides direct connectivity to Delhi, offering access to all means of road transport. Additionally, the stalled Faridabad-Noida-Ghaziabad (FNG) project has resumed construction, providing a shorter way to reach Haryana. The multipurpose Eastern Peripheral is just a few kilometers away, and the upcoming Delhi-Banaras bullet train line will have a stoppage at nearby Sector 148. Sector 153 is also connected to the Sector 148 metro station on Noida's Metro Aqua Line Expressway.

Furthermore, the upcoming Jewar International Airport is in close proximity, providing excellent air connectivity to national and international destinations. All these factors make Sector 153 an excellent choice for those looking to invest or live in a well-connected residential sector.

Invest Now For Profitable Returns

Considering all these aspects, Sector 153 is an incredibly significant location for both residential and commercial investors. The current availability of properties at highly affordable prices further amplifies the potential for investors to make a profitable deal. With its prime location and excellent connectivity, investing in this sector is a smart choice that can yield substantial returns in the future.

Andheri-Chandivali belt emerges as a real estate hotspot of Mumbai in 2023

Fri, 05 May 2023 06:49:11 GMT

India's real estate market will continue to thrive due to strong consumer demand despite significant economic uncertainty on a global scale, inflationary pressures, and a decline in the country’s economy. This is especially true for Mumbai, the nation’s financial hub, where property registrations steadily increase monthly. At a time when rising mortgage rates are stressing household budgets and rising property costs are making homes less accessible; the high registration numbers are timely. Customers are also buoyant about the industry and are actively looking at reserving their homes before the price increases, thereby increasing the demand for houses between 500 and 1,000 square feet and those between 1,000 and 2,000 square feet.

The Andheri-Chandivali belt is leading the real estate market in Mumbai because of growing infrastructural projects, easy access to contemporary conveniences, excellent connectivity, and a long history of reliable developers in the area. These factors have caused Andheri-Chandivali to experience a steady increase in development activities and a flurry of investments from local and NRI clients. As a result, Andheri-Chandivali has undergone a complete metamorphosis over the past five years, with growth in luxury flats, gated communities, and township projects. These projects are thoughtfully planned, considering the demands of today’s high-income earners seeking a cosmopolitan lifestyle.

In addition to creating world-class structures, Chandivali developers emphasize renewable energy sources during the building’s lifecycle and environmentally friendly building materials during construction. In addition, many purchasers, particularly millennials, are unwilling to sacrifice features like adequate storage space, modern kitchens and baths, energy-efficient equipment, a round-the-clock security system, and stylish decor. Gated communities and townships, particularly in Chandivali, have been popular with families since they offer a variety of amenities like senior centres, gyms, child care facilities, schools, and sometimes even clinics.

Mumbai residents spend the majority of their time travelling back and forth between work and home. However, Chandivali provides them with a perfect position in the middle of the city. The Mumbai Metro, Eastern and Western Express Highways, and Chandivali’s numerous connecting points have made this area a prime location for corporate real estate. Residents may wind up working close to where they live in addition to cutting down on commuting time. These days, there is a lot of talk about finding a work-life balance, Chandivali is outstanding in that regard as well. The region boasts of its accessibility to crucial social infrastructure, retail markets, restaurants, malls, cafés, and social hangouts within a radius of 3 km. It also boasts many recreational paths, eateries, social and nightlife, and entertainment. Given that Chandivali is close to R City Mall and Phoenix Market City, leisure time combined with shopping is a fantastic option. In addition, modern medical facilities like the Nahar Medical Centre and other renowned hospitals are available in Chandivali.

Considering the growth and development potential of this locality, it is becoming a prominent micro-market not only from buyers’ but also developers’ perspectives. Looking at all the above-mentioned factors, this strategic micro-market is a great place to spend your accumulated savings in reputable real estate companies, whether you're looking to buy for investment purposes or to move into immediately.

Source: This article is contributed by Ms. Manju Yagnik Vice Chairperson, Nahar Group Senior Vice President of NAREDCO- Maharashtra

Metro connectivity boosts Malad-Goregaon’s housing demand

Tue, 11 Apr 2023 12:11:01 GMT

The Malad-Goregaon region, which is one of the fastest growing suburbs of Mumbai has transformed into a vibrant residential, commercial and IT hub owing to the various developments, especially from the infrastructure point of view.

The Metro Line 2A from Dahisar to DN Nagar and Line 7 from Dahisar to Gundavali, Andheri (E) in the western suburbs that were operational in the beginning of the year have enhanced connectivity, improved ease of travelling and reduced travel time by more than half. Post the commencement of these metro lines, the Malad-Goregaon region in the western suburbs have become the most preferred housing destination among home buyers in Mumbai.

According to a recent data analysed by Knight Frank India, bulk of the sales registrations in February 2023 were for properties in Western suburbs of Mumbai city constituting 57% of the market share whereas bulk of the sales registrations in March 2023 was again for properties in western suburbs constituting 62 per cent of the market share.

Describing about the demand in the region, Mr. Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers said, “The Malad – Goregaon region is strategically located with well developed conveniences and comforts; therefore the most preferred choice of modern homebuyers. This belt as a micro market is holding strong on rental yield and ROI factor. The projects here offer ease of commute to business districts like BKC and therefore this location is witnessing premium quotient and strong demand. The location is also in close proximity to Western Express Highway, Metro lines, upcoming Coastal Road along with excellent connectivity to the airport; it provides easy accessibility to various parts of the city. The region also enjoys an established social infrastructure with schools, hospitals and other lifestyle avenues. The newly launched Metro Lines 2A and 7 after getting operational have improved connectivity and enhanced ease of travel for commuters. This has resulted in an increase in demand and price appreciation for residential housing in the Malad – Goregaon region. Located close to the lush greens of the Sanjay Gandhi National Park, it offers residents an enhanced living experience with mesmerizing views.”

Malad-Goregaon is seamlessly connected to the CBDs of Andheri, BKC via the western express highway as well as to the upmarket areas of Powai and Vikhroli through the Jogeshwari-Vikhroli Link Road. Hence, the highway-netizens, mainly the business community, are tremendously saving on their travel time.

According to a report by real estate data and analytics firm PropEquity, Mumbai’s western suburbs made up the bulk of the demand, which outweighed new launches. In terms of new launches, the city experienced a 26 percent increase in 2022 at 46,900 units compared to the preceding year.

Commenting about the real estate growth in the area, Mr. Himanshu Jain, VP - Sales, Marketing & CRM, Satellite Developers Pvt. Ltd. said, "The region offers the homebuyers with a mix of affordable as well as luxurious properties. The region is one of the most upcoming and prominent residential and commercial hubs that most property buyers are now moving towards. The suburb has seen growth in not just residential development but also in commercial development with few corporates choosing it as their new headquarters which is the foremost reason it has witnessed a realty boom in the last few years. Also, owning a house near to the workplace is a dream for the homebuyers especially millennials due to the hustle of traffic. Therefore due to the commercial advantage, many developers are coming up with projects in this region that intend to reduce the office travelling to zilch. Nowadays, homebuyers too prefer to stay in studio apartments or compact homes if it is in the vicinity of their respective workspace which also allows them to spend quality time with their family."

Today, the social infrastructure of Malad-Goregaon is well-developed. There are several educational institutions, hospitals, multiplexes, shopping malls and restaurants in the area along with prominent shopping malls such as Oberoi Mall, Inorbit Mall & Infiniti Mall.

Besides inspiring a walk-to-work culture, Malad's very own business district Mindspace and the other major corporate hub of Dindoshi offer still another advantage to corporate professionals. Furthermore, the Malad-Goregaon belt has become the chosen destination for IT/ITES companies due to spacious office spaces and competitive rentals. However, lured by its quiet lifestyle close to nature, the new-age buyers have started to invest in these areas. Finally, Malad-Goregaon has opened up a world of opportunities for buyers looking for top-class amenities and to reap maximum benefits from their investments.

Importance of living in a township

Tue, 04 Apr 2023 06:02:30 GMT

The present infrastructure is currently under strain due to rapid urbanization and population growth. Township living has therefore become more popular in the post-COVID-19 world. After all, city life combines the luxury of a room with self-sufficient development.

It consists of carefully considered infrastructure, distinctive amenities, and a social structure created to raise both the standard of living and the quality of life. The next township projects are likely to follow a mixed-used integrated model spanning over 100 acres to accommodate residential, commercial, educational, healthcare, retail, and recreational development – a one-stop destination for all.

The necessity for planned development has arisen as the municipal limits continue to grow. This has compelled builders to build prosperous economic hubs that would meet the social and economic needs of the continuously expanding population. And township living shows how precise engineering, careful planning, modern architecture, sustainable facilities, connection, price appeal, and a complete lifestyle can successfully combine.

Living in harmony with a constantly preserved nature gives one a sense of security and relief. Relationships will be strengthened since the experience shows what it's like to live among a community of like-minded individuals.

Luxury has risen to the top of homebuyers' wish lists during the last few years. Because of the epidemic, it is now typical to have a strict standard for comfort when looking for a home and other things.

The modern definition of an ideal home includes both its outdoor amenities and its inside amenities. These services pave the way for a more comprehensive way of life. Residential townships encourage homebuyers to explore a way of life that delivers unmatched convenience and accessibility to facilities in light of these consumer sentiments.

The following are the main justifications for why potential homebuyers ought to think about choosing a township.

Communities Living

There are advantages to living in a small, tight-knit community. A township's expansive groups of housing developments give residents the sense of safety, harmony, and warmth that comes from living in a welcoming community with a variety of cultures. When you participate in festivals and celebrations with others, they take on new meaning. Townships are therefore more desirable because they offer the possibility of meeting others who share your interests.

Easily Connected to the City and Nature

The tranquility and harmony of nature that it brings are as important as the comfort and conveniences. The presence of a plentiful environment that surrounds the project while being connected to the city is a crucial factor to take into account while planning a township. Having expansive views from your balcony and beautiful green spaces to relax in, genuinely helps to re-energize one's body and mind. Holistic living is a dream come true because it strikes the right balance between urban living and being close to nature.

Proximity to the workplace

Modern integrated townships offer modestly sized rental offices where businesses can set up their workstations and diligently operate. Due to their affordable rent and short travel distances, these places are more desirable to businesspeople. With so many nearby housing possibilities, employees can also benefit from walking to work. In contrast to the constant activity in cities and the jam-packed cars that lead workers to arrive at the office late, they also provide a calm setting for work.

Source: This article is contributed by Ms. Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO- Maharashtra