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Speculators lock up nearly 13 lakh flats in housing-starved Mumbai region

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Speculators lock up nearly 13 lakh flats in housing-starved Mumbai region

This is the single largest issue facing the MMR (spread over 4,300 sq km) which has some of the highest real estate prices in the world.

MUMBAI: Despite a severe lack of affordable housing in the Mumbai Metropolitan Region (MMR), almost 13 lakh of the total 87.67 lakh homes remain vacant or locked, according to the draft MMR Regional Plan, quoting data from the 2011 Census.

This is the single largest issue facing the MMR (spread over 4,300 sq km) which has some of the highest real estate prices in the world. The MMR has a population of over 22 million, covering Greater Mumbai, parts of Thane and Rai gad districts and including areas like Thane, Kalyan-Dombivli, Vasai-Virar, Mira-Bhayander and Navi Mumbai.

Although substantial housing stock is added each year, most of it is being bought as “speculative investment’ ‘There is thus an active speculative market that is investing in real estate and creating substantial housing stock,” said the draft plan. Housing stock increased at a hi gher growth rate in Badlapur and Panvel council areas followed by Navi Mumbai, Thane and Mira Bhayander Corporation areas.

“People are forced to locate further and further away from the core city of Greater Mumbai (where the majority of formal jobs continue to be located) in search of affordable housing,” it said.

The Census 2011 house listing data reveals that the total number of houses available in major municipal areas in MMR exceeds the number of households by as much as 54%. Technically, this implies that there should be no housing shortage. Despite this there is a dearth of housing in the region due to the fact that 14% of the houses are vacant and 21% are put to uses other than residential uses,” said the report, adding that “considerable disincentives” for renting prevents this stock from actually becoming available as housing.

Nearly a third of the MMR’s households (27%) live in slums. Of this, Greater Mumbai has the highest share of slum households in MMR (79% with over 11 lakh households). Thane (5.2% with 73,256 households) and Bhiwandi (4.7% with 65,208 households) have sizeable slum households. The largest share of slum population is in Ambernath (63%) followed by Bhiwandi-Nizampur (50%) and Greater Mumbai (41.33%) and the smallest is in Vasai-Virar municipal corporation (3%).

Almost 50% of the households live in slums, dilapidated houses and unauthorized houses in the urban areas of MMR, indicating that a major share of the population does not have access to formal, affordable housing of an acceptable standard. The per capita living space in Greater Mumbai is the lo west at 40 sq ft to 60 sq ft. “Housing prices are inversely proportionate to the distance from the island city,” said the report. Private developers do not build low income group housing and for the economically weaker sections. On the other hand, government agencies like the state housing authority (Mhada), MMRDA and Slum Rehabilitation Authority (SRA) are expected to build barely 50,300 homes between 2011 and 2021. But of these, only around 8,630 units will be fresh stock since the remaining 41,670 units are replacement units by SRA and MMRDA.

“The public sector is playing an increasingly diminished role in the direct provision of affordable housing and houses provided by the private sector cater largely to the high income groups and are beyond the reach of the majority of the population. Renting is not encouraged,” said the report.

“People are therefore forced to locate themselves to distant suburbs in search of affordable housing at locations connected by suburban rail to Greater Mumbai, often commuting for a couple of hours in each direction,” it added.

The draft plan envisages that a housing stock of 44.42 lakh homes will have to be created to house an additional 77 lakh people expected in MMR by 2036. Of these, over 15 lakh can be built through redevelopment of dilapidated buildings and slums. Another 7 lakh houses can be generated for sale in the open market through these redevelopment schemes.

Thane, Vasai-Virar, Navi Mumbai, Mira-Bhayander, Ulhasnagar, Kulgaon-Badlapur, Panvel and Alibaug don’ t have sufficient land for creation of housing stock required for their projected populations,” it said. “In the remaining cities, adequate vacant developable land is available to accommodate the estimated housing need, which is to the tune of approximately 1,000 hectares (2,500 acres). Requirement of land for new housing development in the rest of MMR can be met by the urbanisable zones proposed in the Plan in their vicinity,” said the draft plan.

 

Source: economictimes.

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

On Thursday, Andhra Pradesh Chief Minister N. Chandrababu Naidu said with the estimated expense of Rs. 5,556.74 crore, the construction of more than 2,44,164 houses, out of the proposed 3,03,044, has been commenced under the NTR Housing Scheme 2017.

While addressing the second day of the Collectors’ Conference he also said the construction of the remaining houses will begin soon. He mentioned that Prakasam and the Kurnool districts are ahead of the schedule in the urban housing scheme. Also, the works are in full swing in the Nellore and the Guntur districts under the rural housing scheme.

According to Naidu, the government will complete 2.5 lakh houses by January next year and another lot of two lakh houses by June.

By October 2, 2018, the state government intends to finish the construction of all the houses and plans to celebrate with massive house warming ceremony with local public representatives. This will help them set an example for housing schemes in other states.

Also Read: Raunak Group Presents Apna Pehla Ghar Campaign

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A Mumbai Suburbs’ Swift Transformation From Industrial To A Residential Zone: Wadala

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A Mumbai Suburbs’ swift transformation from industrial to a residential zone: Wadala

An industrial zone primarily, Wadala has undergone a drastic transformation in the past decade. Now an upcoming residential area, this Mumbai suburb is one of the seven islands to form the modern Mumbai. It is located on the Harbour line of Mumbai’s railway network.

Due to its proximity to BKC, large scale land development was inevitable, thus fueling the real estate market. Wadala is bordered by Dadar on the West, Matunga on the Northwest and Sewri on the South. Nestled between south Mumbai and the suburbs, Wadala enjoys strong connectivity by road and rail to most parts of Mumbai.

It has a number of flyovers like the Anik Panjrapol Link Road, Elevated road and Santacruz flyover. Thane, CST and Chembur are connected via the Eastern Highway while the Western Highway connects the locality to Bandra and Borivali. Wadala has the biggest bus depot in Mumbai. Furthermore, the multiple infrastructure initiatives like the monorail, Truck Terminal and the expansion of Highway are in various stages of development.

All this has given rise to residential demand and pushed the property value over the last few years. One of the most populated areas in Mumbai, Wadala has a large number of old temples, churches and dargahs, university campuses, schools, reputed hospitals and is also home to a former world’s largest IMAX dome theater. There are many stores, showrooms and malls around Wadala like the R Mall, High Street Phoenix and Palladium Mall.

Ramesh Nair, COO – business and international director, JLL India says, “A decade ago, property prices at Wadala were as low as Rs 2,800 per sq. ft. and it rose to Rs 14,000 a few years ago.”  As the infrastructure plans are on their way, so are the renowned developers like Ajmera, Dosti Group and Lodha Group among others.

Wadala at present offers one of the highest returns on real estate investments in the region. All the above-mentioned developers have their luxury projects in the area.

Ajmera I-Land introduces Aeon, Zeon and Treon towers with 2, 3 and 4 BHK plush homes. Conceptualized by renowned Singapore based Architects Space Matrix, these spaces with top-of-the-line lifestyle amenities exude exemplary class and finesse. The first residential floor begins at 110 feet from the ground level and offers several modern lifestyle amenities like kid’s pool, swimming pool, gymnasium, club house, open space and landscaped gardens, yoga room, kid’s play area and senior citizen corner.

Dosti Ambrosia is a 36-storey tower nestled in the 18 Acre Township of Dosti Acres. The architecture of the project was undertaken by renowned Hafeez Contractor in the 2 and 3 BHK apartments. It offers an exclusive rooftop swimming pool with 40,000 sq. ft. of landscaped gardens. You will find all modern conveniences like Gymnasium, Tennis Court, Indoor Badminton Court, Yoga and Meditation Room, Elderly Corner, Banquet Hall, Indoor Games, Indoor Badminton Court, Guest Rooms, Restaurant, Grand Entrance Lobby, Kids Play Area, 2 Club Houses and an Amphitheatre.

New Cuffe Parade by Lodha Group offers its residents all the comforts of a world-class lifestyle. The 2 and 3 BHK homes are spread in over 23 acres of land with 15 acres of stunning landscape and 75,000 sq. ft. of the club house. It includes 11 swimming pools, an organic farm, cricket pitch and multiple themed gardens. The buildings are designed by the world renowned WOHA in Singapore and the landscape was planned by Sitetectonix in Singapore.

Also Read: Mumbai to get Building Taller than Burj Khalifa, Road Bigger than Marine Drive

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Rajasthan Government May Hike The Affordable Housing Prices

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Rajasthan Government May Hike The Affordable Housing Prices

The prices of homes under the ambitious Mukhyamantri Jan Awas Yojana are expected to be increased by the state government.

According to the sources in the empowered committee meeting to be held on Monday, a proposal to increase the cost of a low-income group (LIG) and economic weaker section (EWS) houses will be proposed. Urban development and housing (UDH) minister Srichand Kriplani will chair the meeting. The LIG and EWS houses, presently are being constructed on government lands by private builders. These homes are sold at a fixed rate of Rs 1,250 per sq feet; out of which 1000 rupees per sq ft is given by Urban Improvement Trust (UIT), development authorities and local bodies to the builders.

According to provision 4(A) and 4(B), the developers are supposed to build EWS and LIG houses on government land. Seventy-five percent of such government land can be used in building EWS and LIG houses, while the remaining 25% can be sold by the developers. However, since the rates provided by the government are less the developers are not showing interest to construct houses under these categories. Sources said, “In Jaipur, not a single developer has shown interest in constructing houses under this model. The JDA has invited expression of interest (EOI) several times.”

The UDH is leaving no stone unturned to attract the builders in order to achieve the target of constructing 10 lakh houses by 2019. The sources mentioned, “As per the new proposal, the department has proposed to provide Rs 1,600 per sq feet rate to the developers. The land rates have increased subsequently over the period of time; this is why increasing rates has become a need of the hour.”

Sources further added, “The developers are constructing G+3 buildings at present. However, it is not cost-effective. It has been proposed to construct G+2 buildings for LIG and EWS category.”

Also Read: The Impact Of Regulations On The Real Estate Market

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