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Vivek Mohanani, joint MD, Ekta World, asserts that there is a definite transformation in the real estate sector from being unorganised to an organised one. “Initiatives like demonetisation; digital initiatives for reduced cash usage and GST in the economy; lead to more transparency. The emergence of REITs will lead to better value discovery and transparent pricing. RERA plays a vital role in protecting the buyer's interest as well,“ he adds.
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5/29/2017 The Times Group Read 7 Time(s) May 27 2017 : The Times of India (Mumbai) MUMBAI, A GLOBAL CITY Ravi Sinha Why does Mumbai continue to stand out as a realty hotspot when compared to its international counterparts? We have the answers Mumbai is today, home to some of the costliest proper ties in the world and yet, the interest levels of the NRIs, FDIs and FIIs indicate that they have a positive longterm outlook for the city. Some of the recent bigticket investments and deals clearly indicate that the city is globally acknowledged as an investment magnet. Tap on video to unmute What then, makes Mumbai a global real estate market to bet on? There are many USPs of the city's real estate sector that make it a global property market such as its luxury landscape; its positioning as a thriving job market; its social life; investment interest in the city; appreciation potential; and its insulation against any sort of price crash.Mumbai is one of those markets that has also weathered the slowdown challenges (New York, London or Dubai do not have this distinction). One distinct advantage that Mumbai has over other global cities, is its sprawling edge. The city is growing both, vertically and horizontally with infrastructure being rolled out to sustain this growth. With some key projects in the pipeline, like the Mumbai Trans Harbour Link, promising to open the boundaries of the city even further, analysts are bullish that Mumbai's positioning as a market for longterm investment purposes, would be further strengthened. Recently, a report by Knight Frank titled `Global Cities', pointed out the magnetic forces that make Mumbai a globally competitive property market. According to the report, the upcoming infrastructural developments would be the key to elevate the positioning of Mumbai further as a `global city'. For instance, the upcoming US $2.6 bn Mumbai Trans Harbour Link (MTHL) is a 22km, sixlane sea bridge, connecting Mumbai to its satellite city, Navi Mumbai.This project will link a residential market costing US $443 per sq ft to US $52 per sq ft.Similarly, the upcoming 36km Coastal Road, running along the city's coastline, will be a firstofitskind controlled access highway, providing high speed connectivity between the north and south corridors of the city. The residential price gradient along the Coastal Road is between US $192 per sq ft and US $1,107 per sq ft. In the case of the metro rail network, the city has seen the implementation of a single, 11.40km eastwest corridor, which took around seven years to build. In contrast, two northsouth corridors, spanning a 35km route, have been envisaged with a target completion date of 2019. The residential price gradient along this metro corridor ranges from US $177 per sq ft to US $266 per sq ft. The stakeholders are equally bullish about the standing of Mumbai in the global arena. Vijay B Pawar, director, Mirador Dwellers, feels that the real estate sector has been in news all through the year and the recent policy changes and initiatives by the government of India have impacted the already growing realty sector in the city of Mumbai. These policies have, to an extent, fuelled the real estate industry in Mumbai to meet with global competition. “The government of India announced several major policies such as the Real Estate (Regulation and Development) Act 2016 and the infa mous demonetisation move of the abolition of the Rs 500 and Rs 1000 currency notes, last year. RERA is attempting to ameliorate transparency and bring in greater accountability into the realty sector. The policy for deduction of the interest rate on home loans for firsttime homebuyers, is attracting people towards suburban and newlydeveloped nonmetro areas. The exclusion of service tax on affordable homes of 60 square metres or less, is another impactful initiative that will promote the construction of affordable houses,“ adds Pawar. Vivek Mohanani, joint MD, Ekta World, asserts that there is a definite transformation in the real estate sector from being unorganised to an organised one. “Initiatives like demonetisation; digital initiatives for reduced cash usage and GST in the economy; lead to more transparency. The emergence of REITs will lead to better value discovery and transparent pricing. RERA plays a vital role in protecting the buyer's interest as well,“ he adds. Finally, Mumbai has a cosmopolitan flavour and offers a much better culture of financial services than other cities in India. The connectivity with air and ports also makes it one of the best global centres to operate. It is hence, being touted as the most soughtafter residential real estate destination, not only on Indian waters but also globally. http://epaperbeta.timesofindia.com/Article.aspx?eid=31804&articlexml=MUMBAIAGLOBALCITY27052017304027 1/3
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