MMR Bulletin May-June, 2015

Q: Which are the most active market in May-June, 2015 in MMR? What was the percentage of luxury, mid segment and affordable projects launched in that period?

sonyarai,

29th June 2015

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Replies (5)

Hi Rajat,
In Budget 2015, there had been lot's of infrastructural development promised by the Modi Govt. What about those infrastructural development? Have those development initiated or not?

Veena K,

30th June 2015

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Well Veena,
As of now, work on 4 Metro corridors to start within one year. BRTS on Western Express Corridor has been put on hold. Initial plans of extending the project Eastern Freeway towards North and South is initiated. As per the govt. sources Trans-Harbour Link will be up by 2019. The proposed 35 kms Mumbai Coastal Road project has received the Environmental clearance. And Navi Mumbai International Airport on hold for another one year as the RFQ's are still pending at Project Management Committee Level.

Rajatrawal, Mumbai

30th June 2015

Thanks Rajat,
Is there any key projects of reputed developers happening in those localities? What is their price and the major USP of those projects?

Veena K,

30th June 2015

Yes, there are few key projects developing in the localities. These are Runwal My City Codename Walk by Runwal Group in Dombivli East, Price Rs. 4399/sq-ft. USP of the project is Mega Township.

Konark Garden by Konark Nirman Pvt. Ltd. located at Badlapur East, Price Rs.3100/sq-ft and the USP of the project is affordable pricing.

Godrej Prime by Godrej Properties Limited locates at Chembur, price is Rs. 23500/sq-ft and the major USP of this project is luxury project.

Deepankar Godbole, Mumbai

30th June 2015

Good morning everybody,
It is also in news that about 100 residents in 3 apartment buildings in Dadar West near Shivaji Park have received displacement notices from MMRDA to make way for the proposed Metro-3 project. And asked residents of Corner View Apartment, Surve House and Dayalji Apartment in Patilwadi to reply in 15 days.

Rajatrawal, Mumbai

30th June 2015

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Hi Rajat,
Then you must know about the residents of Hiranandani Gardens in Powai, the Bombay High Court refused to allow Hiranandani's companies to construct smaller houses on a plot where luxurious residential high rise towers already exist.

Veena K,

30th June 2015

Ofcourse Veena,
The developer had earlier entered a tripartite agreement with Maharashtra Govt. and MMRDA to develop Middle Income Group homes in Powai. Following this the developer was taken to court by a number of apartment societies citing violation of Maharashtra Ownership Flat Act.

Rajatrawal, Mumbai

30th June 2015

Hi Saran,
In order to boost the expansion of industries in the Mumbai Metropolitan Region, the Maharashtra State Govt. scrapped the Industrial Location Policy. This means that industries can now take up expansion and modernization without having to seek permission from the industries dept.

The Bombay HC recently asked the state urban development department's response on whether the department had carried out an impact assessment before directing implementation of a rental housing scheme in various parts of Mumbai Metropolitan Region. According to the scheme, an additional FSI will be made available for to builders if a portion of constructed flats are surrendered to MMRDA for rental purpose.

Arushisha, Mumbai

29th June 2015

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Hi Rajat,
Apart from Dombivli East, was there any other locality active during May-June, 2015? What is the current property price is going on in those localities and how many units were launched?

Lewin G,

29th June 2015

Comment

Good evening Lewin,
Apart from Dombivli East some of the active areas were Mulund West, Kanjurmarg, Badlapur East and Chembur. As per the commonfloor data

Rajatrawal, Mumbai

29th June 2015

Thanks Rajat,
Do you have any latest infrastructure update of those localities?

Lewin G,

29th June 2015

Ur WC lewin,
According to Maharashtra government sources, the Union Ministry for environment and forests giving a green signal for the coastal road from Kandivli to Nariman Point. The first round of bids for the project is expected to be called for in July this year.

Secondly, according to the press statement by the Maharashtra chief minister, the state govt. may rope in a Chinese company to construct the ambitious Mumbai-Trans Harbour Link connecting Mumbai and Navi Mumbai.

Third and the most important Mumbai Metro Rail. According to a press release by the Maharashtra Chief Minister, the state Govt. plans to invite the Delhi Metro Rail Corporation (DMRC) team for assisting the govt. in expanding Mumbai Metro's network.

Rajatrawal, Mumbai

29th June 2015

Right Rajat,
The proposed Mumbai coastal road and ongoing metro rail projects received a big boost as the govt. of Netherlands agreed to provide technical support for the projects. A memorandum of understanding was signed on the presence of the Chief Minister of Maharashtra and the Prime Minister of Netherlands.

During the months of May-June, 2015 lot's of regulatory updates were also happened. Can you tell me something about those updates?

Saran,

29th June 2015

Hello Sonya,
Dombivli East is the most active market in MMR. In May-June, 2015, there had been 4000 residential units launched out of which 90% were apartments, 9% were plots and 1% was Row Houses. If we take as BHK-Split, then 17% were 1RK, 42% were 1BHK, 25% were 2BHK and 13% were 3BHK. Percentage of luxury, mid segment and affordable were 17% and 335 respectively.

Rajatrawal, Mumbai

29th June 2015

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