#XRBIA Chembur Central – Making Lavish Living Affordable
March 17, 2018 Leave a comment
Mumbai is a city where real estate is so expensive that a lot of people, even those who are far from poor, make do with tiny homes in old dilapidated buildings and others resign themselves to living in far off suburbs in the MMR where homes are cheaper and then suffering the inevitable long commutes into the city.
Now the problem of living so long in an environment where we train ourselves to expect less by way of lifestyle, as an inevitable compromise to get on with the business of making money in Mumbai, is that we often forget to open our minds enough to ask if this much of compromise with the quality of life of ourselves and our children is really inevitable. For those of us living a cramped life in really old houses, are there no other locations where the houses are newer and the social infrastructure comparable to those in older neighbourhoods of the city ?And for those of us commuting for hours everyday, are there no better located homes, such that long commutes are cut short and we literally find time to actually live life in the Maximum City? Read more of this post
Urban areas in and around Delhi account for a stunning 40% of unsold real estate in India’s top eight cities.The NCR has a total of 303.48 million sq ft (or about 303,000 apartments) of unsold real estate.At the current pace of sales, this stock of housing requires another 53 months to be completely sold off. In comparison, for the Mumbai region, the figure is about 48 months, while it is the lowest for Bangalore at 19 months. For the top eight cities combined, the 765 million sq ft of unsold space will require at least 35 months to be sold.
For a discerning buyer looking to acquire a luxury pad in Mumbai, Vithal Nagar Co-operative Housing Society in the suburbs may not sound like a great address. But, what if this is where Bollywood superstar Amitabh Bachchan’s Juhu bungalow Pratiksha is located? That information is certainly going to draw in several loaded home buyers. Because of Bachchan’s presence here, the location has turned into a prestigious one.Residents take pride in being part of this address. Prices are higher as it is counted as a prominent address.
A REIT can be set up by a real estate developer or a private equity fund by pooling together rental real estate assets -office buildings, malls, warehouses -into a trust.
Pre-sales and soft launches are now a common practice in the real estate industry in The MMR. Builders go for pre-sales to get immediate funds. In case of pre-sales, buyers or investors make a down payment, which could be just 20% to almost half the cost of the flat, in return for a discounted price offered by the developer.In some cases,by getting people to book flats by paying just 10% to 20% before the first brick is laid, developers have manage to sell 200 to 300 flats even before the project is publicly announced.
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