Indian Real Estate Sector

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Sanjay M
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Postby Sanjay M » 25 Jan 2008 09:04

Rishirishi wrote:Please do some reaserch and find out the cost of a an empty cargo container. Then add the costs of a mobile toilet, windows, and a mini cooking area.
Then figure out how much land you will need to house community of 10 000 people.

Do the maths, and let us know.


Why would it have to be a mobile toilet? You're only going to use the toilet once the trailer has been anchored into place and hooked up to utilities. Again, the fact that trailer homes are affordable housing to so many people in the developed world means that it can't be that extravagant.

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Postby Sanjay M » 28 Jan 2008 05:14

On the subject of affordable housing, here's another option - the Townhouse:

http://www.iht.com/articles/2008/01/23/ ... rewood.php

This is again a little more dense than detached homes are, but in densely-populated countries like Japan and India, it might be more feasible.

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Postby Yerna » 28 Jan 2008 08:53

Sanjay M wrote:
Rishirishi wrote:Please do some reaserch and find out the cost of a an empty cargo container. Then add the costs of a mobile toilet, windows, and a mini cooking area.
Then figure out how much land you will need to house community of 10 000 people.

Do the maths, and let us know.


Why would it have to be a mobile toilet? You're only going to use the toilet once the trailer has been anchored into place and hooked up to utilities. Again, the fact that trailer homes are affordable housing to so many people in the developed world means that it can't be that extravagant.


Why don't you come up with a rough estimate on a 'container home' before you start building 'containers castles in the air'?

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Postby Neshant » 28 Jan 2008 09:17

Whatever the results, there are just far too many people in India.

The first thing that shocks tourists about India is the sheer number of bodies.

Among other things, this is going to pose a huge health risk as more and more people are crammed together in unsanitary conditions.

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Postby Gaurav_S » 05 Feb 2008 03:40

GIFT effect sends realty soaring

AHMEDABAD: If there is one project that single-handedly promises to transform Ahmedabad’s skyline with its 100-plus-storeyed skyscrapers and Gujarat’s economy, then it has to be the Gujarat International Finance Tec-City (GIFT).

Now Chief Minister Narendra Modi’s glitzy pet project, which proposes India’s tallest buildings at 350-400 metres, has sent prices of land in and around the sleepy hamlet of Shahpur soaring to unprecedented highs of over 100%. That too in just a month after Modi’s return to power, making it perhaps the steepest rise in land prices in such a short span.

According to realty sources, the GIFT effect has also sent prices of land in villages around Shahpur like Palaj, Pirojpur, Lavarpur and Rakanpur zooming by over 100% from Rs 9-12 lakh per vigha range prior to elections to Rs 40-45 lakh per vigha at a time when prices in other hot locations in West Ahmedabad have gone up by an average of only 20-25%.

As Deepak Vaswani of Venus group realised much to his chagrin after he decided to hold a decision to buy land there: "GIFT being the most happening location in Gujarat, we had identified a nine vigha plot for around Rs 27 lakh per vigha but decided to wait for the election. The plot was recently lapped up for Rs 60 lakh per vigha."

"This was just barren land where no one even wanted to venture close to. But with GIFT promising to put Shahpur on the global financial map, this is obviously hottest bit of realty that everyone wants," says realtor Vijay Shah, who feels the entire GIFT hinged on Modi’s return to power.

"As CM’s pet project there is obviously a lot of buzz around it and people feel this is going to be the biggest development that Ahmedabad will see over the next 10 years," adds realtor Jaxay Shah.

To be spread over 500 acres on the banks of the Sabarmati, GIFT will offer a total built space of 75 million sq ft with the first phase of 25 million sq ft slated for completion by 2010. The project is expected to bring in investments worth over Rs 30,000 crore and is targeting 1 million jobs by 2020 and exports worth $1 billion in the first three years beginning 2010.

GIFT is hoping to rival the best of global financial centres like Manhattan, Dubai, Shanghai, London or Singapore with a glitzy skyline that includes India’s tallest (400 metres) and most distinctive landmark — the diamond tower, a diamond faceted glass and steel structure.


ToI

Being re-elected in Gujarat Modi has indirectly raised prices of land in Ahmedabad. Shahpur has quite amount of slums but people hare also are poised to gain something.

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Postby Vipul » 06 Feb 2008 01:21


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Postby Vipul » 06 Feb 2008 19:33

Mukesh Ambani plans big for real estate; goes headhunting.

Mukesh Ambani-led Reliance group is planning a splash in the real estate business, for which it has initiated a process of recruiting large number of
professionals to work on its captive as well as independent business projects.

The country's largest corporate house is seeking professionals with at least 15 years of 'hands on experience' with major civil constructions, hotel chains, interior designers, architects, real estate developers as well as contractors and engineering consultancy companies working in this field for its real estate projects.

In an advertisement inviting job applications for real estate projects, Reliance Group said that the potential candidates should have 'worked on and successfully completed projects for major residential complexes, 5-star hotels, malls or IT office complexes in India and abroad,' the group said.

"Reliance Group has substantially large portfolio of real estate projects to fulfil captive requirements as well as an independent business activity," it said.

"Projects include high quality office space, residential properties, convention centre, auditorium etc. Renowned international architects, leading business service engineers, design and other consultants and interior designers are associated with these projects," the group noted.

The group's existing real estate projects include Reliance Corporate Park in Navi Mumbai, a modern Convention Centre and a world-class hospital in Mumbai.

The appointments, all to be based out of Mumbai, would be made in a Reliance Group company operating in the EPC (engineering, procurement and construction) sector, the advertisement said.

The group said it was looking for professionals at various levels with hands on experience in the area of design and engineering, project management and project control.

The vacancies are for the positions of Project Managers, Project Architects and Project & Design Engineers. The areas where new people would be hired are project management, project engineering, mechanical, civil and structural, electrical and architects.

The group is promising a compensation matching the best in the industry, which would follow a cost-to-company method offering flexibility to selected candidates to chose a package based on his own taxation and social needs :roll: .

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Postby Vipul » 10 Feb 2008 21:20

Mumbai set for another mega land deal.

Three months after its record-breaking land deals, the Mumbai Metropolitan Region Development Authority (MMRDA) is going in for another mega auction. The authority is expected to rake in a minimum of Rs 1,900 crore from the auction, going by the reserve price it has set for five plots in the Bandra Kurla complex, the city's new business district.

MMRDA has set a reserve price of Rs 3 lakh per square metre for two plots to develop commercial complexes of a total of 4,645 square metres, and Rs 1,02,699 per square meter for two plots of 655 square metres each to develop residential complexes. It has also set Rs 3 lakh as reserve price for developing a club house with gymnasium. In total, MMRDA has invited bids from the companies to develop 72,000 sq meters of land in the G-Block of Mumbai's business district Bandra Kurla Complex (BKC).

The authority is expected to get double the money of what it has set as the reserve price. According to industry sources, leading realty players such as DLF, Unitech, Indiabulls, Hiranandani among others are expected to bid for the projects.

"Though the reserve price is Rs 3 lakh per square metre, actual bids could be more than Rs 5 lakh it received last year since there is not much space left in BKC," a city-based property consultant said.

Late last year, MMRDA sold nearly 75,350 square meters of land in BKC for a total of Rs 2,798 crore. In the largest ever deal in the country, city-based developer Wadhwa Builders paid Rs 5,04,000 per sq metre for the 16,500 square metre plot auctioned by MMRDA. Wadhwa paid Rs 831 crore.

TCG-Hiranandani paid Rs 1049 crore for the 28,300 sq metre plot and Reliance Industries paid Rs 918 crore for the 30,550 sq metre plot.

The authority will give the plots on a 80-year lease. The sale of bid forms will start from February 13 and go on till March 18 and bids will be opened on March 18, it said.

According to estimates by property consultant Jones Lang LaSalle Meghraj, nearly 15 million square feet of office space is expected to come up in Mumbai by the end of this year and it is expected to soften the commercial rentals by 15 to 20 per cent. Rentals in the prime commercial space in Mumbai city have gone up by 100 per cent in the last two years.

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Postby Vipul » 16 Feb 2008 18:11

Boom City Mumbai sends slum TDR prices soaring.

Another record was created in the city’s real estate industry recently when a Mahul-based slum TDR (Transfer of Development Rights) belonging to Conwood Developers, part of the Dynamix Balwa group, fetched an all-time high of over Rs4,200 a sq ft. This is the first time the rate of slum TDR has fetched such a rate since it was introduced by the state government about a decade back.

The earlier record was set by a 8,000 sq m TDR plot generated from a slum scheme in Mankhurd was sold at Rs3,275 a sq ft in an auction held by Shivshahi Punarvasan Prakalp Ltd, a subsidiary of Maharashtra Housing and Area Development Authority.

Conwood has sold about 8 lakh sq ft of TDR generated from its slum schemes at Mahul in the eastern suburbs to Rahejas and other developers. Videocon has also sold about 10,000 sq ft to 15,000 sq ft TDR generated from a slum scheme at Mahul at a similar rate. With just about 2 lakh sq ft TDR readily available, speculation is rife in the market that the rate could even touch Rs5,000 a sq ft.

Confirming the TDR sale, a senior official of the Balwa group, said, ``We, in fact, strongly believe TDR rates will touch Rs5,000 a sq ft. There is no slowdown in sales and construction of residential and commercial projects are on as usual. We have infact hiked rates at our Bombay Central and Goregaon project by 10 per cent to touch Rs19,000 and Rs10,000 a sq ft respectively.’’

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Postby Vipul » 18 Feb 2008 20:45

Unitech in 97-acre Mumbai slum development project.

Unitech Ltd, India’s second-most valued real estate company with a market capitalisation of Rs 67,600 crore, is developing 97 acres of slums near the Vakola flyover on the Western Express Highway.

The project, which is close to the Santa Cruz railway station on the east, is estimated to cost Rs 1,900 crore, and will involve the rehabilitation of 20,000 families.

Unitech has joined hands with Pune-based developer Rohan Group for the project. Sanjay Chandra, managing director of Unitech, confirmed the development to DNA Money, but did not divulge further.

Once the families are rehabilitated, Unitech and Rohan Group will develop the land which will have a final saleable area of 80 lakh sq ft.

The cost of construction is around Rs 2,379 per sq foot, sources said.
Citigroup Global Markets analysts Ashish Jagnani, Aditya Narain and Karishma Solanki estimate the cost of land to be just Rs 2,500 per sq foot as it was acquired under the slum rehabilitation scheme.The rate for commercial property in the area is around Rs 25,000 per sq foot for A-grade projects, a local broker said. (Profit margin of 20,000 per sq ft, for a total project area of 80 lakh sq ft) :shock:
Jagnani, Narain and Solanki, in a report to clients on February 14, said the rehabilitation process for slum dwellers is ongoing with 30 of 97 acres of land cleared and the construction of rehabilitation already on.

A source close to the development said Unitech’s decision to construct commercial space made more sense since the valuations are better due to the location’s proximity to the Bandra-Kurla Complex, India’s most expensive commercial area.

Cushman & Wakefield, international property consultant, said Mumbai is the world’s fourth-most expensive location for office occupation.

In the report titled ‘Office Space across the World 2008,’ the firm said Mumbai is expensive than Paris, New York, Singapore and Dubai.

Meantime, the Citigroup report said Unitech is aggressively buying more land in Chennai and Hyderabad.

The company has picked up 29% stake in a 70-acre township in Perambur, Chennai, with the investment routed through its 50:50 venture with Arihant Foundation.

The company plans to develop 5,000 apartments, a retail mall, hotels and a hospital in the project.

In Hyderabad, Unitech has acquired 350 acres from the government through a tender process at a cost of Rs 60 lakh per acre. The realtor plans to develop a township here.

In Kolkata, Unitech has added two large projects. It is developing a township measuring 390-acre project near Howrah.

“It has also picked up a 75% stake in the 6-acre prime property of Royal Calcutta Turf Club to develop luxury apartments and a premium hotel/service apartment,â€

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Postby vina » 20 Feb 2008 09:38

There was a front page article in Al -Hundi Bangalore edition yesterday on real estate prices in Bangalore crashing.. The article said that there are above 1 lakh vacant aparments in Bangalore and that there is above 50,000 apts supply coming on stream.

All this the article said, combined in poor infrastructure, unrealistic prices etc have had sever pressure on prices.. The big guys are holding on for now and not dropping prices... but for how long ? .. That is a big question. It said that registrations have fallen to less than 40% of last year's nos and that prices have softened all over.

Guys.. how far is this true and what is your personal experience with all this. Obviously this market has only genuine buyers and the speculators are holding on for now. But when are they going to start dumping ? .. When to dive in to the market ? .If it sliding on it's way down, you want to dive in close to the bottom, rather than in the top right?

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Postby Singha » 20 Feb 2008 10:04

so long as the R2I types keep coming along and paying inflated prices they can continue as-is. when that stops, there will be correction. however recession in US might convince yet more fence sitters to come here!

already I have heard a rumbling that my developer is planning 200 luxury villas to add to the 200 he's already made behind Intel. the new ones will
be 4500sq ft lot size and prolly start at 3cr+. nothing happens in a vacuum. he must have got demands from potential clients for such property and advances that why he is proceeding.(he takes 30% on booking and another 20% shortly after cons starts)

people with money are also buying costly flats/villas to rent out to expats
and as serviced apts. I met a woman in a cafe once(SHQ was there dont worry) who already had multiple props and was moving around with 1.5cr looking to buy another villa.

news from underworld is that brokers are buying up ORR flats in same
complex for 3500 and selling for 4500. I know one buyer case for 5100.

it will take a giant wave of job losses and foreclosures to squeeze the
market. hope it doesnt happen coz lot of us might have to suffer too.

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Postby Rajesh_MR » 20 Feb 2008 10:26

Agree with Singha's assessment. R2I will keep sustaining/pushing "premium" property prices. My relatives were looking for 2BHK in Marthahalli, people are asking 40+ for 1200sq. ft. Towards 50 if its a well known builder.

Yes, the big builder in ORR just converted few apartment towers into 200 Villas at 3+ Cr. Shows there could be correction at mid segment but not at top end.

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Postby vina » 20 Feb 2008 10:42

Singha wrote:so long as the R2I types keep coming along and paying inflated prices they can continue as-is. when that stops, there will be correction. however recession in US might convince yet more fence sitters to come here!

already I have heard a rumbling that my developer is planning 200 luxury villas to add to the 200 he's already made behind Intel. the new ones will
be 4500sq ft lot size and prolly start at 3cr+. nothing happens in a vacuum. he must have got demands from potential clients for such property and advances that why he is proceeding.(he takes 30% on booking and another 20% shortly after cons starts)

news from underworld is that brokers are buying up ORR flats in same
complex for 3500 and selling for 4500. I know one buyer case for 5100.

it will take a giant wave of job losses and foreclosures to squeeze the
market. hope it doesnt happen coz lot of us might have to suffer too.


Hmm.. The move from Towers to Villas tells me something and that is that the 50 lakhs to 80 lakhs "super duper deluxe whatever thinga magic rubbish" is saturated. Yeah. The "Palm Meadows" type stuff still has it's cachet (I think you guys are talking of Adarsh as the "developer" here right?) and I heard that Palm Meadows the going rate is 4 crores (USD $1m) and there is a serious demand supply gap..

However, with more of those "villas" coming in, I doubt we will see that kind of rates sustained for long.. 4500 sq ft is massive by any standards and for a nuclear family a massive hole to maintain. Despite expats (we are talking VP level and upwards on dollar salary here), the clientele they are looking for will be miniscule and I think this 3crore plus is again for speculators /black money/politicos / kind of guys to jump in.

I dont know where you heard of flipping 3500 at 4500 in ORR. One of SHQ's colleagues bought a Sobha on ORR for Rs 3200 /sqft. I think prices are wholly negotiable as of now.

You guys are right about the R2I though. I know one of my friends who is returning to India.. but he had invested in early 2000 and is sitting on a 2cr + penthouse. Now he is getting fired /serving notice and is moving back. But dont know how many folks will actually do the very tough thing of selling their US properties in a depressed market, go through all the dislocation of moving to Bangalore (remember not all of them are locals /south indians / roots in bangalore types) to unfamiliar parts where they have never been to before and spend upwards of $200,000 and close to $500,000 if in a villa. That is not small change for anyone.

Lets see. Interesting times .

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Postby Nayak » 20 Feb 2008 10:45

vina wrote:
Guys.. how far is this true and what is your personal experience with all this. Obviously this market has only genuine buyers and the speculators are holding on for now. But when are they going to start dumping ? .. When to dive in to the market ? .If it sliding on it's way down, you want to dive in close to the bottom, rather than in the top right?


I know of guys who are into extensive real estate business.

They are of the opinion, market will lose 40 % of the price.

There is a major price correction due shortly.

Already the prices are coming down on the outskirts of Bangalore.

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Postby Singha » 20 Feb 2008 10:50

people will believe in BLR if they have nothing else left to belong/believe in.
there seems to be good momemtum in R2I for the 15+ yrs abroad bracket,
something that wasnt there earlier. the oncoming tech recession 08-10 might make converts out of more unbelievers. cos will be under more pressure to save thin margins.
some of their wives have high profile and big salary jobs too in areas like itvity, biotech, marketing....pretty much "alpha couples".
I seldom see the "meek" types moving with these rich wolves but when seen they are dynamite in terms of beauty and upkeep. seen my share in the lobby of the builders office.

the big builders will not launch large new projects in next 2 yrs instead focus
on selling off their major projects on outskirts stretching up kanakpura road and yelehanka.

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Postby Vipul » 20 Feb 2008 20:16

How big is the R2I number? I am sure it is not big enough to sustain prices for a long time in Bangalore and Hyderabad, not to speak of other Metros like Bombay, Delhi, Ahmedabad.
IMHO, its the "Investment" being made by resident Indians and the speculation thereof which is sustaining the high prices at this point.All the freinds and relatives back home i interact with have bought 2 and even 3rd homes in hopes of "good appreciation".

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Postby sanjaychoudhry » 21 Feb 2008 00:46

Modi's come-back has triggered a massive property rush in Ahmedabad.

Amdavadis bitten by realty bug

Everyone wanted to be here. Having heard and seen all the hype about Ahmedabad, they wanted to see it for real and bid for slice of the cake. Forget the slowdown in the US economy and correction in the overheated realty markets in some other Indian cities, these were wide-eyed people with a belief that Ahmedabad had arrived.

And, maybe the main driver of this optimism was the fact that Narendra Modi was back in power for the next five years. Modi, the man who has given the vision of sky-scrapers dotting the horizon in Ahmedabad - mainly along the Sabarmati Riverfront and a financial hub called GIFT.


Clearly, apart from Modi’s return to power, and even though he did not join this builders’ party, Amdavad’s realty is rocking thanks to the promise of big ticket projects like the Gujarat International Finance Tec-City (GIFT), Delhi-Mumbai Industrial Corridor, Bus Rapid Transit System and the Sabarmati riverfront project


Link

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Postby Abhijeet » 22 Feb 2008 03:18

Mumbai developers favour office space

The ever-increasing demand for office space and soaring lease rentals in Mumbai and delays and rising costs for retail projects have leading property developers rethinking their mall projects.


Real estate developers like Indiabulls, DLF, Peninsula and even retail giant Future group are all considering converting space reserved for malls and hyper-markets to office space to meet heavy demand from financial institutions, investment banks and large companies.

Office space rentals have risen 30 per cent in the city central business district Nariman Point and 20 to 25 per cent in Lower Parel in the past year.

In contrast, rentals in Mumbai's prime city malls and high-street locations have gone up just 8 to 10 per cent, according to a recent report by property consultancy Jones Lang LaSalle Meghraj.

Indiabulls Real Estate (IBREL), which had plans to build 1.2 million sq feet of corporate space and 400,000 sq feet of high-end retail at Elphinstone Mills in Lower Parel is now thinking of converting the entire area into an office complex.

"There is a good demand for office space in south Mumbai and retail projects need a lot of infrastructure and ancillary support, that is why we are reconsidering the project," said an IBREL official.

The company is also building a office and retail complex, One Indiabulls Centre, at the adjacent Jupiter Mills, which has 1.5 million sq feet of office space and a 500,000 sq foot retail component. The company has leased nearly 1 million sq feet of office space, but is yet to lease the retail space.

"As of now, our retail plans at Jupiter are on track, but if good demand comes up for office space, we will reconsider the retail component," the official said.

India's largest listed developer DLF, which bought Mumbai Textile Mills land at Lower Parel for Rs 720 crore and announced a high-end retail-cum-entertainment centre in the area in mid-2005, is also planning to reserve a part of it for a corporate complex.

Even Kishore Biyani's Future Group, which bought Mumbai's landmark Crossroads Mall from Ashok Piramal group in March 2006 for Rs 251 crore, has changed plans to position Crossroads as a high-end luxury mall to a office-cum-mall complex. Sources said the group has already pre-leased the space in the building.

"We thought office space will fetch us 20 to 30 per cent more rental than pure mall space. Now, the building will have luxury retailers at ground floor and offices in subsequent floors," said a Future group official.

"All developers look for better value from an asset class. Due to the dearth of commercial space, we can get better valuation from office space than retail spaces," said Rajesh Jaggi, managing director of Peninsula Land, an Ashok Piramal group company.

Property consultants said developers spend more on retail space in terms of funds and time. Constructing a square foot of office space comes to around Rs 1,800. For the same retail space, the cost ranges from Rs 2,200 to Rs 2,400 due to the high cost of fixtures and fittings, escalators, superior flooring and lighting.

Says Bappaditya Basu, associate director of property consultancy JLLM, "Apart from the cost, you need 65 clearances to open a mall and it takes three or four years to complete. Nearly 600 malls were announced two years ago; if 100 malls become operational, that is decent enough," Basu added.

Mumbai's congested roads and lack of infrastructure are also hurdles to the growth of retail spaces. "Retail needs to be supported by adequate parking, leisure activities and connectivity since its success of it depends on the number of people visiting it, while office space can make do with less of the infrastructure," Basu said.

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Postby rajkhalsa » 03 Mar 2008 06:09

Some cool buildings from the Indian Skyscraper Blog!

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MUMBAI | Jupiter Mills Tower | 75 Floors … one of Mumbai’s tallest all-residential skyscrapers and an awesome futuristic design!

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MUMBAI | Waves | 80 Floors…One of Mumbai’s and India’s tallest, most massive buildings, and an awesome example of organic architecture

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GANDHINAGAR | Gujarat International Finance Tec-City (GIFT) | 400m | 80 fl | 350m X 2 | 200m+ x 10 | App… India’s biggest major planned skyscraper CBD outside Mumbai, Gujarat’s and India’s tallest commercial skyscraper, Gujarat’s first major commercial skyscraper, and one of the biggest single megaprojects in India!

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Postby Sanjay M » 13 Mar 2008 05:49

I really liked this simple but modern-looking design:

http://www.inhabitat.com/2008/03/07/pre ... -hodgskin/

Models like this are the kind that could be mass-produced and marketed in India, as an affordable housing solution for young couples. Property developers could churn out entire pre-fabbed neighborhood developments, built on ergonomic and aesthetic principles.

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Postby hnair » 13 Mar 2008 06:39

Sanjay M wrote:Models like this are the kind that could be mass-produced and marketed in India, as an affordable housing solution for young couples. Property developers could churn out entire pre-fabbed neighborhood developments, built on ergonomic and aesthetic principles.


1) cookie shops, despite different shaped cookie cutters used, will get boring after the first visit.

2) Anything that is labeled "affordable" means one thing for a homeowner: a social stamping that says "you are piss poor to afford something else"

3) ergonomic?

A somewhat related topic:

In Trivandrum, there lived this good British born architect called Laurie Baker, who studied the Kerala traditional houses and construction materials and evolved a great tradition of low impact (I wont call it low cost and desecrate his memory) housing. He argued (rightly) that traditional building materials and methods of an area evolved from an indepth knowledge of the environment, which are gleaned by local builders over centuries. That simple fact about the level of knowledge of traditional builders and which was painstakingly "discovered" by this britisher, was unfortunately unknown to Indian architecture students. We can thank Macaulay for that one, of course. The Laurie Baker school of architecture is popular in Trivandrum and there are a large number of buildings both directly designed by himas well as influenced by him . And the houses look really nice and are very cost effective.

But due to the jumping into the "Baker House" bandwagon by others (some of them with less than stellar understanding of his philosophy), his methods and architectural styles are now treated with suspicion by the newer generation of aspiring homeowners. He died only last year, at the age of 90. His house in the Trivandrum suburb of Nalanchira is a really cool one, btw. And if one gets out of Trivandrum Central railway station, one cant miss his cylindrical design for the Indian Coffee house.

My take from the Baker House case study? Too much of anything, even if it be perfect, good, traditional etc can get really boring. :)

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Postby Sanjay M » 13 Mar 2008 08:06

hnair wrote:1) cookie shops, despite different shaped cookie cutters used, will get boring after the first visit.

2) Anything that is labeled "affordable" means one thing for a homeowner: a social stamping that says "you are piss poor to afford something else"

3) ergonomic?


But India is now famously advantageous for its cheaper engineered, designed, customized solutions for the world at large. This means we can overcome the 'cookie-cutter' pitfall.

I think that one has to judge 'piss-poor' against the wider population, which is at a low level of subsistence. Many would consider such housing to be a welcome step up, if it is tastefully and pragmatically designed. Middle Class is a relative term.

Yes, ergonomic, in the sense of not being the rabbit-warrens of congested Japanese neighborhoods, or Indian shantytowns. Wider roads, better use of space, better landscaping, etc.
Hell, maybe even solar rooftops, courtesy of mass-production.

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Postby Vipul » 19 Mar 2008 19:52

No takers for two plots at BKC auction.

In the clearest sign yet of the property market heading for a correction, the Mumbai Metropolitan Region Development Authority (MMRDA) on Tuesday received zero bids for two of the five plots it had put on the block at the Bandra Kurla Complex (BKC).

It received only one bid for a commercial plot and 18 bids from nine developers for two residential plots.

This is the first time since 1995 that the MMRDA has failed to find a buyer for its plots. Slumping global markets coupled with the fluctuating stock market and high property prices are said to have deterred buyers.

One of the unsold plots was reserved for commercial use while the other was reserved for a clubhouse with gymnasia and sport activities.

Starlight Systems, an associate company of Suntek Piramal Realty, paid Rs32,680 per sq ft for two residential plots with a built-up area of 7,050 sq m each. This is the highest rate paid for a residential plot at BKC and three times the reserve price of Rs1.02 lakh per sq m fixed by the MMRDA. The agency fixes its reserve price on the basis of the highest rate it receives at an earlier land sale.

Starlight had purchased a residential plot from MMRDA by paying the then highest rate of Rs1.02 lakh a sq m in 2006.

The company is now constructing Signature Island, a luxurious apartment building where it has fixed the selling rate at over Rs35,000 a sq ft.

Jet Airways was the sole bidder for a commercial plot. The company paid Rs826 crore, or Rs3,44,448 a sq m, for the plot admeasuring 5,951.99 sq m. Since this plot carries an FSI of 4, the rate paid by Jet for the 24,000 sq m it can develop works out to Rs31,769 a sq ft. The company paid about 15 per cent higher than the reserve price of Rs3 lakh per sq m.

Interestingly, the reserve price fixed by the agency for today’s auction was less than the price of Rs5.04 lakh it received for a 16,500 sq m plot in November 2007. Wadhwa Developers had bagged the plot by paying an astounding Rs47,000 a sq ft.

Asked about the lower reserve price, MMRDA joint commissioner Milind Mhaiskar said it reflects the price the agency achieved in the earlier bid. “It is a competitive rate looking at the demand-supply situation in the commercial sector,â€


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Celtic tiger investment in India

Postby KrishnaMu » 21 Mar 2008 00:40

Here comes the Paddy's (Irish) CRH's total investment will be €290 million.

CRH signs contract for acquisition of 50% equity stake in My Home Industries Limited, India

I heard radio advt here (Ireland) property expo about India. Paddys are obssesed with Property. 8) 8)

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Postby Vipul » 07 Apr 2008 22:47

Prime Bandra railway land up for sale.

MUMBAI: It's a pot of gold which Indian Railways has been sitting on for decades. But now that big-time money is required to take up network expansion projects in the megalopolis, the ministry has given a green signal to the commercial development of its 11-acre land adjoining the Bandra suburban station on the eastern side.

It has now called big developers and consortiums to bid for the prime plot touching the Western Express Highway.

The Rail Land Development Authority (RLDA), an autonomous body under the railways, will oversee the commercial exploitation of the Bandra land.

Last year, the land was handed over by the Mumbai Rail Vikas Corporation to the RLDA. The primary purpose of putting the Bandra land on the block is to raise funds for the Rs 5,000 crore Mumbai Urban Transport Project.

Part of the proceeds from the land sale will go towards MUTP-II. Under this scheme, the railways plans to lay an additional pair of tracks between Borivli and Mumbai Central and CST and Kurla besides changing the power supply system of the local trains from DC to AC.

MRVC is also supposed to procure 96 brand new trains under MUTP-II. RLDA on Saturday called developers with net worth above Rs 500 crore to bid for the commercial development of the Bandra land.

RLDA expects the selected developer to finance, design, construct, operate, maintain and market a commercial office complex spread over 45,000 square metres.

Interestingly, RLDA wants the developer to construct two office buildings of the same size and quality, of which, one will have to be handed over to the railways free of cost. The developer, in turn, will get to keep the other building with itself for a long term lease of 80 years.

Anuj Puri, managing director of global real estate consultant Jones Lang LaSalle Meghraj, said the Bandra land's close proximity to Bandra-Kurla Complex (BKC) and the station gives it a leg-up in terms of possible returns.

If the last big sale at BKC was considered a benchmark, the railway land should fetch around Rs 30,000 per square foot, he said. However, Puri added a note of caution on the grounds that there was a negative sentiment in the real estate as well as the stock markets.

That could hurt the valuation of the land by a maximum of 20%. But given its fantastic location, it could also get a small premium over the Rs 30,000 psf mark, he added. Thus, the plot should get bids above Rs 2,000 crore.

There is a twist in the tale though. MRVC had sought additional floor space index (FSI) for the Bandra land from the state government since funds were to be used for Mumbai's rail projects.

The state government, on its part (too late), said it was willing to double the FSI from two to four for the Bandra land if the railway promised to plough back the extra returns from the sale to Mumbai's projects instead of using it elsewhere in the country. P C Sehgal, MD of MRVC, said he was yet to get any formal approval for double the FSI from the state.

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Postby SaiK » 07 Apr 2008 23:01

skyscrappers and mumbai is a disaster in waiting.. the place is seismically unfavourable by many a reports. don't want to even think about the destruction that we don't want to happen. hope, authorities take reconstruction of a newer financial place as a back up for mumbai.

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Postby Vipul » 08 Apr 2008 01:42

Saik, Almost all the major cities of India are on seismically active zones.
One cannot just stop developing fearing natural forces.Going Vertical is the only option in land Starved Mumbai.
While there will be many aspirants for taking over from Mumbai(check rajkhalsa's post on this page), i just dont see any other city in India having the Work culture and professionalism of Mumbai.

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Postby Rishirishi » 08 Apr 2008 02:33

Most, if not all of the new buildings in Mumbai are RCC construction and can withstand "fair" earth quake.

Typically it is the low cost buildings that causes most deaths. The most dangerous are the ones where the linter rests on brick wall. Such buildings should be strengthen with concrete pillars.

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Postby ashish raval » 08 Apr 2008 03:45

Vipul,
I agree no where you can see the work culture as mumbai. It is the only place where people want/can work from morning 6 and come back at 11 in night, 6 days a week. Life is stressful in mumbai. Got to be braveheart to cop up with the pace of mumbai. I dont want to waste my life running around commuting and living in traffic chaos with pollution. Its not criticism just a bold fact. :wink:

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Postby Vipul » 08 Apr 2008 19:58

Ashish,
The bane of existance in Mumbai ie the difficult commute would ease once the Monorail(all the 3 servies to start in 2010) and and Metro( 2 Sectors)start services during 2010-2013, Commuting would be much easier.

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Postby ashish raval » 08 Apr 2008 21:08

Vipul wrote:Ashish,
The bane of existance in Mumbai ie the difficult commute would ease once the Monorail(all the 3 servies to start in 2010) and and Metro( 2 Sectors)start services during 2010-2013, Commuting would be much easier.


Dont know why Govt. was sleeping all this years not thinking about this problem. They might have to think about the infrastructure which can support 20 X times current scenario looking at the pace with which mumbai grows. If that does not happen very soon Mumbai could loose its sheen as financial capital. I hope it gets implemented very soon and i can move easily during my visits.

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Postby negi » 08 Apr 2008 21:27

With a risk of generalising .. guru log me thinks we Indians have this tendency of indulging into compulsive hoarding when it comes to real estate (land/house etc).

If I look around at compatriots I see almost every one buying property in Unkil land, Canada and back in Desh.

Many own apts and bungalows in decent/posh areas in Bangalore, Chandigarh and likes which are unoccupied.

If I assume this is normal with every other Indian , then I am not surprised at the way property prices have been shooting up.

Father was angry the other day as the rpice for registering a piece of land which he had bought in doon4 months ago increased 4 times from 50k to 2 lakh .

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Postby Vipul » 11 Apr 2008 22:58

Mumbai has lowest FSI, says developer.

MUMBAI: Mumbai has the lowest Floor Space Index (FSI) of 1.33 against an all-India average of 2.5 to 3. The city needs an FSI of at least five to ease the shortage of housing, a leading developer said on Friday.

FSI denotes the amount of construction that can be done on a given piece of land.

In Bangalore the FSI is 3.25, in Gurgaon near Delhi, the FSI is between 2.5 and 4, Maharashtra Chamber of Housing Industry Vice-President Sunil Mantri told reporters

Interestingly, in Hyderabad or the entire state of Andhra Pradesh there is nothing like FSI and one is free to construct whatever one wants. :shock:

Mantri recalled that even in Mumbai, till the mid 1970s the FSI used to be 4. Nariman Point was given an FSI of 4. However, the state government started reducing the FSI gradually from the mid-1970s coinciding with the introduction of Urban Land Ceiling Act.

Mantri said Mumbai needs an FSI of 5 to ease the housing shortage. The argument that the city does not have infrastructure to meet the needs of the higher FSI is not valid, he added.

Infrastructure can be created by imposing charges for new development. The reason the FSI is not being increased is due to lack of political will, he said.

According to Mantri, higher FSI is an accepted norm globally. In Dubai, he said the FSI given works out to between 8 and 34, in Hong Kong, it is between 8 and 20. In Manhattan; New York, it is 30.

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Postby Vipul » 14 Apr 2008 20:21


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Postby Paul » 15 Apr 2008 10:28

Hindu

[quote]Realty sector sees price correction



Ramnath Subbu







MUMBAI: The sky-high realty prices across metros now appear to be losing steam. Though a full blown price correction is not visible, a 10 to 15 per cent correction is taking place. However, the central business districts in cities seem relatively insulated. “The correction is driven by fundamental reasons of hardening of interest rates, slowdown in economic growth and inflationary pressures, as well as technical reasons of a quick run-up in prices in the last three years,â€

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Postby shyam » 07 May 2008 12:47

How is the real estate situation in Desh? Is it still correcting or is that back in full blow?

Is there any good site to collect this information?

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Postby Vipul » 07 May 2008 19:35

MMRDA doubles developable area for BKC plots.

A year after it first mooted the proposal, the Mumbai Metropolitan Region Development Authority has doubled the permissible developable area for its plots in the Bandra Kurla Complex (BKC).

As a result, FSI on commercial plots has gone up from 2 to 4 and on residential plots to 3 from the present 1.5. Depending on the plot size one could construct up to 17 floors.

But it will be some time before developers are able to avail of the benefit of double floor space. The Union civil aviation ministry has not yet eased the building height restriction of 37m or 11 floors. However, there may not be many takers for the additional floor space because anyone wanting to purchase additional space on their plot will have to shell out approximately Rs31,000 a sq ft. Developers are finding this price, which is close to the Rs31,769 a sq ft paid by Jet Airways for a 24,000 sq m commercial plot, too high.

As per the development control rules framed for BKC, the MMRDA decides the development potential of a plot. The MMRDA does not sell land but the area in square feet that can be developed on a plot. The MMRDA hopes to raise at least Rs25,000 crore by selling floor space of about 30 hectares in the market. “Who would buy floor space at this exorbitant rate?â€

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Postby Bade » 07 May 2008 19:48

shyam wrote:How is the real estate situation in Desh? Is it still correcting or is that back in full blow?

Is there any good site to collect this information?


Since black money is a significant part of the investment that goes into real estate both from builders as well as individual investors in India, do not except any significant correction at the scales to be seen in the west.


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