Property Trends in January 2010

News Posted - 2010-01-20

Unitech To Redevelop Mumbai Slums Into Luxury Apartments :-
Realty major, Unitech is developing 100 acres (40 hectares) of land in north Mumbai's Santacruz area, near the city's airport, by knocking down shacks typically built with tin, asbestos and plastic sheets, and building apartments in towers serviced by high-speed elevators. People living in those slums will be resettled in smaller apartments in separate buildings on part of the cleared land. 13 Jan 2010 businessweek.com
Malaysia Invites India To Invest In Real Estate:-
Malaysia is making all efforts to garner major investments from countries like Singapore, UK, Korea and India to attract more foreign direct investments (FDI) into its real estate sector. As part of its India investments initiative, the Malaysian government, for the first time, is organizing a property expo in Chennai from January 22-24. In the expo, the country will be showcasing some of its award winning developers and their latest projects. The expo will be inaugurated by Malaysian Prime Minister Mr Mohd Najib Tun Razak, said Mr Kumar Tharmalingam, member, board of governors, Malaysia Property Incorporated (MPI)."The most important aspect in purchasing Malaysian real estate is the land law system that allows for transparency and enforceability of ownership. Foreigners also have no impediment to buying freehold Malaysian real estate and to sell when the need arises without restriction," Mr Tharmalingam said. 14 Jan 2010 The Financial Express
Retired Mill Workers To Get Low-Cost Houses :-
Retired mill workers have a reason to smile as the Maharashtra Housing and Area Development Authority (MHADA) is coming up with flats for them. The 225 sq-ft homes will replace the shut mills such as New Hind Mills (Mazgaon), Swadeshi Mill (Kurla), Shree Ram Mill (Worli) and Swan Mill (Sewri). The houses will be given to 6,900 workers by November. "This is just our first step towards providing them with a house in the island city which they cannot afford considering the high realty prices," said Mr Sachin Ahir, minister of state, Housing. "These will be low-cost houses and we will waive off the stamp duty fees for flat owners," he added. 14 Jan 2010 Hindustan Times (Mumbai)