The Glamour Is Back In Mumbai Real Estate & Prices Set To Increase

News Posted - 2010-09-07, Last Updated - 2010-09-07

Two years back, hiring international architects and landscaping firms was a trend among Indian realtors. However, the slowdown curbed Indian realtors' ability to hire them, but now with economy getting back on track, international names such as HOK, LERA are again becoming common among the Indian developers. Not only are foreign architects designing the projects, realtors are making sure that they complete it, too. Oberoi Realty, the Vikas Oberoi promoted company, has invited tenders from international contractors for its project at Worli, where it will develop a 300 metre tall residential tower. At the same time, Lodha Group, the realty company promoted by Abhisheck Lodha, is launching three projects this financial year and is hiring international architects for landscaping and interior designers for them. 25 Aug 2010 DNA

Realtors in Mumbai Make A Beeline For Region, Prices Set To Increase

Buoyed by the Central Railway plan for a Panvel-Pen suburban section, builders predicted that the region would be the next favorite destination for realty. Development in and around Panvel has picked up pace already with realtors buying land anticipating a demand for housing as well as commercial spaces. Mr Manohar Shroff, secretary of the Navi Mumbai Chamber of Housing, said, "Panvel is developing quickly; many new projects are coming up there. A new railway section would boost that further. Property rates are likely to rise." Among the builders kickstarting projects there are the Hiranandani Group, India Bulls, the Runwal group, the Marathon group and Mantri Builders. Prices of apartments range between Rs 1,600 per square foot (in Pen) to Rs 4,200 (in Panvel). Builders feel that prices will increase at least 50 per cent over the next five years as the railway plans take shape, the special economic zones in the region start coming up and there is clarity on the international airport at Panvel. "Connectivity is very important for the development of any region. The proposed airport and the Nhava Sheva-Sewri sea link are close to the area. An eight-lane highway is planned between Sion and Panvel and Panvel station is being converted into a terminus," said Mr Shroff. 26 Aug 2010 Hindustan Times