Property Thane

February 18, 2022

With the third wave of the coronavirus (Covid-19) pandemic ebbing, the near-term prospects of commercial real estate are set to improve. The long-term prospects of this segment are tied to the pace of economic growth. Since India has among the fastest-growing economies globally, commercial real estate offers sound long-term prospects as well.

Improving outlook

Work From Home (WFH) had marred the prospects of commercial real estate as companies let go of leased spaces to reduce their rental expense. “The uncertainty that office as an asset class witnessed since the start of Covid is now reducing with corporates inviting their employees back to office,” says Vishal Ahuja, head-private wealth group, India, JLL.

India’s position within the global economy is likely to strengthen in the future. “India’s value in the global market has increased steadily. From being an outsourcing destination, it has turned into a research and development hub for global companies. It is also a critical consumer market for products and services,” says Viral Desai, executive director, transactions, Knight Frank India.

According to JLL, the Indian office sector saw net absorption of 11.56 million sq. ft in October-December 2021, the highest in the last eight quarters, and up by 86 per cent quarter-on-quarter. Net absorption was up 26 per cent year-on-year for the half-yearly period of July-December 2021.

Time to enter

Experts believe this is a good time to invest in commercial real estate. “WFH had created uncertainties in investors’ minds. However, companies are now looking at a hybrid work environment which means the office is an integral part of their plans. This has led to resurgence in investor confidence,” says Ahuja.

Anuj Puri, chairman, ANAROCK Group agrees. “The market is definitely looking upbeat with leasing activity gaining momentum across the top seven cities in 2021. While many offices have already opened, many more are likely to open sooner or later. Hence, this is a good time to invest in commercial real estate,” he says.

Grade-A office space in a good location can fetch 7.5-10 per cent annual rental yield. In addition, there is scope for capital appreciation.

Returns from this asset class also tend to be stable.

Locations to bet on

Investors can look at any of the busy corporate and business centres across the country. “Bengaluru continues to see high demand from not just the IT/ITeS sector but also from start-ups. Outer Ring Road, Electronic City and Whitefield are some of the favoured locations in this city. In Hyderabad, HITECH city and Gachibowli are top favourites. In Gurugram it is MG Road, Sohna Road and the DLF IT parks. In Chennai, it is mostly OMR. In the Mumbai Metropolitan Region (MMR), the BKC area and Worli are favoured destinations,” says Puri.

Adds Ahuja: “Besides Mumbai and Pune in the West, Bengaluru and Hyderabad in the south, and NCR in the north, Kolkata and Chennai are also gaining momentum with investors examining opportunities in these cities.” He adds that micro markets that are witnessing strong infrastructure development in the vicinity have attractive prospects.

Key factors to consider

To earn attractive returns, investors must select the property carefully. “Location, occupier profile and entry and exit prices should be the key considerations. The property should be in a high-demand location and must have a stable occupier profile,” says Desai.

Proper due diligence is a must. “Ensure that the property title is clean and there are no uncertainties in the documentation process. If the project is under construction, it must be RERA-registered,” says Ahuja. He too emphasises the need to check tenant quality. “A good tenant profile ensures stable returns,” he adds.

Sometimes, exiting from an investment in commercial real estate can pose a challenge. According to Desai, “REITs are, therefore, a good option for investing in commercial real estate. All the REITs available in India belong to companies with strong portfolios,” says Desai.

Pros and cons of investing in commercial real estate Pros

• Rental yield can range from 7.5-10 per cent in commercial realty, compared to 2-3.5 per cent in residential space
• Long-term lease agreements result in predictable cash flows

Cons

• Demand gets affected by economic downturn
• If a tenant vacates, that leads to uncertainty regarding when rental flows will commence again
• High capital outlay required
• Investing at high prices leads to poor rental yield

Source: www.business-standard.com

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January 2020

Buying a property involves a huge investment for the home buyer. For some, it is even the savings of life. Booking a home online might seem a bit odd to some, but today’s reality depict that online portals are no longer limited to buying apparel, gadgets and white goods.

Buying houses over the internet is a trend that is catching up in India. However, there is still a major chunk of people who still fail to understand how one should book an apartment online. Most of the time, the dilemma is around how online booking functions; whether it is safe; and should they give out personal information on the internet that too related to property.

Source : www.freepik.com

Magicbricks brings to you a guide to buying property online –

What is online booking?

It is a convenient and new method to book your property over the internet. Using Magicbricks’ online booking engine, you can safely book your property online, without the fear of losing your money.

How can you use it?

To book a property online, one is required to follow the steps given by the portals. For example, while booking your flat on Magicbricks, one has to first select the unit that you would like to book, proceed to make payment online, after which a voucher would be generated. You can then present this voucher at the builder’s office at the time of booking to get the discounted price.

Is it safe to book online and share personal information?

The online portals that use theBill Desk payment gateway are considered to be safe to give out information upon. The Bill Desk gateway is secured using Secure Sockets Layer (SSL) encryption. This ensures that your account numbers, personal data and other online information exchange at Bill Desk are never sent over the internet unencrypted and cannot be viewed by unauthorised individuals. This encryption is done using 128-bit encryption, the maximum level of encryption possible today on the internet.

So don’t let the opportunity go away, book your choice of property online today.

Also read: Understanding the CTS Number of Your Property

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Source: magicbricks.com

January 2020

If you are planning to buy a property in Mumbai, knowing the city’s survey number or CTS number of your property in Mumbai is very important. The survey number of the city is required at the time of registration of the property and to know the exact amount needed for property registration.

On the real estate forum of Magicbricks, several users ask about what the survey number or CTS number of their property in Mumbai is and how and where they can obtain it. For instance, one of the users, Raju, asks, “How do I find the CTS number of any property in Mumbai?”

The CTS number often gets missed by home buyers and they have to run from pillar to post to get it. Let us understand what is a city’s survey number and why do you need it.

Source : www.pexels.com

UNDERSTANDING THE CITY’S SURVEY NUMBER

The website of Mumbai Authority defines the CTS number as the City’s Survey number, technically the Cadastral Survey number of the city. For the Mumbai suburbs, it is the Chain and Triangulation Survey number.

The state government has created a City Survey record for each individual parcel of land and given it a particular number which is known as the City Survey number. A property card for each City Survey number is also prepared.

“In Maharashtra, the CTS number is the identification number in the government records to identify a land. All records related to a property are based on this number. It is essential to get the document registered as you can’t register without this number,” says Ramprasad Padhi, founder and CEO, realtor at a Mumbai-based brokerage firm.

The City Survey of Mumbai Suburban District was first carried out during 1963 to 1967. At present, the City Survey Record is prepared for all the villages in the Mumbai Suburban District.

WHEN DO YOU NEED IT?

When you have to register your new property, the CTS number comes handy. “The CTS number is crucial in today’s time when most of the documents are online. You can get every information using this number,” says Padhi.

In fact, the amount of stamp duty is calculated on the basis of the city survey number. The registration fee is 1 per cent of the market value or maximum up to Rs 30,000, while the stamp duty is calculated as per the Ready Beckoner’s rate which is decided according to the Division of property and the Cadastral Survey number or CTS number of the property.

Secondly, in order to obtain the property card details or while searching for your property information online on the Government of India website, the City Survey number is mandatory.

Also, to request for the authorised plan of a parcel of land from the BMC for building approval, the owner needs to submit an application giving details such as name of the village and the CTS number.

WHERE CAN YOU GET THE CITY’S SURVEY NUMBER

All the CTSOs are managed by a controlling authority in Mumbai, which is the Superintendent of Land Records and the Taluka Inspector of Land Records.

“If you are buying a land in Maharashtra, the CTS number is mentioned in the 7/12 extract and the property card. In case of apartments, the number is mentioned on the first page where the schedule of the property agreement starts,” says Padhi.

You can avail the City Title Survey number of any property in Mumbai from the 10 City Survey Offices at Mulund, Ghatkopar, Chembur, Kurla, Andheri, Bandra, Vile Parle, Borivali, Goregaon and Malad. Each office has its own jurisdiction.

For Kurla taluka, you can get the CTS number from the Mumbai suburban district offices in Mulund, Ghatkopar, Chembur and Kurla. For Andheri taluka, one can obtain the CTS number from Andheri, Bandra and Vile Parle offices. For Borivali taluka, the CTS number can be obtained from Borivali, Kandivali, Goregaon and Malad offices.

Other than the above mentioned City Survey numbers, there is an independent Office of the Taluka Inspector of Land Records.

Also read: How a Retired Clerk Bought a 3BHK Flat

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Source: magicbricks.com

January 2020

Source : magicbricks.com

Every house has a story to tell. Every buyer is an integral part of that story. Vinod Gupta recently retired from one of the biggest airlines company of India after 35 years of stellar service. On retiring, he received Rs 8 lakh as a part of his gratuity and provident fund. Though a native of Delhi, he used the money to purchase a house outside the city.

“I lived in an ancestral property in Old Delhi. I have five brothers who live in other cities and rarely used to visit me. I naturally didn’t have a sole right on the property. Being the youngest, I decided to divide the property and use my share of money to invest elsewhere. I was also tired of living in a congested city in a locality which has more commercial feel rather than residential one. Most of our neighbours have moved out of the locality to the city’s NCR nodes. Better lifestyle was the prime reason behind the move. I remained here, as I couldn’t afford one.”

A few years ago, Gupta married off his daughter. The lump sum money received on retiring and the money which he along with his brothers received by selling the ancestral home was used to invest elsewhere.

The ancestral property was sold off for Rs 4 crore. Out of which he got his 50 per cent share as he was the one paying property taxes and justified his part to be a major one as he also got the property vacated from tenants through legal process, which cost him over 6 lakh including lawyers’ fees, etc.

The major task was to search for a new home and in a city where his medical and spiritual needs were met. He wanted to stay close to his daughter settled in Mumbai and in a locality where he could contribute in community building activities.

Other than this, he looked for a project which had a gated community along with recreational area. Since the couple was aging, a property on ground floor was their priority. The ground floor in their chosen society gave them a small kitchen garden which was a bonus as the couple is interested in gardening.

When it comes to neighbourhood, availability of restaurants and proximity to shopping mall was also on his list. “Today we are fit and able to travel to other places but as the years go by we will need to have everyday amenities close by. Also, I have always been a movie buff but never got the chance to enjoy it. Now when I am retired, I would like to indulge.” says Gupta.

“I was confused about the entire property search process. I didn’t trust brokers and wasn’t tech savvy. My daughter suggested me online research. She showed me Magicbricks’ advice section. ‘Find what your money can buy’ section on advice.magicbricks.com was really helpful. I actually almost shortlisted my property through Magicbricks’ only,” shares Gupta.

Gupta chose Nashik as it was close to Pune, Mumbai and Shirdi, one of the famous religious towns of India. He finally bought a ready-to-move-in 3BHK flat for Rs 50 lakh, excluding stamp duty, registry charges, PLC and other extra charges which isn’t included in base price. This made him save over a crore rupees. Nashik is a small city where monthly expenditure is lesser than Delhi and where even commuting was expensive. This way I bought #MyFirstHome at the age of 70.

“Since relocation management would prove tough from Delhi to Nashik, I chose to buy a fully furnished flat and sell off the old furniture to generate extra cash. The amount collected from selling off old furniture nearly covered the extra expenditure of a furnished flat.” says Gupta.

This is one of the million stories related to property purchase floating in the real estate market. If you have bought a house and have a story to share, then do tell. We are listening!

Also read: Which is more attractive: Rental income from residential or commercial property?

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Source: magicbricks.com

December 2019

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Rental income is an important consideration, for people who want to invest in the real estate sector. Property buyers are often confused over which would provide better income option – an investment in a residential property or a commercial one. Arvind Nandan, senior real estate professional, points out that the broad principles of asset-selection, such as the location of the property, quality of construction, age of the property and usage, remain similar between residential and commercial properties.

“While most residential properties need to be leased on an annual basis, commercial properties are leased for longer tenures. The vacancy risks in residential properties are higher, given the frequent turnovers of tenants. Hence, property buyers need to pay attention to the qualitative aspects of these two segments,” he explains.

Rental yields in residential and commercial properties

Experts advise that any investment in commercial property (other than for self-use), like office, retail, warehouse, etc., require the potential purchaser to consider aspects like the current leasing environment, the existing ecosystem in the region, distance from complementary and auxiliary industries, legal due diligence, clearances that are specific to the property’s usage, etc. On the other hand, a residential property must be analysed for liveability with respect to social infrastructure, the neighbourhood and profile of other residents.

“In residential realty, the gross rental yields are usually in the range of three to five per cent, per annum, on the fair market value of the property. Net of insurance, property tax and maintenance, the net yields tend to be in the range of two to three per cent per annum. Escalations in home rentals are between five and seven per cent, per annum. On the other hand, in commercial realty, the gross yields are usually in the range of six to 10 per cent, per annum. Net of insurance, property tax and maintenance, the net yields tend to be in the range of five to eight per cent, per annum. Escalations in rentals here, are between three and five per cent, per annum. The overall returns estimate over 10 years, are now around eight to nine per cent per annum in the residential realty sector, in comparison to 13-15 per cent per annum in the commercial realty

Risk versus rewards between commercial and residential properties

• Tax benefits: Commercial and residential properties that are let out, attract tax on income from house property. However, a house property that is taken on a home loan, qualifies for tax breaks under Section 24 and Section 80C of Income-Tax Act.
• Risk and volatility: This is perceived to be higher in a residential property, due to frequent change in tenants, higher maintenance and upkeep costs and lower returns. Commercial properties offer stable, long-term rentals, with predictable income streams.
• Entering and exiting an investment: Both are illiquid assets. However, with Real Estate Investment Trust (REIT) regulations, it would be easier to create a portfolio of commercial properties than residential properties. Also, since the supply of Grade A pre-leased assets is low, the demand is much higher, making it more liquid than residential properties.

Above all these considerations, it is also important to examine the location, investment size and tenure, before making the final decision to invest in a residential or commercial property.

Benefits and drawbacks of investing in residential property

Benefits	Drawbacks
Lower entry ticket	Low rental yields / rental incomes
No minimum / lowest size applicable	Investment in interiors, etc., to make it rent-friendly
Loan facilities easily available	Rental agreement usually cannot exceed 36 months
Leasing process is usually easier
Comparatively lower holding period for returns, as against commercial property

Benefits and drawbacks of investing in commercial property

Benefits	Drawbacks
Higher rental yield and returns	The capital values of commercial properties tend to remain stable for longer periods of time
Longer term lease possible, i.e., up to nine years	The property may need to be of a specific minimum size, to be commercially viable
Leasing can be in bare shell or warm shell	Difficult to offload, as there are fewer buyers in the market
Commercial values are not very volatile

Also read: A quick guide to choosing between a ready-to-move-in and under-construction house

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Source: housing.com

December 2019

Besides regulations for the type of properties that NRIs can purchase in India, legal provisions also exist on the mode through which these purchases can be financed

When a non-resident Indian (NRI) opts to purchase a property in India, there are several regulations that govern how such a purchase can be financed.

Source : Freepik.com

Sources, for financing a real estate investment in Indiastrong

The money for purchasing a property in India, has to come through banking channels only. Consequently, the payment cannot be tendered in the form of traveller’s cheque or foreign currency. An NRI can also use the money in his/her credit, in non-resident external (NRE) rupee or non-resident ordinary (NRO) or foreign currency non-resident (FCNR) account, maintained in India.

NRIs are allowed to purchase property in India, by availing home loans in Indian rupees, from banks or housing finance companies. The home loan can also be granted by the Indian employer of the NRI employee, for the purpose of financing of the property.

Obtaining a home loan

As NRI investment in Indian real estate is only allowed in residential or commercial properties, banks too, can finance only these properties. Almost all banks offer home loans to NRIs for buying a house or constructing one. One can also get a loan, for purchase of land (non-agricultural), for constructing a house in India.

The application for the home loan can be made online, as well as offline. The nature of documents that need to be submitted, will depend on whether the NRI is a salaried employee or whether s/he is self-employed. It will also vary, depending on the NRI’s country of residence. Nevertheless, copies of one’s passport and visa, passport-sized photographs and proof of residence in the foreign county, will be required in all cases.

Depending on whether the NRI is salaried or self-employed, s/he also has to fulfil a minimum period of stay in the country of present residence, to avail of the home loan. Banks may also insist on an acceptable co-applicant, or an NRI guarantor. The NRI guarantor too, has to submit documents pertaining to identity proof, address proof and income proof.

Servicing the home loan

EMIs on the home loan can be paid through remittances from outside India, through a proper banking channel, or by debiting the NRE, or NRO, or FCNR account. In case the property is let-out, the rental yields can be used for servicing the NRI home loan. Money transferred to the NRO account from close relatives, can also be used for servicing the home loans. In case the property is purchased for self-occupancy, the NRI can avail of a loan against the FCNR or NRE account deposits, of up to Rs 1 crore, for servicing the home loan.

Remittances out of India

An NRI is allowed to repatriate some of the funds, in case the property so acquired is sold. However, the number of properties (whether purchased or inherited), for which s/he can remit or send money to India, is restricted to two. Moreover, the amount that can be repatriated, cannot exceed the amount (denominated in foreign currency) received as remittances from outside India, either for purchase or servicing of the NRI home loan. Under normal circumstances, an NRI is allowed to remit an amount of USD 1 million in a year, out of India, from his NRE, NRO, or FCNR accounts, which includes the amount remitted for sale of a house.

Also read: Top 10 commercial real estate terms you must know

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Source: housing.com

 December 2019

Knowing the jargon of any segment is essential to smooth sailing in that business. Commercial real estate is no different. Here are the ten terms you are most likely to hear and use while doing business in the commercial real estate space.

There are a lot of terms and jargons that are specific to any industry or sector and so is the case with real estate. There are a number of jargons in the commercial real estate segment as well that you must know, especially if you are planning to take up a commercial space on rent for yourself. We take a look at the most common commercial real estate jargons.

Source : Freepik.com

1. Incidental expenses

When you take a commercial space on rent, there are a lot of expenses that are over and above the base rent of the space like insurance, property tax, utilities, maintenance, common area costs and sometimes even repairs. These are called incidental expenses.

NRIs are allowed to purchase property in India, by availing home loans in Indian rupees, from banks or housing finance companies. The home loan can also be granted by the Indian employer of the NRI employee, for the purpose of financing of the property.

2. Gross rent lease

Gross rent lease is the simplest form of commercial real estate lease in which you pay only one amount towards rent and all incidental expenses of the property. It is usually paid every month. However, it can also be paid on a bi-monthly basis if the landlord so agrees.

3. Modified gross lease

A modified gross lease is one when you and your landlord agree to share some of the incidental expenses. The landlord can pay part of the property tax or insurance or even maintenance. It has to be decided by you and the landlord beforehand as to which charges will be shared.

4. Double net lease

A double net lease is one where you pay the base rent and any two incidental expenses. It can be property tax and insurance or it can be utilities or insurance or any such combination. The landlord will pay all other incidental expenses.

5. Triple net lease

A triple net lease is one where you pay the base rent and any of the base rent and almost all the incidental expenses like maintenance, property tax, insurance, etc. The landlord pays nothing except for the time-to-time repairs.

6. Percentage rent lease

A percentage rent lease is a type of lease agreement in which you will have to pay the base rent and a percentage of the gross sales over a certain minimum. The percentage and the minimum sales are decided before taking the premises on rent. This type of lease agreement is there in the retail industry where you occupy mall space.

7. Tenant inducement

There can be a number of sops or inducements that can be offered by the landlord to you for taking up his/her space on rent. These sops can be a few months of a rent-free period in the lease agreement or paying for renovation or maintenance by the landlord. These sops are called tenant inducements.

8. Trade fixtures

Trade fixtures are the items in the leased space that you can take with you when you vacate the rented space. These can be computers or furniture or any other equipment that can be removed, without damaging the property. It is in your best interest to clearly define the trade fixtures before signing the lease agreement, even if you have to hire a lawyer for the purpose.

9. Turnkey improvements

Turnkey improvements are the changes that the landlord makes to the premises including the renovations before you rent the space. This is usually done to attract tenants.

10. Leasehold improvement

These are the changes or renovations that are made to the rented premises in order to make the premises suitable for your operations. These are usually made by the landlord and become part of the property and cannot be taken by you when you vacate the space. However, there are times when you are allowed to take it with you when you move. There should be absolute clarity on the subject between you and the landlord before the lease deed is signed.

Also read: Investment tips: How to buy a home that delivers long-term ROI

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Source: housing.com

 February 2022

Selecting the right tenure for your loan can reduce your overall loan burden. Hence, do your due diligence on your income, loan amount, and time left to service your loan to opt for the right tenure

Buying your own house is one of the biggest investments in life. Since it is a high-ticket transaction that cannot be undone or undertaken often, it becomes important for buyers to evaluate every step of the process carefully. One of the critical things we need to assess at the time of purchasing a home is the home loan. And while there are multiple factors to consider and negotiate on, one factor that has a significant impact on your money outflow, in the long run,is the tenure of the loan.

Why is it essential to analyse and negotiate on a home loan tenure? Here are five factors that impact the loan tenure and understanding them better can help you choose the right tenure for your home loan.

Deciding tenure

Typically, the repayment tenure for a home loan can start from five years and go up to 30 years. Some lenders are maybe even willing to look at 35 years in exceptional cases.

The tenure has a direct impact on your EMI and the interest you end up repaying. This is because the interest payable on the loan is calculated at the beginning based on the projected tenure and then the principal and interest are split into monthly instalments, i.e., the EMI. So, the longer the tenure, the higher the interest accrued on the loan. A longer tenure gives you the benefit of smaller EMIs, but the overall interest you end up paying goes up. Similarly, if you choose a shorter duration then your EMI will be higher but your total interest will be much lesser.

It is essential to hit the sweet spot between the tenure and EMIs as the home loan is a long-term financial commitment, and one that you are required to pay consistently and effortlessly as not being able to do so will have very serious consequences for your financial and emotional stability.

Age matters

If you are in your 20s or 30s, then it makes sense to choose a longer tenure of 20-30 years. Doing this will help you manage your loan well in the current time, which will have a positive impact on your credit score. You may even be able to use this opportunity to negotiate for a lower rate basis your consistent repayments in the first few years of the repayment. You can always clear your debts when you have got additional money to pay your home loan partially or fully. But ensure your home loan lender allows you to pre-pay or foreclose the loan without any penalty.

Your age may also impact the tenure you will be eligible for. For example, a 25-year-old borrower will retire at 60. So, they can choose a 30–35-year home loan tenure. A 40-year-old person may need to go for a loan of tenure less than 20 years so that they can clear their debts before their retirement. However, if you are a pension-drawing employee then you can consider a tenure even beyond your retirement as you will still have a regular flow of income.

Income

Your tenure is also a function of your income. A simple calculation can tell you what will be your EMI obligation if you choose a particular tenure. Lenders consider the Fixed Obligations to Income Ratio (FOIR), which is a measure of your overall obligations including EMIs, fixed expenses such as rents, food and groceries, etc. while considering a loan application. Typically, it is advisable to keep the overall FOIR around 50-60 per cent. This means you should not have an EMI of more than 30-40 per cent of your total monthly income so that managing all other expenses and emergencies do not put any undue stress on your finances. That is why it is essential to take your current income into account while deciding on the home loan tenure. An ideal tenure would ensure that your EMI remains well below the FOIR so that you do not have a problem in getting the loan approved or in repaying it.

Home loan amount

A higher amount home loan means a higher EMI as the principal and the interest accrued on the principal are both high. So, the shorter the tenure, the fewer would be the instalments but higher would be their size. As a thumb rule, you must ensure that you don’t default on your home loan repayment as much as possible. You can lower this risk by borrowing only what you require and what you can comfortably pay back to a financial institution, i.e., by maintaining your FOIR.

• The author is CEO of BankBazaar, an online marketplace for financial products
• The views of the author in this article are personal and do not constitute professional advice of Times Property

Source: Times Property

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February 13, 2022

Mumbai Metropolitan Region’s Thane and Mumbai Western Suburbs formed 45 per cent of the total new residential units launched in 2021. But other pockets also saw an uptick, shows Square Yards data

Navi Mumbai has emerged as a prime residential market in the last 10 years thanks to it being well planned and higher availability of relatively affordable options compared to Mumbai. Inexpensive localities such as New Panvel, Khargar, Khamothe and Ulwe offer properties within an average value of approximately Rs 4,000-7,000 per sq. ft and have become top picks for homebuyers. According to Square Yards research, during Q4 2021, more than 60 per cent of the online searches and the supply in the market were concentrated for properties in the budget brackets of Rs 30-60 lakh and Rs 60-100 lakh. Smaller configurations remained popular throughout 2021.

In the Mumbai Metropolitan Region (MMR), Thane and Mumbai Western Suburbs housed a significant portion of the new project launches. The zones collectively contributed about 45 per cent of the total new residential units launched in 2021. However, the last quarter of the year had a different story to tell.

Though MMR continued to hold its dominant position as a city, contributing about 26 per cent to the total new launches across the top six cities, the zone-wise split in Q4, 2021 differed visibly, according to Square Yards data. Unlike the third quarter of 2021, Navi Mumbai and the Central Suburbs together accounted for about half of the total share of the new launches in Q4, 2021. The October-December 2021 quarter also saw project launches in South Mumbai. The zone attracted about 16 per cent of the total new launches in the quarter, indicating a revival of the luxury real estate segment.

MMR’s supply and demand dynamics were not aligned, as the increased demand for big homes became very obvious in search trends. In contrast to previous quarters, a significant 63 per cent of searches were for two- and three-bedroom homes, while the market’s availability remained skewed toward one-bedroom units. As a result, the developers’ inventory was still being offloaded, and their offerings did not reflect changing consumer preferences. Apartments were, without a question, the most popular property type among both suppliers and house buyers. Q4 2021 accounted for 90 per cent of all online queries, while 97 per cent of the overall inventory was geared toward apartment buildings.

Source: www.outlookindia.com

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These two additional railway lines have been built at an estimated cost of ₹620 crore and features a 1.4 km long rail flyover, three major bridges and 21 minor bridges.

Prime Minister Narendra Modi will inaugurate two additional railway (fifth and sixth) lines connecting Thane and Diva on February 18 via video conferencing. He will also flag off two suburban trains of the Mumbai Suburban Railway.

Kalyan is the main junction of Central Railway. The traffic coming from the northern and southern side of the country merges at Kalyan and moves towards CSMT (Chhatrapati Shivaji Maharaj Terminus). Out of the four tracks between Kalyan and CSTM, two tracks were used for slow local trains and two tracks for fast locals, mail express and goods trains. To segregate suburban and long-distance trains, two additional tracks were planned.

The fifth and sixth line between Thane and Diva is a part of the Mumbai Urban Transport Project (MUTP 2B) and got approval in 2008.

These two additional railway lines have been built at an estimated cost of ₹620 crore and features a 1.4 km long rail flyover, three major bridges and 21 minor bridges. “These lines will significantly remove the interference of long-distance train’s traffic with suburban train’s traffic in Mumbai. These lines will also enable the introduction of 36 new suburban trains in the city,” the Railways said in a statement.

This new railway line will facilitate the Railways to launch 80 to 100 more local train services by the year end, enabling a reduction in the crowds between Chhatrapati Shivaji Maharaj Terminus (CSMT)-Kalyan/Karjat and Kasara.

The new line will also help the Railways to operate both suburban local and outstation trains on separate tracks between Thane and Diva enabling improvement in the punctuality of trains.

February 17, 2022

Source: www.hindustantimes.com

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