Dharavi's Profile in Mumbai Real Estate

Dharavi, the thriving 200-hectare of land in the heart of Mumbai, home to over a half million people, is one of Mumbai's prime properties.

With real estate values sky-high in Mumbai and a key commercial district on the cards in north of Dharavi; a multi-billion dollar redevelopment plan for this area is now up.

Booming economy

An annual business turnover of more than $650m (£350m) a year is what Dharavi's contribution to Indian economy is.

Dharavi has a hefty number of flourishing small-scale industries that manufacture embroidered garments, export quality leather goods, pottery and plastic. Most of these products are sold in domestic as well as international markets.

Apprehensive of impending redevelopment plans, residents have raised their concerns fearing uncertainty over the relocation of their small businesses in the informal sector.

The existing residents are believed to be shifted to apartment units. Mumbai is offering them an area of 225 sq.ft each in apartment blocks but there is no space allocated for their prolific enterprises, say media reports.

An 'affordable' alternative

Moreover in a city where house rents are among the highest in the world, Dharavi provides an economical and affordable option. As Dharavi is situated between Mumbai's two main suburban rail lines, majority of people find it convenient for work.

According to industry sources, rents here can be as low as 185 rupees ($4/£2.20) per month.

Future Outlook

Dharavi's location has made it a hot property in Mumbai Real Estate. The redevelopment project is estimated to cost $2.1bn (£1.1bn) but intended for a city that personifies India's hopes of becoming an economic competitor to China this costs zilch.

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Mumbai - One City, Two Worlds

The nation's financial capital Mumbai has so far been witnessing skyrocketing real estate prices. But as population is escalating at the same pace and people are pouring from all over, the city is struggling to fit them all.

As Mumbai's profile attributes, it houses number of glitzy apartments and also many middle-of-the-road apartment buildings. But don't go by this façade, to buy an apartment in Mumbai one has to have a hefty bank balance to count on. All this has contributed to Mumbai real estate being the most expensive of all in the country.

On one hand this city is home to the Indian film industry, and other big shots of politics and business world but on the other side half of the city's population still lives in slums, without proper access to water, health care or sanitation.

Despite this widespread poverty, huge property deals continue to make headlines in Mumbai real estate industry. Case in point, only last month a film star set a national record by purchasing a three-bedroom apartment in south Mumbai for a whopping Rs 1.2 lakh per sq ft.

Considering this wide gap in the living conditions of its population and recognizing the housing shortfall the government is coming up with redevelopment plans and mass housing schemes for the people. Though many Mumbai real estate developers have pitched in for various projects in both spheres, the progress has been slow. Besides, recently the land allotted for affordable housing scheme has been encroached.

Moreover, the problem of growing urban population is the one that needs to be tackled first hand. Also, the people needs to be provided with basic facilities of water, food, electricity, security and other services such as transportation and education to ensure sustainable living. For this, the government as well as Mumbai Real Estate Builders surely need to be on their toes for making Mumbai real estate a global property market.

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Mumbai Real Estate Developers Struggle to Survive

Mumbai property price are seeing a price correction in the recent months. Both, the residential rental and capital market in Mumbai have witnessed a price amendment. There has been a 70 per cent dip in Greater Mumbai, whereas South Mumbai and suburbs are reported to have seen a 10-15 per cent correction.

The main reason cited by the industry experts for the slowdown in Mumbai property market is that, a number of local factors and main features are common in the city's distant suburbs.

According to Mumbai real estate agents, developers are wary of being lost in the muddle of look-alike offerings in the real-estate market, so they are coming up with innovative ideas to sustain.

With a view to combat the above situation a section of leading Mumbai real estate developers is trying to carve out a niche by personally attending to the needs and requirements of each and every customer.

Also, miffed by the fall in bookings and stumpy transactions, Mumbai Real Estate Builders have now come up with a range of freebies. To attract buyers the developers are willingly bearing the stamp duty and registration charges them self.

Although there are customers looking to buy an apartment in Mumbai the prices are way too high. Despite the fact that property shows in the city are attracting large number of visitors, the bookings are not as inspiring. All across Mumbai, developers have reported a slump in bookings, research reports. Indeed, faced with crash crunch, very recently real estate major Unitech Ltd has sold 50 per cent stake in its Santa Cruz project in Mumbai to Lehman Brothers real estate partners for $175 million, media sources.

However, on the commercial front the demand for office space in the Mumbai is still enormous. The well-developed buildings still command high prices. Moreover, the state has granted additional floor space index (FSI), in the suburbs. This is expected to improve on the status of the old housing societies for redevelopment.

The Ups and Downs of Mumbai Properties

While rest of the country is up for a 20-25 per cent price fall, Mumbai will witness the fall in the range of 10-15 per cent, source Housing Development Infrastructure (HDIL). The property boom continuing for the past four years has lead to as much as 300 per cent appreciation in the Mumbai property prices, including the suburban areas of the city as well. But the current market correction is expected to result in prices falling to almost 25 per cent in some areas of Mumbai.

Mumbai Real Estate Developers were holding on to properties for long but now they are releasing them as the market is no longer buoyant. Mumbai has recently been announced as Asia's third and the world's sixth most expensive location to rent a three-bedroom apartment, media reports. Amid that, the news of price correction has bought a much needed relief for the buyers who are waiting for long to buy a house in the city anticipating the fall in Mumbai property rates.

However, Mumbai real estate builders are optimistic as ever. Owing to the fact that people are vying to buy an apartment Mumbai and the demand is robust but supply is limited, the developers feel that there can never really be a crash in the residential property market of Mumbai.

Although the real estate agents and builders accept that there is a fall in the market but they affirms that rental market is still growing strong. The demand for all property types (be it residential or commercial) in Mumbai outstrips the supply, anytime. Due to this demand-supply mismatch, although there would be a market correction in the residential sector of Mumbai, still it is going to be a task for a common man to get a home in Mumbai. Moreover, the realty slump world over is leading to Mumbai properties being flocked by the foreign investors because of its strategic location.

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Mumbai’s Residential Segment - Forever Active

Mumbai’s residential market has been active over the past two years. Most of the real estate activity in Mumbai has been in the middle to upper middle class segments, though the premium segment which has limited supply continues to attract buyers. There has been some appreciation in the values of prime properties in South Mumbai, Worli and Bandra areas.

Residential values are on the rise in the premium South Mumbai Properties. Demand continues and there are some new projects coming up in South Mumbai. This includes two towers of 60 stories each known as “S D Towers”.

The North Western and Eastern suburbs continue to be the preferred corporate locations in Mumbai. As a result, the suburban move by corporates has given a boost to residential developments. Mindspace and Hiranandani, on a regular basis, keep coming up with new developments. Relocation of the American School to suburbs has led to many expatriate officials also relocating their residences to the suburbs.

Residential categories all across the city are active. The residential market will see continued activity in the middle-class segment in Rs1-2.5 million (US$ 20,400-51,000) categories. All areas are seeing a rise in values. With office and residential projects going in tandem, real estate developers are now going in for integrated developments. Most large projects have school, college, hospitals etc incorporated as an integral part of the project.

K Raheja Corp, K. Raheja Constructions, Samir Bhojwani, K Raheja Developers, Tata Housing, GESCO, Mahindra & Mahindra, Kalpataru and Godrej Housing are the leading developers active in residential market. Central Mumbai areas such as Wadala (what were they earlier) Sion etc are coming up as preferred residential areas. Navi Mumbai market is witnessing a marginal increase in residential segment due to large off take of residential apartments by Reliance Industries.

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Mumbai Real Estate | Real Estate in Mumbai | Mumbai Properties | Property in Mumbai

Green Canopy Enticing Buyers in Mumbai

Weakening property demands have resulted in Mumbai Real Estate Builders being weighed down with large stocks. But the developers are using their creative skills to sustain themselves in the business. They are coming up with innovative ideas to not let the Mumbai Property market scrub down.

While green buildings have already marked their entry in the Mumbai Real Estate market, the concept of green cover is burgeoning as well. A cover of flora is provided to the client on long terraces and podiums. Depending on the project size the cover spans up to 2.5 acres, research reports. It is provided on terraces, over huge multi-level car parks and ‘relief’ on the middle floors of high-rise complexes.

Talking about the advantages, for the buyer, who is getting more environment conscious day-by-day the benefits are apparent. Besides being healthy the green canopy is also a way to reminiscence the good old way of living in the nature’s lap, feels Mr S Kapoor, Mumbai real estate agent. For the builders, the value the green canvas provides is enormous.

One of the largest such elevated gardens is being developed by Marathon Group. It is a mixed use residential-cum-commercial complex having a built-up area of about 7 lakh sq ft. The elevated garden project is 1.20 lakh sq ft in area. Also, Orbit Corporation has designed a garden and club house on the eighth floor of one of its projects, in addition to roof parks on every fifth floor of another.

According to Mumbai real estate builders, generally, the additional cost of Rs 250 to Rs 300 a sq ft for setting up the green cover has no influence on Mumbai property prices per se, that are in any case ascending Rs 10,000 per sq ft.

Moreover, on the back of lackluster sales Mumbai property rates are witnessing a dip, so to retain the interest of the buyers green canopy has now become a trend among the Mumbai Real Estate Developers.

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