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<ul><li>There is no one fixed definition of <keyword id="457183" type="General" weightage="20" keywordseo="luxury-housing" source="Orion">luxury housing</keyword> and it differs from city to city. </li><li>In terms of share in sales of luxury housing, MMR and NCR top the list with more than 50% in all, followed by Bangalore and Pune at 20% and 15% share. </li><li>Overall, the demand for luxury housing in India is likely to continue growing in the coming years. </li></ul>In February, there was an image which went viral that showed a large crowd gathered at the office of realty developer DLF following the launch of a new project. The rush was about buying an apartment in that project that was priced at ₹7 crore. Last week, DLF confirmed that it has sold 1,137 such projects in its Gurgaon unit. This is not a one off incident. According to data by Knight Frank, a property consultant, in February 2023, the average value of properties registered in Mumbai was recorded at ₹1.9 crore which is 65% more than the average value of properties registered in February 2022 at ₹1.18 crore. Recently, the demand for luxury housing in India has been huge. When you think of luxury housing, think heated pools and spas, community gardens where you can grow your own herbs and veggies, a 24x7 clubhouse with pool tables, games, a business center and a coffee bar, a fitness center with high end cardio and strength training equipment, there is nothing money cannot buy. A mad rush: “If we define ₹2 crore and above as a general reference point for luxury housing, there has been an offtake of nearly 6,000 units in the top seven cities in last quarter with gross sales value of nearly ₹22,000 crore. During this period there has been a new supply of about 12,800 units in the top seven cities in the luxury bracket, which is highest in many preceding years,” says Subhankar Mitra, managing director - advisory services, Colliers India, a professional services and investment management company. In terms of share in sales, Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) top the list with more than 50% in all. This is followed by Bangalore and Pune at 20% and 15% share. Hyderabad and Ahmedabad had less than 10% share in the luxury segment. “The demand for luxury housing in India has picked up in recent times. One of the primary reasons for this is the growth of the Indian economy, which has created a new class of wealthy individuals with a high purchasing power. They are willing to invest in premium living spaces that offer exclusive amenities, top-notch services, and state-of-the-art facilities,” says Anuj Puri, chairman, Anarock Group, a real estate services company. Another reason for the increased demand for luxury housing in India is the changing lifestyles and aspirations of the urban population. “Many individuals now seek a luxurious and comfortable living experience, which has led to a rise in demand for high-end residential properties that offer a host of amenities, such as swimming pools, fitness centers, and landscaped gardens,” adds Puri. The Covid-19 pandemic has also contributed to the increased demand for luxury housing in India. The pandemic has led to a shift in the way people live and work, with many individuals now looking for larger homes with more space to accommodate work-from-home arrangements and other lifestyle changes. One major factor for high sales of big-ticket price homes in Mumbai and other top cities could be the government’s recent move in the Union Budget 2023-24 which will come into effect from April 2023. Under this new move, if one sells a house/other assets including equities and his/her gains are more than ₹10 crore, then maximum benefit that he/she can avail is only up to ₹10 crore when invested into another property. Capital gains of over ₹10 crore will henceforth be taxed from April 2023. “Thus, to save tax on capital gains, the high networth individuals (HNIs) across top cities including Mumbai are rushing in close luxury housing deals before the financial year ends in March,” says Puri. Definition of luxury housing: “In the context of India, luxury properties typically refer to high-end residential properties that offer several amenities and features. These properties are in prime locations, upscale neighborhoods, or central business districts, and are designed with a focus on providing a luxurious and comfortable living experience to their residents,” says Amit Goyal, CEO, India, Sotheby’s International Realty, a luxury real estate brand. There is no one fixed definition of luxury housing and it differs from city to city, depending on the local real estate market, demographics, and lifestyle preferences. “For example, in Mumbai, luxury housing may refer to high-rise apartments with ocean views, while in Delhi, it may refer to large villas with private gardens and swimming pools. Similarly, in Bangalore, luxury housing may include gated communities with world-class sports facilities and spas,” says Puri. For Sotheby's International Realty, luxury property transactions typically exceed ₹15 crore. “However, considering the purchasing power parity in India, we can consider real estate priced at half a million dollars or around ₹4 crore as luxury and above ₹10 crore and uber luxury in the top 7 cities of the country,” says Goyal. According to the recent Luxury Outlook Survey 2023 conducted by India Sotheby's International Realty (ISIR), properties in the price range of ₹4-10 crore are most preferred by HNIs with almost 65% looking for investment in that range, while 33% of HNIs and UHNIs are willing to spend upwards of ₹10 crore to acquire the right high-end luxury property. In the new normal, modern-day luxury living is driven by various factors of lifestyle and infrastructural amenities. “Homes closer to key business hubs have increased the availability of luxury residences from a few restricted pin codes, allowing them to be location-independent,” says Dhaval Ajmera, director, Ajmera Realty and Infra India, a developer known for its mid-luxury to luxury housing projects across Mumbai, Pune and Bengaluru. In Mumbai, Wadala has emerged as one of the most promising home-buying locations with seamless connectivity to the business hotspots of Bandra Kurla Complex, Lower Parel and other prominent parts of the city. “The overall concept of luxury living is no longer solely connected to the posh localities and has undergone a major transformation. For example, modern-day luxury living is defined as residential properties that provide last-mile comfort and safety along with a plethora of modern experiential amenities that strikes a fine balance between lavishness and ease that overall accentuates the lifestyle of the residents,” says Cyrus Mody, founder &amp; managing partner, Viceroy Properties, a premium real estate developer. In the lap of luxury: Customers today demand extraordinary experiences. They desire a grand lifestyle and the very idea of luxury has evolved. “Customers are expecting larger spaces and well-defined homes with over 11 feet floor to ceiling height. There is a rise in buyers of properties as large or larger than 5,000 square feet. The demand is being driven by a clear shift in the thought process of home buyers who desire to go from independent residences to high end luxury apartments,” says Ram Raheja, managing director, S Raheja Realty. Modern luxury homes have home automation technology that provide the owners total control over maintaining a sustainable work-life balance. “Also in-built spaces like vestibules, expansive decks, and project amenities like heated infinity swimming pools, podium parkings and terrace gardens, are being offered by premium developers,” Raheja adds. Overall, the demand for luxury housing in India is likely to continue growing in the coming years, driven by factors such as rising affluence, changing lifestyles, and evolving work arrangements.

Posh neighborhoods, fabulous views, and heated infinity swimming pools: luxury real estate in India is booming

Mumbai, Buoyed by the encouraging results of the first Serological Surveillance for SARS-CoV2 Infection, the BrihanMumbai Municipal Corporation (BMC) will conduct another similar survey from August 10, a top official said here on Thursday. BMC Additional Municipal Commissioner Suresh Kakani said that after the results of the first survey in early-July, which tentatively pointed to '<keyword id="2147226" type="PERSON" weightage="20" keywordseo="herd-immunity">herd immunity</keyword>', another survey will be carried out in the same BMC wards to further confirm this outcome. "It will be conducted in the regions of Matunga, Sion, <keyword id="157686" type="LOCATION" weightage="20" keywordseo="Wadala">Wadala</keyword> (F/North), Chembur, Tilak Nagar (M/West) and Dahisar, Mandapeshwar (R/North), with a similar sample size but with different people from slums and housing complexes," Kakani told IANS. The outcome of the second survey -- likely to be available by early-September -- would enable the health authorities to state with confidence the developing or prevalence of 'herd immunity' in those regions, and chart out a Covid-19 combat strategy for other parts of Mumbai, he added. The country's biggest cross-sectional antibodies survey, it was conducted by the BMC along with NITI Aayog and TISS for 12-14 days in the first half of July, covering 6,936 people which threw up unanticipated results. Among other things, it pointed at women and slumdwellers leading the march towards a 'herd immunity' against Covid-19 in Mumbai - the country's worst-hit city. The survey showed that 57 per cent of those tested in the slums were exposed to and developed antibodies against the SARS-CoV-2 Virus, compared to merely 16 per cent in housing complexes. For the slums, the figures thrown up were 59.30 per cent women (out of 2,297 tested) and 53.20 per cent men (out of 1,937 tested), who had developed antibodies against Covid. In the housing complexes, 16.80 per cent of the women tested and 14.90 per cent of the men tested had developed the antibodies. The BMC interprets this high exposure in slums to shared common facilities like toilets, water-taps, high population density and lack of physical distancing compared to the residents in housing complexes. With the results suggesting more asymptomatic infections, this higher exposure in slums points to an extremely low death-rate in Mumbai - "as low as 0.05 to 0.10 per cent" - instead of the existing 5.5 per cent. The official explained that the presence of antibodies indicated that the person had been infected, battled it away and in the process developed a certain level of resistance to the virus. Accordingly, more people with antibodies in a community is considered a positive sign as the virus had limited scope to spread, implying success of measures like wearing masks, physical distancing, etc, in these areas. Simultaneously, even the presence of antibodies among fewer persons in the housing complexes is considered encouraging as it indicates lesser number of infectees, due to better hygiene, more physical distancing and other interventions by the BMC, the official added. "These results will be valuable to learn more about 'herd immunity'. Although it is still unclear at what level of prevalence does herd immunity kicks in, findings indicate that, at least in slums, this could be attained sooner than later, if the immunity exists and persists in a significant proportion of the population," the BMC informed. The Anti-SARS-CoV2-IgG antibodies were detected using Chemiluminescence assay (CLIA) by Abbott group, in what is billed as the largest such cross-sectional survey in India. It was carried out in collaboration with Kasturba Molecular Diagnostic Laboratory, Translational Health Science and Technology Institute, ATE Chandra Foundation and IDFC Institute. The development comes a fortnight after <keyword id="2555741" type="COMPANY" weightage="20" keywordseo="The-World-Health-Organisation">the World Health Organisation</keyword> (WHO) on July 11 acknowledged the success of Maharashtra government in combating the Covid-19 outbreak in Dharavi, the largest slum in Asia. (Quaid Najmi can be contacted at: q.najmi@ians.in) --IANS qn/in

Mumbai sero surveillance round 2 to begin from August 10

A structure taller than <keyword id="6354539" type="COMPANY" weightage="20" keywordseo="Dubai">Dubai</keyword>'s iconic 163-floor <keyword id="92239" type="ORGANIZATION" weightage="100" keywordseo="Burj-Khalifa">Burj Khalifa</keyword> with a green boulevard bigger than Mumbai's Marine Drive will form part of a new eastern waterfront to be developed on a wasteland in the country's financial capital, to news agency PTI. These grand plans are part of a dream project of Nitin <keyword id="6361025" type="PERSON" weightage="20" keywordseo="Gadkari">Gadkari</keyword>, the union minister for Shipping, Road Transport and Highways, who sees the <keyword id="386705" type="UNKNOWN" weightage="20" keywordseo="MUmbai-port">Mumbai Port</keyword> Trust as the "richest landlord" of the city and wants to give a makeover to its huge swathes of industrial wasteland. "In Mumbai, we are the number one landlord. The iconic Taj Hotel, the Ballard Estate, the Reliance building, we (MbPT) are the owners. There are beautiful plans to develop the huge land with the port," Gadkari told PTI. The plans are ready and we are awaiting Centre's nod, the Minister said. "We are not giving our land to the builders and investors. We have plans to develop the area...We are making a green, smart road, three times bigger than the Marine Drive. We plan historic landmark bigger than Burj Khalifa. The plan is ready, we are waiting for the approval from the Cabinet," Gadkari said. MbPT, which was earlier called the Bombay Port Trust, is one of the largest public land holders in Mumbai city and has been operating the port since 1873. It is one of the top 12 major ports in the country. "About 500 hectares is proposed to be developed with a mix of port operations, business, office, commercial, retail, entertainment, community projects and convention centres, etc," a top official said. A key feature of the plan is a 7-km long marine drive between Mazagaon Docks and <keyword id="157686" type="CITY" weightage="20" keywordseo="Wadala">Wadala</keyword>, much bigger than the existing Marine Drive. The proposed projects also include creation of spaces for community recreation and engagement, maritime museum, marinas etc. Mumbai Port has already invited global tender from consulting firms for master plan and infrastructure design of the port. The Centre had earlier sup a committee under the chairmanship of R Jadhav for preparing a roadmap for development of Port's waterfront and land, which has already been submitted to the Ministry of Shipping. Gadkari said the <keyword id="6390662" type="ORGANIZATION" weightage="20" keywordseo="shipping-ministry">Shipping Ministry</keyword> has plans to develop other ports too. "We are planning development of <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword> Port. We are also making smart city at <keyword id="209584" type="COMPANY" weightage="20" keywordseo="Kandla-Port">Kandla Port</keyword>," he said. The Minister said there was no paucity of resources nor land as there is "one lakh hectares of land" among ports and the government has already come up with ambitious Rs 14 lakh crore Sagarmala project for port-led development of the country. Major ports in India have between them 2.64 lakh acres of land. A blueprint for utilisation of land available with 12 major ports was underway while consultants are also in the process of submitting a report on how to utilise 1.98 lakh acres of submerged land with ports, according to news agency PTI. India's 12 major ports handle approximately 61 per cent of the country's total cargo traffic. The roadmap for port land assumes significance, given a CAG report which observed that major ports had failed to utilise close to half of the total land under their possession. "Land measuring 22,949.82 acres was identified for future activities by ports while 13,045.56 acres were yet to be earmarked for any future activity," the Comptroller and Auditor General of India (CAG) had said in a report. According to the audit report on 'Land Management in Major Ports', out of the total land holding of 77,191.14 acres, title deeds were not available for 34,943.41 acres representing 45.27 per cent of the total land portfolio. The 12 major ports are Kandla, Mumbai, JNPT, Marmugao, New Mangalore, Cochin, Chennai, Ennore, VO Chidambarnar, Visakhapatnam, Paradip and Kolkata (including <keyword id="54017" type="COMPANY" weightage="20" keywordseo="haldia">Haldia</keyword>). The cabinet last year had approved a policy for award of waterfront and associated land to port dependent industries in major ports.

Now an Indian Burj Khalifa coming up in Mumbai Seafront

<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>' former CFO, T V <keyword id="6491998" type="PERSON" weightage="100" keywordseo="Mohandas-Pai">Mohandas Pai</keyword> today exhorted institutional investors to raise questions about the huge cash pile on the company's books and governance issues, as investors have an obligation to protect their investment. 
 "Capital allocation is very important. Institutional investors should raise those questions. They have a duty...institutional investors should raise questions on governance because it concerns the company's reputation," <keyword id="249145" type="PERSON" weightage="20" keywordseo="Pai">Pai</keyword> told <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword> in an interview. <a href="http://www.businessinsider.in/infosys-employees-in-stresspromotions-and-increments-may-take-a-hit/articleshow/57095393.cms">ALSO READ: ​ Infosys employees in stress: Promotions and Increments may take a hit</a> 
 
Infosys had liquid assets, including cash and cash equivalents and investments worth Rs 35,697 crore (about $5.25 billion) on its books at the end of <a href="http://www.businessinsider.in/infosys-employees-in-stresspromotions-and-increments-may-take-a-hit/articleshow/57095393.cms">December 2016</a>. 
 
He asserted that founders, who hold 13% stake in the Bengaluru-based company, had raised these questions like any other investor would. 
 "The founders are investors like anybody else. They hold 13 per cent stake. They have every right to question the <keyword id="6364382" type="ORGANIZATION" weightage="20" keywordseo="Board">Board</keyword>... Since the largest shareholder has sought clarification, they must also seek detailed clarification," he said. 
 
Pai, along with former colleague <a href="http://www.businessinsider.in/infosys-employees-in-stresspromotions-and-increments-may-take-a-hit/articleshow/57095393.cms">V Balakrishnan</a>, had sought a USD 1.8 billion buyback in 2014 just as CEO <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> was taking over. 
 
"We had raised the issue. We hope that other institutional investors will also raise their voice because the institutional investors have an obligation to protect their investment," he said. 
 
Pai explained that shareholders all over the world ask questions about capital allocation when growth slows down for listed companies, that have too much cash on books. 
 
"All over the world, for listed companies when growth slows down and there is too much cash, shareholders will ask what are they doing with the cash...about capital allocations. Most Boards around the world will respond with a buyback to show confidence in the company and stabilise the stock price," he said. 
 
Pai expressed hope that institutional investors who have a "fiduciary responsibility" to their unit holders, will also ask the same questions, as has been in the case of <a href="http://www.businessinsider.in/infosys-employees-in-stresspromotions-and-increments-may-take-a-hit/articleshow/57095393.cms">Cognizant</a>. 
 Last week, <keyword id="28721" type="CITY" weightage="20" keywordseo="Cognizant">Cognizant</keyword>'s Board approved a plan to return USD 3.4 billion to shareholders over the next two years through share buybacks and dividend, following investor activism. 
 
"Why can't Infosys do something like Cognizant has done. That is very important for shareholders. I hope they ask him that at a time when growth is slowing down," he said. 
 
He said that while reports of the rift would not impact the company's performance but there is "some reputational damage because of this" and pointed out that the board "has to remedy this situation". 
 Over the last few days, Infosys has come under fire from founders like N R <keyword id="6355623" type="PERSON" weightage="20" keywordseo="Narayana-Murthy">Narayana Murthy</keyword> who have publicly raised concerns on alleged corporate governance lapses at <a href="http://www.businessinsider.in/infosys-employees-in-stresspromotions-and-increments-may-take-a-hit/articleshow/57095393.cms">Infosys.</a> 
 
Infosys, however, has denied the allegations and said that its board is fully aligned with the strategic <a href="http://www.businessinsider.in/infosys-employees-in-stresspromotions-and-increments-may-take-a-hit/articleshow/57095393.cms">direction of Sikka </a>and is very "appreciative of the initiatives taken by him in pursuance of this transformation".

Infosys should clarify capital allocation policy: Mohandas Pai tells investors

Forget the metro or the latest speed giants roaring across Indian roads. Come Saturday (February 1) and India’s financial capital will be rolling out the country’s first-ever <keyword id="64918" type="UNKNOWN" weightage="100" keywordseo="Monorail">monorail</keyword>, connecting the central suburb of <keyword id="157686" type="CITY" weightage="100" keywordseo="Wadala">Wadala</keyword> to <keyword id="6366202" type="COMPANY" weightage="100" keywordseo="Chembur">Chembur</keyword> on the eastern outskirts of Mumbai and covering a distance of 8.93 km across seven stations in about 21 minutes. Currently, it takes around 40 minutes to cover this stretch. 
 <keyword id="81878" type="UNKNOWN" weightage="100" keywordseo="Mumbai-monorail">Mumbai monorail</keyword> will be formally inaugurated by <keyword id="26806" type="POSITION" weightage="80" keywordseo="Maharashtra-Chief-Minister">Maharashtra Chief Minister</keyword> <keyword id="6356262" type="PERSON" weightage="80" keywordseo="Prithviraj-Chavan">Prithviraj Chavan</keyword> on Saturday afternoon and the commute will be open for the masses from Sunday onwards. The two-phase project costs around Rs 3,000 crore and the second phase linking Wadala to <keyword id="2039948" type="UNKNOWN" weightage="100" keywordseo="Sant-Gadge-Maharaj-Chowk">Sant Gadge Maharaj Chowk</keyword> (popularly known as <keyword id="2039952" type="UNKNOWN" weightage="100" keywordseo="Saath-Rasta">Saath Rasta</keyword> and originally called <keyword id="2039957" type="UNKNOWN" weightage="100" keywordseo="Jacobs-Circle">Jacob’s Circle</keyword>) in south Mumbai will be operational within a year. 
 As of now, tickets are priced between Rs 5 and Rs 11 and a <keyword id="359126" type="TECHNOLOGY" weightage="100" keywordseo="smart-card-system">smart card system</keyword> is already in place, but there will be no <keyword id="2039963" type="UNKNOWN" weightage="100" keywordseo="Season-pass">season pass</keyword>. The seven stations on the Phase-I route include Chembur, <keyword id="2039964" type="UNKNOWN" weightage="100" keywordseo="VN-Purav/RC-Marg-Junction">VN Purav/RC Marg Junction</keyword>, <keyword id="2039965" type="CITY" weightage="100" keywordseo="Fertilizer-Township">Fertilizer Township</keyword>, <keyword id="75662" type="CITY" weightage="100" keywordseo="Bharat-Petroleum">Bharat Petroleum</keyword>, <keyword id="1351055" type="UNKNOWN" weightage="100" keywordseo="Mysore-Colony">Mysore Colony</keyword>, <keyword id="683956" type="UNKNOWN" weightage="100" keywordseo="Bhakti-Park">Bhakti Park</keyword> and <keyword id="6537145" type="ORGANIZATION" weightage="100" keywordseo="Wadala-Depot">Wadala Depot</keyword>. When the entire corridor starts working, tickets will cost Rs 5-19, across a total of 19 stations. 
 The monorail project has been executed by engineering major <keyword id="45475" type="CITY" weightage="100" keywordseo="Larsen-Toubro">Larsen &amp; Toubro</keyword> and Malaysian firm <keyword id="1563400" type="ORGANIZATION" weightage="80" keywordseo="Scomi-Engineering">Scomi Engineering</keyword>. It is owned and operated by <keyword id="64095" type="ORGANIZATION" weightage="100" keywordseo="Mumbai-Metropolitan-Region-Development-Authority">Mumbai Metropolitan Region Development Authority</keyword> (<keyword id="48470" type="ORGANIZATION" weightage="100" keywordseo="MMRDA">MMRDA</keyword>), which has already spent Rs 1,900 crore on both the phases. The civil work on the second phase has been completed as well. 
 Construction for the Chembur-Wadala-Jacob Circle (Sant Gadge Maharaj Chowk) route – a total distance of 19.17 km – started back in 2009 and was scheduled to be completed in April 2011. But the project got delayed for more than 2.5 years and only the <keyword id="2039976" type="UNKNOWN" weightage="100" keywordseo="Wadala-Chembur">Wadala-Chembur</keyword> section could be completed in the first phase. With the entire stretch becoming operational, it will be the <keyword id="2039979" type="UNKNOWN" weightage="100" keywordseo="Worlds-second-longest-monorail">world’s second longest monorail</keyword> corridor, after <keyword id="6355311" type="COUNTRY" weightage="100" keywordseo="Japan">Japan</keyword>’s Osaka Monorail (23.8 km). Apart from Japan, other countries running monorails include <keyword id="1334" type="COUNTRY" weightage="100" keywordseo="China">China</keyword>, <keyword id="8695" type="COUNTRY" weightage="100" keywordseo="Malaysia">Malaysia</keyword>, the <keyword id="6354458" type="COUNTRY" weightage="100" keywordseo="US">US</keyword>, <keyword id="87" type="COUNTRY" weightage="100" keywordseo="Germany">Germany</keyword> and <keyword id="6355478" type="COUNTRY" weightage="100" keywordseo="Australia">Australia</keyword>. 
 
Mumbai monorail is going to be a colourful affair, flaunting green, pink and blue. It will be able to peak to 80 km/hour while the average speed has been set at 65 km/hour. Initially, six trains will run from 7 in the morning till 3 in the afternoon. But from March onwards, it will function 19 hours a day and the train frequency will improve as well – from 15 minutes to nine and finally to three-four minutes. As of now, each train has 4 air-conditioned coaches and can carry as many as 560 passengers. After the second phase is commissioned, there will be 10 more trains with six coaches each and a total of 19 stations. 
 But will the monorail be an essential part of our daily commute once the novelty wears off? It is bound to bring some much-needed relief to Mumbaikars, struggling to cope with traffic snarls on a daily basis. But to make the good work really effective, the second phase should be completed at the earliest. One also wonders if the authorities will consider starting a <keyword id="2039974" type="UNKNOWN" weightage="100" keywordseo="Second-monorail-project">second monorail project</keyword> in and around Mumbai as was originally planned. Experts feel that the need for an expanded monorail corridor may arise after all the proposed metro rail routes are commissioned and there is further requirement for a seamless <keyword id="457467" type="UNKNOWN" weightage="100" keywordseo="feeder-service">feeder service</keyword>. And when that happens, the people of Mumbai are bound to have a completely hassle-free commute.

Mumbai Monorail Is
Now On Track; To Run From Feb 1

<ul><li>Mumbai’s <keyword id="13353446" type="General" weightage="20" keywordseo="home-registrations" source="Orion">home registrations</keyword> topped 10,000 for the third consecutive month in August.</li><li>New <keyword id="826584" type="General" weightage="20" keywordseo="metro-lines" source="Orion">metro lines</keyword> have become operational driving demand in new micro markets.</li><li>Western suburbs are seeing a lot of new launches, while Kanjurmarg, Dombivli and Navi Mumbai are seeing traction too. </li></ul>India’s most valuable real estate market has been on an upswing — for the third consecutive month in August, its monthly housing units registered were over 10,000. The number of home registrations in August were up 27% when compared to the same period a year before, while their overall value was up 26% — indicating that the market is growing in both value and volume. “The Mumbai market has been stable despite interest rate hikes and the levy of metro cess. Increase in wages and employment opportunities and return-to-work scenario are expected to keep home buying activity healthy,” said a report by Nuvama which believes that the sales would improve going ahead and large developers will benefit most from the trend. Metro lines &amp; new markets Real estate experts say that many trends are driving this change, including stabilisation in interest rates, the post pandemic-era need for large living spaces and the entry of young home buyers into the market. Within Mumbai, however, accelerated new launches as well as improvement in infrastructure — is propelling growth across micro markets. “The upward trajectory is also fueled by the government's progressive policies and infrastructure investments across MMR. With new Metro lines, flyovers and roads, the connectivity factor has played a major role in offering options at newer locations, which often come at more efficient prices,” said Lucy Roychoudhury, head of sales and marketing at Runwal Group. Homebuyers are also now confident of real estate as an asset class, comments Dhaval Ajmera, director, Ajmera Realty &amp; Infra adding that the growth in sales is due to the-dual effect of the need to upgrade to a bigger and better living spaces and focused impetus on infrastructural developments across the city. Rise in re-development projects, rising rentals are also driving people towards home buying. Pockets of growth Apart from the existing Versova to Ghatkopar metro line, the Dahisar to DN Nagar line has become operational along with Dahisar to Andheri. Moreso, seven more lines cutting across Mira Road, Vikhroli, Wadala and more are under construction along with Navi Mumbai lines cutting Kharghar, Belapur and more. “The operationalisation of the second phase of two metro lines seems to have benefited the real estate activity in this region,” said Anuj Puri, chairman of Anarock Group. The highest number of new launches in April to June 2023 shows that the highest number was recorded in the Western suburbs at 55%, says data by Anarock. “Housing demand in relatively newer micro-markets like Kandivali, Ghatkopar, and Kharghar has seen a sharp rise,” says Arun Sharma, AVP of sales &amp; marketing at Viceroy Properties. Locations such as Kanjurmarg, Vikhroli, Dombivli and a few others in Navi Mumbai, have emerged as new points of interest in MMR, says Roychoudhury. Even as patterns are changing, the love for ‘large homes’ are intact as properties priced above ₹2.5 crore accounted for a fifth of the launches — and the market is still skewed towards high-end and ultra-luxury segments. The ultra-luxury segment includes HNIs and UHNIs looking to close favourable deals by utilising the gains made through other investment avenues, primarily the booming stock markets,” says Puri.

Mumbai’s rising metro connectivity fuels home sales in new micro markets

<ul><li><keyword id="6367512" type="General" weightage="20" keywordseo="amenities" source="Orion">Amenities</keyword> like fitness facilities, clubhouses, swimming pools and tennis courts have become an important factor for people looking to buy properties. </li><li><keyword id="15641598" type="General" weightage="20" keywordseo="demand-for-housing-properties" source="Orion">Demand for housing properties</keyword> has been increasing post pandemic, with real estate becoming an important investment for people, says <keyword id="486785" type="General" weightage="50" keywordseo="dhaval-ajmera" source="Orion">Dhaval Ajmera</keyword>, director of <keyword id="341487" type="General" weightage="100" keywordseo="ajmera" source="Orion">Ajmera</keyword> Realty and Infra India. </li><li>According to Edelweiss, the realty developer is planning to reduce gross debt by ₹350-400 crore by FY24. </li></ul>The Covid-19 pandemic has made people more conscious about their health. And, that’s reflecting in their housing choices. Health and wellness amenities like gyms, Yoga rooms, workout centres, spas and the like – become a top priority for homebuyers, says Dhaval Ajmera, director of Ajmera Realty and Infra India. Amenities and community living are what people are most concerned about while choosing a home and are ready to pay a premium for these, said Ajmera. Ajmera Realty is known for its mid-luxury to luxury housing projects across Mumbai, Pune and <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>. “Even if it is a single building or even a complex, people would really want to live in projects that have got plenty of amenities where they or their families can enjoy. And, these amenities come at a 15-20% premium,” Ajmera told Business Insider India in an interview. The love for facilities, clubhouses, swimming pools and tennis courts within a housing complex have become all the more important after the pandemic, when people were stuck in their homes. Demand to keep growing In general, the demand for <keyword id="4436446" type="General" weightage="20" keywordseo="housing-properties" source="Orion">housing properties</keyword> has been increasing post pandemic, with real estate becoming an important investment for people, beating even gold and stocks. Ajmera expects this trend to continue. “Post pandemic, we are seeing demand for homes and that is where we have seen good numbers clocked in by many listed and unlisted developers,” Ajmera added. Within his group, luxury and mid-luxury properties sales were good. Affordable property – defined as properties worth ₹1 crore in Mumbai – also clocked good sales this year, Ajmera added. The realty developer recorded an 82% year-on-year jump in sales at ₹166 crore for the quarter ended September this year. It sold nearly 80,000 sq ft carpet area during the period. ‘Buyers are responding to ongoing prices’ Recently, Ajmera Realty clocked its best festive season in the last two years — as it also coincided with new launches. The developer has a few new launches coming up in the next two years, primarily in Pune, Mumbai and Bangalore The company currently has over 1.3 million square feet (msf) of projects under development, including flagship projects such as Manhattan, Greenfinity and Sikova. According to an Edelweiss wealth research report, around 25% of the inventory worth ₹354 crore in the Manhattan flagship project has already been sold in less than six months of the launch. The last time the company saw sales as good as this was during the pandemic year of 2020 when it had an inventory of ready-to-move-in homes that was in deep demand in the middle of the pandemic. The demand that the sector is seeing is also expected to continue, bolstered by new launches across markets. Even rising interest rates will not play spoilsport, hopes Ajmera. “We have seen a rise in the interest rates but the demand hasn’t gone down because people realise that this is a temporary inflation. I feel that till the time it (interest rate) doesn’t cross 9%, this demand will stay,” Ajmera further explained. In spite of the demand, Ajmera doesn’t see property rates rising significantly next year. The exception however being a few micro pockets like in Wadala, where the real estate company has both land holdings as well as projects. “It is not wise for developers to increase the property rates right now because the market has been pretty decent, people are responding to the ongoing prices. However, in the ready-to-move-in segment, a little bit of surge can happen because the demand for ready houses is better than for under-construction properties,” Ajmera said. In the September quarter, the property rates saw a 6% y-o-y increase across eight cities — Delhi-NCR, MMR, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad, according to a report by CREDAI – Colliers - Liases Foras. And Delhi NCR saw the highest increase in residential prices at 14% in the period. Reduce debt in two years The realty developer has a land bank of 11.8 msf for future development and projects and 1.3 msf land which is under development. According to the Edelweiss report, the company is planning to reduce its gross debt by ₹350-400 crore by FY24 by generating high operating cash flows and monetising assets. “We are seeing good sales traction happening, which is also helping in our repayment plan. We want to gather maximum sales, which will run the project and (have) less requirement of debt compared to a project that is having no sales and more debt. Projects are also being constructed at a faster pace, which is helping us also realise money faster and pay the debt faster and hence, this will help us reduce our debt,” Ajmera told Business Insider India. However, project-related debts are still going to continue, he added. “Project requires a certain kind of working capital finance, which is related to the project itself,” he added. As of September 30 2022, the company had a gross debt of ₹800 crore on their books, out of which ₹250 crore was for projects and the balance for general corporate purposes.

Home buyers ready to pay 15-20% premium for health and wellness amenities: Dhaval Ajmera

Mumbai, Jul 15 () Filmmaker Sanjay Gupta on Wednesday began scripting his forthcoming feature, "Rakshak", which revolves around a vigilante superhero. Last December, Gupta announced that his production banner, White Feather Films, had acquired the rights of the graphic novel "Rakshak - A Hero Among Us". The director took to Twitter to share photos of his writing desk with a draft of "Rakshak" on his laptop. "And it begins... for the record on this beautiful morning," Gupta, who will also direct the film, captioned the pictures. The film's screenplay is written by Gupta, Chetan Naidu and Shamik Dasgupta. Last month, the director announced that he had finished writing the first draft of the third installment of the "Shootout" franchise. The first part, "Shootout at Lokhandwala" was helmed by Apoorva Lakhia and starred Sanjay Dutt, Vivek Oberoi, Suniel Shetty among others. It was released in 2007. The second installment, 2013's "Shootout at Wadala" was directed by Gupta and featured an ensemble of John Abraham, Anil Kapoor, Kangana Ranaut, among others. Gupta is currently awaiting the release of his next, "Mumbai Saga". The star cast of the gangster-drama includes Abraham, Emraan Hashmi, Jackie Shroff and Shetty. JUR RDS RDS

Sanjay Gupta starts writing vigilante superhero film 'Rakshak'

If things work as planned, <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword> will have at least two operational metro lines in 2020 connecting the western suburbs of the city. The two corridors, Metro Line-2A (Dahisar-DN Nagar) and Metro Line-7 (Dahisar East-Andheri East), are proposed to be commissioned simultaneously in 2020, the <keyword id="64095" type="COMPANY" weightage="20" keywordseo="Mumbai-Metropolitan-Region-Development-Authority">Mumbai Metropolitan Region Development Authority</keyword> (MMRDA) said in a statement. MMRDA has not yet received possession of land for a car depot for Metro Line-7 as the land parcel is currently with the Airports Authority of India (AAI).
 MMRDA had proposed to give AAI another land in Gorai in lieu of their land. However, currently, this land has got a stay by the Bombay High Court as it had been earmarked for a law university.
 Meanwhile, MMRDA has also claimed that corridors, Line-2B (DN Nagar-Mandale), Line-4 (Wadala-Kasarvadavali) and Line-6 (Swami Samarth Nagar-Vikhroli), will be operational by 2021.
 The Supreme Court has restrained MMRDA from chopping trees for construction of the Metro Line-4 and asked to maintain status quo on felling of trees for the project. It had also sought replies from the MMRDA and the state.
 The ambitious Colaba-Bandra-Seepz Metro-3 corridor, being implemented by the <keyword id="117023" type="LOCATION" weightage="20" keywordseo="Mumbai-metro">Mumbai Metro</keyword> Rail Corporation (MMRC), has been facing several roadblocks and also missed its deadlines, which is now expected to be commissioned in 2021. After the change of dispensation in Maharashtra, Chief Minister Uddhav Thackeray ordered a stay on the construction of a metro car-shed for Metro Line-3 in <keyword id="6370614" type="DOMAIN" weightage="20" keywordseo="aarey">Aarey</keyword> colony, touted as the city's green lungs. Protests by locals, NGOs and the chief minister's son who is now a Cabinet minister, Aditya Thackeray, led to Uddhav Thackeray making this announcement soon after taking charge.
 "Once completed, these five lines -- 2A, 7, 2B, 4 and 6 -- with an aggregate worth of Rs 44,869 crore are expected to serve more than 50 lakh commuters at around 98 stations across the city," the MMRDA said.
 These lines are expected to make a considerable commuter shift by 35 per cent, thus easing the gruelling grind that the suburban rail network is, it said.
 "We are overcoming the biggest challenge one might face, which was to do these development projects without having to completely stop the vehicular traffic even for 10 minutes. It will be an accomplishment to showcase to the entire world. Mumbaikars have shown great patience. Now, it is time to reap rewards," MMRDA Commissioner R A Rajeev said.
 Apart from these, Mumbai will also witness works on projects like Mumbai Trans-Harbour Link (MTHL) and the Virar-Alibaug Multi-Modal Corridor having an aggregate cost of Rs 31,430 crore. 
 The ambitious Rs 17,843-crore MTHL project will be connecting Sewri with Nhava Sheva and help solve the traffic congestion in the island city by improving connectivity between Mumbai and <keyword id="57321" type="LOCATION" weightage="20" keywordseo="Navi-Mumbai">Navi Mumbai</keyword>. "Besides these, there are several other bridges and connectors which will be beneficial to Mumbaikars. There are two flyovers, with an estimated cost of around Rs 163 crore and a road coming up to clear the BKC junction, among others proposed," MMRDA said. PSK HRS

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