SEE YOU IN · in Delhi and Mumbai will be passed within 60 days, thereby, bringing cheer to the...
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| Vibha Singh Tpmfeedback@timesgroup.com V enkaiah Naidu, union minister of urban development, housing and urban poverty alleviation, recently announced that housing approvals in Delhi and Mumbai will be passed within 60 days, thereby, bringing cheer to the real estate sector. Chintan Sheth, director, Sheth Corp says, “This is an excellent step taken by the govern- ment for the industry, as it will help expedite projects, reduce corruption and malpractices, restore consumers’ faith in the sector and bring in a positive buying pattern.” HOW IS IT GOING TO WORK? There will be an online process through which applications will be sent and approvals will come within 60 days - be it while submitting the application or approving the building lay- out or even for that matter, approving the fee payment, everything shall go digital. In case the approval does not come on time, the devel- oper can file an affidavit and start the construc- tion. Ateet Vengurlekar, principal architect, Blue Arch In- teriors and Archi- tects informs, “There is an online website, which is soon go- ing to be launched for the developers of Delhi and Mumbai, where builders can apply for their approvals.” The government officials are of the view that the system will make the approval process less cumbersome and in turn, reduce corruption. A senior official from the Brihanmumbai Munic- ipal Corporation (BMC) shares, “Going digital with approvals will ensure that the applica- tions from the developers are viewed on a real- time basis; minimum human interface will en- sure transparent communication and lastly, it will make sure that the developers do not devi- ate from their original plans and adhere to the set rules and regulations.” While the demand for housing in metros is on the rise, the indus- try has not been able to bridge the gap between demand and supply due to the already lengthy process of construction, which is further in- creased by the difficulty in obtaining permis- sions. Sushil Raheja, CEO, Raheja Homes Builders & Developers says, “For any project to commence on time and to be delivered within the given timeline, permissions play a crucial role. The earlier the permissions get sorted, the better it is for both, the developer and the con- sumer. Any kind of delay in projects only adds up to the overall cost and we are glad that the concerned authorities have taken up this issue.” At present, Raj Shah, director, Nam- rata Group informs, “On an average, around 40 permissions have to be taken from the government besides the other paperwork, which is a long-drawn and a tiring process. Moving online is a great step since one can know the status of their files in real-time, without having to physically go and visit the government offices.” A DUAL ADVANTAGE: This move shall not only significantly reduce the time spent on approvals but also the money spent on the process, thus in turn, speeding up the construction work. Online approvals will bring relief to the developers, as they will no longer have to physically visit the governmen- tal offices for approvals. In case the approval fails to appear on time, the developers or own- ers have the right to file an affidavit and start with the construction process, thus making the entire process seamless. Vivek Mohanani, joint managing director, Ekta World points out, “Timely and quick approvals are essential if supply is to be generated in the affordable housing sector. Additionally, the real estate sector has been majorly demanding a single- window clearance system since the last decade and by implementing a 60-day cap on the process of approvals, we are getting a step clos- er in enabling the creation of inexpensive housing stock. This will equally benefit the customers and developers alike, by fading out the unexpected regulatory risks if any.” Ac- cording to the rules, once the building plan has been approved, the builder should commence the construction work within two years and there should be no deviation from the sanc- tioned plans. At times, the delay in sanctioning the plan leads to further delays in the construc- tion process with losses to be borne by the de- velopers. In addition, the people who have booked their properties at the initial stage, have to wait for the possession for longer than assumed and promised. Rajeev Mehra, a home-buyer informs, “We had booked a flat at Dahisar and the builder de- layed the possession by two years. He blamed the delay in delivery on the civic officials, as they failed to clear his proposal on time. But now with this new notification, I am hopeful that in the near future, when I book a new house, I shall not suffer like the previous time.” ALL IS WELL: It is a win-win situation for the buyers as they shall get the possession on time and would not have to shell out more money due to the escalated construction costs. Punit Agarwal, MD and CEO, Nirvana Realty explains, “Moving approvals online shall give the developers and buyers a definite timeline, which will remove the uncertainty around the delivery timelines of homes. To add to it, the Return on Investment (ROI) would be better and the interest cost will also reduce substantially.” According to industry experts, buyers are also willing to pay a premium if they are assured that their homes will be delivered to them on time and if all the approvals are in place. Amit Wadhwani, director, Sai Estate Con- sultants, points out, “For genuine developers who are interested in completing the projects on time, the policy will help save both, time and money in the long run. They would be able to provide possession to their clients on time, which would have been difficult earlier, due to the multiple number of approvals needed.” GOING AHEAD… Post the announcement, the real estate fra- ternity is only hoping that the policy is soon implemented, thereby easing the overall construction and delivery process. Rohit Poddar, MD, Poddar Housing and De- velopment Pvt Ltd says, “The lack of a time-bound approval process has been a bane to the real estate sector and particu- larly for affordable housing, for several years. Hence, this is a very important poli- cy, which should be enacted and gazetted immediately.” Also, this move should not be restricted to Mumbai and Delhi alone but should be applicable across India. Manju Yagnik, vice-chairperson of Nahar Group concludes by saying, “Online approvals should be a norm across the country. The multiple permission process increases the gestation period of a project and with such positive directives being introduced, the lifecycle of a project would get trimmed- off considerably.” |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| Mumbai, March 11, 2017 SEE YOU IN 60 days! It was recently announced that housing approvals in Delhi and Mumbai would be granted within 60 days. The developer fraternity is hoping that post the move, woes pertaining to irregularity in construction and delivery timelines would get resolved IMAGESBAZAAR In 2016, out of the six cities, Mumbai accounted for 25 per cent of the total new launches A recently released report shed light on the performance of the real estate market of the country. Here are a few revelations... Mumbai stands at 21 in the ‘city wealth index’, ahead of Toronto, Washington DC and Moscow Do the super-rich invest in real estate? Is Mumbai still an attractive realty destination for the UHNWIs? A new report has some startling findings... ● In 2016, about 89,000 res- idential units were launched across six major cities in India, which is 34 per cent less than the units launched in 2015. Out of the total new launches, Bengaluru accounted for 28 per cent, Mumbai for 25 per cent, Pune for 23 per cent, and the National Capital Region (NCR) for 15 per cent and Chennai for 9 per cent. ● MUMBAI SHOULD ALSO BE STIMULATED BY A PROBABLE FURTHER CUT IN THE INTEREST RATES AND THE IMPLEMENTATION OF THE RERA REFORMS; ● We anticipate a more active H2 2017 as the gap between buyers’ and sell- ers’ expectations narrows again; ● The certainty of implementation of the Real Estate (Regulation and Devel- opment) Act (RERA) and consumer ac- tivism in the form of various protests over timely completion of projects have pushed developers to focus on completion of exist- ing projects; ■ Out of 40 global cities, Mumbai ranks 11 in the ‘future wealth’ category ahead of Chicago, Sydney, Paris, Seoul, Dubai; ■ According to the survey, income returns do not feature in the top five priorities for UHNWIs in India. However, they do feel potential fall in asset values and political uncertainty are major threats to wealth creation in the next five years; ■ INDIAN CITIES THAT SAW A RISE IN UHNWIs COMPARED TO 2015 INCLUDE PUNE (18 PER CENT), HYDERABAD AND BENGALURU (BOTH AT 15 PER CENT) AND MUMBAI (12 PER CENT); ■ Mumbai at 21 in the city wealth index is ahead of Toronto, Washington DC, Moscow; Delhi at 35 is ahead of Bangkok, Seattle, Jakarta; ■ Substantial proportion of wealthy Indians are likely to invest in residential property in the next two years – 40 per cent within the country and 25 per cent overseas; ■ The latest data on UHNWI indicates that developed markets are still an important destination to invest for UHNWI of the developing nations; ■ The millennial UHNWIs in India focus on capital growth compared to the older generation who also laid emphasis on wealth preservation; ■ Office is the top property sector for investment; logistics sees a three-fold rise in terms of interest of wealthy Indians; ■ 27 per cent of Indian UHNWIs have already invested in collectibles such as art, wine or classic cars; ■ India houses two per cent of the world’s millionaires (13.6 mn) and five per cent of world’s billionaires (2,024); ■ THE COUNTRY HAS WITNESSED A 12 PER CENT INCREASE OF UHNWIs BETWEEN 2015 AND 2016 AND IS EXPECTED TO GROW AT 150 PER CENT OVER THE NEXT DECADE; ■ In India, Mumbai leads the race with 1340 UHNWIs followed by Delhi (680), Kolkata (280) and Hyderabad (260) UHNWIs. SOME OF THE KEY FINDINGS OF THE REPORT ARE: KNOW YOUR CITY C OLLIERS recently released a report – India Property Outlook 2017, presenting a comprehensive analysis on how the realty market performed in the year gone by and how it is expected to perform in this year. Some of the key insights of the report are: ● India’s y-o-y real GDP growth reached about 7.1 per cent in 2016 and is set to remain above 6.5 per cent for the next three years; ● Office absorption has wit- nessed sustained momentum with Grade A absorption for the nine major cities in India to- talling 41.6 million sq ft (3.9 mil- lion sq metres) in 2016, up 3.5 per cent y-o-y and indicating ro- bust leasing demand from oc- cupiers; ● Bengaluru remained on a high growth trajectory and maintained its leading status among the key cities by retain- ing a 31 per cent share of leas- ing volume last year, followed by Delhi-NCR on 18 per cent of the total. Hyderabad and Chen- nai stood on 13 per cent each while Mumbai, Pune and Kolkata accounted for 14 per cent, 9 per cent and 2 per cent respectively; ● In the technology-driven mar- kets like Hyderabad, Bengaluru, Pune and Chennai, the de- mand-supply gap will remain a concern in coming quarters. While a few Grade-A office buildings are likely to see com- pletion towards end-2017, there is an expectation of an upward pressure on rents at least over H1 in these markets; ● WITH 10-12 PER CENT ANNUAL GROWTH IN THE IT SECTOR LIKELY TO PERSIST TILL 2020, DEMAND FOR OFFICE GROWTH SHOULD REMAIN STRONG FOR THE NEXT FEW YEARS IN THE TECHNOLOGY- DRIVEN MARKETS; ● As more and more compa- nies realise the importance of adopting a flexible working strategy at the core of their business plans, use of co-work- ing space is gaining popularity in India as well. This trend was pioneered by start-ups, entre- preneurs and freelancers to ful- fil their need to work in a suit- able cost-effective environ- ment. ● With more than 50 per cent of the pop- ulation below the age of 25, the demograph- ic profile is very favourable, and the government is pursu- ing bold, business- friendly-reforms; al- though so-called de- monetisation (i.e. the withdrawal of high-val- ue banknotes) has hit growth in the near term; Office market Residential market ● Institutional in- vestors maintained a strong interest over 2016 in financ- ing of Grade A resi- dential projects under construction, thus helping developers to complete their exist- ing projects. We ex- pect a similar trend at least in H1 2017; ● We expect demand for quality stock in areas with good connec- tivity and so- cial infrastruc- ture to revive in the near term, espe- cially in mid- segment housing. K NIGHT FRANK INDIA, recently launched, the 11th edi- tion of The Wealth Report 2017. The report tracks the growing super-rich popula- tion in 125 cities across 89 countries and provides a unique perspective on the is- sues that are influencing UH- NWI (Ultra High Net Worth Individual) investment and lifestyle decisions. Samantak Das, chief economist and na- tional director - research, Knight Frank India said, “Over the last ten years, we have seen annually 500 new UHNWIs being added in In- dia and we expect this num- ber to double to 1000 every year in the coming decade. Out of 40 global cities, Mum- bai ranks 11 in terms of future wealth accumulation ahead of Chicago, Sydney, Paris, Seoul and Dubai. Even though the residential mar- ket in India is reeling under pressure, 40 per cent of wealthy Indians are likely to invest in residential property in India in the next two years while 25 per cent are keen for overseas avenues.” ■ In the last 10 years, we saw additions of around 500 new UHNWIs annually in India; over the next decade, it will be approximately 1,000 every year; ■ India ranks 6th in terms of growth rate of UHNWIs for 2016. With the current pace, the country is expected to move up to the 3rd spot over the next decade. The number of UHNWIs in India has increased by 290 per cent during the last decade; THANE - A Rs 200-crore ele- vated link is to be built on concrete stilts, with one-third portion of the proposed bridge installed on the Thane creek, culminating at the Mumbai-Nasik highway. ANDHERI – About 80,000 peo- ple in Mum- bai travel to SEEPZ for work. Being in close prox- imity to SEEPZ, there is a high residential demand in the region. For the proposed Versova-Bandra Sea Link (VBSL) project, the Maha- rashtra State Road Develop- ment Corporation (MSRDC) has secured the environment clearance from the state envi- ronment department. NAVI MUMBAI INTERNATIONAL AIRPORT – Aimed to be one of the most ambi- tious projects for Mumbai, the full- fledged construc- tion work on the Rs 16,000 crore Navi Mumbai International Airport is likely to begin only after the monsoons. VASHI - The Belapur jetty near the Panvel creek bridge has been identified for Water- way project and the proposal is awaiting a nod from the Navi Mumbai Municipal Corpora- tion (NMMC) general body. JAGATDEEP SINGH SHASHIKANT PATIL RIZWAN MITHAWALA IMAGESBAZAAR
Transcript of SEE YOU IN · in Delhi and Mumbai will be passed within 60 days, thereby, bringing cheer to the...
|Vibha [email protected]
Venkaiah Naidu, union minister ofurban development, housing andurban poverty alleviation, recentlyannounced that housing approvalsin Delhi and Mumbai will be passed
within 60 days, thereby, bringing cheer to thereal estate sector.
Chintan Sheth, director, Sheth Corp says,“This is an excellent step taken by the govern-ment for the industry, as it will help expediteprojects, reduce corruption and malpractices,restore consumers’ faith in the sector andbring in a positive buying pattern.”
HOW IS IT GOING TO WORK?There will be an online process through whichapplications will be sent and approvals willcome within 60 days - be it while submittingthe application or approving the building lay-out or even for that matter, approving the feepayment, everything shall go digital. In casethe approval does not come on time, the devel-oper can file an affidavit and start the construc-tion. Ateet Vengurlekar, principal architect,
Blue Arch In-teriors and Archi-
tects informs,“There is an online website, which is soon go-ing to be launched for the developers of Delhiand Mumbai, where builders can apply fortheir approvals.”
The government officials are of the view thatthe system will make the approval process lesscumbersome and in turn, reduce corruption. Asenior official from the Brihanmumbai Munic-ipal Corporation (BMC) shares, “Going digitalwith approvals will ensure that the applica-tions from the developers are viewed on a real-time basis; minimum human interface will en-sure transparent communication and lastly, itwill make sure that the developers do not devi-ate from their original plans and adhere to theset rules and regulations.” While the demandfor housing in metros is on the rise, the indus-try has not been able to bridge the gap betweendemand and supply due to the already lengthyprocess of construction, which is further in-creased by the difficulty in obtaining permis-sions. Sushil Raheja, CEO, Raheja HomesBuilders & Developers says, “For any project tocommence on time and to be delivered withinthe given timeline, permissions play a crucialrole. The earlier the permissions get sorted, thebetter it is for both, the developer and the con-sumer. Any kind of delay in projects only adds
up to the overall cost and we are gladthat the concerned authorities have
taken up this issue.” At present, Raj Shah, director, Nam-
rata Group informs, “On an average,around 40 permissions have to be taken
from the government besides the otherpaperwork, which is a long-drawn and a
tiring process. Moving online is a great stepsince one can know the status of their files in
real-time, without having to physically goand visit the government offices.”
A DUAL ADVANTAGE:This move shall not only significantly reducethe time spent on approvals but also the moneyspent on the process, thus in turn, speeding upthe construction work. Online approvals willbring relief to the developers, as they will nolonger have to physically visit the governmen-tal offices for approvals. In case the approvalfails to appear on time, the developers or own-ers have the right to file an affidavit and startwith the construction process, thus making theentire process seamless. Vivek Mohanani, jointmanaging director, Ekta World points out,“Timely and quick approvals are essential ifsupply is to be generated in the affordablehousing sector. Additionally, the real estatesector has been majorly demanding a single-window clearance system since the last decadeand by implementing a 60-day cap on theprocess of approvals, we are getting a step clos-er in enabling the creation of inexpensivehousing stock. This will equally benefit thecustomers and developers alike, by fading outthe unexpected regulatory risks if any.” Ac-cording to the rules, once the building plan hasbeen approved, the builder should commencethe construction work within two years andthere should be no deviation from the sanc-tioned plans. At times, the delay in sanctioningthe plan leads to further delays in the construc-tion process with losses to be borne by the de-
velopers. In addition, the people who havebooked their properties at the initial stage,have to wait for the possession for longer thanassumed and promised.
Rajeev Mehra, a home-buyer informs, “Wehad booked a flat at Dahisar and the builder de-layed the possession by two years. He blamedthe delay in delivery on the civic officials, asthey failed to clear his proposal on time. Butnow with this new notification, I am hopefulthat in the near future, when I book a newhouse, I shall not suffer like the previous time.”
ALL IS WELL:It is a win-win situation for the buyers asthey shall get the possession on time andwould not have to shell out more money dueto the escalated construction costs. PunitAgarwal, MD and CEO, Nirvana Realtyexplains, “Moving approvals online shall givethe developers and buyers a definitetimeline, which will remove the uncertaintyaround the delivery timelines of homes. Toadd to it, the Return on Investment (ROI)would be better and the interest cost will alsoreduce substantially.” According to industryexperts, buyers are also willing to pay apremium if they are assured that their homeswill be delivered to them on time and if allthe approvals are in place.
Amit Wadhwani, director, Sai Estate Con-sultants, points out, “For genuine developerswho are interested in completing the projectson time, the policy will help save both, timeand money in the long run. They would be ableto provide possession to their clients on time,which would have been difficult earlier, due tothe multiple number of approvals needed.”
GOING AHEAD…Post the announcement, the real estate fra-ternity is only hoping that the policy issoon implemented, thereby easing theoverall construction and delivery process.Rohit Poddar, MD, Poddar Housing and De-velopment Pvt Ltd says, “The lack of atime-bound approval process has been abane to the real estate sector and particu-larly for affordable housing, for severalyears. Hence, this is a very important poli-cy, which should be enacted and gazettedimmediately.” Also, this move should not berestricted to Mumbai and Delhi alone butshould be applicable across India. ManjuYagnik, vice-chairperson of Nahar Groupconcludes by saying, “Online approvalsshould be a norm across the country. Themultiple permission process increases thegestation period of a project and with suchpositive directives being introduced, thelifecycle of a project would get trimmed-off considerably.”
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Mumbai, March 11, 2017
SEE YOU IN60days!
It was recently announced that housing approvals inDelhi and Mumbai would be granted within 60 days.The developer fraternity is hoping that post the move,woes pertaining to irregularity in construction anddelivery timelines would get resolved
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In 2016, out of the six cities,Mumbai accounted for 25 per centof the total new launchesA recently released report shed light on the performance of the real estate market of thecountry. Here are a few revelations...
Mumbai stands at 21 in the ‘citywealth index’, ahead of Toronto,Washington DC and MoscowDo the super-rich invest in real estate? Is Mumbai still an attractive realtydestination for the UHNWIs? A new report has some startling findings...
● In 2016, about 89,000 res-idential units werelaunched across six major
cities in India, which is 34per cent less than the units
launched in 2015. Out of the totalnew launches, Bengaluru accounted for 28per cent, Mumbai for 25 per cent, Pune for23 per cent, and the National Capital Region(NCR) for 15 per cent and Chennai for 9 percent.● MUMBAI SHOULD ALSO BESTIMULATED BY A PROBABLEFURTHER CUT IN THEINTEREST RATES AND THEIMPLEMENTATION OF THERERA REFORMS;● We anticipate a more active H2 2017as the gap between buyers’ and sell-ers’ expectations narrows again;● The certainty of implementation ofthe Real Estate (Regulation and Devel-opment) Act (RERA) and consumer ac-tivism in the form of various protests overtimely completion of projects have pusheddevelopers to focus on completion of exist-ing projects;
■ Out of 40 global cities, Mumbairanks 11 in the ‘future wealth’category ahead of Chicago,Sydney, Paris, Seoul, Dubai;■ According to the survey,income returns do not feature inthe top five priorities for UHNWIsin India. However, they do feelpotential fall in asset values andpolitical uncertainty are majorthreats to wealth creation in thenext five years;■ INDIAN CITIES THATSAW A RISE IN UHNWIsCOMPARED TO 2015INCLUDE PUNE (18 PERCENT), HYDERABADAND BENGALURU(BOTH AT 15 PERCENT) AND MUMBAI(12 PER CENT);■ Mumbai at 21 in the citywealth index is ahead of Toronto,Washington DC, Moscow; Delhi
at 35 is ahead of Bangkok,Seattle, Jakarta;■ Substantial proportion ofwealthy Indians are likely toinvest in residential property inthe next two years – 40 per centwithin the country and 25 percent overseas;■ The latest data on UHNWIindicates that developedmarkets are still an importantdestination to invest for UHNWIof the developing nations;■ The millennial UHNWIs in Indiafocus on capital growthcompared to the oldergeneration who also laidemphasis on wealthpreservation;■ Office is the top propertysector for investment; logisticssees a three-fold rise in terms ofinterest of wealthy Indians;■ 27 per cent of Indian UHNWIshave already invested incollectibles such as art, wine orclassic cars;
■ India houses two per cent ofthe world’s millionaires (13.6 mn)and five per cent of world’sbillionaires (2,024);
■ THE COUNTRY HASWITNESSED A12 PER CENTINCREASE OF UHNWIsBETWEEN 2015 AND2016 AND IS EXPECTEDTO GROW AT 150 PERCENT OVER THE NEXTDECADE;■ In India, Mumbai leads the racewith 1340 UHNWIs followed byDelhi (680), Kolkata (280) andHyderabad (260) UHNWIs.
SOME OF THE KEY FINDINGS OF THE REPORT ARE:
KNOWYOUR CITY
COLLIERS recently released a report – India PropertyOutlook 2017, presenting a comprehensive analysison how the realty market performed in the year gone
by and how it is expected to perform in this year. Some ofthe key insights of the report are:
● India’s y-o-yreal GDP growthreached about
7.1 per cent in2016 and is set to
remain above 6.5 per cent forthe next three years;● Office absorption has wit-nessed sustained momentumwith Grade A absorption for thenine major cities in India to-talling 41.6 million sq ft (3.9 mil-lion sq metres) in 2016, up 3.5per cent y-o-y and indicating ro-bust leasing demand from oc-cupiers;
● Bengaluru remained on ahigh growth trajectory andmaintained its leading statusamong the key cities by retain-ing a 31 per cent share of leas-ing volume last year, followedby Delhi-NCR on 18 per cent of
the total. Hyderabad and Chen-nai stood on 13 per cent eachwhile Mumbai, Pune andKolkata accounted for 14 percent, 9 per cent and 2 per centrespectively;● In the technology-driven mar-kets like Hyderabad, Bengaluru,Pune and Chennai, the de-mand-supply gap will remain aconcern in coming quarters.While a few Grade-A officebuildings are likely to see com-pletion towards end-2017,there is an expectation of anupward pressure on rents atleast over H1 in these markets;● WITH 10-12 PER CENTANNUAL GROWTH INTHE IT SECTOR LIKELYTO PERSIST TILL 2020,DEMAND FOR OFFICEGROWTH SHOULDREMAIN STRONG FORTHE NEXT FEW YEARSIN THE TECHNOLOGY-DRIVEN MARKETS;● As more and more compa-nies realise the importance ofadopting a flexible workingstrategy at the core of theirbusiness plans, use of co-work-ing space is gaining popularityin India as well. This trend waspioneered by start-ups, entre-preneurs and freelancers to ful-fil their need to work in a suit-able cost-effective environ-ment.
● With more than 50per cent of the pop-ulation below the ageof 25, the demograph-ic profile is veryfavourable, and thegovernment is pursu-ing bold, business-friendly-reforms; al-though so-called de-monetisation (i.e. thewithdrawal of high-val-ue banknotes) has hitgrowth in the nearterm;
Officemarket
Residentialmarket
● Institutional in-vestors maintained astrong interestover 2016 in financ-ing of Grade A resi-dential projects underconstruction, thushelping developers tocomplete their exist-ing projects. We ex-pect a similar trendat least in H1 2017;
● We expectdemand forquality stockin areas withgood connec-tivity and so-cial infrastruc-ture to revivein the nearterm, espe-cially in mid-segmenthousing.
KNIGHT FRANKINDIA, recentlylaunched, the 11th edi-
tion of The Wealth Report2017. The report tracks thegrowing super-rich popula-tion in 125 cities across 89countries and provides aunique perspective on the is-sues that are influencing UH-NWI (Ultra High Net WorthIndividual) investment andlifestyle decisions. SamantakDas, chief economist and na-tional director - research,Knight Frank India said,“Over the last ten years, wehave seen annually 500 newUHNWIs being added in In-dia and we expect this num-ber to double to 1000 everyyear in the coming decade.Out of 40 global cities, Mum-bai ranks 11 in terms of futurewealth accumulation aheadof Chicago, Sydney, Paris,Seoul and Dubai. Eventhough the residential mar-ket in India is reeling underpressure, 40 per cent ofwealthy Indians are likely toinvest in residential propertyin India in the next two yearswhile 25 per cent are keen foroverseas avenues.”
■ In the last 10 years,we saw additions ofaround 500 newUHNWIs annually inIndia; over the nextdecade, it will beapproximately
1,000every year;
■ India ranks 6th interms of growth rateof UHNWIs for 2016.With the current pace,the country isexpected to moveup to the 3rd spotover the nextdecade. The numberof UHNWIs in India hasincreased by 290per cent during thelast decade;
THANE - A Rs 200-crore ele-vated link is to be built onconcrete stilts, with one-thirdportion of the proposedbridge installed on the Thanecreek, culminating at theMumbai-Nasik highway.
ANDHERI –About80,000 peo-ple in Mum-bai travel toSEEPZ forwork. Being
in close prox-imity to SEEPZ, there is ahigh residential demand inthe region. For the proposedVersova-Bandra Sea Link(VBSL) project, the Maha-rashtra State Road Develop-ment Corporation (MSRDC)has secured the environmentclearance from the state envi-ronment department.
NAVI MUMBAIINTERNATIONALAIRPORT –Aimed to be one ofthe most ambi-tious projects forMumbai, the full-fledged construc-tion work on theRs 16,000 croreNavi Mumbai InternationalAirport is likely to begin onlyafter the monsoons.
VASHI - The Belapur jettynear the Panvel creek bridgehas been identified for Water-way project and the proposal isawaiting a nod from the NaviMumbai Municipal Corpora-tion (NMMC) general body.
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