Mumbai: Beat Blues Pandemi, Construction Activities in this city saw an outstanding uptick with builders who rushed to the BMC office to get their project files approved before December 31.
The reason – earlier this year, BMC was cut by premium developers who were quite paid to the corporation and state government for additional construction rights.
The deadline is December 31.
One year window seems to have stirred the Mumbai real estate industry, which was beaten badly because of the lock.
The sources of the building industry said that in the Bandakhar-Santacruz belt, as many as 70 rebuilding proposals were approved by the BMC development plan department.
The Redevpt market was also rebounded as a blues pandemic starting Wanaldough, the department could not confirm the numbers, heads, Vinod Chitore, said the premium collected from the builder because the 50% concession was “phenomenal”.
“Between April and September, we collected a record RS 4,800 Crore as a premium cost and expect this number further up to the 8,500 crore-plus RS in December,” Chitore said.
In comparison, BMC can manage nearly 2,500 crivers between April 2020 and March 2021.
In 2019-2020, the collection is Rs 3,800 Crore.
The rebuilding market also exists on a rebound.
Until last year, the builder canceled the agreement and submitted the right to rebuild housing communities in the premiere regions due to financial unfyability.
High premium even when property prices fell, forcing builders to retreat.
However, everything has changed now.
In Pali Plush Bandra Band, the Society of Daffodil Cooperative Housing has been taken over by the Prestige Estates Project for rebuilding.
One hectare plot with 42 apartments built more than four decades ago has a potential development of approximately one lakh sq ft.
According to Indextap.com, the developer recently bought more than 12 apartments in this community for Rs 98 Crore.
“On a busy road Turner (Bandra West), as many as seven buildings have been destroyed for rebuilding,” said Property Consultant Kishore Narang.
Among them was the Cassias community developed by Builder Amit Thakker and Moti Mahal, whose owners rebuilt the plot located strategically located.
According to Narang, several plots are also returned to the commercial tower because the high floor space (FSI) index offered by BMC for office buildings.
“On Linking Road and S V Road, between Bandra and Santa Cruz, four to five other properties are being rebuilt as office blocks,” he said.
Thakker said the semi-luxury market has been opened in Mumbai for apartments at a price between RS 5-10 Crore.
“We see a lot of traction in this market, especially in the Bandra-Khar area,” he said.
Experts say the booming stock market is one reason people buy property.
“They ordered profits and bought a larger post after a pandemic,” Narang said.
Pankaj Kapoor from Lias Foras, a real estate research company, said that the premium concession has become a “big motivation”, the dilution of the norms of the coastal regulatory zone in Mumbai will also be an additional incentive for developers.
“Their profit margins increased because of this concession, climbing on the rules of FSI and relaxing Crz,” Kapoor said.
“But when supply increases, there will be a glut and pressure on the price,” he warned.
According to FORAS LIAS data, larger Mumbai (area under BMC jurisdiction) has an inventory of an apartment 1.10 lakh with a quarterly sale of 5,600 units.
“Total inventory is 58 months,” Kapoor said.
This means it will take almost five years to sell these shares.