BDA to construct two lakh houses

The Bengalooru Development Authority (BDA) will build 2 lakh houses on 300 acres in different localities of the city. The houses will be built on government land recovered from encroachers by the Revenue Department. Out of the two lakh houses, 1.60 lakh will be allotted to middle-income groups and the rest to poor families. Under the Ashraya scheme, the Government has decided to construct group housing for families living below the poverty line in Bengalooru. The proposal will be placed before the Cabinet for approval, the Chief Minister, Mr H D Kumaraswamy said. As many as 38,000 houses have been constructed on revenue land in Bengalooru. Six lakh houses will be constructed under the Ashraya scheme. Since the implementation of the scheme is slow, the Housing Department has been instructed to construct 50,000 houses a month. Under the Suvarna Gramodaya programme, 10 acres will be acquired in each of the selected villages for allotment of housing sites. As many as 1,127 villages have been selected in the first phase.

Source: 99acres.com

Navi Mumbai international airport project drives up land prices

The proposed international airport project in Navi Mumbai is driving up land prices in areas such as New Panvel, Kalamboli and Kharghar. The City and Industrial Development Corporation of Maharashtra (CIDCO) has recently sold plots in the area for significantly higher amounts than recent market prices.

The Navi Mumbai International Airport would be one of the world's few ''greenfield'' international state-of-art airports offering world-class facilities for passengers, cargo, aircrafts and airlines. The airport will support the rapidly growing air travel needs of the Mumbai Metropolitan Region. It is expected to absorb annually 4.5 million passengers in its first operational year, doubling to 8.2 million by 2010 to 13.7 million by 2020 and 30 million by 2030 according to developer CIDCO.

The site of the airport in Panvel, to be developed through a public-partnership model, is located in an area of 950 hectares. CIDCO plans to sell 470 hectares in the periphery of the airport for development of hotels, malls, multiplexes and other aviation related facilities.

This real estate bonanza is sure to attract large developers to the area and drive up property prices. CIDCO recently sold 12 plots in the area for residential and commercial use at a significant premium to prevailing prices. For example, a 1535 sq.m plot was auctioned in New Panvel at Rs.47,200 per sq.m almost double recent prices. In Kharghar CIDCO has realised Rs.3,715 per sq.ft from a land sale.

Source: 99acres.com

Commercial real estate prices record high in Mumbai

The British High Commission in Mumbai is contemplating a Rs.147 crore purchase of 42,000 sq.ft of office space in the Bandra-Kurla complex according to news reports. The actual carpet area is around 28,000 sq.ft .

The High Commission is looking to purchase the top three floors of Naman Centre, near the National Stock Exchange.

At a price of Rs.35,000 per sq.ft of super built area, this would make the deal one of the most expensive for commercial real estate in Mumbai.

Commercial property prices in Mumbai have soared over 100% in the past year driven by limited new supply particularly in prime areas such as Worli and South Mumbai. In Nariman Point, commercial property prices are around Rs.25,000 per sq.ft.

Source: 99acres.com