Mumbai to get More Residential Projects in FY12-13

Mumbai to get More Residential Projects in FY12-13

By siliconindia   |   Tuesday, April 3, 2012   |    1 Comments

Bangalore:  In the financial year 2012-2013, Mumbai is likely to witness more residential projects as most of the developers will be concentrating on the execution of projects, which is expected to get approvals sooner under the new Development Control Regulation (DCR) norms.

Manoj John, Vice-President-Corporate Planning & Strategy – RNA Corp cited that “Much of the last year was lost in seeking clarity or awaiting administrative action on plans submitted, and we are hopeful of commencing work on our residential projects to ensure completion without further delay. Some commercial projects would also be available for leasing in select micro-markets based on the market absorption trend,” reports Times of India.

On this context, Bharat Mody, CFO, Hubtown cited that “We are focusing more and more on execution of our existing projects and selling our finished assets in innovative ways, e.g. we have recently launched a scheme where we are offering ready possession property at 40% down payment with rest coming in monthly installments over five years at a much lower interest rate of 9% than the 15% being usually charged by banks and institutions.”

Manju Yagnik, Vice-Chairperson, Nahar Group stated that in Mumbai, the group has launched more than 40 residential towers and buildings at their township by now. This financial year, the group is planning to launch two super-luxury towers in Mumbai and now they are concentrating more on project completion and commission for two of their major projects. “The first is an ICSE school and the other being a medical centre, both bringing immense benefits to the residents of our township. We have also firmed up two luxurious residential projects: one each in Pune and Chennai, which would be launched in 2012,” she says.

Since the last few years, the input costs have increased overall and according to Vinod Rohira, Director of K Raheja Corp, the developers need to plan their projects considering the hike in labour and input costs. He also said that the group is planning to launch their ongoing projects in this financial year, which will be set up in Mumbai peripheries as well as in South-central Mumbai.

Furthermore, John quoted that “We are also hopeful that the RBI would be supportive of lowering interest rates, and consequently lower home loan rates making it conducive for home buyers to invest.”

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