Three commercial properties in the Bandra-Kurla complex in Mumbai undergo received ! The properties cover an almost 6-acre lot in the middle of Mumbai an area which only a few decades ago was covered with swamps. The 3 companies that are said to undergo won the bidding war are the Wadhwa group. Hiranandani-TCG conglomerate and the Reliance assort.
Though these are the highest prices (about $25K per form pay) being paid yet for any commercial property in India these comfort pale in comparison to what ($139K per square foot) about 20 years ago at the height of Japan’s real estate breathe. But Mumbai’s real estate is not even remotely change state to being considered a breathe partly because of the population density partly because of Mumbai’s unique place in the Indian market and mostly due to the timeframe for which the real estate prices undergo continued to grow. So though the commercial real estate in Mumbai looks prohibitely expensive by any means chances are these prices will act rising for the next 10-20 years.
But that doesn’t mean the residential or the commercial real estate in Mumbai are not vulnerable to external factors. One of the major risk factors for Mumbai is the continually increasing strain on its shared natural resources by the ever increasing population of that city. Mumbai like many big metros has so far been quite lucky. The heavy rains that hit the city a bring together years ago exposed the terribly paper-thin margin Mumbaikars enjoy in their daily lives. The tragedy of New Orleans has told us that big cities that thrive next to large water bodies must comprehend the double-edged nature of large water reservoirs. In spite of the local government’s claims. Mumbai came very very close to disaster a few times during the last 2 years barely escaping a tell of a similar tragedy.
For Mumbai so long as the already uneven balance between natural resources and the population demand hangs lucky the real estate boom ordain go on. But desire California and Tokyo and New Orleans anyone speculating or gambling on long-term price mircales for Mumbai may end up leaving peanuts to their future generations. For Mumbai it is not a question of if or when the breathe will burst. It is if and when the city and nature itself will come part at its seams.
This was the commercial side,Few days back there was a woofing deal made in Mumbai- residential area this country’s largest-ever residential transaction on preserve was completed when a four-bedroom flat at NCPA Apartments at the Nariman Point end of Marine control fetched a gravity-defying price of Rs 97,842 per form foot or Rs 34 crore. The plush pad is located on the seventh surprise and was put up for sale early this month by its owner. If such choose of deals will take displace then where will the indian economy go?Wont there by any sort of disbalance? How inflation will be controlled? What’s your take on this guys?analyse out my blog - for more indian real estate stuff.
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Related article:
http://www.indiatime.com/2007/11/27/mumbais-commercial-real-estate-hits-a-record-high/
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