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The Many Facets of the Aarey Metro Debacle

– by Anuj Puri The verdant expanse of Aarey forests in suburban Mumbai turned into a battleground between environmentalists and authorities. Triggering this confrontation was the BMC-appointed Tree Authority’s clearance to cut almost 2,700 trees in the area to construct a car shed for the upcoming metro line. This controversy expectedly reignited the development vs. environment debate. In a space-starved and congested city like Mumbai, Sanjay Gandhi National Park and Aarey are the few open green spaces left. Rich in biodiversity, home to several animals and birds and with lakhs of trees, the Aarey forests are the lungs of the city. Environmentalists fear that this mass felling of trees will disturb the whatever ecological balance Mumbai still retains and can exacerbate chronic proble...

Mumbai Bridge Collapses: How can we prevent it?

– by Saloni Bisht India was under colonial rule for almost 200 years. If we begin to weigh the pros and cons of British rule then the cons will unquestionably be heavier than the pros, as the history is evident. But we certainly cannot ignore the pros, especially the infrastructure development. The condition of infrastructure and connectivity during the pre-British India was extremely poor. Therefore Britishers were in charge for most of India’s infrastructure growth. They built railways, bridges, roads, and whatnot, obviously for British empowerment and to ease the passage of raw materials and not for providing basic facilities to the citizens. Well, that being said, even today after almost 73 years of independence in many parts of India people use bridges, stations, buildings that ...

Jal Shakti Abhiyan: Govt launches water conservation campaign – RealtyMyths

Welcome back to another weekly news roundup, let’s take a look at the news bulletin:  The Malad wall collapse incident claimed 26 lives and 72 people who were injured in the incident are undergoing treatment. The Brihanmumbai Municipal Corporation (BMC) has set up a team to probe the wall collapse at Pimpripada in Malad and submit a report within 15 days. The finance minister Nirmala Sitharaman announced an additional rebate of Rs 1.5 Lakh on Housing Loan Interest. Currently, this rebate was limited to Rs 2 Lakh only. So with this announcement, a housing loan for a home valued up to Rs 45 Lakh, the homebuyers will now avail a rebate of Rs 3.5 lakh on the home loan interest amount. The central government has launched a water conservation campaign, ‘Jal Shakti Abhiyan’, which will be cente...

Can South-Central Mumbai Handle its Luxury Oversupply?

 Anuj Puri, Chairman – ANAROCK Property Consultants Luxury housing in South-central Mumbai is rarely out of the news. Mumbai’s legendary playing ground of Bollywood celebrities and high-flying business tycoons has been a constant magnet for HNIs and UHNIs from both within the city and beyond, and everyone from start-up founders to C-Suite professionals has an inherent yen to live here. It has a total unsold inventory of approx. 11,000 units as on Q1 2019 Substantial unsold stock is of large-sized properties with lower demand Multiple options have increased the gestation cycle for luxury projects sales Ticket sizes in south-central Mumbai go to over INR 80 crore; INR 15 crore in other tony areas While the demand for luxury homes in South-central Mumbai is beyond dispute and its real e...

Mulund to get a realty boost as GMLR inches closer to reality

The Goregaon-Mulund Link Road (GMLR), an ambitious road project of the Brihanmumbai Municipal Corporation (BMC) connecting eastern and western suburbs through Sanjay Gandhi National Park (SGNP), has secured all the mandatory clearances and construction work is set to start very shortly. The mega Rs. 4,000 crore road project will run from Goregaon to Mulund via two underground parallel tunnels of 4.7 km in SGNP and will be the fourth east to west connector in the city after Ghodbunder Road (Borivali to Thane), Jogeshwari-Vikhroli Link Road and Santacruz-Chembur Link Road. The project has already got a green signal from the National Board of Wildlife (NBWL), the Maharashtra State Board of Wildlife and Eco Sensitive Zone clearances. The approvals came with many riders such as NBWL directing t...

Fire Safety in Hotels and Restaurants in Metros – RealtyMyths

by Akhilesh K Prasad The government has a stringent set of safety rules to be followed by hotels and restaurants on their premises. The concerned authorities need to be satisfied with due compliance even before the licence to operate is issued to an establishment. The lapse in the following safety and precautionary norms can result in penalties or cancellation of licences. However, despite this, there has been a spate of accidents in hotels in recent times that point to the fact that there are shortcomings yet, in the way hotels and restaurants are operated in India. The fire in two restaurants, 1Above and Mojo’s Bistro at Mumbai’s Kamala Mills in late 2017 resulted in 14 casualties. This was a wake-up call for stakeholders including restaurant owners, staff, government functionaries as we...

Mumbai Port Trust: Multiple Issues, No Easy Solutions – RealtyMyths

Anuj Puri, Chairman – ANAROCK Property Consultants No discussion about Mumbai’s notoriously land-starved real estate market is complete without mentioning the massive tracts of land held by various Government and non-Government agencies and bodies. Arguably, Mumbai Port Trust (MbPT) is currently one of the largest landowners in the country’s otherwise land-scarce financial capital. Mumbai Port Trust owns nearly 1,900 acres of commercially useable prime land in the south and south-central Mumbai along the sea-facing eastern coast. If put to good use, this large tract of land can help considerably in solving the city’s immense housing shortage. Initially either oblivious or indifferent to its real worth, the port authorities have now realized that they sit on a veritable goldmine that can fe...

Mumbai to Face 10% less Water Supply – RealtyMyths

by Akhilesh K Prasad Starting 15th November, Mumbai’s civic body, the Brihanmumbai Municipal Corporation (BMC) has cut water supplies of the city by 10%. In a statement earlier, BMC said that this cut will stand till the next monsoons. According to reports, BMC has been compelled to take this step as they have 15% lesser water stock as compared to the corresponding period in the last year. This is a consequence of less than expected rain in the months of August and September this year, as compared to June and July. The water cut applies to all entities; residential, commercial or other establishments. It is noteworthy here that BMC supplies 3800 million litres of water to Mumbai, which is already lower than the corresponding demand of 4200 million litres. After the announced cut of 10%, th...

Mumbai’s Mithi River Rejuvenation Misses Deadline – Again

Anuj Puri, Chairman – ANAROCK Property Consultants Seasonal swelling eroded mangroves a major cause of flooding Cleanup was supposed to start in June ’18 Despite the repeated claims of the Mithi River Development and Protection Authority (MRDPA) to make the river risk and stench-free within the next two years, the progress has been far from satisfactory. The river continues to be the sewage disposal stream for Mumbaikars, and the clean-up act – promised to start from June 2018 onward – has yet to see the light of the day. In what could be called a saving grace, the authorities have been successful in preventing 2005-like floods in the city, or else this laxity in the river clean-up would have been embarrassingly highlighted. The authorities continue to pat themselves on t...

The epidemic of Mumbai building collapses

Anushree Ghosh, “This building is dangerous. It may collapse at any time. Enter at your own risk. So goes a warning sign at the entrance to a building in Mumbai. Buildings that crumble are an old tradition in this city.” – Dilip D’Souza, author, and activist Elements constituting structures deteriorate with time, and repair is the mandatory law to follow when the signs of damage are visible. The Buildings show crumbling symptoms much before they actually collapse; and when neglected for years, they become ‘the Wells of Death’. D’ Souza in his article ‘Nobody touches the Act’ describes it as an “epidemic” that is an Old Bombay tradition. Accounting the roots of this epidemic, he mentions the 1996 Tavadia building collapse in Bora Bazaar and the Saki Naka hillside collapse. One o...

Adbhut August – Real estate rewind 2017

2017 was not less than a roller coaster ride for the real estate sector. Before flying into 2018, let’s peek into a year which was perhaps filled with uncertainty, volatility and long-term promise of new opportunities. Let’s look at RM top stories for the month of August which got maximum eyeballs. AUGUST 2017 I believe, Bangalore is a young and dynamic market – Ashok Naidu, Director, Kumari Builders, and Developers. Ashok Naidu, Director, Kumari Builders and Developers is a young dynamic entrepreneur from Bangalore with a great sense of responsibility and humor. Kumari Developers to build affordable luxury homes aimed at the younger demographic. Husaini building collapse in Mumbai 19 dead Hussein building was categorised as “most dangerous” by the BMC. This shocking incident shook t...

Worli – Mumbai’s Avant-Garde Luxury Housing Address

Swanky skyscrapers, sea-facing properties, improved connectivity to Mumbai’s de-facto CBD Bandra Kurla Complex (BKC)… Worli literally has it all in a city where transit infrastructure holds all the aces for real estate success. Worli’s favourable location, sea-facing ethos and seamless connectivity to the major commercial establishments of South-Central Mumbai and the Western Suburb are true winners. Prashant Thakur, Head – Research, Anarock Property Consultants With so many upsides in its basket, the name Worli draws instant attention from luxury home buyers – not only in the financial capital, but in the rest of India, as well. Not surprisingly, Worli’s residential property market has attracted several developers keen to capitalize on its upmarket charm and locational advantages in...

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