Navi Mumbai airport may be operational by December 2018

Navi Mumbai airport may be operational by December 2018

Thane: The first phase of the proposed new international airport in Navi Mumbai is expected to become operational by December 2018, an official said here Tuesday. 

The first phase will include one runway of the new airport, arrival and departure terminals and custom, immigration sections. 

Designed to ease congestion at the existing single runway Chhatrapati Shivaji International Airport in Mumbai, the proposed double runway Navi Mumbai International Airport will come up near Panvel as a Public-Private Partnership project on a design, build, finance, operate and transfer (DBFOT) basis. 

The airport is expected to cost about Rs.14,500 crore, said Sanjay Bhatia, vice-chairman and managing director of City and Industrial Development Corporation (CIDCO) of Maharashtra Limited, which is overseeing the construction of the greenfield airport project. 

CIDCO has now embarked on a Rs.20,000-crore infrastructure development of the nodes it manages in the airport vicinity, Bhatia said. 

CIDCO has already appealed to various stake-holders listing out various initiatives on the infrastructure aspects, including the settlement with almost all the villages to ensure smooth process of land acquisition, he added. 

Among the related projects which would boost the new international airport are a Rs.2,100-crore Metro Rail project, Rs.1,412-crore Nerul-Uran railway line, Rs.1,450-crore Balganga Dam for providing drinking water to Navi Mumbai, an airport township, other coastal roads and bridges. 

Besides, the state government is re-activating the Mumbai Trans Harbour Link (MTHL) project and the Jawaharlal Nehru Port Trust is doubling its capacity to handle large vessels. 

CIDCO has prepared a three-year action plan to develop 13 schools, four professional colleges, one degree college, 32 hospitals, 34 religious and spiritual centres and 77 community welfare centres, including hostels and indoor and outdoor sports facilities, added Bhatia. 

CIDCO plans to construct 6,000 affordable houses for the poor and middle classes in the region. 

The local forest department is collaborating with CIDCO to develop a Rs.36-crore Nature Park Project spread over 2,000 hectares. 

"It will have walking trails, water conservation projects, viewing galleries, adventure and camping facilities, regeneration of the forest and existing waterfalls, besides a Boulders' Park," Bhatia said. 

These projects have attracted major realtors of Navi Mumbai, including Rajesh Prajapati of Prajapati Developers and Mohan Gurnani of Moraj Developers. 

They have assured full support to CIDCO to convert Navi Mumbai into a "world-class city" by providing all housing amenities and infrastructure.

Sources :-http://zeenews.india.com

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Internet influencing real estate buyers'choice

NEW DELHI: 

For every 10 people who are shopping online, three are searching for real estate. Internet is influencing the way people buy property - nearly 53 per cent of real estate purchases made in India are in some way or the other influenced by online research says a survey by Google India and Zinnov.

Interestingly, the phenomenon of researching online for real estate information was not limited to just the metro cities but was also prevalent in tier two cities.

According to the study, the overall influence of Internet on real estate transactions in both residential and commercial properties including rentals amounted to $43 billion-$31 billion for residential and $12 billion for commercial properties. 

Nearly 74 per cent of real estate research online was focused on residential buying and 26% focused on residential renting, the study said. 

"Almost half the respondents were indifferent to new or resale property (47 per cent) as the criteria for research focused more on their space requirement, budget and location. 23 per cent respondents were in the market for resale property only, and 30 per cent were looking for new property under construction," the study said. 

Investors from Middle Eastern countries are expected to spend $180 billion in commercial real estate markets outside their region over the next decade with Europe being the preferred target, according to a latest study. 

The major increase in flows of Middle Eastern capital into global markets is emerging from the extraordinary mismatch between the lack of institutional real estate in domestic markets and the huge spending power concentrated in the region, a study by global property advisor CBRE said.

Europe is the preferred target with 80 per cent of the $180 billion targeted for the region over the next 10 years. 

The real estate industry was worth $75 billion in 2013. 

 Sources :-http://economictimes.indiatimes.com

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57% of Indians think next 30 days good time to buy real estate

Sources Economic Times..

 NEW DELHI: Nearly 60 per cent of Indians think that next one month would be a good time to buy real estate with improvement in consumer sentiments following formation of a stable government, according to a survey by global research firm Ipsos.

"Almost six in ten (57 per cent) Indians think the next 30 days will be a good time to buy real estate, such as a house, vacation property or investment property," Ipsos said in a statement.

Founded in France in 1975, Ipsos is an independent market research company controlled and managed by research professionals.

"With the formation of a new stable government at the Centre, the consumer sentiment which was low in the last 2 years has improved significantly. The stock market has already reacted in a positive manner reflecting this change, the real estate prices are expected to go northwards by the end of the year," said Bhasker Canagaradjou, Associate Director, Ipsos Business Consulting.

The realtors reeling under large scale of debt are offering discounts to reduce their inventory levels taking advantage of the new found optimism in the market.

The residential real estate market may see an uptick in the demand and increase in the number of transactions in the near future, he added.

Majority (65 per cent) of people in Russia think next 30 days would be a good time to buy property followed by India (57 per cent), Indonesia (55 per cent), Ireland (51 per cent), Great Britain (47 per cent), Mexico (44 per cent), Australia (42 per cent), Hungary (42 per cent).

"Those rounding out the middle of the pack are from the United States (41 per cent), Germany (40 per cent), Canada (39 per cent), Italy (38 per cent), Argentina (37 per cent), South Africa (37 per cent), Sweden (37 per cent), Poland (35 per cent) and Spain (34 per cent).

The survey was conducted in 26 countries with a total sample of 20,144 adults age 18-64 in the US and Canada, and age 16-64 in all other countries.