Govt. to develop 1000 acre Mumbai coastline land on its own

Mumbai
The government is planning to develop more than 1000 acres of land on the east coast of Mumbai which is owned by Mumbai Port Trust (MPT). This was announced by the Union Minister of Road Transport, Highways and Shipping, Mr. Nitin Gadkari. In his statement to the press he categorically mentioned that none of the land parcels of the Mumbai Port Trust (MPT) will be handed over to the private parties or developers to develop. The government will do it themselves, said the minister. The minster also added that currently discussions are going on with international consultants about the plans and programmes.

The government has plans to develop three or four towers for different needs like financial institutions, Marina, Convention Centre, Entertainment Zone, Cruise terminal and other facilities. The Ministry of the Union government said that discussions are also going on with the Maharashtra government. Work is proposed to start at the earliest. 

In a conference organized by Edelweiss India the Union Minister said to few of the private parties in a gathering that 1300 islands of India will be converted in to tourist’s destination.  According to the Minister there are many insurance companies of the globe who have shown keen interest in investing in the Indian Infrastructure industry. But currently due to the factor of hedging the currency required for this, it has become a challenge as it will add to the cost.

The ministry also reiterated that the government plans to build 150 to 200 ring roads in the key cities of India and also plans to develop Logistics parks next to these. Nitin Gadkari said this will add to the prospects of tourism in the country which has huge untapped potential. This will also lead to good creation of jobs said the sources from the ministry.
  
There are of course other ambitious plans of the government said the Minister citing the example of Sagarmala project which is supposed to cover twelve of the key ports in the nation.  This project is aimed at improvement of the infrastructure of the port along the coastline of the country which is 7, 500 km long.

Indian Real Estate Market - Investment Opportunities for NRIs

 The NRIs undoubtedly have a tie with India and it’s surely an emotional tie. If the NRIs want to buy any property for a long term purpose, the country that they remember first is India. The Indian realty boom has made the NRIs more eager to invest in their home land. There have been various surveys and reports by many and varied agencies, government bodies and private companies on the NRI’s interest in Indian property market. Out of all these there was a recent report published by ASSOCHAM, Associated Chamber of Commerce of India which has revealed that NRIs feel more confident about investing in Indian property market compared to few years back. We delve into the opportunities laid down to the NRIs in few of the sectors where there is low risk and there is an advantage too from the price point of view too.

Changes in the Indian Real estate sector

The Indian realty sector had been changing in the last one and half decade and accordingly the whole macro-economic environment of India has also undergone a change. In this spree of development, the tier 2 and 3 cities have undergone much of development with influx of various types of industries and sectors. These properties in these cities are comparatively cheaper than their counterparts in the established metropolis of the nation.

There is another important point that the NRIs need to remember is that they should target the ready-to-move-in properties rather than the under construction ones. There are realtors and developers who takes advantage of the absence of the NRIs and on top of that the under construction property will give an upper hand on the developer to do unnecessary delay which can go beyond the control of an NRI. In case the NRIs choose the constructed projects the risks of delay are totally nullified.

Investment in REIT (Real Estate Investment Trust).

REITs have added a new dimension to the real estate investment in India by the NRIs. This has allowed the NRIs to be a part of the Indian real estate growth story. The advantage is that the NRIs can still invest in the Indian property market without physically purchasing the property. Additional good news is that the REIT governed by SEBI will make it fairly transparent for them to participate.

Read On : Land Pooling System

Smart Cities – An area of smart investment.

Smart cities have been drawing everyone’s attention since its announcement. Smart cities offer a perfect opportunity for the NRIs in the Indian Real estate industry. Not only that the Smart City projects offers you both short and long term investment opportunities for the NRIs. Talking about the projects that has already kick started including the ones in Gujarat like Tec City (GIFT), Lavasa Smart City or even Kochi Smart City in Kerala, it has been noted that there had been an increment of 10 to 15 percent in the property value in less than a year. This thus is an ideal investment opportunity for the NRIs.