India's real estate sector is booming with new-age concepts, and redevelopment is gaining tractioning with new-age concepts, and redevelopment is gaining traction due to space scarcity and the need for efficient land use. These projects span governmental partnerships, societal initiatives, and developer-led efforts.
Mumbai is at the forefront, with dilapidated buildings being continuously modernised. Key micromarkets like Dadar, Prabhadevi, Bandra, Worli, Vile Parle, Juhu, Malabar Hill, and Mahalaxmi are witnessing this trend.
According to Anarock, in the Delhi-National Capital Region, ageing colonies and housing societies are being transformed. Surat is advancing with urbanisation and Smart City initiatives, while Bengaluru is upgrading old residential areas, driven by sector demand and the need for enhanced urban infrastructure.
This trend is revitalising urban landscapes nationwide.
JLL reported that 15-25 per cent of property registrations in Mumbai come from redevelopment, with over 3,500 projects approved by May 2024.
Tier-I developers are increasingly focusing on redeveloping prestigious areas. Developers like Prescon, Kinjal Group, Mahindra Lifespaces, Vascon Engineers, Rustomjee, Kolte-Patil, and Runwal are planning substantial investments to expand their portfolios.Mumbai-based Prescon plans to invest around ₹250 crore in 2024-25 (FY25) towards new opportunities and funding existing redevelopments. In 2023-24 (FY24), the company invested nearly ₹100 crore in ongoing slum rehabilitation projects, including a 250,000-square-foot, 23-floor rehab tower in Mahim.
Bu hikaye Business Standard dergisinin September 13, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Business Standard dergisinin September 13, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Telangana CM Seeks Nadella Help in Tech, AI Infra Boost
Telangana Chief Minister A Revanth Reddy on Monday called on Microsoft CEO Satya Nadella at his residence and sought the IT major's support to develop a strong ecosystem so that Hyderabad is recognised as a leading city in the world in the technology domain.
Airlines Have to Share International Passenger Data with Customs from April
Airlines will have to mandatorily share details of foreign travelers with the Indian Customs authorities from April 1, 2025, and non-compliance can attract penalties.
H-1B visa: A policy shift under Trump and Biden
Indians constituted highest share in number of visas issued during both presidencies
H-1B System 'Broken,' Need 'Major Reform,' Says Musk
Days after pledging to \"go to war\" in defense of the H-1B visa program, tech billionaire Elon Musk has turned his sights on the system itself, labeling it \"broken\" and in need of \"major reform.\"
ROOT OF THE MATTER
Nano urea sales fell sharply in FY24 while production capacity rose. Is it an aberration or sign of a deeper problem?
Carlos Slim invested $1bn in 2024 to supercharge oil bets
Carlos Slim (pictured), Latin America's richest man, plowed $1 billion this year into growing his crude-oil producing and refining portfolio in a bet that demand for fossil fuels isn't going away anytime soon.
Fire, engg insurance premiums may rise by 60% in 2025
In 2025, Indian firms may face higher premiums for fire and engineering insurance covers as reinsurers are likely to revise rates due to rising claims from catastrophic events and higher loss ratios, according to people in the know.
ICAR, governing body member spar over appointments
Venugopal Badaravada, who is a governing-body member of the Indian Council of Agriculture Research (ICAR) and has pitted himself against the organisation on various matters, has now picked a dispute with the outfit on high-level appointments.
Financial sector to see many new faces in 2025
The financial sector could see new faces at the helm of banks and insurance companies with over half a dozen chief executive officers (CEOs) set to hang up their boots in 2025.
Health experts pitch for duty waiver on cancer equipment
Health and education experts in a pre-Budget meeting on Monday urged Union Finance Minister Nirmala Sitharaman to address issues related to cancer care equipment, health and education spending, and increase focus on teachers' training under the National Education Policy (NEP), 2020.
