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CRZ body calls Mahim a bay, okays SRA scheme, decision can lead to Coastal Constructions
The Maharashtra Coastal Zone Management Authority (MCZMA) has given the go-ahead for a slum redevelopment scheme close to the Mahim Bay. The MCZMA took the decision after the Bombay high court directed it to form an opinion on the matter.
When the proposal for the redevelopment of the M N Koli slum first came up before the MCZMA, it asked the Union environment ministry (MoEF) to define what constituted a bay. The issue was critical, since geomorphologically (geomorphology is the scientific study of landforms and the processes that shape them), large parts of the coast of Maharashtra, Goa and north Karnataka are bays. The 2011 notification reduced the effective protection for these parts to merely 100 metres. As for the country’s eastern coastline, all of it is along a bay—the Bay of Bengal.
The slum redevelopment scheme was submitted in 1984-85 and approved in 1990 as per the Development Control Regulations of 1967. Construction started almost immediately. The project was stalled when the 1991 CRZ notification came into force. First the land got tagged as CRZ-I and then CRZ-II.
Source: The Times of India, Friday 14 March 2014
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Santa Cruz-Chembur link rd to open in April 2014
Santa Cruz-Chembur Link Road (SCLR)—India’s first double decker flyover—is expected to be opened by mid-April. The east-west corridor is expected to reduce travel time by 60 to 90 minutes from the Western Express Highway and Eastern Express Highway.
SCLR is considered the most delayed project as it has taken more than 11 years to be completed. The project cost has increased to Rs 428 crore from the Rs 115 crore when the work began in 2005.
- Source: The Times of India, Friday 14 March 2014
Homi Bhabha’s Malabar Hill home for sale
The National Centre for the Performing Arts (NCPA) on Wednesday issued a public notice inviting investors interested in purchasing Mehrangir, the Malabar Hill bungalow where Homi J Bhabha, father of India’s atomic energy programme, spent most of his life. Located astone’s throw from Hanging Gardens, the property is estimated to be valued at over Rs.257 crore. The over half-a-century-old mansion has 17 rooms.
- Source: The Times of India, Thursday 13 March 2014
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Applying for MHADA house gets dearer
For several residents of Mumbai, whose only hope to own a house in the city is through the state housing authority’s lottery of low-cost homes, there is another dampener this year.
Besides the fact that houses of the Maharashtra Housing & Area Development Authority (MHADA) have become less affordable, this year, even applying for the lottery will be a costlier affair than the previous year.
The state housing authority has raised the earnest money deposit amount, which every applicant has to pay at the time of filling the form to participate in MHADA’s lottery. The authority has doubled the amount for the middle-income group, raised it by 67% for the lower-income group, and by 50% for the higher-income group and economically weaker sections.
- Source: The Indian Express, Saturday 8 March 2014
Home sales in Hyderabad fall 4% in calendar 2013
Hyderabad saw 4% drop in housing sales in 2013 to 16,500 units but volumes are expected to pick up from year-end on hopes that uncertainties will fade away with the decision to form Telangana, said property consultant Knight Frannk. “The Hyderabad residential market has remained stagnant in 2013, with a slight drop in absorption. The residential sales volume has dipped by 4% in 2013 compared in 2012. Approximately 16,500 residents units were absorbed in 2013 compared to 2012.
Approximately 16,500 residential units were absorbed in 2013, “Knight Frank said in a report. New launched in Hyderabad have also fallen by 15% to 16,200 units in 2013 from 19,000 in 2012, till Knight Frank said, Hyderabad fared slightly better compared to other IT/ITes dominated cities of Chennai and Pune with only a 4% drop in sales volume during this time last year.
- Source: The Indian Express, Saturday 8 March 2014
Thane: Booming market with affordable options
Thane, an erstwhile industrial city adjacent to Mumbai, is emerging as one of the prime markets for residential property in recent times.
The upsurge is popularity can be credited to the affordability quotient in comparison to the more costly residential markets in Mumbai. Ghodbunder Road is acting as the driver of new real estate developments in Thane, catering to most of its demand.
Thane offers reasonable home buying options to the middle class home buyers. What is more note-worthy is the ability of this market to cater to a diverse consumer base. While 1 BHK apartments with a ticket size of Rs.35 lakh are being offered by various developers, high-end apartment schemes with a variety of amenities are also on the platter with a range of Rs.1 crore and upwards. `
- Source: The Indian Express, Saturday 8 March 2014
