Real estate report predicts no price rise in MMR ASK Property Investment Advisors (ASKPIA), the real-estate private equity arm of ASK Group has announced the launch of the first ever detailed report on Mumbai Residential Real Estate. MMR residential real estate report analyses the economic and infrastructure drivers that would impact the demographic growth of the Mumbai metropolitan region. The study gives an outlook on the housing requirement and supply and its impact on prices. During the launch of this report, Mr. Sunil Rohokale, CEO & Managing Director, ASK Group said, “Mumbai’s growth continues to be driven by Finance, Media, Telecom, Entertainment, IT/ ITeS, Gems and Jewellery and trading industry and posted 15% annual growth in last 7 years. The imminent economic growth would result in rising incomes, higher addition of jobs, and need for housing. The expectations of softening interest rates, standardization in approvals and various policy initiatives will provide boost to the real estate sector. At the same time providing housing that meets the end-user budget would be the real challenge” Mumbai Metropolitan Region contributess about 6% share of India’s GDP is expected to witness stable economic growth in medium term. According to the report, MMR’s annual housing requirement is expected to be 120,000-125,000 houses driven by 2.2% annual growth of population. Affordabilty in MMR declined sharply as property prices rose by 20-30% annually while average income grew by 10% per annum in last 6 years The report says that overall prices are not expected to rise in MMR during 2014-15 with balanced demand-supply. Regions with improved infrastructure like Ghatkopar (W), Chembur, Wadala and Andheri(E) are expected to see rise in end-user demand. “The growing suburbanisation of the Mumbai region and demographic growth indicates a housing need of 120,000 -125,000 units annually over next 3 years. We expect prices to not go up due to balanced demand-supply, while growth corridors are expected to witness rise in demand from end-user” said Mr. AmitBhagat, CEO and MD, ASK Property Investment Advisors Ltd. ASK Group which has emerged as a leading player in the real estate fund business has raised Rs.2100 crore. Till date the group has invested 15 projects of which 2 are in Mumbai city. In Mumbai, the group has invested in projects of Godrej Properties and Rajesh Lifespaces. These investments were made in March’12 and August 2011 respectively.
Posted on: Thu, 27 Nov 2014 09:25:46 +0000
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