Shahrukh Khan's Sea-Facing Building on Mumbai's Carter Road May Be Redeveloped
In a recent development, Mumbai-based listed real estate firm Oberoi Realty announced in July 2024 that it has entered into an agreement to redevelop a prominent sea-facing property on Carter Road, which is reportedly owned by Bollywood icon Shahrukh Khan
Carter RoadMumbaiShahrukh KhanOberoi RealtyReal EstateReal Estate MaharashtraJan 28, 2025
The report predicts that housing prices in the top eight cities will moderate to a 3-4% increase in the next fiscal year.
This comes as a relief to potential buyers who have been witnessing steady price hikes in recent years.
The National Capital Region, Bengaluru, and Mumbai, which are among the most active real estate clusters, are expected to see this moderation in price growth.
The report highlights several factors contributing to this trend, including a slowdown in demand, increased supply, and economic uncertainties.
of India Ratings
India Ratings and Research (Ind-Ra) is a leading credit rating agency in India, providing independent credit ratings and research.
With a strong presence in the financial market, India Ratings is known for its comprehensive analysis and forecasts on various sectors, including real estate.
Factors Contributing to Moderation in Housing Prices
1.
Slowdown in Demand The demand for housing units has been sluggish in recent quarters due to economic uncertainties and the ongoing pandemic.
Potential buyers are becoming more cautious, leading to a decrease in demand.
2.
Increased Supply There has been a significant increase in the supply of new housing units in the market.
This surplus is putting downward pressure on prices, as developers are offering competitive deals to attract buyers.
3.
Economic Uncertainties The global and local economic environment remains uncertain, which has led to a cautious approach among investors and buyers.
This uncertainty is expected to persist in the near future, further moderating price growth.
4.
Government Policies Recent government policies, such as the introduction of the Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST), have brought more transparency and accountability to the sector.
However, these changes have also increased the compliance costs for developers, which may have a marginal impact on prices.
Impact on Major Cities
- National Capital Region (NCR) The NCR is expected to see a moderate increase in housing prices due to its robust infrastructure and economic activities.
However, the surplus supply of housing units is likely to keep prices in check.
- Bengaluru Known for its IT industry, Bengaluru has a strong demand for housing.
The city is expected to see a moderate price increase, driven by ongoing infrastructure projects and economic growth.
- Mumbai Mumbai, being the financial capital of India, has always been a hotspot for real estate.
However, the city is expected to see a more muted price growth due to the high base and increased supply.
Conclusion
The moderation in housing price growth in the next fiscal year is a positive sign for potential buyers and the overall real estate market.
It reflects a more balanced and sustainable growth trajectory.
While the market continues to face challenges, the measures taken by the government and the increased transparency are expected to stabilize the sector in the long term.
For more detailed insights and analysis, refer to the full report by India Ratings and Research.
Frequently Asked Questions
What is the significance of Carter Road in Mumbai?
Carter Road, located in Bandra, is a prime residential area known for its stunning sea views and luxurious properties. It is home to many celebrities and affluent individuals, making it one of the most valuable stretches of land in Mumbai.
Who is Oberoi Realty?
Oberoi Realty is a leading real estate developer in Mumbai, known for its high-quality projects and commitment to excellence. The company has a strong track record in developing premium residential and commercial properties across the city.
What is the redevelopment plan for Shahrukh Khan's building?
The plan involves transforming the existing building into a modern, state-of-the-art residential complex featuring luxury apartments, world-class amenities, and cutting-edge infrastructure.
How will the redevelopment impact the real estate market in Mumbai?
The redevelopment is expected to set new benchmarks for luxury living and could influence other property owners in the area to consider similar projects. It is likely to attract a lot of attention from potential buyers and investors.
What challenges does the redevelopment project face?
The project will need to navigate regulatory hurdles, including obtaining the necessary approvals and permissions from local authorities. Additionally, the developers will need to ensure that the new complex blends seamlessly with the existing landscape and maintains the area's charm and character.
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