they are wary i guess, due to various scandals that are still ongoing investigations. also most of them usually buy at the peak and then never come back as they lose most of their money with the inevitable fall

they need more education in financial planning

It's probably more to do with a severe lack of understanding of Capital markets. I'm not even sure how some of our MBA grads have a sound understanding of the Indian Stock exchanges, what are indices, scrips etc etc.

Some people do get caught up in the hype occasionally and invest significantly in the stock market and end up losing money as they invest at the peak and withdraw at the end of correction. They in turn end up telling others that stock market is a gamble, which it is really not, it just needs proper knowledge.

It's probably more to do with a severe lack of understanding of Capital markets. I'm not even sure how some of our MBA grads have a sound understanding of the Indian Stock exchanges, what are indices, scrips etc etc.

Some people do get caught up in the hype occasionally and invest significantly in the stock market and end up losing money as they invest at the peak and withdraw at the end of correction. They in turn end up telling others that stock market is a gamble, which it is really not, it just needs proper knowledge.

isnt that the case all round the world? If anything even the american got caught out in the financial crisis as well. Its the same in Japan. So dont see it as being an Indian thing.

People need to realise that there will be ups and downs. The stock market is currently overvalued as it is.

the issue is even middle class Indians not investing certain % of their income in stock directly or via a mutual fund. I goto pune occasionally , hardly anybody has invested in shares.

So that means that the Mumbai stock exchanges are highly at risk to foreign funds who might pull out for whatever reasons. not a healthy position.

Financial crisis was something completly different however Indians by nature are very conservative and risk-averse. This is also reflected in the high savings rate of the Economy , likewise the Chinese who are also conservative investor.

the americans however are a different breed when in comes to investing, as far as knowledge is concerned they may not be that great but hardly shy away from investing in high risk high return securities.

Perhaps they've always been like that but India and especially the middle class I hope will come out of their shell a little more and look beyond the uber-conservative financial lifestyle which threatns to become a national lifestyle.

Financial crisis was something completly different however Indians by nature are very conservative and risk-averse. This is also reflected in the high savings rate of the Economy , likewise the Chinese who are also conservative investor.

the americans however are a different breed when in comes to investing, as far as knowledge is concerned they may not be that great but hardly shy away from investing in high risk high return securities.

Perhaps they've always been like that but India and especially the middle class I hope will come out of their shell a little more and look beyond the uber-conservative financial lifestyle which threatns to become a national lifestyle.

hmm i dont agree with that. If that were the case we would not be seeing a real estate bubble all over India. That tells me middle class Indians were not afraid to invest in risky real estate(which is even more risky than buying shares are because of the large capital involved in buying a flat than investing a few lahks in shares) than buying stock.

Also investing heavily in gold, despite the high prices currently for traditional and non traditional reasons.

no doubt savings rates are high. But I dont see how that has anything to do with putting it in investments. Which will also count as part of the saving portfolio. If you start buying cars or goods whoes value will always diminish with time as say hmm a Xbox or a PC not used for commercial purposed then thats real spending.

i dont think middle class buyers of real estate were investors. they were mostly end users taking advantage of home loans that were not so easily available before

gold is a very conservative investment. not surprisingly its consumption has gone up since the GFC

Housing and Gold are traditional Indian buys, the reason for the House buying spree is mainly to do with the availability of easy credit. Earlier people would save upduring their life times so that they could buy a decent house pre-retirement and settle down , the house was then considered a family asset. Similarly with Gold, it's such a popular culture to buy gold and save it for later genrations , be it weddings or any other occasion.

My point was more about the new age investments like Unit linked retirement plans, extensive and active stock portfolio, ULIP's mutual funds. I wish the booming middle class would embrace such securities or else we might get caught in the middle income group trap, something which I can already see in Mexico and Brazil.

Housing and Gold are traditional Indian buys, the reason for the House buying spree is mainly to do with the availability of easy credit. Earlier people would save upduring their life times so that they could buy a decent house pre-retirement and settle down , the house was then considered a family asset. Similarly with Gold, it's such a popular culture to buy gold and save it for later genrations , be it weddings or any other occasion.

My point was more about the new age investments like Unit linked retirement plans, extensive and active stock portfolio, ULIP's mutual funds. I wish the booming middle class would embrace such securities or else we might get caught in the middle income group trap, something which I can already see in Mexico and Brazil.

while they maybe traditional buys, dont think entire india has witnessed such a bubble in real estate before. No doubt cheap credit was the cause. but a bubble does develop when there is a certain amount of greed associated with it. I am sure a lot of people invested in a first time house even when they did not have the means to pay of the mortgage and just wanted to ride on a boom with ever increases prices. Prior to that it was highly localised markets in india (like mumbai in the mid 90s) that had developed bubbles.


on the second point. I too hope the middle class invest in those. In general have a balanced portfolio of gold stocks housing hard cash. Ie a balance between liquid and solid assets. Lets hope with lot of people doing MBA's people atleast spread that to their families.

Essel Group to set up tourism zone near Mumbai

Diversified business house Essel Group today proposed to set up a special entertainment and tourism development zone near Mumbai, Group Chairman Subhash Chandra said here.

"We are working in terms of creating a special zone for entertainment and tourism development in the suburbs of Mumbai. The total outlay is still being worked out," he told reporters. The zone would come up on 800 acre and would be an extension of its popular theme park 'Essel World', he said.

"It will have various activities ... A theme park and even post production of foreign films.. We will provide facility (at the venue) for post production" he said, adding that it would be promoted by a new company of the group," he said.

On the infrastructure business, being operated under the brand name 'Essel Infra Projects Pvt Ltd', Chandra said it has an order book size of Rs 4,000 crore.
The subsidiary had already constructed two roads each in Maharashtra and Madhya Pradesh on built-operate-transfer basis, he said.

Chandra said the Group had reported a turnover of Rs 10,000 crore as of March 2010 and expects a growth of 10-15 per cent over the next two-three years.

He replied in the negative when asked whether the ongoing IPL matches had affected the TRP ratings of the group owned television channels.

Mumbai Home Sales Plateau as Prices Jump 30%, Knight Frank Says

April 15 (Bloomberg) -- Mumbai home prices have jumped about 30 percent over the past six months, leading to a drop in home sales in India’s financial capital as higher prices deter buyers, Knight Frank LLP said.
“Residential property prices have risen too much too fast,” Pranay Vakil, chairman of Knight Frank (India) Pvt. said in an interview in Mumbai. “We are seeing resistance at higher prices and as a result volumes have declined.”
The average sale price of existing homes between 1,000 square feet (93 square meters) and 2,000 square feet has climbed 11 percent to 20,000 ($450) a square foot in North Mumbai in the fourth quarter from the three months to Sept. 30, according to data from property consultant Cushman & Wakefield. That was the highest in at least eight quarters.
Wealthy individuals globally put off making purchases in 2009 because of concern over the strength of the economy, according to a survey by the London-based broker and Citi Private Bank. Half of the respondents in the survey published last month said they expected better returns from residential real estate this year than from other types of property.
Real estate accounted for about a third of the assets owned by Citi’s clients, more than stocks and other investments. Property is expected to be the third-best performing asset class in 2010, after stocks and hedge funds, the worldwide survey showed.
“We have seen a huge spurt in demand for homes from non- resident Indians,” Vakil says. Vakil, who sees a direct link between the stock market and property prices, says he expects prices to remain at these levels unless stocks climb further.
India’s benchmark Bombay Stock Exchange Sensitive Index has risen 2 percent this year, after an 81 percent advance last year that made it Asia’s third-best performing market.

http://www.businessweek.com/news/2010-04-14/mumbai-home-sales-plateau-as-prices-jump-30-knight-frank-says.html

Jet Air seeks more FSI for Bandra Kurla Complex plot, eyes lease income

MUMBAI: JET Airways has sought the civil aviation ministry’s permission to build additional floors at its proposed commercial property in Bandra Kurla Complex, or BKC, Mumbai’s swanky business district.

The application, if approved, will help the fund-starved airline to earn a minimum of Rs 100 crore a year from lease rentals, real estate experts said.

Jet has asked for permission to use floor price index (FSI) — a ratio of construction permitted to the size of the plot — of six against the permissible limit of four. In other words, Jet’s tower on the 2.5-acre plot can be as high as 70 meters with area of 6.53 lakh square feet.

Experts said Jet may earn at least Rs 100 crore from lease rentals a year at the current rate of Rs 250 per square feet if it manages to get a 70% occupancy. Under the terms of the agreement, Jet can not lease out more than 40% area in this property to third parties.

The Jet spokesperson confirmed the airline’s application to the ministry. “Jet Airways has approached the ministry of civil aviation for a height that has been granted to other buildings in BKC’s G Block. However, this is independent of its decision it may take with regard to proposals that may have been received with regard to development of its property,” the spokesperson said.

Real estate experts said Jet might get the ministry’s permission as five developers received the approval to build towers up to 70 meters in the same block (G block) in BKC.

Once Jet gets the ministry’s approval, it will have to get a go-ahead from the Mumbai Metropolitan Regional Development Authority, the special development authority for the area. MMRDA normally approves extra FSI for a premium if the application is passed by the ministry.

The ministry’s permission is required for adding height in BKC because of the area’s its proximity to the Mumbai International Airport. Jet will develop the BKC property jointly with a partner, said an expert. Jet had bought this property in 2006 for Rs 399 crore.

http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/Jet-Air-seeks-more-FSI-for-Bandra-Kurla-Complex-plot-eyes-lease-income/articleshow/5814379.cms

Bombardier opens regional support office in Mumbai

Bombardier Aerospace has opened its regional support office (RSO) in Mumbai, India.
The office is the first to serve both Bombardier business aircraft and commercial aircraft operators and underscores the company’s drive to provide its growing international customer base with access to regionalised support services in their own time zones and languages, says Bombardier.
Operations at the Indian office are currently being overseen by Subeer Kapoor, manager RSO, Bombardier Commercial Aircraft.

http://www.flightglobal.com/articles/2010/04/21/340923/bombardier-opens-regional-support-office-in-mumbai.html

India Needs $2.2 Trillion for Cities, McKinsey Says

April 22 (Bloomberg) -- India, ranked below war-ravaged Ivory Coast and Sri Lanka for the quality of infrastructure, needs to spend $2.2 trillion by 2030 on transportation, housing and office space in its cities to accelerate economic growth, according to McKinsey & Co.

Cities, such as Mumbai, could generate 70 percent of new jobs, produce almost three-quarters of gross domestic product and drive a near fourfold increase in per capita incomes in the country in the next two decades, McKinsey said in a report, titled "India's Urban Awakening: Building Cities, Sustaining Economic Growth."

Financial capital Mumbai's gross domestic product may exceed that of Thailand and Hong Kong by 2030 as population in India's cities surges 74 percent to 590 million. India's per capita spending on urban infrastructure is just 15 percent that of China. Unless the government boosts spending eight-fold it may jeopardize expansion in the world's fastest growing major economy after China, McKinsey said. "India has a lot to do to catch up with China and other developing countries on urban reforms," Shirish Sankhe, lead author of the report said in an interview today. "If you fix some of these things, we have a very good chance of getting to and sustaining double-digit growth rates."

India's per capita spending on city development is $17 each year, just 15 percent of what its northern neighbor spends, according to the report. India will have 68 cities with a population of more than one million people, 13 cities with more than four million people and 6 mega cities with populations of 10 million or more, at least two of which will be among the five largest cities in the world by 2030.

Infrastructure Ranking

"The government is moving at a snail's pace and needs to do a lot on improving infrastructure," said N.R. Bhanumurthy, an economist at the New Delhi-based National Institute of Public Finance and Policy. "India needs world-class infrastructure to achieve its goal of double-digit growth."

Projected investment in docks, cranes and wharves may reach 407 billion rupees ($8.9 billion) in the five years ending March 2012, half the original goal, the Planning Commission said on March 23. Funding for road and bridges was lowered to 2.79 trillion rupees because of fewer available assignments, according to a government document unveiled.

India is ranked 89 out of 133 nations for its infrastructure, according to the World Economic Forum's Global Competitiveness Index.

India's $1.2 trillion economy may accelerate to 8.5 percent in the year starting April 1 as Asia's third-largest economy rebounds from the global recession, Prime Minister Manmohan Singh said on March 23.

Speed of Urbanization

It took India nearly 40 years for the urban population to rise by almost 230 million. It will take only half the time to add the next 250 million, the McKinsey report showed.

India will need to spend $1.2 trillion in capital expenditure and another $1.04 trillion on operational expenditure, the report said.

"This urbanization will happen at a speed quite unlike anything India has seen before," the report said.



Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/04/22/bloomberg1376-L19VNP1A1I4H-1.DTL#ixzz0lp8Fzc9B

India's commercial capital is not only the city with the highest GDP in India ie.$209 Billion , it also ranks among the world's top ten trade centres. The city contributes 25 per cent of industrial output and 70 per cent of capital transactions to India's economy.

The city accounts for about 1 per cent of the total population in India but has a per capita income which is almost three times that of India. Mumbai accounts for 14 per cent of India's income tax collections and 37 per cent of the corporate tax collections in the country.

Source
http://business.rediff.com/slide-show/2010/apr/23/slide-show-1-the-top-10-cities-in-india-by-gdp.htm#contentTop

Anybody has idea about Mumbai's per capita income...exact figure??

From times of India Mumbai edition 27th april 2010

Intl biz school with Mum dreams sets up shop in Hyd

Mumbai: Two years ago,Torontobased Schulich School of Business came to the city and announced that it wanted to establish its presence in the city.That was when India was still fuzzy over the idea of allowing foreign universities in.Despite that,this B-school set up a programme in partnership with a local management institute,signalling to the world that it would eventually operate its campus out of the financial capital.
Now,however,it has had a change of heart and has decided to set up its campus in Hyderabad,the centre of India,as the dean described this southern city.
Dean Dezso Horvath,who was in Mumbai on Monday,said he had several reasons for the shift,the most important being he could not find a large piece of land in the city.The option he had would have pushed him to the Mumbai-Pune Expressway corridor,he explained.In a relation that spanned two years,Schulich had intense parleys with top honchos of the Maharashtra government.But we were shown an acre here,a piece there,a third acre somewhere else.We then had to look at the Mumbai-Pune Expressway and there,we thought,we would be isolated, Horvath added.
Meanwhile,James Mc Kellar,associate dean of the Canadian school,said there came along a pull model,referring to the offer by GMR Infrastructure of 25 acres of land near the Hyderabad airport at a cost of $1 a year.It transferred our risk of several issues to someone in India who understood the system, he added.
The management school,in fact,had the choice of picking a location from Delhi,Bangalore and Hyderabad,where the infrastructure company owns huge tracts of land.
Hyderabad was chosen for several reasons but majorly because of the sites proximity to the airport.The idea is to create a campus which is the mirror-image of the Schulich school in Canada.The Hyderabad facility would be up and running latest by 2013,if possible,by September 2012, added Horvath.
The school will initially offer a twoyear MBA programme to 120 students,who will be a mixed batch of candidates from around the world.Horvath said the admission and selection criteria for students and faculty would remain the same.The GMR campus of the Schulich School of Business,as it will be called,will charge tuition fee equivalent to what is in Canada and a third of the fees will be set aside for scholarship and bursaries.


This is not the first instance where the countrys financial capital has lost out.The Indian Institute of Management-Ahmedabad and the Indian School of Business both earlier nixed their plans to establish their campuses in Maharashtra as the state asked for a special reservation for local students.Georgia Tech,too,went to Hyderabad despite signing an MoU with the state.

These guys will never learn, these cunts are busy selling huge pieces of land to orgs like ISKON in Navi Mumbai, where do they have the time to attract good edu institues. :wallbash:

:ohno:

bombay's problems with business schools started with the shifting of ISB thanks to the sainiks. in those early years of liberalisation we could have had 2-3 world class institutes set up that would have created an ecosystem. now its a bit too late, especially with the high land prices

...

bombay's problems with business schools started with the shifting of ISB thanks to the sainiks. in those early years of liberalisation we could have had 2-3 world class institutes set up that would have created an ecosystem. now its a bit too late, especially with the high land prices

this was in Navi Mumbai though. The ministers in Maha regardless of parties are not planning for the future.

There seems to be one big land grab

Housing prices in Mumbai aim for the sky, again

Sales decline as rates back to pre-recession levels; observers divided on reason.

Apartments at Ashok Towers in the Parel area of Mumbai command a price of Rs 28,000-29,000 a sq ft. This is higher than what developers were charging at the peak of the property market boom during 2007-08.
The prices then were Rs 25,000-26,000 a sq ft. During the slowdown in 2008-09, the rates had come down to Rs 16,000-Rs 17,000 a sq ft.
Ashok Towers isn’t alone, something noted by the Reserve Bank of India’s governor last week. In his monetary policy statement, the governor mentioned real estate prices in Mumbai having gone beyond the pre-crisis levels.

There are other instances. Flats in Lodha Bellissimo, another upscale project in the nearby Mahalaxmi area, are selling at Rs 23,000-24,000 a sq ft, nearly 10 per cent higher than at their peak. Prices had gone down to Rs 15,000 a sq ft during the slowdown. Apartments at Raheja Vivaria in the same locality today quote at Rs 28,000 a sq ft, about the same as the peak levels. That’s a smart recovery from the slowdown days, when the same apartments were available at 40 per cent lower prices.

Home prices across the country’s commercial capital have crossed their peak levels as developers raised prices in the backdrop of improved demand. Home buyers had returned to the market since the second quarter of 2009, as developers cut prices by 20-30 per cent to woo buyers.

But, since then, according to property consultants, Mumbai developers have increased prices by up to 40 per cent in both new and existing projects, depending on the possession target and locality. The result, say observers, is that residential sales have come down by 20-25 per cent since December 2009. What has surprised industry-watchers is that developers are not ready to cut prices even after this.

“Since March this year, sales are almost at a standstill. I clearly see a bubble in the making, as prices are going up without sufficient sales to back it up. If the same situation continues, I think developers will face a huge debt pile-up, like in 2008-09,’’ says Pankaj Kapoor, managing director of Liases Foras, a real estate research firm.

By government estimates, developers have accumulated debt of Rs 75,000 crore and need to pay Rs 25,000 crore in interest and principal in the current financial year.

According to Liases Foras’ research, the difference between the weighted average price of properties sold a year earlier and those available today is up by 86 per cent. If the weighted average price of properties sold in the Mumbai Metropolitan Region was Rs 3,700 a sq ft in 2009, today they are at Rs 6,900 a sq ft.

Take the instance of areas adjoining the Jogeshwari-Vikhroli Link Road (JVLR), which connects Mumbai’s western and eastern suburbs. Apartment prices here are around Rs 10,000 a sq ft, as against the Rs 6,200 a sq ft at which apartments were sold in 2009.

“If properties were not selling at these rates at the peak of 2008, how can they sell now during the recovery phase? Besides, home loan rates have also gone up to 9 to 9.5 per cent now,’’ Kapoor adds.

According to Pranay Vakil, chairman of property consultancy Knight Frank India, property transactions with most developers have dropped to just three to four a month, as compared to 20-25 a month earlier. “There is a clear resistance to price rise. I don’t think prices will go up from here,’’ Vakil says.

If sales are not happening, why are developers bidding for big-ticket land deals and launching new projects? According to Vakil, developers have increased the carpet to built-up area ratio, the proportion between the net usable area you get and the total constructed area, which includes thickness of walls. This ratio, he says, has risen from 42 per cent to over 50 per cent now.

“Developers are making up high-value land deals with higher loading (the term for the carpet to built-up ratio). In such cases, buyers end up paying more for what they get,” says Vakil.

In first three months of the year alone, deals worth Rs 5,000 crore have taken place in Mumbai. Liases Foras’s Kapoor also sees an initial public issue (IPO) angle in the skyrocketing of prices. “Developers are not bothered about sales. They are hiking prices to show higher valuations to investors, so that they can dilute less in their issue,’’ he adds. A dozen developers have lined up IPOs worth Rs 17,000 crore.

Some developers are seeing the benefit of not raising prices. Vijay Wadhwa, promoter of the Mumbai-based Wadhwa group, claims the company has not raised any prices since January and sells around 150 apartments a month as against 80-100 a month in December. “We believe those who have raised prices irrationally will face problems. We want to maintain affordability and steady sales,’’ he says.

But in contrast to Mumbai, other cities such as Bangalore, Chennai and many places in the national capital region may see continued buyer demand, as home prices have risen at a comparatively slower rate. “In other cities, prices went up by 10-15 per cent as against 30-40 per cent increase in Mumbai because of high demand from users and investors,” says Ashish Joshi, managing partner, real estate, at Milestone Capital.

“Any correction is welcome, as even a small correction brings enormous demand with it. Fence sitters will come into the market,’’ Joshi adds.

http://www.business-standard.com/india/news/housing-prices-in-mumbai-aim-forsky-again/393231/


is anybody else worried about the series of builders issuing IPOs?

Do we have a thread for the Maha Mumbai SEZ?

source http://content.magicbricks.com/land-ownership-case-mumbai-sez-withdraws-petition

Land ownership case: Mumbai SEZ withdraws petition

Mumbai SEZ, promoted by RIL chairman Mukesh Ambani and his associate Anand Jain, withdrew a petition pending before the Bombay High Court seeking transfer of ownership of land which had already been sold to it by farmers.

Despite the company’s move, a clutch of activists say that they will continue fighting it out in court as their challenge is to the central government’s policy promoting special economic zones. The company had sought court intervention after the Raigad district collector refused to transfer ownership even in cases where the land had been sold to it. The transfer of ownership, which in official jargon is referred to as the land award , signifies the end of the sale.

The company’s contention was that even though it had paid large sums to many land-owners who had sold their property, the delay in recording the transaction was hampering the project. It wanted the HC to direct the state government to notify the sales. But this petition was withdrawn earlier.

The withdrawal appears to have come in the wake of the Delhi-based SEZ Board of Approvals recent decision to refuse the company any further extension of time to complete land acquisition. The SEZ Act doesn’t permit more than two extensions to mop up the required land. Land acquisition for the Maha Mumbai SEZ, the larger of two SEZs near Mumbai planned by Mr Ambani and Mr Jain, has been embroiled in controversy right from its inception. The state government’s decision to invoke Section 4 of the Land Acquisition Act, which allows the government to acquire land even if the owners arent willing to sell, resulted in a major legal battle and a political controversy.

The smaller SEZ, known as the Navi Mumbai SEZ, is in better shape as land has already been acquired. Preliminary construction activity, such as levelling of land, has started. On the other hand, Maha Mumbai SEZ, appears to have put on hold. The company’s officials could not be reached for comment. In the now-withdrawn petition, which was filed last year, MSEZ had wanted the High Court to direct the Raigad district administration to complete the acquisition of land before the 6 June ‘09. The original notice had been issued on June 6, 2007 and the acquisition had to be completed within two years.

The company said that the district authorities had not completed the process even two years after the Maharashtra government allowed the company to set up a multi-product SEZ in the region. But the High Court refused to grant relief on May 22, 09 against which the company approached the SC.

The Apex court too in the first week of June rejected the company’s plea to stay the HC ruling. MSEZ subsequently withdrew its petition before the SC. It took back its writ pending before the Bombay HC. The withdrawal, however, has not been reciprocated by Maha Mumbai Shetkari Sangharsh Samiti. There is no question of we withdrawing our petition responding to the MSEZs move, said Meghnath Patil, one of the challengers. It was the MSEZ that sought transfer of our petition from the Bombay HC to the Supreme Court. We on our own didnt go to the Apex court. And secondly we have challenged the centres SEZ policy, which is a wider issue that still stands, Mr Patil said.


Source http://www.business-standard.com/india/news/maha-sez-plan-put-off/381818/

Maha SEZ plan put off

Sanjay Jog / Mumbai January 6, 2010, 0:57 IST



Mukesh Ambani and Anand Jain promoted Mumbai SEZ Ltd has suspended, for an indifinite period, its land acquisition for the MahaMumbai special economic zone (SEZ) in coastal Raigad. The company may drop the project altogether, as it was not able to acquire “a minimum of 1,000 hectares of contiguous land” as mandated by the SEZ Act.

The company had acquired over 1,500 hectares, but non-contiguous land, at Rs 10 lakh per acre, by mutual consent. It is now considering a gas-based power project on the land. The company also awaits the passage of Land Acquisition (Amendment) Bill in Parliament, whereby a company can acquire 30 per cent of land forcefully to achieve contiguity, if it has already got 70 per cent of the total land. Mumbai SEZ officials declined to comment.
Sources familiar with the project said the fate of the MahaMumbai SEZ was virtually sealed as the Maharashtra government had not recommended the SEZ proposal afresh for issue of in-principle approval by the department of commerce.

Earlier approvals for the SEZ had lapsed.

A senior state government official, who did not want to be quoted, told Business Standard on Tuesday, “As the land is not contiguous as mandated under the SEZ Act, there is no question of development as far as land acquisition is concerned. Approval to the company is subject to its’ filing of fresh application, along with fresh state government recommendation. The matter being a sensitive one, the government has yet to take a call whether or not to recommend for land acquisition.” He added that during a referendum taken in October 2008, farmers and villagers had cast their votes against the project and, therefore, the government would think hundred times before recommending Mumbai SEZ’s case.

“Chief Minister Ashok Chavan is expected to ask the industries minister, Rajendra Darda, to review the case and submit a report to him,” he said.

Meanwhile, Vivek Patil, a legislator from the Peasants and Workers Party, which is spearheading the agitation against the SEZ project, said a fresh protest would be launched if the government recommended the Mumbai SEZ proposal to the commerce department.

^
its a dead project as of now dude.

I fear the same for the airport. Despite CIDCO supposedly acquiring the land

Hmm, the company has acquired over 1,500 hectares..they ought to do somthing with that land. What is going to happen to that land?

Hmm, the company has acquired over 1,500 hectares..they ought to do somthing with that land. What is going to happen to that land?

well as you read in the article. Its not like fully connected 1500 hectares. Ie for eg 15 , 100 hectares plots. Plus even that NGO groups are fighting even that.

Probably best to start small scale industrial project like a power plant

Can someone show me the location of this dead project on google maps or wikimapia? I tried searching for it but cant find anything. They should be acting fast and doing somthing about the acquired land. Is it possible that govt can buy back the land and build something which will benifit the locals or offer it to univervsities or MNCs at throwaway rates to build thier campuses.

http://www.thehindu.com/fline/fl2312/images/20060630003711301.jpg

Thane is flush with lots of money

While the city has grown fourfold in the last few years, so has the revenue of the city. In the last five years, revenue collected by the Thane Municipal Corporation (TMC) has almost doubled. With the increase of population from 15 lakh in 2005 to 19 lakh in 2009, the revenue generated in the city has doubled in last five years and capital expenditure has increased by five times in the city.In 2005-06, the TMC had collected revenue of Rs428.60 crore, an increase of 11.41% in comparison

http://www.todaynews.in/city/mumbai/thane-is-flush-with-lots-of-money-68306.html/

Hmm looks like they even had Karnala bird sanctuary included in the SEZ land and lot of other green belts, no wonder there were so many hicups.


BTW here are some contacts of people in the PPP cell of GOVT of Maharashtra, if someone wishes to write to them. I have written to them several times, yet to get a reply but i hope they do reply if someone has a bright plan :)

* Chief Minister of Maharashtra : chiefminister@maharashtra.gov.in

* Sh. Manu Kumar Srivastava, IAS
Managing Director
Secretary (UD-II)
4th Floor, Mantralaya
Mumbai-32
PH 022-22021444, 22027151, 66157390
Email- manukumarsrivastava@gmail.com

* Smt. Ashwini Bhide, IAS
Jt. Metropolitan Commissioner
MMRDA, BKC Bandra
Mumbai-51
PH 022-26590001,66157390,66155652
Email- ashwinibhide@yahoo.com, mmrda@giasbm01.vsnl.net.in

*Shri Vishram G. Patil
Chief Operations
MUINFRA, Ground Floor, CR-2, Inox Building
Barrister Rajni Patel Road, Nariman Point
Mumbai 2
PH 022-66157390, 66155652, 022-26303247 (r) 9870171379 (m)
Email ID patil.vishram05@gmail.com

*Shri T.N.M. Nambiar
Administrative Officer
MUINFRA, Ground Floor, CR-2, Inox Building
Barrister Rajni Patel Road, Nariman Point
Mumbai -21
PH 022-66157390, 66155652, 919870615889
nambairtnm@rediffmail.com

*Shri V.J.Kale
Accounts Officer
MUINFRA, Ground Floor, CR-2, Inox Building
Barrister Rajni Patel Road, Nariman Point
Mumbai -21
Ph. 022-66157390, 66155652, 9920728342



* Shri D.N.Ambegaonkar
Financial Analyst
MUINFRA, Ground Floor, CR-2, Inox Building
Barrister Rajni Patel Road, Nariman Point
Mumbai 21
PH 022-66157390, 66155652022-28470894 (r) 91-9893097481 (m)
Email ID dnc.2007@rediffmail.com


*Shri M.K.Varma
Company Secretary
MUINFRA, Ground Floor, CR-2, Inox Building
Barrister Rajni Patel Road, Nariman Point
Mumbai -21
Ph. 022-66157390, 66155652, 9960340222
Mr Atul Chaudhary
Project Development Consultant
MUINFRA, Ground Floor, CR-2, Inox Building
Barrister Rajni Patel Road, Nariman Point
Mumbai -21
PH 022-66157390, 66155652, 919870615889

*Ms Sunita Patil
Computer Operator-cum-Receptionist
MUINFRA, Ground Floor, CR-2, Inox Building
Barrister Rajni Patel Road, Nariman Point
Mumbai -21
PH 022-66157390, 66155652,9619914404
Email-ID sunitashede55@gmail.com
Sh Sachin Shankar Jambhale
Peon
MUINFRA, Ground Floor, CR-2, Inox Building
Barrister Rajni Patel Road, Nariman Point
Mumbai -21
PH 022-66157390, 66155652,9324317667
Email-ID jambhalesachin007@yahoo.com

*PPP Cell Govt of Maharashtra
Sh. Manu Kumar Srivastava, IAS
State PPP Nodal Officer-cum-
Secretary (UD-II)
4th Floor, Mantralaya
Mumbai-32
PH 022-22021444, 22027151, 66157390
Email- manukumarsrivastava@gmail.com


* Shri Ajay Saxena
PPP Expert ADB -cum OSD
MUINFRA, Ground Floor, CR-2, Inox Building
Barrister Rajni Patel Road, Nariman Point
Mumbai -21
PH 022-66157390, 66155652, 919969686697
asaxena.consultant@adb.org


*Shri Satyaveer Singh
MIS Expert ADB -cum OSD
MUINFRA, Ground Floor, CR-2, Inox Building
Barrister Rajni Patel Road, Nariman Point
Mumbai -21
PH 022-66157390, 66155652, 919969724527
ssingh.consultant@adb.org, satyaveer@yahoo.com

* Sh R.T.Jhadhav,
Deputy Secretary,
General Administration Department
Room No. 623, Annex Building
Mumbai
Ph. 022-22023901
Email : special2project@yahoo.co.in

*Sh Sanjay Bhandarkar,
Section Officer, Special Project
General Administration Department
Room No. 623, Annex Building
Mantralaya
Mumbai
Ph. 022-22023901, 9969048448
Email : special2project@yahoo.co.in

^
in general though, I feel that the Maha mumbai sez is way more important a development for Mumbai than even the NM airport or the trans harbour bridge.

It would really put the MMR region on the map and generate enough jobs. Reliance also paid the farmers good money at 1.5 the market rate. But as usual some dumb left wing nut job comes and spoils it.

the sez cannot exist without the airport or the bridge. its dependent on those two projects to reach its potential

the sez cannot exist without the airport or the bridge. its dependent on those two projects to reach its potential

I really dont think so dude. What industrial sez need is a port. (shipping port) which this project had due to proximity to JNU port.

Majority of cargo is transported via ships.In any case it already has Pune on one side and CSIA. If indeed the need arose.plus the vashi bridge to get to CSIA.

More than an airport it needed a proper freight railway line. (which was to be built by the SEZ owners to connect it to the rest of India)

Agree with Bombay Boy, There has to be be good connectivity for a project of this magnitude to become a sucess. @ IchimaruGin1, we need movement of people also along with cargo.

Since the MMSEZ is dead, Can we expect the Mega City GFH EDZ and the Navi Mumbai SEZ to create almost the same number of jobs? I know that the Navi Mumbai SEZ was supposed to co-exist with the MMSEZ.

Can anyone help to plot the location of GFH EDZ mega city project on a map? or please direct me to any map which is already there.

Agree with Bombay Boy, There has to be be good connectivity for a project of this magnitude to become a sucess. Since the MMSEZ is dead, Can we expect the Mega City GFH EDZ and the Navi Mumbai SEZ to create almost the same number of jobs? I know that the Navi Mumbai SEZ was supposed to co-exist with the MMSEZ.

Can anyone help to plot the location of GFH EDZ mega city project on a map? or please direct me to any map which is already there.

well they are different in nature. The one in Panvel is more of a service sector sez.

While Maha mumbai sez was mostly industrial.(manufacturing)

to attract the best you need people who are willing to stay there as well. that will happen only when you have airport access and good connectivity to the main city. you cant create a multi-product sez of that magnitude (and the clientele they are hoping to attract) and expect people to live in isolation. its not another bhiwandi

to attract the best you need people who are willing to stay there as well. that will happen only when you have airport access and good connectivity to the main city. you cant create a multi-product sez of that magnitude (and the clientele they are hoping to attract) and expect people to live in isolation. its not another bhiwandi

bhivandi was largely unplanned. This is going to be a self sustained unit built by a private sector player. I dont think comparing Bhivandi to this development is a right outlook.

I dont think airport access is that critical to a manufacturing sez than access to a port or

no doubt having an airport is a big plus. But it would not be on my list of priorities.

for me

(a) access to port

(b) freight connectivity to the rest of the hinterland

(c) self sustained in water and electricity and other amenities.

(d) Airport

(e) Main city connections.

the main city connections I think the sez have said that they will use freight via the harbour line and IR did agree to extend the harbour line to cover most of the sez for passenger journeys. Plus the sez would also build it own transport. So its not totaly dependent on the trans harbour link. If anything the harbour line will give them access to the western burbs and BKC

to have high end management staying in those areas you need connectivity. its not all about just low-end labour. of course the port is essential and probably the most important facet, but its not the only infra needed to entice the best people to stay in the sez

to have high end management staying in those areas you need connectivity. its not all about just low-end labour. of course the port is essential and probably the most important facet, but its not the only infra needed to entice the best people to stay in the sez

they did plan to build big bungalows for the high end management.

How do you think big manufacturing works? even the high end (plant maneger) lives on site. Thats exactly what reliance have done in Hajiza or even Jamnagar.

Plus I do believe that there would have been helipad options for the high end management.

The Maha Mumbai SEZ would have been just one of the users of the Airport. We have so many other beneficiaries, the Navi Mumbai SEZ, GFH EDZ, Navi Mumbai city and surroundings. This along with the saturation of the CSIA, the aiport would be on the top of my priorities.

The Maha Mumbai SEZ would have been just one of the users of the Airport. We have so many other beneficiaries, the Navi Mumbai SEZ, GFH EDZ, Navi Mumbai city and surroundings. This along with the saturation of the CSIA, the aiport would be on the top of my priorities.

ofcourse.

i am not denying that. the city needs an airport.

A international airport in Navi Mumbai with express rail connectivity to Western suburbs and SOBO would be perfect!! Now if wishes were horses.

A international airport in Navi Mumbai with express rail connectivity to Western suburbs and SOBO would be perfect!! Now if wishes were horses.

hmm i think its not too impossible.

you already have plans of charkop-Bandra-Makhurd

and navi mumbai metro do have plans to connect to mankhurd

but it wont be express.metro's seldom are. probably 35 km per hour.

Top 4 states

1) Karnataka - Rs 79,000 Cr
2) Maharastra-Rs 50,000 Cr
3) TamilNadu -Rs 46,000 Cr
4) Andhra - Rs 32,000 Cr

http://www.escindia.in/
Cross posted from Chennai IT thread

IT exports Software and Hardware for 2008-2009.

Good Job Maha.

^^ good news,,,thanks for posting....if u have stats of city wise....then please share with us....:)

^^ good news,,,thanks for posting....if u have stats of city wise....then please share with us....:)

its mostly going to be

Pune followed by Navi mumbai followed by Nagpur

then where is mumbai??? there are lots of companies in mumbai too.....i know because i m working in this field...:)

Bombay probably might share the first place with Pune..Just to give u my company's example there are 4000 employees in Pune whereas 10000 in Bombay..Similarly what I have heard abt TCS there would be at least 25000 in Bombay...there are many many more companies...

hard not to like that username

Bombay probably might share the first place with Pune..Just to give u my company's example there are 4000 employees in Pune whereas 10000 in Bombay..Similarly what I have heard abt TCS there would be at least 25000 in Bombay...there are many many more companies...

What you are saying is true for only a handfull of companies. There are many MNCs and smaller companies in Pune which do not have a presence in Mumbai. As of now I am sure Pune has more concentration of IT companies.

A international airport in Navi Mumbai with express rail connectivity to Western suburbs and SOBO would be perfect!! Now if wishes were horses.

A express rail connectivity to Pune from the Navi Mumbai aiport should also be in the order. It can also serve as high speed connectivity to Pune - Mumbai. ie start from Pune, change over at the Navi Mumbai airport and head towards western suburbs or SOBO. :speech:

Hear ... hear .. all ye boi-kar's ...

PROPER GOVERNANCE - is the need of the hr.

Not 'infractructure' ... that's just a lame excuse. As a systems engineer, I can tell you guys outright ... it is LACK OF LAW & ORDER ... ORDER-ORDER ... Order = Trust among parties, that deals ... CONTRACT LAW ... will be quickly ... 3-6 mnths. ... ENFORCED ... by court AND MOST IMP. ... by the police and other enforcement agencies upholding society. Think ... what is airport, rail, port ... nothing but strips of land ... really ... Mumbai already has somewhat decent court system ... Contract Law system ... need to amplify transparency in implementation. Need special Infrastructure Police Force ... maybe give burden to CRPF ... so speedy implementation carried forth immediately w/o politicking only. THAT IS NEEDED MOST !!!

This progressive ... call it ... 'SEZ', 'MahaSEZ', 'Ubersez', 'Rajiv Gandhi SEZ', 'Chattrapati Shivazji SEZ', 'Clinton SEZ', Bush, Obama, ... even 'The Pope', or 'Baba/Sai/Guru ____ SEZ' ... this project is too big to die !!!

I vote for Mukesh-bhai re: Mumbai expansion and modernisation. You?

Hear ... hear .. all ye boi-kar's ...

PROPER GOVERNANCE - is the need of the hr.

Not 'infractructure' ... that's just a lame excuse. As a systems engineer, I can tell you guys outright ... it is LACK OF LAW & ORDER ... ORDER-ORDER ... Order = Trust among parties, that deals ... CONTRACT LAW ... will be quickly ... 3-6 mnths. ... ENFORCED ... by court AND MOST IMP. ... by the police and other enforcement agencies upholding society. Think ... what is airport, rail, port ... nothing but strips of land ... really ... Mumbai already has somewhat decent court system ... Contract Law system ... need to amplify transparency in implementation. Need special Infrastructure Police Force ... maybe give burden to CRPF ... so speedy implementation carried forth immediately w/o politicking only. THAT IS NEEDED MOST !!!

This progressive ... call it ... 'SEZ', 'MahaSEZ', 'Ubersez', 'Rajiv Gandhi SEZ', 'Chattrapati Shivazji SEZ', 'Clinton SEZ', Bush, Obama, ... even 'The Pope', or 'Baba/Sai/Guru ____ SEZ' ... this project is too big to die !!!

I vote Mukesh-bhai re: Mumbai expansion and modernisation. You?

W/o bias, and purely on merit ... I say 50000 rumour has teeth.

After the transition and convergence from socialism to market economy, Indian conglomerates have re-grouped. The rise of alltogether new industries like auto- hi-tech, defence has had a ripple effect. All you now need is innovation, energy and clientele. All 3 available in increasingly exponential numbers.

For eg. if 1 could buy, dismantle and ressurrect Adam Motor Co. of Pak.'s car plant in 1 of India's auto hub's via Dubai ... pssst ... don't tell anyone you heard from me ... give it a dose of innovation with help from suppliers ... you can have a 'local' manufacturer instantly ... 1 can carve out a niche in pure-play hybrid or elctric cars ... and like Reva ... lock in to the new-new thing. The Pak platform is good enough to roll out electric mini trucks. OK enough!

Did you guys know there are 2 main parts to Shanghai?

Part 1. Downtown=Pu-DONG ... and ... hehe ... Part 2. Pu**y ... (Suburbs and sorroundings re: downtown)

... no joke ... maybe it's spelled pu-chi or pooschee ... i don't know!

Come to think of it ... how appropriate;)

I dont want to sound offensive dude, but can you phrase posts better? I dont understand parts of what your saying.

I dont want to sound offensive dude, but can you phrase posts better? I dont understand parts of what your saying.

For the first time I understood few of the sentences of his post. I was never able to comprehend even a single sentence of his posts before. He is improving :)

Hear ... hear .. all ye boi-kar's ...

PROPER GOVERNANCE - is the need of the hr.

Not 'infractructure' ... that's just a lame excuse. As a systems engineer, I can tell you guys outright ... it is LACK OF LAW & ORDER ... ORDER-ORDER ... Order = Trust among parties, that deals ... CONTRACT LAW ... will be quickly ... 3-6 mnths. ... ENFORCED ... by court AND MOST IMP. ... by the police and other enforcement agencies upholding society. Think ... what is airport, rail, port ... nothing but strips of land ... really ... Mumbai already has somewhat decent court system ... Contract Law system ... need to amplify transparency in implementation. Need special Infrastructure Police Force ... maybe give burden to CRPF ... so speedy implementation carried forth immediately w/o politicking only. THAT IS NEEDED MOST !!!

This progressive ... call it ... 'SEZ', 'MahaSEZ', 'Ubersez', 'Rajiv Gandhi SEZ', 'Chattrapati Shivazji SEZ', 'Clinton SEZ', Bush, Obama, ... even 'The Pope', or 'Baba/Sai/Guru ____ SEZ' ... this project is too big to die !!!

I vote Mukesh-bhai re: Mumbai expansion and modernisation. You?

A humble request, please dont post here when you are high on some chemical!!

Oh Canadians!

Oh Canadians!

Oh Ignorance! :nuts:

His posts are actually good :lol:

Ashar Group’s Thane IT Park bags 8 BPO bookings

THANE (MAHARASHTRA): Realty major Ashar Group’s IT park here has bagged bookings from eight BPO firms, including leading player Intelenet, and plans to set up a four-star hotel in the vicinity to cater to business visitors.

“We have already got bookings from eight BPO firms, including Intelenet. This IT Park has the potential to generate around 12,000 jobs,” Ashar Group’s chairman and MD Mr Ajay Ashar told reporters here.

This is one of the largest IT parks in Maharashtra and has been set up at an investment of over Rs 250 crore. The eight IT/ITeS companies in the park would soon be opening their offices here, he said.

“With a built-up area of one million sq ft and valuation of Rs 600 crore, this IT Park is poised to generate employment for about 12,000 people in and around Thane,” Mr Ashar said.

On the four-star hotel planned to be set-up, Mr Ashar said that it would be a 120 key hotel catering to the short stay requirements of IT professionals and expatriates.

The IT Park has all the amenities required for any IT company and besides also has recreational facilities including a night club, he said.

Located in Thane’s Maharashtra Industrial Development Corporation zone, the Ashar IT Park is tailored to meet the business needs of several IT/ITeS companies, Mr Ashar added. - PTI

http://www.thehindubusinessline.com/businessline/blnus/27021220.htm

Mumbai’s 3G spectrum bid price crosses the Rs 1,600 crore mark

The bids for 3G spectrum blocks in Mumbai circle ended at Rs 1,1617.08 crore on May 01. 2010 with the all-India price reaching Rs 9,959.22 crore. The government is assured of making more than Rs 39,000 crore from auction of 3G spectrum alone.

At the end of 110 rounds of bidding, Delhi followed Mumbai with bids of Rs 1,549.75 crore, Maharashtra saw bid price of Rs.1,030.93 crore, Andhra Pradesh at Rs.886.47 crore, Tamil Nadu at Rs 884.37 crore, Karnataka at Rs.817.91 crore and Gujarat at Rs.816.46 crore.

It appears that the bids for metros and category ‘A’ circles may be in the final phase of auctioning.

http://www.telecomtiger.com/3G_fullstory.aspx?storyid=9047&section=S208

^^ this means mumbaikar will be paying more to use 3G???

^^ this means mumbaikar will be paying more to use 3G???

hmm no i dont think so.

It more to do with the estimates of the number people they think will be using 3g

The number of net users and net speed in India is set to explode in the years to come.

I think they are predicting 300 million users by 2020 in india with average net speed of about 3-5MB.

A humble request, please dont post here when you are high on some chemical!!


...hehe ... ya mean ... Chemical Ali ... yeah;)

Just because my last name is Joshi, and Gujarat promotes itself as the 'Chemical State' ... don't mean ... jack sh*t ... re: ... hehe ... chemical ...

I'm invested in BSE/NSE .. went to grad school re: corporate stuff ... retain a keen interest in progress .. more so in ... hehe ... RoI ... India-side ... just like PM MMS ... if 1 could read ... - between & betwixt - ... the lines ... 1 could make a neat ... howusay ... 'margin' ... namecalling ... hehe ... 'Chemical Ali' etc. is for amateurs ... lallu-panju's only ...

Yaaaaaaaarrr ... waddayaknow ... :bash:.. hehe ... Don't miss the wood for the trees, as I've said before! :bash:

Direct flights to India on the cards
May 05, 2010 Edition 2

Suren Naidoo

JUST days after the opening of King Shaka International Airport in Durban, it has emerged that Jet Airways, India's second-biggest airline, is considering introducing direct flights to Durban from Mumbai.

Naresh Goyal, the boss of privately owned Jet Airways, discussed the matter with KwaZulu-Natal Premier Zweli Mkhize on Friday. Dinesh Naidoo, marketing director of India's Serendipity Tours, also met Goyal.

Mkhize confirmed yesterday that talks were under way to secure a direct route between Mumbai and Durban. He emphasised that this was "a work in progress" and approval from aviation regulators was needed.

"Teams from the provincial government and Jet Airways will start working on this. Nothing has been finalised. We are serious about securing this route and want it to be finalised as soon as possible."

Full Story@ http://www.themercury.co.za/?fArticleId=5456915

The story was cut significantly due to space, but there will be a follow-up

good news. a BOM-DBN flight would cut down travel time to both southern africa and south america

UBS, JPMorgan Quit India’s Manhattan as Buildings Rot (Update2)
May 06, 2010
By Pooja Thakur

May 6 (Bloomberg) -- UBS AG and JPMorgan Chase & Co. are leading an exodus of finance companies from Mumbai’s Nariman Point financial district as they balk at paying double midtown- Manhattan rents for crumbling four-decade-old buildings.

UBS, Switzerland’s biggest bank, moved to a new complex on the site of a drive-in cinema about nine miles north. JPMorgan, the second-biggest U.S. lender, shifted to an adjacent suburb, while private-equity firm KKR & Co. went about three miles north of Nariman Point. Local lender Axis Bank Ltd. and broker Motilal Oswal Financial Services Ltd. are moving in the next year.

They are departing a district reclaimed from the Arabian Sea in 1940 that is marred by traffic jams and poor sanitation, and constrained by a 46-year-old law that limits building height. The city’s shortcomings and fragmentation may hinder Mumbai, with the fourth-most-expensive office space in the world, from establishing a financial center to rival Shanghai and Dubai.

“Transforming Mumbai into a world class financial center is very distant,” said Sunil Saberwal, chief executive officer of Bombay First, an organization modeled on London First to work towards the regeneration of Mumbai. “We are at least 15 to 20 years away from something like that. Even then, Mumbai will not be as beautiful as Dubai, but it will be functional.”

If Mumbai doesn’t get its act together by 2030 by improving transportation, housing and water systems, and reducing costs, the city may lose out to places such as Dubai as Western companies seek a base in the time zone, Saberwal

http://www.businessweek.com/news/2010-05-06/ubs-jpmorgan-quit-india-s-manhattan-as-buildings-rot-update2-.html

??

so youre agreeing with me?

not on the issue of Nariman point building being well kept from personal experience.

Yes on everything else.

Mumbai really needs more commercial high-rises to reduce the pressure on rents. Residential high rises are not good for the city as they help in increasing the population density of already congested city. Lack of affordable commercial space seems to be the only major worry for Mumbai in coming decades.

I am quite confident of improvement in public transportation though. I feel that pace of improvement in PT will gather pace with time in coming years.

I am quite confident of improvement in public transportation though. I feel that pace of improvement in PT will gather pace with time in coming years.

Definitely agree. If Metro Line 1 and Monorail Line 1 open as planned in December..or even early 2011 and starts producing results, it is bound to have a snowball effect. Govt will be more open to more lines and funding may become easier....Future phases, still on paper will start reaching the bid stage.

That seems registered or headquartered companies.For ex:TCS is shown only in Mumbai but the operations are spread across India.

Mumbai would contribute about 40% of total IT/ITES revenues of Maharashtra. Pune would be slightly ahead.

I am quite confident of improvement in public transportation though. I feel that pace of improvement in PT will gather pace with time in coming years.

Yes, transportation is one part of the solution, but the city also needs desperate investment in water, sewage, electricity. It's a crime that the FSI is _below_ 1960's levels. The market isn't able to react to the insane real estate prices.

and the bad news is that its not a bubble with over supply or artificial demand. The real estate situation will only get worse, also the extremly high cost of living in Mumbai is already having a detrimental effect on urban middle class migration into the city.

and the bad news is that its not a bubble with over supply or artificial demand. The real estate situation will only get worse, also the extremly high cost of living in Mumbai is already having a detrimental effect on urban middle class migration into the city.

what are you talking about. the first sign of a over priced real estate market is number of sales which will be low.

You are forgetting that there are still many areas with good train links which are cheap like Dombivali Kalyan etc. Plus Thane and Navi mumbai are emerging as commercial places in their own right.

About the offices, they will just move to Grade A property in BKC which has plenty of land left to build on.

XXXXX


Have Mumbai realty prices risen too fast?
The RBI report says: “There has been a general upward pressure on housing prices in the recent period, which broadly co-terminates with the rise in stock prices”

The stock response to a question on housing prices in Mumbai is that they have become unaffordable. The general feeling is that they have risen too far, too fast. Fingers are pointed to the vast number of unsold apartments and everybody wonders how builders can afford to keep these flats vacant for months. But have real estate prices in Mumbai really gone up so dramatically?


http://www.livemint.com/images/506E8520-1A65-43BC-90C2-4B5A2E1025CBArtVPF.gif

The Reserve Bank of India’s (RBI) report on macroeconomic and monetary developments has, in its chapter on financial markets, a chart on the house price index in Mumbai. The chart gives the index weighted by the value of transactions and the number of transactions. It shows that the Mumbai house price index reached a peak of around 230 or so in the second quarter of 2008 before starting to plunge. The index then fell to a low of slightly above 150 in the fourth quarter of 2008 before starting to climb again. By the second quarter of 2009, it had exceeded its pre-crisis highs and by the fourth quarter of 2009, it had gone a bit higher than 250. The chart has data from the second quarter of 2003, when the value of the index was 100. Putting it another way, if RBI’s index for Mumbai is right, then it means property prices in the city have, on average, gone up by a bit more than 2.5 times between 2003 and the end of 2009. But the gross domestic product (GDP) at factor cost at current prices has, between 2003-04 and 2009-10, gone up 2.3 times. And if India’s GDP has gone up by 2.3 times over the period, GDP of Mumbai city must have increased by a far larger factor. Add to that Mumbai’s island location, which makes expansion difficult and the rise in real estate prices does not seem too steep.
Why then do we have the feeling that Mumbai real estate is too pricey? The answer may lie in the fact that the RBI index moved up beyond 150 only in the third quarter of 2007. So it moved up 50 points in four years and more than 100 points in the next two years—that’s the reason for the perception of prices having gone up too much. But as RBI’s data show, the number of transactions has been going up sharply since the second quarter of 2009.

But perhaps the rise in housing prices should be compared, not with GDP, but with equity market performance. The RBI report says: “There has been a general upward pressure on housing prices in the recent period, which broadly co-terminates with the rise in stock prices.” Or, of course, there could be something wrong with the index.

http://www.livemint.com/2010/05/05224322/Have-Mumbai-realty-prices-rise.html

and about Nariman point. Its quickly turning into bit of a shit hole.

this will just increase the flow to BKC

and the bad news is that its not a bubble with over supply or artificial demand. The real estate situation will only get worse, also the extremly high cost of living in Mumbai is already having a detrimental effect on urban middle class migration into the city.

its is artificial. due to a number of reasons. rent control, builders cartels, etc

the supply of new commercial and residential space in bombay in the last 2 years and 2-3 years forward is tremendous. but prices are still not coming down. why?

the fsi in some places has been doubled and even quadrupled. but prices are still not coming down. why?

people are moving out from np to bkc, which makes sense. np is going to be in big trouble unless its redeveloped. which will happen when enough palms are greased. you cant expect to just pay off the ncp and congress and ignore the rest on a project of such magnitude. thats the mistake indiabulls made

its is artificial. due to a number of reasons. rent control, builders cartels, etc

the supply of new commercial and residential space in bombay in the last 2 years and 2-3 years forward is tremendous. but prices are still not coming down. why?

the fsi in some places has been doubled and even quadrupled. but prices are still not coming down. why?

people are moving out from np to bkc, which makes sense. np is going to be in big trouble unless its redeveloped. which will happen when enough palms are greased. you cant expect to just pay off the ncp and congress and ignore the rest on a project of such magnitude. thats the mistake indiabulls made

dude some of those buildings in NP are all privately owned. Nothing is stopping them from making upgrades

its a case of greedy Land lords for commercial space in NP rather than the gov.

lots of buildings in NP have had extensive upgrades. i dont know if you have visited any of them recently. from the inside they are extremely well maintained and with the latest facilities. the problem is that their basic design is now outdated in terms of floor-plates, columns, etc. it also has a much better ecosystem in terms of dining, entertainment, basic infra and housing than bkc

but to attract large financial institutions for sizeable operations you need to demolish and rebuild. the area could handle a small regional outpost for firms, but now the indian market is big enough for a full fledged office. thats why they are moving to bkc where they can tailor buildings to their requirement

if bombay is not developed properly india is going to lose out big time, since the city's competition in the financial space is not delhi or bangalore, its dubai, hk, singapore and shanghai. and no other indian city has a chance of competing with them

lots of buildings in NP have had extensive upgrades. i dont know if you have visited any of them recently. from the inside they are extremely well maintained and with the latest facilities. the problem is that their basic design is now outdated in terms of floor-plates, columns, etc. it also has a much better ecosystem in terms of dining, entertainment, basic infra and housing than bkc

but to attract large financial institutions for sizeable operations you need to demolish and rebuild. the area could handle a small regional outpost for firms, but now the indian market is big enough for a full fledged office. thats why they are moving to bkc where they can tailor buildings to their requirement

if bombay is not developed properly india is going to lose out big time, since the city's competition in the financial space is not delhi or bangalore, its dubai, hk, singapore and shanghai. and no other indian city has a chance of competing with them

trust me

there is plenty of space in BKC still there. Space is not the issue for the next 20 years.

Plus the buildings I visited in Nariman point has exposed wiring and not a good picture.

Nariman point has potential for 2 mill square feet of office space which as you said is enough for outposts.

However BKC on completion is slated to have something between 75-100 million square feet of affordable office space with plenty of parking to boot.

Nariman IMO needs to they and innovate or it will heavily lose out.

??

so youre agreeing with me?

??

so youre agreeing with me?

not on the issue of Nariman point building being well kept from personal experience.

Yes on everything else.

i guess you just went to the wrong buildings. there are A grade buildings in NP and then there are D grade. go to a hoechst house instead of an arcadia

some of the buildings in bkc as well look horrible with cemented over cracks and dirty glass cladding. each building is a bit different

its mostly going to be

Pune followed by Navi mumbai followed by Nagpur

No of Software Companies in
Mumbai (2452)
Pune (1854)

source
http://www.itdatahouse.com/

That seems registered or headquartered companies.For ex:TCS is shown only in Mumbai but the operations are spread across India.

Mumbai would contribute about 40% of total IT/ITES revenues of Maharashtra. Pune would be slightly ahead.

That seems registered or headquartered companies.For ex:TCS is shown only in Mumbai but the operations are spread across India.

Mumbai would contribute about 40% of total IT/ITES revenues of Maharashtra. Pune would be slightly ahead.

yes but all companies who has development center is in Mumbai are listed not only HQ/Registered offices is counted. but anyways mumbai has more IT/ITES than Pune(personal opinion).

Mumbai is the 4th most expensive office market in the world. London's West End remains the world's most expensive office market, according to CB Richard Ellis Group, which tracks occupancy costs for prime office space in 176 cities around the globe.

"Mumbai CBD (central business district) regaining its 4th place in the most expensive office rents list from 7th place in December 2009 is a clear indication that the corporates have re-started to expand their operations and supply in this micro-market continues to remain limited, which has moved up the rentals," says Anshuman Magazine, chairman and managing director, CB Richard Ellis, South Asia.

Source
http://business.rediff.com/slide-show/2010/may/07/slide-show-1-mumbai-among-top-10-expensive-office-markets.htm

hmm long time no update since i was exploring all sections of SSC

Acutrack Opens Sales Office in Mumbai, India


LIVERMORE, Calif., June 9 /PRNewswire/ -- Acutrack, Inc., a leader in media and print production, inventory management, kitting, assembly and fulfillment services, today announced the opening of a new sales office in Mumbai, India. This sales office will house Business Development Managers dedicated to the Blu-ray Production and Blu-ray Authoring of Bollywood movies.
"Demographics show that a vast majority of consumers for Indian Blu-ray titles are in the US, Europe and the Middle East. One of the biggest challenges for Indian studios is managing their supply chain costs for their Blu-ray titles, especially when it comes to fulfillment in these regions and the related freight costs. Our facility in Mumbai, as well as our Blu-ray authoring, production, kitting and fulfillment center in the US, provides a comprehensive solution to all of the issues that Indian studios face today," said Raj Barman, Chief Executive Officer at Acutrack. "We are excited about the mutual opportunities our India facility creates for both Acutrack and our valued clients," he added.
About Acutrack
Founded in 1992, Acutrack (www.acutrack.com) helps customers with development, manufacturing, and distribution of digital and print products. We enable our customers to create, publish, and deliver their content on CDs, DVDs, Blu-rays, USB drives and Print Media worldwide. We give our customers the flexibility to produce products at any quantity needed with efficient and cost effective solutions. For more information, please visit www.acutrack.com.

http://www.dnaindia.com/mumbai/report_more-bkcs-planned-this-time-out-of-mumbai_1394667

Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) is planning to live up to its name. It will create “growth centres” across the metropolitan region instead of focussing only on the city.

MMRDA metropolitan commissioner Ratnakar Gaikwad told DNA the idea is to decongest an overburdened city. “A few decades back, the Bandra-Kurla Complex (BKC) was created to ease pressure on south Mumbai. Now, the focus needs to shift from Mumbai to the rest of the metropolitan region,” he said. “We will plan not just business hubs such as the BKC; the growth centres will also include livelihood opportunities. We are in talks with the Maharashtra Industrial Development Corporation (MIDC) for assistance.”

He said 10 sites will be identified for development.
“We will provide the centres with water supply and land fill sites. We also intend to explore new systems such as the Light Rail Transit System (LRTS) for connectivity. The construction cost of LRTS is approximately Rs25 crore per km — much less than monorail and metro. We can connect the growth centres with the nearest railway stations with LRT.”

He said senior officials such as Vidyadhar Deshpande, the former director of town planning and now advisor to the town and country planning department of the MMRDA, will be working on the growth centres.

This is the same model how people decongested Delhi.

Perfectly around delhi they developed satellite cities and invested Billions in Delhi and satellite city infra so the population zoomed and Quality of Life took a hit by overcrowding and in Mumbai which already is strained will see its load increase and more problems for sure.

This is the same model how people decongested Delhi.

Perfectly around delhi they developed satellite cities and invested Billions in Delhi and satellite city infra so the population zoomed and Quality of Life took a hit by overcrowding and in Mumbai which already is strained will see its load increase and more problems for sure.

dont think so

the entire city of Navi mumbai was built from scratch as a growth centre. It is getting more self sufficient by the day with most of residents working in Navi mumbai itself.

Mumbai would be even more screwed if the pop of 2.7 mill of Navi mumbai was there in Mumbai.

Now obviously, they did not execute it properly. In an ideal world it was supposedly to be a 5-6 million city and mumbai about 9-10 million. So you can say it did not achieve that much success as it should bad. Poor connections via the harbour line are to blame.

However with the harbour line built and a fast track on the harbour line planned I think we should see NM do its job of soaking up pop from Mumbai much better in the future with more jobs etc.

dont think so

the entire city of Navi mumbai was built from scratch as a growth centre. It is getting more self sufficient by the day with most of residents working in Navi mumbai itself.

Mumbai would be even more screwed if the pop of 2.7 mill of Navi mumbai was there in Mumbai.

Now obviously, they did not execute it properly. In an ideal world it was supposedly to be a 5-6 million city and mumbai about 9-10 million. So you can say it did not achieve that much success as it should bad. Poor connections via the harbour line are to blame.

However with the harbour line built and a fast track on the harbour line planned I think we should see NM do its job of soaking up pop from Mumbai much better in the future with more jobs etc.

Navi Mumbai has actually done quite well, though I must admit the recently developed nodes/sectors don't have as good planning as the old ones, at least in the sense of allocation for open spaces.

The only thing missing, to some degree, are the jobs. A lot of companies HAVE made the shift though, what with Mindspace opening in Airoli. It's likely to get better in the coming years, and frankly, I'll be happy enough not to have to cross that bridge any more. Living in Navi Mumbai is way better

I think its perfectly poised to take off in the future.

- As Ichi mentioned, doubling of harbour line tracks
- proposed navi mumbai metro Line 1 should help open up kharghar/taloja area even more.
- eastern freeway in mumbai. A person staying in deonar
- lots of new jobs once the airport comes up both directly and indirectly servicing the airport

II was really really impressed with the way navi mumbai was shaping up. Am not sure of the power supply/water supply situation there yet though...is it as reliable as the island city ?

Any idea what's happenning to the seawoods station....was supposed to be a huge station/mall/commercial complex etc...

I think its perfectly poised to take off in the future.

- As Ichi mentioned, doubling of harbour line tracks
- proposed navi mumbai metro Line 1 should help open up kharghar/taloja area even more.
- eastern freeway in mumbai. A person staying in deonar
- lots of new jobs once the airport comes up both directly and indirectly servicing the airport

II was really really impressed with the way navi mumbai was shaping up. Am not sure of the power supply/water supply situation there yet though...is it as reliable as the island city ?

Any idea what's happenning to the seawoods station....was supposed to be a huge station/mall/commercial complex etc...

well it should have shaped up much better. the possibilities were really limit less. Not saying its a failure but rather should/could have been better.

They just did not provide the needed transport and links needed for companies to move into Navi mumbai. Indian railways chocked off the development of Navi mumbai by just sitting on projects and slow pace of implementation.

However what you said in terms of future development is spot on.


this is what is needed to turn Navi mumbai into a 6-7 million city by 2030

-expanding the port
-airport
- another Vashi bridge parallel to the Vashi bridge and linked directly to estern freeway
- a vikroli khoparkhairne bridge linked to eeh.
- a metro
- fast line on habour suburban


I think its right to assume that even by IR standard etc. I can expect the sea port, airport, eastern freeway connection to vashi bridge and the doubling of the harbour link, some sort of metro(80-100km) to be complete by 2030.

that should be enough to see a Navi mumbai develop into an important growth centre.

Another thing I read recently is that MMRDA is planning to cut down the size of the wadala truck terminal and sell of that land (no doubt encouraged by the iconic tower plot sold to Lodha).

They were scouting for locations for a truck terminal in navi mumbai....that would help both mumbai and navi mumbai....

about the port...were you talking of the one in rewas-mandwa ? or expanding jnpt ?

Another thing I read recently is that MMRDA is planning to cut down the size of the wadala truck terminal and sell of that land (no doubt encouraged by the iconic tower plot sold to Lodha).

They were scouting for locations for a truck terminal in navi mumbai....that would help both mumbai and navi mumbai....

about the port...were you talking of the one in rewas-mandwa ? or expanding jnpt ?

expanding jnpt to have 40 births.

I go believe a private company is being given the contract

Hi,
Whats is the big news about Mumbai Stock Exchange I heard that the rate of Mumbai cooperations is really down then Birla Group of Industries.

Hi,
Whats is the big news about Mumbai Stock Exchange I heard that the rate of Mumbai cooperations is really down then Birla Group of Industries.

sorry i dont understand your question?

Hindalco the Birla flagship registered a big profit

http://www.dnaindia.com/mumbai/interview_i-promise-mumbaikars-better-life-says-ratnakar-gaikwad_1366795

With 16 projects in the making and funds worth Rs1.13 lakh crore, the Mumbai Metropolitan Region Development Authority (MMRDA) has loads to deliver. Chief minister Ashok Chavan, who is also the MMRDA chairman, has set a deadline for the projects. But MMRDA commissioner Ratnakar Gaikwad is confident. In an interview with DNA, he says the monorail and the first metro will be completed by December 2010. Excerpts from the interview:

People often complain about the MMRDA projects because they lead to traffic congestion. They want to know how long they have to bear this trouble.
I know that barricading for several road projects, flyovers, metro, and monorail is causing a lot of trouble for people. But the outcome of these projects such as the five flyovers on Dr Ambedkar Road or the metro connecting Versova and Ghatkopar or the first phase of the monorail between Chembur and Wadala will definitely bring back the smile on their faces. They should cooperate during this time. I promise them a better life in future.

But not all projects are running on schedule…
As far as the metro is concerned, we are ahead of schedule. Compare Mumbai with Chennai: a metro there will take a good five years to complete. Officials there are not in a hurry at all.
But MMRDA will complete the metro project in a little over two years. Compared to other cities like Delhi, Kolkata, and Chennai, there will be more people travelling in the metro here.

Only two projects — the Museum-Anik Panjrapol Eastern Freeway and the Santacruz-Chembur Link Road (SCLR) are not on schedule. But let me clarify that we were expecting delays. In case of the Eastern Freeway, the elevated road passes through an area filled with oil wells and underground high tension wires. Our officials had to be extra careful. Once completed, the SCLR will be a historical achievement.

What about the other two metro phases; will you face similar difficulties?
I am glad that it will not. We have taken up the first phase, which has turned out to be the most difficult phase. We could not find a place for a car depot. There are a few stretches that are really narrow — especially near Andheri station. But the Right Of Way for the second metro will be relatively clear.

About the metro financial model, you earlier favoured the Delhi Metro (the equity model). Now you seem to be interested in the Public-Private-Partnership (PPP) model. What is the reason for this change?
Yes, let me admit that earlier I was in favour of the Delhi metro model. Now I have changed my mind. The PPP is all about co-operation, partnership, and teamwork.

That is precisely what is being done in Metro-I. The government too will not suffer. So, I have completely changed my mind about the PPP model; I am convinced about it. Even the Americans have praised this model.

only 2 project not on scheduled....goood achievement :)

only 2 project not on scheduled....goood achievement :)

Yup...and to be honest the eastern freeway (with the twin tunnels) is being built quietly without much fuss. A bit of delay is fine considering it pretty much runs through Bombay port trust land. It will definitely take the load of other arterial roads. I have a positive feeling that these projects will help alleviate problems in the short term till other metro links come to fruition

http://www.hindustantimes.com/Wadala-the-new-BKC/Article1-557344.aspx

Wadala, the new BKC

In the 1890s, Wadala, with its large tracts of open land and sprawling greenery, was chosen by the British as the next growth centre of Bombay (as it was known then).
With the city then reeling from a plague epidemic, many felt that development in Wadala would help decongest the commercial areas.
More than 100 years later, Wadala is once again being looked upon as the answer to Mumbai’s space problems.
It is being groomed as the city’s newest upmarket address and ‘growth centre’.
The state hopes to take the load off the congested areas and spread the population more evenly by developing Wadala as a commercial-cum-realty centre, providing it with good transportation and connectivity.
The Mumbai Metropolitan Region Development Authority (MMRDA) is keen on developing such growth centres across the city.
“The only way to take the load off the infrastructure is to distribute growth centres across the city. Wadala, with its location, is ideally suited to become a growth centre like Bandra-Kurla Complex,” said Metropolitan Commissioner Ratnakar Gaikwad.
Wadala, which for years was better known for theatre, is already under the limelight for the huge realty deals being struck there.
MMRDA woke up to its potential when a plot it owned was bought in May by the Lodha Group of builders for Rs 4,050 crore.
An MMRDA think-tank recently said that the agency could generate Rs 1,000 crore annually through growth centres such as Wadala.
This hardened MMRDA’s resolve. It is now contemplating Metro connectivity for the area.
“One of the nine corridors in the pipeline is the Ghatkopar-Mulund line. We could extend it up to Wadala,” Gaikwad said.
MMRDA officials believe that the development of a transport network connecting Wadala to the rest of Mumbai will play a huge role in ensuring the area’s transformation as a business hub.
MMRDA has launched several projects to improve connectivity.
It is constructing a monorail along the Chembur-Wadala-Jacob Circle route and is working on the Eastern Freeway, which will connect
Wadala with south Mumbai and Ghatkopar.
The Mumbai Metropolitan Region Development Authority, which was planning an Inter-State Bus and Truck Terminal on 4.5 hectares at Wadala, is now thinking of shifting the terminus outside the city and using the land for commercial purposes.
“It makes sense, given the price we got for our plot,” a senior regional authority official said on condition of anonymity.

http://www.hindustantimes.com/Planning-agency-may-relocate-truck-terminus/Article1-557345.aspx

The phenomenal deal the Mumbai Metropolitan Region Development Authority (MMRDA) got by selling its Wadala plot for Rs 4,050 crore is making the regional body want to exploit its 115 hectares of reserve land left in Wadala.
The MMRDA is now seriously considering moving the Wadala Truck Terminus and the Inter-State Bus Terminus (ISBT) planned at Wadala, outside the city to commercially exploit land in Wadala.
“The plot we sold fetched us a phenomenal price. It makes sense to exploit the Wadala land that we hold and transform it into a business centre,” a senior MMRDA official said.
A meeting of development authority’s think tank held on May 31 recommended the shifting of the truck terminal to Thane, Borivli or Vashi and the ISBT terminal to Mankhurd. The think tank also said there was potential to earn Rs 1,000 crore every year by developing Wadala as a growth center.
The MMRDA struck gold on May 25 when it managed to lease a 25,000-square-metre plot for Rs 4,050 crore to Lodha builders.
The regional body has another 115 hectares of land in Wadala on which it planned to set up a truck terminus for 4,000 trucks and an Inter-State Bus Depot for passenger buses.
It has already constructed a truck terminus on 9.63 hectares at a cost of Rs 433 crore. It has a capacity of 1,000 trucks.
The MMRDA had recently floated bids for constructing a bigger truck terminus and the Inter-State Bus Terminus but neither tender received any response.
The Mumbai Metropolitan Region Development Authority has been forced to extend its bids.

Yup...and to be honest the eastern freeway (with the twin tunnels) is being built quietly without much fuss. A bit of delay is fine considering it pretty much runs through Bombay port trust land. It will definitely take the load of other arterial roads. I have a positive feeling that these projects will help alleviate problems in the short term till other metro links come to fruition

yes its still pretty faster than SCLR

lol.only two projects . The metro project's new deadline is feb 2011.Even simple project as building a skywalk takes ages to complete. The may deadline is over and still the skywalk work isnt complete.ridiculous.

delete

Am not sure of the power supply/water supply situation there yet though...is it as reliable as the island city ?

I lived in Navi Mumbai (Sanpada) for six months back in 2008, and shifted back there last month. I've never had any water problems , except due to occasional minor issues within the building itself. Don't know about the island city but the water situation seems to me to be way better than the mess in some parts of Goregaon / Borivali and beyond, where water is still either by tanker or time-table.

In 2008 there was regular load-shedding in Navi Mumbai(about 4 hrs / day , in two slots morning/evening). Recently I haven't noticed any power issues, except for the odd random disruption that lasts about 30 mins.

lol.only two projects . The metro project's new deadline is feb 2011.Even simple project as building a skywalk takes ages to complete. The may deadline is over and still the skywalk work isnt complete.ridiculous.

They Planned opening few sky walk by Nov and Dec 2009. One of them Bandra West was supposed to open in December 2009 then it got extended to May 2010 Not sure if its opened yet or not. This is most basic of the Project. Take my word the earliest you will be riding in Metro is Diwali 2011 or even late. Even if WR had approved the construction of Bridge early you wouldn't be riding in the Metro by Dec 2010 by sure by just looking at the progress.

Now how many of you know that according to the original plan (Mumbai First prepared in 2004 the first line was supposed to get completed in early 2008 )But sadly the construction started only in 2008(I do not know what they were doing for 4 years as the plan was already ready).
When the construction started the new deadline was July 2010 then it was extended to Sep 2010 then Dec 2010 now Feb 2011 and it will be even more delayed.
Did you notice a pattern here if they just extend the deadline by few months there won't be much Fuzz but if they increase it by a year everyone will catch their neck. SO what they do is they do it in steps few months all the time:)

^^
Skywalks are opened for public use even before completeion. There are some more works pending in Bandra - W skywalk. People use Andheri E skywalk, even though it is not yet complete ( I mean the structure is in place, but the finishing is not done).

And there are skywalks in all known colors now - grey, yellow, blue, pink, orange, green , purple etc.

There was a Talk of Making Mumbai as a IFC (International Finance Center) Nothing happened after that. If this happens there will be huge job opportunities not only in Mumbai but all over India(As i guess there might be some secondary offices needed in other cities). I have read that it might even generate more jobs than the IT sector, is it true ?

Botswana opens export and investment office in Mumbai

Underlining the economic theme of his visit, Vice President Mompati Merafhe yesterday inaugurated BEDIA's investment office in Mumbai, which is India's leading Financial and Industrial as well as Diamond processing metropolis.

'This is a clear demonstration of the excellent relations that Botswana enjoys with India, which are underpinned by mutual commitment to democracy, transparency and accountability,' Merafhe said on the occasion.

The Mumbai office is intended to serve as a one-stop-reference centre for Indian investors looking to do business in/with Botswana.

In his remarks, vice President Merafhe observed that since its inception in 1998, BEDIA has been a pioneer in the investment arena and carved a niche for itself in the world business arena by promoting competitive financial service opportunities enabling identify partners in and outside Botswana for business partnerships.

Merafhe will today end his four-day visit to India. He arrived in Mumbai Friday morning, after meeting with Indian leaders in New Delhi, during which two agreements on small, medium and micro enterprises, and science and technology were signed Thursday night.

On Wednesday, the Vice President also witnessed the signing of a memorandum of understanding between National Small Industries Corporation of India and Local Enterprise Authority of Botswana.

After arrival in Mumbai, the visiting leader met with select captains of industry in the morning, before having lunch lunch with the Maharashtra Governor, K. Sankaranarayanan.

Merafhe also met with members of Indian film fraternity, hoping to woo them to take advantage of Botswana's beautiful environment.

http://gazettebw.com/index.php?option=com_content&view=article&id=6766:botswana-opens-export-and-investment-office-in-mumbai&catid=13:business&Itemid=2

IG1, what happened to yout Post about expanding the MMR area limits?
Has it been deleted or shifted somewhere else??

IG1, what happened to yout Post about expanding the MMR area limits?
Has it been deleted or shifted somewhere else??

I have no idea.

IG1, what happened to yout Post about expanding the MMR area limits?
Has it been deleted or shifted somewhere else??

I will be interested in that as well. Ichi knows better

Ichi..can you repost ?

http://www.dnaindia.com/sport/report_maharashtra-plans-fund-for-mumbai-with-new-construction-levies_1403673


State government to create Mumbai Dev Fund with new construction levies


"The MDF corpus will be used by the government to kick-start priority infrastructure projects like flyovers, water supply and sewage projects. It cannot be utilised on ongoing projects, but can be used even for viability-gap funding," he said.
Though the size of the fund has not been decided yet, the government could contribute 50% of the revenues it gets from various infrastructure-related sources. "The premium received from additional FSI and stamp duty on various agreements can be channelled into the MDF. Once it proves successful in Mumbai, we will take the concept to other cities," the official added.
In the short-term, however, the government has to try and reverse the high court's decision to quash the additional FSI of 0.33 given to development in the suburbs. This additional FSI was bringing in a premium, and the MDF will not take off till this ruling is nullified. The government is thinking of either amending the law or challenging the high court ruling on FSI.
The MTSU, a government-supported think-tank headed by a Maharashtra-cadre IAS official, has also suggested levying a premium on the Dharavi Redevelopment Project to create another funding source for the MDF. But the housing department has opposed this. "The premium from the Dharavi project cannot be utilised for MDF as it has to be kept as a shelter fund," the department stated.
Chief minister Ashok Chavan has said that infrastructure projects worth Rs 50,000 crore have already been approved and are at various stages of tak

kitna paise khayenge yeh log...:ohno:

I love the way they use the word swanky :)

http://timesofindia.indiatimes.com/city/mumbai/Wadala-business-district-will-have-pubs-art-galleries/articleshow/6140575.cms

MUMBAI: The new business district being planned at Wadala will feature swanky gourmet restaurants, art galleries, entertainment centres and nighclubs.

The Mumbai Metropolitan Region Development Authority (MMRDA) officials, who are putting things together for the plan, said it will not be like the other business districts in the city, which have a rather plain look. This swanky district will have a distinct character of its own.

MMRDA commissioner Ratnakar Gaikwad said that the Wadala hub would be based on the lines of business districts in the US and will also serve as a centre for art and entertainment. "Those who visit the business centre will want to come back. It will be an experience of a lifetime," said Gaikwad.

In May, the MMRDA had auctioned a plot at Wadala for a record Rs 4,050 crore to the Lodha Group. The agency is planning to turn the area next to it into a business district to raise funds for various infrastructure projects in the metropolis. The 4.5-hectare plot earmarked for the interstate bus and truck terminus might be shifted out of the city to make way for the business district.

"It is possible to raise a large amount of money which will contribute towards the infrastructure projects in the region,'' said Gaikwad. The MMRDA has chalked out an ambitious plan to have large road and rail projects in the region.

Gaikwad said he had received inputs from a New York-based architectural firm, which said it was willing to plan the new business district on the lines of the ones in the US.

MMRDA officials said having a business district that is also an entertainment centre would go down well in Mumbai and give the area a distinctive edge over the other business districts in the city and suburbs which do not have such facilities.

The MMRDA had also planned the Bandra-Kurla Complex, but this is a regular business centre without any special facilities for arts and entertainment.

Gaikwad pointed out that the area would be connected through the monorail, Metro and also the Eastern Expressway, giving the area great connectivity with the rest of the city.

Crossposting from bangalore thread

http://www.thehindubusinessline.com/2010/07/13/images/2010071353900601.jpg

Mumbai's non-corporate income tax and deposits - Significantly higher than other cities.
And it contributes around 26% of non-corporate IT of India

Wish Mumbai gets atleast 70% of what it gives for its infra requirements, everry year.

seriously, even 30-50% would do if you add up all taxes that originate here based on activity and income here

yup.....

and thats just mumbai

for MMR for which MMDRA is responsible add that of thane and navi mumbai to that

What is also very commendable is that it has registered 50% growth over the figures reported in 2006 which itself is a huge achievment.

To have 26% of the share and yet grow at 50%...

I often wonder what would have happened (or still can happen) if MMR had autonomy.....

It will help MMR and Pune as well which would gain more importance in a Maharashtra devoid of Mumbai...

Mumbai property rates(a few months old)


http://img202.imageshack.us/img202/6132/81393854.jpg



http://www.narains.com/Commercial-Property-Rates-Mumbai.htm

one year back,,, these rate almost half....now its doubled..... :(

Residential component at $66.5bn of realty pie
TNN, Sep 25, 2010, 04.42am IST
MUMBAI: A Real Estate Intelligence Service ( REIS) report prepared by Jones Lang LaSalle Meghraj says the total market value of under-construction projects in India has crossed the $100-billion mark.

The market value and costs of development have been estimated at prevalent property prices and costs of construction, considering the variance in asset classes and geographical locations, it added.

The residential component contributes 66% ($66.5 billion) of this $ 101.3 billion, while the rest is contributed to by commercial office and retail space combined. The premium segment comprises only 4% of the saleable area being developed, but to 24% of the market value. "While NCR- Delhi leads in terms of volume of residential properties being developed, Mumbai contributes a larger share to the market value," it said.

On the other hand, the market value of commercial office and retail under construction has remained range-bound during 2006-2010 due to the effect of an increase in construction activity offset by a fall in capital values. "However, the contribution of residential has amplified due to a confluence of increase in construction activity and rapid recovery of property prices," the report said.

The market value of commercial (office and retail) real estate under construction is $34.8 billion and commercial office space under development contributes to 74% of the estimated market value being developed in the commercial sector.

"As of 2Q10, Tier-I cities of Mumbai, NCR-Delhi and Bangalore contsribute to 70% of the market value of under-construction commercial office space, while Tier II cities of Chennai, Pune, Hyderabad and Kolkata contribute to 21% of the pie. Other investment grade developments in Tier III cities contribute to a mere 9% of the pan-India market value being developed in India today."

According to the report, since 2007-08, a total foreign direct investment of $7.82 billion (over Rs 35,000 crore) has been put into housing and real estate in India. http://timesofindia.indiatimes.com/india/Residential-component-at-665bn-of-realty-pie/articleshow/6623592.cms

^^

mumbai contributes 40% of the total indian realty market in terms of value

building upon that

Rs 2crore is the Average Cost of a New House in Mumbai



A recent study by property research firm Liases Foras covering 482 new housing projects across the city has revealed that the weighted average cost of a new house is close to Rs 2 crore. The weighted average cost is the sum of the sticker prices of all new houses available in the market, under construction or ready for possession, divided by the total number of such houses.

To buy a Rs 2-crore house, you got to be making Rs 40 lakh a year because as per widely accepted principles of affordability, no bank will offer you a housing loan that is more than five times your annual income. And that is not all, banks cover only 80% per cent of the cost of the house. Which means, in this case the buyer will have to raise Rs 40 lakh on his own.

Pankaj Kapoor, managing director, Liases Foras, said the survey proves that Mumbai is a waiting to go pop. “Such surveys indicate whether the growth in the real estate sector is realistic. This survey shows it is not,” he added. Several other real estate experts agree that at Rs 2 crore, the weighted average is way too high for a city like Mumbai. “Even if you push very hard and exclude people living in the slums, majority of the people in this city don’t earn more than Rs 5 to 10 lakh per annum,” said Pranay Vakil, chairman, Knight Frank.

“Which means for a vast majority it’s next to impossible to buy a new house. Now if that is the case, where is the demand to warrant such high valuations coming from,” he asked. Vakil said where lending is concerned , the EMIs are not expected to exceed 50 per cent of a buyer’s monthly take home. “Even with Rs 10 lakh as your annual income, you will not be able to buy a house costing more than Rs 50 lakh.”

And even for those who make Rs 40 lakh a year, it’s not an easy ride. The weighted average cost for a new house downtown, where somebody making that kind of money would aspire to be, is an astonishing Rs 6.85 crore. In western suburbs, it is Rs 1.44 crore. What is scary is that the the weighted average has gone up by 50 per cent just between June 2009 and June 2010. This has reflected in home sales dropping to half in the same period, though developers continue to claim brisk business. “Most of the buying is being done by investors and not end-users. This shows that there is a lot of black money finding its way into the market,” said Kapoor.


http://www.indianrealtynews.com/real-estate-india/rs-2crore-is-the-average-cost-of-a-new-house-in-mumbai.html



well no doubt that this article is a bit sensationalist considering that the scales of the average will be heavily skewed by high end "villas" such as those in One World etc. A median value of the price per square foot might be better insight.


but still it seems that Mumbai as a city needs to come up with a viable renting segment. There is way too much luxury housing being contructed at the moment. I am not even talking about affordable housing. I am talking about housing which the middle class can afford.

say 1000 sqaure foot 3 bedroon flat which should be there in places like Ghatkopar to Andheri belt (or in the pakka suburbs) for say about 50 lakhs. We need way more of these kinds of housing.

Otherwise even the upper middle class will be fcuked with a big dildo.



This is not a healthy situation to be in. It screws with the quality of life.



I was looking at delhi real estate and there are still plenty of places in north and east Delhi within 12km from the centre of Delhi which are selling at 4000-5000 sqaure foot.Way more affordable.

Hell even the call girls cost less. Mumbai seems to be pricing itself out on many things.

Property Prices Mumbai at an all Time High

With property prices soaring to dizzying heights in the country\’s financial capital, aspiring home-buyers have to be much more than a crorepati to buy a flat in Mumbai, where the average cost of a roof over one’s head is now at an all-time high of Rs 1.91 crore.

According to figures put together by the real estate research agency Liases Foras, the weighted average cost of a flat in Mumbai at 1.91 crore has leapt by 49 percent over the last one year. The weighted average cost is the total capital value of all flats divided by the total inventory in each city. In comparison, five other cities like Bangalore, Hyderabad, Chennai, Pune and the National Capital Region (NCR) have witnessed either a drop in rates or a negligible increase. An average flat in these places is relatively affordable at Rs 35 to Rs 50 lakh.

Pankaj Kapoor, CEO of Liases Foras said that most cities have maintained an equilibrium in pricing, “Of all the cities, Mumbai is the only one where the prices have escalated so much that no segment can afford it. Most developers here are not bothered about end user sale. If the sale of flats in Mumbai for April to June last year is compared to the same period this year, there is a 50 percent decline this time around,” said Kapoor.

Mumbai\’s nearest contender is Gurgaon also a highly speculative market with an weighted average flat price of Rs 97 lakh but unlike Mumbai this price has remained unchanged over the last year. Also, unlike Mumbai which has well-defined boundaries with no scope for expanding further, most other cities still have enough new land supply along the periphery helping keep the prices under control. For instance Noida, which has seen the highest price correction, has a lot of new land that has opened up for development recently. Chennai is the most healthy market which has not allowed speculation to come into play at all and has been a purely end-user market.

Kapoor states that though developers in Mumbai have started feeling the pinch of cash crunch which will ultimately lead to bursting of the bubble, the bull-run is expected till the time the rush of real estate IPOs continue. Of the dozen such IPO that are expected to be launched in near future, a majority are from Mumbai. “The correction will happen only if one or two IPO fail to do well,” said Kapoor.

The backbreaking hike in home prices is all the more stark when seen in relation to the per capita income in Mumbai which is Rs 1.28 lakh as per the Economic Survey of Maharashtra (2009-10). This means that the average cost of a flat in the city is about 100 times more than the average income each Mumbaikar makes annually. According to a 2009 Task Force report prepared by a central government appointed committee, affordable housing has been defined as when the cost of a house doesn’t exceed five times the household gross annual income.

http://www.indianrealtynews.com/real-estate-india/property-prices-mumbai-at-an-all-time-high.html

Slum redevelopment to propel Mumbai’s real estate growth

With not much undeveloped land left in Mumbai for fresh developments, the city’s real estate growth will largely be propelled by the success of its many slum redevelopment schemes, according to a recent study.

Despite high entry barriers, 52% of the upcoming realty projects in Mumbai, spread over 8,600 acres, are slum redevelopment schemes, brokerage Anand Rathi Research said in a 4 October report.

Another 18% will be factory and mill land projects, 4% will be redevelopment of old buildings, and 3%, urban slum renewal schemes.

After a near two-year economic lull, slum schemes, considered the most profitable in the real estate business, have made a comeback with nearly 80 new projects sanctioned in Mumbai this year, said S.S. Zhende, chief executive, Slum Rehabilitation Authority (SRA), the nodal agency in Mumbai.

This would not only rehabilitate families living in almost 300,000 hutments, but also open up substantial space for residential and commercial development.

According to the Anand Rathi report, Mumbai, India’s densest city with 27,000 people per sq. km, would need an additional 324 million sq. ft of residential developments by 2021.

But of the 468 sq. km in Mumbai, only 90 sq. km is actual developable land and the rest are non-revenue generating areas such as forest land, according to a survey by Pankaj Kapoor, chief executive of Mumbai-based real estate research firm Liases Foras and architect Hafeez Contractor.

“Huge amount of space can be freed through slum redevelopment but that needs to be incentivised by giving developers more construction rights,” said Kapoor.

Dedensification of the city would be possible only if the floor space index (FSI), or construction rights, is raised enough to lower Mumbai’s high land costs, he said.

The state government has selectively increased FSI from 1.33 to 4, but land prices in Mumbai continue to break highs. Indiabulls Real Estate Ltd, for instance, bought an 8.3-acre defunct mill land in central Mumbai for Rs.1,505 crore in August.

Land comes relatively cheap for slum redevelopment projects. If the land cost comprises 10-25% of a slum scheme, for a mill redevelopment project, it could be as high as 60-80% of the project cost.

Mumbai’s slum redevelopment scheme also requires de-politicising, said Kapoor.

The proposed redevelopment of Mumbai’s 535-acre Dharavi, India’s largest slum pocket, is stuck in political and financial uncertainties as the state government is still deciding on a formula to ensure smooth implementation of the project.

Top developers such as Unitech Ltd, Housing Development and Infrastructure Ltd (HDIL) and Ackruti City Ltd are part of this slum redevelopment bonanza.

Unitech, a Gurgaon-based developer, entered the Mumbai property market to tap this space and is developing the 140-acre Golibar Maidan project in Santacruz with a local partner. HDIL has undertaken one of the largest slum projects for Mumbai International Airport Pvt. Ltd, which includes almost 85,000 slum tenants across 270 acres.

Almost 35% of Ackruti City’s project portfolio comes from slum redevelopment in Mumbai. It is redeveloping a giant 108-acre slum parcel in the heart of Mumbai, in Sion, which will be used for residential and commercial use.

“Entire Mumbai needs to be rebuilt again and redeveloping slums is the major solution,” said Vimal Shah, managing director, Ackruti City. “But this is a particularly specialized area of development and not every developer has what it requires for such projects”.

Mumbai’s growth, though, may be slowed by an impending correction, after property prices touched peak levels this year, the Anand Rathi report said. Analysts expect a correction of 10-15% in property costs in Mumbai this year and developers are waiting to see what happens.

source (http://www.livemint.com/2010/10/06201944/Slum-redevelopment-to-propel-M.html?atype=tp)

hmm 90 sqaure km land

thats quite less

we need better links to navi mumbai

India, China and Brazil are the top three target countries for foreign direct investment until the end of 2012 with the United States, for years number one, now in fourth place, the UN trade and development agency UNCTAD said recently.

With India attracting more and more FDI, let us find out which are the states in India that get the highest amount of FDI inflows.

1. Maharashtra

Maharashtra received the lion's share of the foreign direct investment inflows into India during April-August this fiscal, according to industry ministry's latest data.

The western Indian state attracted the highest FDI at $2.43 billion (Rs 11,154 crore), which is 35 per cent of the total FDI inflows in to the country, during the first five months of the current fiscal.


Source
http://www.rediff.com/business/slide-show/slide-show-1-the-hottest-fdi-destinations-in-india/20101118.htm

you can bet ya bottom dollar that Mumbai MMR must have the lions share for the 2.35 billion....

I am guessing atleast 1.35 billion.

Delhi overtakes Mumbai as most competitive city for business.

http://www.moneycontrol.com/news/current-affairs/delhi-overtakes-mumbai-as-most-competitive-city-for-biz_503162.html

The Institute for Competitiveness unveiled its India City Competitiveness 2010 report. Mumbai slipped to rank 3 from rank 1 in 2009, with Delhi emerging as the most competitive city for business in India.Chennai came in second among the Tier I cities and Bengaluru dropped one spot to the fourth place.
Kolkata and Hyderabad maintained their fifth and sixth rank respectively,

Meanwhile, Ahmedabad and Pune were named the most competitive Tier-II cities in India.

The report was based on 800 indicators to measure competitiveness of 50 cities in India. The study also stated that policy makers were struggling with infrastructure and development.

The Reason:

http://www.business-standard.com/india/news/qadeepak-parekh-chairman-hdfc/416917/


Is that why HDFC is gradually shifting focus away from Mumbai?
Business in other cities is growing rapidly. Do you know the number of loans that we have disbursed in Chennai over the last six months is now more than that in Mumbai? Delhi was already way ahead. The city administrators there had a vision, have taken risks that have paid off. Now, even Chennai is getting ahead.

But Mumbai doesn’t have enough land.
It is because of vested interests, corruption and also a lack of desire to do anything. There is an artificial shortage of land in south Mumbai. I agree Mumbai is an island and there is a shortage of land. But when there is shortage of land, set up a transport infrastructure across the mainland by road, underground, bridge, some pass, some ways like the trans-harbour link that they are planning to at Sewri. Once you do that, once you can make it to the mainland in 20 minutes, all land prices will come down.


^^ Might just be a statement by HDFC but a FAir indicator..that's what eating up our cities...corruption..

Its good that other cities are emerging.

There will be obviously shortge of loan disbursement in Mumbai proper because mostly only is redevelopment happening. However Article does not say about MMR as a Whole. The comparision can be fair only if they cover all 7-8 Municipal corporations in MMR where most of the new development is actually happening.

Regarding Most competative city I will not go in too much with just 1 odd survey Thus neither I am agreeing nor denying it. However 1 thing is true unless the major infra projects are completed which I believe should happen in this decade Mumbai will loose some of the new Business opportunities.

Yaar thats the story of every city....MMR..humnn...If delhi gets full NCR then figures will go up and up...anyways don't know when some common sense would prevail in this country....we are losing more than before.

the home loan data is hardly surprising. in bombay city itself there is smaller scope for development than most other cities as it is already a highly developed market. also most new properties in bombay are for the ultra-rich, not for the common man, and this segment hardly ever takes home loans. its mostly money already lying with them and then being used for buying a house or as an investment

with regards to total disbursement of credit itself (personal and business) the gap between bombay and next best is humongous

http://lite.epaper.timesofindia.com/Repository/TOIM/2010/12/04/1/Img/Pc0012100.jpg
Mumbai: J J Bhabha mansion,the sprawling 15,000-sq-ft house where Homi J Bhabha,the father of Indias nuclear energy programme,spent most of his growing years,has been put up for sale.After Bhabha passed away in 1966,the bungalows only occupant was his brother,Jamshed J Bhabha,doyen of the National Centre for the Performing Arts (NCPA),Indias premiere cultural institution.
However,with the younger Bhabha brother passing away in 2007,the house is in the process of being auctioned,and real estate sources say the Malabar Hill property is worth at least Rs 250 crore at current market rates.Jamshed Bhabha passed away at 93,and had no heirs.
In his will,discovered three years after his death,he left almost his entire estatehis Mumbai bungalow and a priceless art collectionto the institution he set up 44 years ago.The will is learnt to have been drawn up 20 years ago

====
250cr :bash:

Wow

Great news guys....one more skyscraper U/C

Anil Ambani's answer to Mukesh ambani..New house under consruction.

http://www.mumbaimirror.com/article/15/2010120520101205025232282813be021/Anil’s-reply-to-bhai’s-Antillia.html

a quarter acre plot of land in south bombay will fetch you anywhere from 200-350 crores depending on its location

Great news guys....one more skyscraper U/C

Anil Ambani's answer to Mukesh ambani..New house under consruction.

http://www.mumbaimirror.com/article/15/2010120520101205025232282813be021/Anil’s-reply-to-bhai’s-Antillia.html

Wonder what this tower will look like.

Wonder what this tower will look like.

giving the finger to antila?

giving the finger to antila?

:lol:

I think every Indian billionare or would be billionare should build a personalized skyscraper in India. Build an island off Mumbai with a cluster of such personalized show off towers.

Pali hills area is congested like hell. Hope it gets beautified and freed of encroachments after this. Now Ambani family can be in every page 3 party :)

the home loan data is hardly surprising. in bombay city itself there is smaller scope for development than most other cities as it is already a highly developed market. also most new properties in bombay are for the ultra-rich, not for the common man, and this segment hardly ever takes home loans. its mostly money already lying with them and then being used for buying a house or as an investment

with regards to total disbursement of credit itself (personal and business) the gap between bombay and next best is humongous

Added to that volume in Mumbai was very less in the last 2 quarters as Mumbai is the only city where the prices are higher than the previous peak in 2008 in many areas. Many people in the industry say the rates will not fall significantly (due to demand supply dymanics) and volumes will pick up again. Even Borivili costs 8000-12000 psqft which is almost out of the reach of common man.

Yaar thats the story of every city....MMR..humnn...If delhi gets full NCR then figures will go up and up...anyways don't know when some common sense would prevail in this country....we are losing more than before.
Yes I agree, Its high time we redeifne our city boundries.
I personally think we can make Mumbai-Pune as a single metropolitain area in lines of NCR. This will only help in Proper planning for this region which is very close to becoming a single metropolitain area. Similar for areas beyond Virar.

^^ I don't think the border could go any further than Karjat. There is plenty of space between Navi Mumbai and Pune that is far from being developed. As for the north end, I guess we can draw the line as far as Dahanu now.

^^ I don't think the border could go any further than Karjat. There is plenty of space between Navi Mumbai and Pune that is far from being developed. As for the north end, I guess we can draw the line as far as Dahanu now.

But they can still plan for the future in the proper way so that Planned development happens. And between Navi Mumbai and Pune you still have small towns and villages(Talegaon, Lonavala etc) around which development can be planned in a systematic way.

^^ Or they can be developed as a proper small cities...Well planned and well taken care of...

High speed Rail between Pune-Mumbai(even 150 avg speed) is a need of time. If you see there is already Pune-lonavala local running and local trains runs till Karjat from Mumbai. There is just Khandala Ghat between Lonavala and Karjat. If it was not there then we would have local trains between Pune-Mumbai. Talegaon-Chakan area is turning out to be a big manufacturing area since Pimpri Chinchwad is almost full. Thus there is lot of scope of development between Talegaon and Lonavala on Pune side as already Local train and expressway exists on this stretch. Navi Mumbai has almost touched Khandala ghat.

If Govt plans High speed train then there is also scope for lot of low cost housing in this area. Infact I feel since Maha Mumbai SEZ is not getting land in Ratnagiri why not plan it to shift it to this belt.

Delhi overtakes Mumbai as most competitive city for business.

http://www.moneycontrol.com/news/current-affairs/delhi-overtakes-mumbai-as-most-competitive-city-for-biz_503162.html


Delhi Score
Overall competitive score 82.55
Infrastructure score of 75.71

Chennai Score
Overall competitive score 77.87
Infrastructure score of 72.32

Mumbai
Overall competitive score 77.58
Infrastructure score of 72.19

If we consider infrastructure score then Mumbai will score more may be in future once Monorail, Metro, MUTP II, New airport etc etc will be completed, even now there is not much difference ie 3.52 between Mumbai & Delhi. Nice to see competition in good way.....

Source
http://www.rediff.com/business/slide-show/slide-show-1-indias-25-most-competitive-cities/20101209.htm

Just wondering how do these scores compare with the cities around the world?

http://economictimes.indiatimes.com/markets/real-estate/news-/Mumbai-to-lead-office-space-supply-with-25-share-in-2011-12/articleshow/7106373.cms


Mumbai to lead office space supply with 25% share in 2011-12

MUMBAI: Mumbai will lead the Indian office space supply with more than 25 per cent share, followed by Bangalore and Delhi with 19 and 17 per cent, respectively, in 2011-2012, a real estate services firm said.

India added around 55-million sq ft of office space in 2010 and is expected to add around 50-million in 2011-12.

Additionally, real estate transactions which were on the rise in 2010, will continue to increase in 2011 as well, the firm -- CB Richard Ellis (CBRE) India said today.

"The overall real estate performance of the country has been on an upward trend with increasing transaction volumes. This is due to sustained IT industry activity, impact of economic recovery on new economy sectors, global optimism on corporate expansion, consumer confidence and a rise in income levels," CB Richard Ellis South Asia Chairman and Managing Director, Anshuman Magazine, told reporters here.

"The residential segment might witness reduced absorption due to significant price increase in prime metro micro markets, large supply and an increase in mortgage rates," Magazine said.

In the retail segment the total number of malls in India are expected to be more than 200, while another 80-90 are lined-up to get operational in the next 2-years.

"Retailers will continue to hold sway in certain over-supplied locations, pressing developers for revenue share and related incentives," he said.




so safe to assume that mumbai adds 12-14 million sqaure feet of office space every year.


I would say thats quite low.I think Manhatten in itself has about 400-500 million sqaure foot of office space....

http://economictimes.indiatimes.com/markets/real-estate/news-/Mumbai-to-lead-office-space-supply-with-25-share-in-2011-12/articleshow/7106373.cms


Mumbai to lead office space supply with 25% share in 2011-12





so safe to assume that mumbai adds 12-14 million sqaure feet of office space every year.


I would say thats quite low.I think Manhatten in itself has about 400-500 million sqaure foot of office space....

every year? or I think its in total?

I would say thats quite low.I think Manhatten in itself has about 400-500 million sqaure foot of office space....

"Total available space in Manhattan reached 41.2 million square feet"

http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?Country=US&Language=EN&repId=c25900014p

so 12-14 million added in a year is a lot. it would certainly be amongst the top 5 if not top 3 in the world

"Total available space in Manhattan reached 41.2 million square feet"

http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?Country=US&Language=EN&repId=c25900014p

so 12-14 million added in a year is a lot. it would certainly be amongst the top 5 if not top 3 in the world

thats available space. Not total space.

come on man dont you think 41.2 is ridiculously low for a financial centre like Manhatten for total space?

fact is mumbai is starting form a low base compared to its total population.

thats available space. Not total space.

come on man dont you think 41.2 is ridiculously low for a financial centre like Manhatten for total space?

fact is mumbai is starting form a low base compared to its total population.

Manhattan is just 22.96 sq mi (59.5 km2). I think 400-600 is not justifiable.....


http://en.wikipedia.org/wiki/Manhattan

Manhattan is just 22.96 sq mi (59.5 km2). I think 400-600 is not justifiable.....


Manhattan easily has 450-500 million now

From what i could find on Google, it had 353 million square feet (http://www.allbusiness.com/construction/4266400-1.html) way back in 2001

hmm 450 seems a bit too much after reading that article cause its a saturated market, but 400 for sure




Mumbai needs to be adding about 20 million per year atleast (Grade A mind you)

hmm 450 seems a bit too much after reading that article cause its a saturated market, but 400 for sure

Mumbai needs to be adding about 20 million per year atleast (Grade A mind you)

Yeah youre right

I said 450-500 because different sources cite numbers between 350-500

For example (http://therealdeal.com/newyork/articles/the-aging-apple),

Almost 90 percent of the 450 million square feet of existing Manhattan office space was built before 1970, according to the Real Estate Board of New York

1) Delhi & NCR = 113,897 Jobs
This region has created 44,183 jobs during the period of October to December 2010, which is the highest in the year so far. Large scale hiring was in place during the third quarter 2010.
Commonwealth Games 2010 was also a significant contributor for the region in terms of hiring activities in the third quarter of 2010.
2) Mumbai = 107,806 Jobs

BFSI, trade, real estate and hospitality sectors have played a key role in this growth. In the current quarter, hiring situation is expected to be almost stable, though the growth rate may be lower due to the base effect.
3) Chennai
Compared to a dull scenario during H1 in Chennai, job creation has improved significantly in Q3 and is growing at a faster rate in Q4. This region is expected to generate 32,087 jobs during the current quarter.
4) Kolkata, Bengaluru, Hyderabad
The hiring scenario in the cities like Kolkata, Bengaluru and Hyderabad has seen tremendous improvement during the third quarter and was substantially higher than the previous two quarters.
All these three metro cities are together adding 26,534 more jobs in the current quarter.
5) Ahmedabad, Pune
Ahmedabad and Pune have been showing a strong positive movement in hiring consecutively for the third quarter of the year. Both the cities are generating 11,345 new jobs in the current quarter.
Sector-wise fresher / experienced hiring
The survey shows that BFSI sector is creating the most number of new jobs for the freshers (32.5%) closely followed by manufacturing of machineries & equipments (32.2%) and healthcare (32.1%).
Source
http://www.rediff.com/business/slide-show/slide-show-1-cities-that-created-most-jobs-in-india-in-2010/20101216.htm

yes

very true.does not make any economic sense.


^^^^

If 1 looks at NTC as a real-estate mgmt. Co., (many say Mc'Donald's, Wal-Mart, even Air India)
and not as a textile corp., then it stands to reason that rule # 1 is in force by the vested NTC bureaucrat-neta apparat. Self-preservation!

Rule # 2 & 3 ... Self-perpetuation and 'Patronage' mgmt. Textiles are just an excuse, an alibi, to purloin the public purse. If the babus don't have nominal textile activities in the city, how does 1 justify living, housing, children's education, colleges, hospitals and a decent lifestyle for self ... hehe .... self-serving babus! Profit, optimal resource use, labour, textiles, China competition, waste of lands and loss of windfall profits ..... all be damned ... :nuts: what are you talking. Nobody with a 'foot in the door' in Bombay is interested in working themselves right out of a job.

A case of - :bash:

"Andhaa baante rewdi, mud-mud khud ko de!" The babu-neta-goonda apparat mind-set is like that only.

Makes perfect sense from this angle, n'est pas?

ADB: Delhi India’s No. 1 investment destination

Source:- http://www.indianexpress.com/news/adb-delhi-indias-no.-1-investment-destination/729379/0



Delhi has emerged as the most attractive city in the country for both foreign and domestic investors, according to the latest Asian Development Bank report on a survey of Indian cities. Greater Mumbai and Chennai follow Delhi closely as good metropolitan areas for investment.
In a survey of 27 cities, the competitiveness factors evaluated were: people, catalysts, infrastructure and financials.

The 2010 ADB report says that location precedes supplier selection in globalisation initiatives: “Earlier, countries competed for location but now competition is often at a granular level between various cities. Lately, we are more likely to observe competition between Bangalore and Manila than between a generic India and the Philippines.”

Against this backdrop, Delhi’s high quality of life, transportation infrastructure and cost-effective labour both skilled and unskilled — have “contributed in a big way to the city’s economic growth, pitchforking it to the top in overall rankings,” says the ADB report.



The Commonwealth Games and the infrastructure development as a result of this such as the international airport and the Metro rail network are among the major factors contributing to Delhi’s rise to the No.1 position.

“Furthermore, the city is extremely well-connected to suburban cities along its periphery such as Gurgaon, Faridabad and Noida, making it the largest economic agglomeration in India,” says ADB.

“Though Greater Mumbai’s position remains unchallenged, its infrastructure lags far behind the pace of economic growth witnessed by the city. Several major infrastructure projects such as the Mumbai Urban Transport project and the Bandra Worli sealink are yet to show its effects on potential economic growth,” the report says.

The ADB has ranked cities under five major categories: city prosperity index, urban governance, business environment, infrastructure index and quality of life. And the overall rating is based on these five comparatives.

The city prosperity index indicates the general affluence of the population, depth of consumer market and income and expenditure characteristics. These parameters affect the need and demand created for residential, retail and hospitality classes. The size of the population, too, has a direct relationship with the demand for housing.

The urban governance index shows the ease of doing business in a particular area which, of course, is subject to government regulations and reforms. So it measures the speed of policy implementation and quality of administration in a city. A favourable business environment includes parameters like availability of labour, composition of workforce and availability of finance.

The ADB report says that quality of infrastructure such as water and power supply, roads, public transport, crime and safety, environmental pollution and recreation and leisure options also influence investment options.

Chennai’s No. 3 ranking as a potential hub for future investments couple traditional reasons such as it being a major seaport known for its manufacturing industry and recent developments such as an exceptionally high investment of Rs 34,000 crore for upgrading its urban infrastructure.

According to the report, Bangalore is a major economic hub in the country with major IT, biotech and FMCG companies but its infrastructure has not been able to keep pace with its rapid economic growth.

Hyderabad, meanwhile, is fast emerging as a top slot city in India. It is currently witnessing an unprecedented growth and is set to become the fourth largest urban agglomeration by 2011, overtaking Bangalore. The city also has the highest number of formally approved IT SEZs in the country.

Among tier-two cities, Pune and Ahmedabad top the list and are expected to experience similar growth trajectories over the next decade.

According to the ADB study, the top 15 cities to invest in India are, as per rank: Delhi, Greater Mumbai, Chennai, Bangalore, Hyderabad, Kolkata, Pune, Ahmedabad, Surat, Chandigarh, Nagpur, Visakhapatnam, Vadodara, Jaipur and Thiruvananthapuram.


Cheers:cheers:

bombay tops in governance and quality of life

lags in infra. hopefully the new projects will push it up

bombay tops in governance and quality of life

lags in infra. hopefully the new projects will push it up


:nuts::nuts:

Hehe yeah yeah....are you serious...Governance??? Quality of life???

Just asking as a forumer....not as delhite...kabhi start ho jao

projects are moving too slowly man.

I deal with clients who want to invest in BSE as far as indore and they always tell me that Mumbai with good infra would really grow by about 12-14%

Dont see which projects are going to push the infra up soon.

Mumbai metro 1 seems , eastern freeway? the flyovers on Ambedkar road?

:nuts::nuts:

Hehe yeah yeah....are you serious...Governance??? Quality of life???

Just asking as a forumer....not as delhite...kabhi start ho jao

err, its from the link you posted above. you might want to read the articles you post you know

projects are moving too slowly man.

I deal with clients who want to invest in BSE as far as indore and they always tell me that Mumbai with good infra would really grow by about 12-14%

Dont see which projects are going to push the infra up soon.

Mumbai metro 1 seems , eastern freeway? the flyovers on Ambedkar road?

mutp II, eastern freeway, metro, monorail, flyovers, csia t2, brimstowad, extra power projects, full revamp of property tax, sclr, extension of mpe, etc should all be done in the next year or two

mthl, navi mumbai airport, extra metro and monorail lines, mutp III, abolition of octroi, development of wadala, new dams, etc are long term

err, its from the link you posted above. you might want to read the articles you post you know

Dost, I am talking about that only....Quoted your post as I wanted an answer from you ....!!!

ey? i havent created the methodology for the study

ey? i havent created the methodology for the study

he wants to know where in the report its written about quality of life and mumbai.......

does he?

http://epaper.indianexpress.com/IE/IEH/2010/12/26/photographs/003/26_12_2010_003_004_009.jpg

ey? i havent created the methodology for the study

Arre baba just wanted to know what a normal mumbaikar thinks about the report....?? Do you guys think that Governance and quality of life in mumbai are actually best in class???

quality of life - yes

governance - dunno. havent interacted with the local bodies of other cities

hmm thanks for that BB

hmm how are city prosperity and quality of life different?

I read their report and the feeling i got its practically the same thing

I don't know what to get from these Reports. Recently there was a report on FDI which says Maharashtra was the biggest FDI destination(with Mumbai having Largest Pie) whith other states not even comming close. Which reports to believe in. Not sure.
Any ways I feel this is the decade in which Mumbai will have lot of Infra projects done which should push its infra rankings up.

^^Agree, now I m confuse.... whom to believe,,, I posted article few pages back saying Maha tops in FDI

Source
http://www.rediff.com/business/slide-show/slide-show-1-the-hottest-fdi-destinations-in-india/20101118.htm

well, it all depends on which report you want to believe in. there are loads of reports out there variously putting bombay, delhi, bangalore, etc on top of various parameters. the choosing of those parameters is subjective, though they would claim the numbers used within that are objective

most people end up supporting reports which have the end result which they like

well, it all depends on which report you want to believe in. there are loads of reports out there variously putting bombay, delhi, bangalore, etc on top of various parameters. the choosing of those parameters is subjective, though they would claim the numbers used within that are objective

most people end up supporting reports which have the end result which they like

:lol: yes,,, 10000% agree with this :lol:

I don't know what to get from these Reports. Recently there was a report on FDI which says Maharashtra was the biggest FDI destination(with Mumbai having Largest Pie) whith other states not even comming close. Which reports to believe in. Not sure.
Any ways I feel this is the decade in which Mumbai will have lot of Infra projects done which should push its infra rankings up.

well i think that Delhi is defined as being the best investment destination.

While actual FDI investment maybe different

for eg i think Bangalore trails Mumbai and Delhi in actual investment.


FDI is also a curious thing, many just invest in the Indian stock market. While there are long term FDI when say they invest in factories in the state.

Mumbai Home Prices May Drop 15% by October as Record Prices Deter Buyers

Mumbai home prices may decline as much as 15 percent over the next nine months as record home prices deter buyers, brokerage Edelweiss Securities Ltd. said.

“The festival season of September-November, which typically accounts for a significant chunk of sales volumes in Mumbai, has been a dampener with tepid sales in new projects,” analysts Aashiesh Agarwaal and Adhidev Chattopadhyay wrote in the note.

Home registrations in Mumbai, India’s most expensive real estate market, fell to their lowest in 20 months in November, according to brokerage Prabhudas Lilladher Pvt. Property prices have climbed between 30 percent and 70 percent across India last year, with some markets having surpassed their 2007 peaks, Mahesh Nandurkar, a real-estate analyst at CLSA Asia-Pacific Markets in Mumbai, said in November.

Mumbai developers may cut record-high home prices to revive flagging sales after banks curbed credit to the sector and loans to builders become due, according to the Edelweiss report. Property companies face rising borrowing costs and shrinking access to credit after a corruption probe into loans to developers, according to Bank of America Corp.’s Merrill Lynch unit and Ambit Capital Pvt.

India’s central bank increased the benchmark interest rate to a two-year high today and signaled further gains in borrowing costs as it raised the inflation forecast.

Real estate inventory in Mumbai has climbed to 11 months as of December from seven in August because of declining sales, according to the report.

http://www.bloomberg.com/news/2011-01-25/mumbai-home-prices-may-drop-15-by-october-as-record-prices-deter-buyers.html

^^ delhi's prices are at least 30-40% more than 2007 peaks

^^ delhi's prices are at least 30-40% more than 2007 peaks

and thats not healthy......

and thats not healthy......

but still people are buying!! maybe a bubble or maybe actual demand?

but still people are buying!! maybe a bubble or maybe actual demand?


both mumbai and delhi have bubbles.

Delhi has more of a bubble cause it has land to expand. In case of mumbai there is land crunch but the prices are way too high anyway.

both mumbai and delhi have bubbles.

Delhi has more of a bubble cause it has land to expand. In case of mumbai there is land crunch but the prices are way too high anyway.

the delhi you are talking about is NCR-gurgaon and noida... i am talking about core city.. there is the land crunch same as mumbai

the delhi you are talking about is NCR-gurgaon and noida... i am talking about core city.. there is the land crunch same as mumbai

yeah but that does not stop people from moving out there and commuting into the core.

You cant simply draw a line there.

http://www.indianexpress.com/news/mumbai-accounts-for-56-of-all-investors/743518/

Mumbai accounts for 56% of all investors.

^^ one of the reason being called as financial capital of India

Commercial transactions in Nariman Point nosedive


While residential realty lags the race in the city, commercial real estate has surpassed the transaction levels recorded in FY10 already.

But the biggest surprise comes from the heart of the central business district, Nariman Point, which has seen a fall in absorption in office space consumption. It’s the same with areas like Ballard Estate, Cuffe Parade and Fort. Nariman Point saw an absorption rate of a mere 0.37% in FY11 compared to 1.95% in the previous year.

Anshul Jain, CEO-India for international property consultants, DTZ, says, “As far as demand is concerned, 6 mn sq ft was transacted in Mumbai in 2009 compared to 8 mn sq ft in CY2010 — a jump of 30-35% year on year. In 2010, transactions in Nariman Point have come down; in fact, the vacancy is more than 10% for the first time in a decade. The maximum vacancy Nariman Point has reported would be around 2%. Even the rents have fallen by 10-15% to Rs275-300 per sq ft per month compared to Rs350 per sq ft per month earlier for the Grade A space.”

Ramesh Nair, managing director-West India, for international property consultants, Jones Lang LaSalle India, says, “In the last three months, some transactions have happened in Nariman Point, but if you look at the entire central business district, the vacancy level is higher.” In 2008, the BMC had issued notices to office occupiers of increase in property tax by 300-600%.

The Nariman Point Association challenged the BMC’s move. The verdict is pending. Though the present occupants are not paying the increased tax amount, if the jurisdiction is in the BMC’s favour, it would act as further dampener for buyers.

Samantak Das, national head-research, Knight Frank India, writes, “A total of 6.83 mn sq ft of office space was transacted in this period (FY11) of which around 76% comprised lease transactions.”

Though the average rate of outright sale value has increased this year, it’s a downward movement for leases. The average rate of transactions recorded in FY11 is Rs14,000 per sq ft compared to Rs13,000 per sq ft last year. But buyers have been able to pull off lower rate transactions by choosing far flung areas in the lease market with an average rate of Rs95 per sq ft per month compared to Rs105 per sq ft per month in FY10.

Jain adds, “The reason that the average rent has come down is because most of the big-ticket transactions are happening in the suburbs, where the rates are Rs60-80 per sq ft per month, but in Bandra-Kurla Complex and further north wards, the deals are of 10,000 sq ft and smaller sizes. In fact, rents in some areas have marginally picked up by 5-10% in CY2010 as compared to the previous year.”

Das points, “It is the peripheral business district like Thane and Navi Mumbai where the absorption is highest as rentals are cheaper and good buildings are available. It has seen the highest absorption at 33% of the entire office space market share. It is followed by the western suburban business district like Bandra, Kalina, Goregaon, Andheri, malad and Jogeshwari. In Mumbai, off late, the number of enquirers and actual transactions is certainly moving up and it is the Information Technology and IT-enabled services (IT/ITES) which is buying more floor plates.”

Also lesses who are taking up more than 50,000-60,000 sq ft are signing nine-year leases and those who are occupying 5000-15,000 sq ft are signing five-year ones, says Nair.

In fact the financial capital of the country has witnessed a drop of 19% year on year in office space consumption by Banking and Financial Services Industry (BFSI) which till now was the highest space aggregator, consuming only 27% of entire commercial segment. On the other hand IT/ITES sector has increased its exposure to 36.6% becoming the highest space grosser in office space segment in comparison to 20.3% last year.

Though three months are yet to pass by, Das says apart from Pune, now Mumbai is also becoming an IT/ITES destination. For example, L&T Infotech leased 450,000 sq ft at Mindspace Airoli in Q2FY11. The vacancy in the city for office space is around 10-15% in the premium business districts.

http://www.dnaindia.com/mumbai/report_commercial-transactions-in-nariman-point-nosedive_1504270

Chandigargh = 1.28 Lac
Mumbai = 1.25 Lac
Delhi = 1.17 Lac
Pune = 1.11 Lac
Goa = 1.06 Lac
Thane = 1.05 Lac

http://lite.epaper.timesofindia.com/Repository/TOIM/2011/03/23/1/Img/Pc0011600.jpg
source
http://lite.epaper.timesofindia.com/mobile.aspx?article=yes&pageid=1&sectid=edid=&edlabel=TOIM&mydateHid=23-03-2011&pubname=Times+of+India+-+Mumbai&edname=&articleid=Ar00102&publabel=TOI

Note : Please dont start Mumbai Vs Delhi here again :)

damn

Thane are really caught up with mumbai

but its Pune which surprises me the most.


is this adjusted for PPP?

Note : Please dont start Mumbai Vs Delhi here again :)


You should have posted this in Delhi Forum and see what would have happened :lol:

You should have posted this in Delhi Forum and see what would have happened :lol:

haha :lol:

ichi@ I think its real/nominal PCI not PPP

try hard...try hard

but then we have this and many other reports too


I am following Chennai threads for the last few months – you folks are my eyes and ears. You are doing a great service to the people away from our beloved city.

I found this link with interactive map of Global Cities of future – McKinsey is projecting by 2025 the GDP for the Indian Cities to be Delhi $289B, Mumbai $260B, Kolkata $181B, BGLR $121B, Pune $81B, Chennai $77B and Hyderabad $69B. Not sure if this link was already posted.

https://www.mckinseyquarterly.com/Strategy/Growth/Cities_the_next_frontier_for_global_growth_2758

This is my first post - hope I am following the rules.

^^ one of the reason being called as financial capital of India

^^^^^^^^

Global Finanacial Crises Versus Boom!

Mumbai services industry, read BKC type complexes should go on rocket boosters anytime now.

I was a a banker, I would thanks to above, move shit-loads of ... hehe ... 'back-office' work to Mumbai. Think Gulf banks, US and East Asia banks, insurace, accoutning, programming, law and related consultants like brokering, agency work etc. The eco-system is already there, linkages already there. :banana:

Capitalism at work!

I wonder which nincompoop prepared that Mckinsey report?
It mentions Pune overtaking Chennai in overall GDP (Chennai is twice Pune's size in Population).
Heck the foremost industry in Pune is Automobiles and even here Chennai has stolen its thunder.

plus its 2025

more of a projection than actual fact

also based on PCI on ppp basis

1 lakh in goa for eg goes a long long long way than mumbai.

so on a ppp basis goa>mumbai

If i had to go a ppp ranking i would do this

goa>chandigragh>Pune>Maharashra>Mumbai=Thane> Delhi

i have no idea about prices in pondichery

Mumbai roads to see 4,000 new private radio cabs
The city’s private cab fleet is set to grow as the State Transport Department has finally found a suitable taker for 4,000 taxi permits. A private firm, SMS Infrastructure Ltd, has emerged as the highest bidder for the permits offered under the government’s ‘Phone Fleet Taxi Scheme’. The company, a source said, had quoted Rs 2.6 lakh per licence against the base price of Rs 1 lakh.

The 4,000 new cabs are expected to hit the road in two phases. They will drive the total number of such taxis in Mumbai to 6,500, much to the relief of residents who prefer them to Cool Cabs and yellow and black ones.

Currently, there are only 2,500 radio cabs. “SMS Infrastructure has bought the permits after bidding the highest amount. It will be given a letter of intent in a week’s time,” State Transport Commissioner Dilip Jadhav said. “The company will have to introduce 1,600 cabs in the next six months and the rest within 18 months.”

The transport department had been trying to auction the said licences since 2010. The new taxis, which will be 1,400 cc or above, will operate under the name ‘SMS Cabs’. The fleet’s operator, i.e. SMS Infrastructure, will have to stick to standard practices such as accepting phone bookings and installing GPS devices in the cars.

“The company can include Mercedes or other top-end cars with 1,400 cc or higher engine capacity in its fleet. People in the city have been demanding quality cabs for long; it’s time to allow introduction of such taxis,” a senior transport official, who didn’t want to be named, said.

According to a source, high-end cabs could be slightly expensive than radio taxis. Currently, private cab operators charge Rs 22 for the first kilometre and Rs 15 for each subsequent kilometre.

Cool Cabs demand Rs 20 for an initial distance of 1.6 km and Rs 13.50 thereafter. “The company is still working out fares and other details. It will submit its proposal soon,” the official said. “We won’t allow the operator to demand exorbitant fares.”.

Another official said that for the first time, a private entity would own cab permits. “The existing fleet operators do not own licences. It is the cab drivers who hold permits,” the official said, adding that issuance of permits was stopped in 1997.

The transport department announced the auction of the 4,000 licences in August last year. It set Rs 1 lakh as the base price for each licence and made it clear that each participant of the auction would have to bid for at least 1,000 permits.

Though 20 companies expressed interest initially, only one firm participated in the auction. The result: the auction was cancelled.

Finally, SMS surprised everyone by bidding Rs 2.6 lakh for each of the 4,000 permits, helping the transport department make a windfall of Rs 104 crore.


Source : Link (http://www.mumbaimirror.com/article/2/20110329201103290230406106233e4a2/Mumbai-roads-to-see-4000-new-private-radio-cabs.html)

I wonder which nincompoop prepared that Mckinsey report?
It mentions Pune overtaking Chennai in overall GDP (Chennai is twice Pune's size in Population).
Heck the foremost industry in Pune is Automobiles and even here Chennai has stolen its thunder.
You need to take into account the adjoined city PCMC(18 million population) and other towns also. I have seen both the cities including outer areas and Chennai is just 20 % bigger than Pune + PCMC combined. And Pune is one of the fastest growing cities in the world not only India. One more report says Pune will overtake Bangalore by 2030 even when Bangalore and Mysore would have been joined as 1 city by then.
I think there is lot of potential in having a city planned between Chennai and Bangalore which are expanding very fast.

You need to take into account the adjoined city PCMC(18 million population) and other towns also. I have seen both the cities including outer areas and Chennai is just 20 % bigger than Pune + PCMC combined. And Pune is one of the fastest growing cities in the world not only India. One more report says Pune will overtake Bangalore by 2030 even when Bangalore and Mysore would have been joined as 1 city by then.
I think there is lot of potential in having a city planned between Chennai and Bangalore which are expanding very fast.

Okay that is just absurd. Not even Kolkata has a population of 18 million!! I think Delhi's population was 18. something and there is no way in hell Pune is bigger than Delhi and Kokata I don't care how many districts you add :S

And if Chennai is 20% bigger than 18 million than it might as well be India's second largest city after Mumbai. I hope you haven't confused millions and lakhs.

Okay that is just absurd. Not even Kolkata has a population of 18 million!! I think Delhi's population was 18. something and there is no way in hell Pune is bigger than Delhi and Kokata I don't care how many districts you add :S

And if Chennai is 20% bigger than 18 million than it might as well be India's second largest city after Mumbai. I hope you haven't confused millions and lakhs.


Hey I forgot the dot. Its 1.8 million (18 lakhs):lol:

one dot can change a lot :lol:

http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/mumbai-beats-revised-income-tax-collections-target-by-rs-252-crore/articleshow/7880917.cms

For the first time in the last three years, the Mumbai division of the income-tax department has collected Rs 252 crore excess tax over its revised target, due to higher tax collections backed by robust economic conditions.

The Mumbai department has so far collected Rs 153,243 crore, against the revised target of Rs 152,981 crore. The original target was Rs 150,000 crore, which was reviewed and revised last year on account of a general positive trend in the economy since the beginning of 2010-11.

Though the last date for paying advance tax is March 15, collection typically completes by the middle of April. I-T officials say Mumbai tax collection could likely cross Rs 154,000 crore in the coming days. If that happens, the Mumbai division will collect about Rs 4,000 crore in excess of the original target.

The picture was not very encouraging last year when Mumbai tax collection fell short by Rs 7,000 crore. About Rs 128,000 crore was collected, when the department was expected to collect Rs 134,000 crore. The buoyancy in tax collection in Mumbai is largely in line with the increase in the all India tax collection which went up by 20% this fiscal year, according to the data collected till April 4.

Against the original all India projection of Rs 430,000 crore, the I-T department has so far collected Rs 4,41,500 crore. However, the all India collection fell short of the revised target of Rs 4,46,000 crore, by about Rs 4,500 crore (Mumbai Contributes 35% of the Total IT amount collected in India). Yet the I-T department expects some more collection in the coming days which may fill up the gap between the actual collection and the revised projection.

A 20% increase in direct tax collection is the first time since the 2008 economic downturn, triggered by the collapse of financial services major Lehman Brothers. Direct tax collection had seen a drastic dip in 2008-09, despite a record 70% increase in tax collection in the first quarter. As corporates started reporting lower margins, revenue authorities were left with no option than to revise the projection dowwards. The tax collection this time went up largely due to the buoyancy in the economy over the past year.

The rise in individual income and the corporate profit that went up by 25% are being cited the main reason for the significant rise in tax collection. Banks, insurance, steel, cement and engineering sectors reported substantial hike in their margins, sources in the I-T department said.

^^^^^^^^^^^^^^^

Apartment fire causes $80,000 in damage


http://storage.canoe.ca/v1/dynamic_resize/sws_path/suns-prod-images/1297211397897_ORIGINAL.jpg?quality=80&size=650x


One person is homeless after fire ripped through a bachelor apartment in this downtown home Tuesday, Nov. 8 at 442 Nelson St. Crews were called around 6:20 p.m., and got the flames under control in a half hour. (Ottawa Fire Department photo)


One person is homeless after fire ripped through a bachelor apartment downtown.

It happened around 6:18 p.m. Tuesday at 442 Nelson St. — a small two-storey building divided into units.

One caller to 911 said smoke was coming from a window on the first floor.

Firefighters arrived to find flames but managed to get it under control within a half-hour and searched all floors, including the basement.

Damage is estimated around $80,000, but the cause remains unknown. There were no injuries.

The occupant of the unit where the fire started is being assisted by the Red Cross and the Salvation Army.

Twitter: @DougHempstead

(c) http://www.ottawasun.com/2011/11/08/apartment-fire-causes-80000-in-damage

Nelson Street fire leaves one person homeless


BY KRISTY NEASE NOVEMBER 8, 2011



One man has been displaced from his home on Nelson Street in Sandy Hill after a fire broke out in his unit early Tuesday night.

The call at 442 Nelson St. — a two-storey, multi-unit building — came in at 6:19 p.m. after a fire broke out in a one-room apartment unit on the first floor.

Twenty-six firefighters in seven rigs were dispatched to the building near the Somerset Street East intersection. The fire was knocked down in about five minutes and the situation was under control by about 6:40 p.m., a fire department spokeswoman said.

No one was hurt. The displaced man was receiving assistance from the Salvation Army and the Red Cross.

Firefighters estimated the cost of the damage at about $80,000. An investigator was brought in to try to determine the cause of the blaze, and that investigation was ongoing Tuesday night.

knease@ottawacitizen.com

twitter.com/kristynease

© Copyright (c) The Ottawa Citizen


Read more: http://www.ottawacitizen.com/news/Nelson+Street+fire+leaves+person+homeless/5677937/story.html#ixzz1dPK6dTSx


- That 'one' person is me, that balck hole on the right in the photo is / was my apt. home - Pavan

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