WEEKLY ROUND-UP OF SOME BIG-TICKET CITY DEALS

Mumbai
A residential apartment, covering an area of 1,850 sq ft, was leased out in the plush Altamont Road area for a rental value of Rs 275,000 per month. The location has been commanding an average rental value of Rs 2, 00,000-3, 50,000 per month for mid-segment residential units and has remained stable over the last quarter. The apartment is fully furnished, including white goods. The current economic stability, coupled with an increase in enquiries and lucrative financing schemes being offered by several banks, will stimulate demand. This is likely to result in some appreciation in capital values in this location. Altamont Road is one of the most highly sought after destinations in Mumbai, and is home to many prominent social and corporate citizens in the city. The area commands a premium due to factors such as high quality of construction, distinguished neighborhood, adequate social infrastructure, including film and entertainment, education and healthcare, etc.
Pune
An apartment, admeasuring 4,000 sq ft in Kalyani Nagar, was leased out to a corporate for a monthly rental of Rs 160,000. This high-end apartment was well within the prevalent range of Rs 1,10,000-210,000. While prices in this micro market have remained stable over the last two quarters, they are expected to appreciate on account of the growing demand from expatriates and corporates due to its proximity to the airport, railway station and central business district.
Another apartment in Kharadi, admeasuring 2935 sq ft, was sold for Rs 14,381,500. This mid-segment apartment commanded an average capital value of Rs 4,900 per sq ft, which is within the expected range of Rs 4,500-5,500 per sq ft. The location, which once was an unexplored fringe area of Pune, has seen some hectic development activities in recent times, with infrastructure and connectivity also improving. Its proximity to the airport, Koregaon Park, Kalyani Nagar, Viman Nagar and Ranjangaon is an added advantage.
NCR
A residential apartment in a high-end gated community in Gurgaon was leased out for a rental value of Rs 100,000 per month. This high-end condominium is spread across an area of 3,890 sq ft, and comes with amenities such as swimming pool, gymnasium, along with two dedicated car parks and a domestic help’s quarter. Gurgaon has been one of the preferred residential locations in NCR, owing to its growing importance as a commercial sector, especially for expatriate and senior officials of corporate as it is in the vicinity of their work places. The residential options are high in quality while being cost-effective compared to other locations in NCR. In addition, Gurgaon has over the years developed excellent social infrastructure like entertainment and retail, healthcare and education. This lease was within the commanded range of Rs 100,000-175,000 for high-end residential properties in the area.
Courtesy:- ET dt:- 05-Mar-2010
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