Economic liberalization and globalization have created
a whole new breed of wealthy Indians with a changed mindset willing to pay to
get what they want.
The bungalow-scheme is their new luxury for the
emerging affluent. Selling bungalow-plots at a price of a
3-bedroom-hall-kitchen apartment in metros is the new buzz among
medium-to-large real estate developers due to rising demand. While the
bungalows in most parts of Mumbai are crumbling down and making way for
high-rises, Royal Palms, which is spread over 240 acre in Goregaon (East) in
Mumbai, has recently launched a ready-for-possession bungalow scheme offering
plots of 2,700 sqft for Rs 89 lakh. According to the company one can get a bungalow plot situated on a hill in Powai for the price of a 3- BHK flat in Powai.
What is being offered in this scheme is the
once-in-a-life-time opportunity of having your own bungalow in Mumbai's western
suburbs. Offering bungalow-plots and residential plot schemes to end-buyers
gives developers a great option in the product mix offered to buyers, it was
told.
Developers earlier focused only on group housing.
Subsequently, the focus shifted to independent floors. Now, the time is ripe to
tap this large market where there is significant demand for independent plots
and villas. According to Mihir Nerurkar, executive director, Samira Habitat the
company has set a target of selling 56 villa-plots by January 2010 and out of
this, the company has so far / sold 50% at a price ranging from Rs 90 lakh to Rs 1.2 crore.
The Supreme Court (SC) has held that the government
can't use its "extraordinary" powers to deprive an owner of his land
as it would violate the citizen's Fundamental Right. The Court chided the
Haryana government for proposing a sewage treatment plant near a school.
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