Among the new projects in the premium market, a duplex apartment at Buckley Court in Colaba was sold at Rs.90 mn. An apartment in Bayview at Worli was sold for Rs.74 mn., which translates to Rs.199,134/sm. Elsewhere, in Belvedere Court in Mahalakshmi 4 apartments were sold at rates varying between Rs.69,966 – 83,959/sm. Apartments in buildings such as Ill Palazzo, Sea Face Park and Mont Blanc continue to evidence transactions at rates between Rs.193,752 – 215,280/sm
With operating costs being very high in Mumbai, most of the industrial property is being liquidated either through outright sale to developers or joint ventures with developers or by the conversion of industrial space to commercial property valuers at economical prices Due to the popularity of the Western suburbs of Khar and Bandra and the scarcity of developable land, several developers have tied up with apartment owners’ associations to develop existing residential complexes to their maximum development potential by entering into a joint venture with the owners and loading TDR (Transferable Development Rights) on the property.
Investments, exports and imports all increased sharply. Investments increased by 17.85% compared to the same period last year. GDP is predicted to rise by 5% for 2001. During the third quarter, tight monetary policy was still being pursued. In the early part of the third quarter, after the General Assembly and the establishment of the new cabinet, the Rupiah exchange rate strengthened against the USD by 23.64% from Rp.11,000 to Rp.8,400.
The Rupiah exchange rate continued to depreciate soon afterward and finally reached over Rp.9,700/USD at the end of the third quarter. Year to date inflation (January – September 2001) was 8.16%, caused by the increase in fuel prices, electricity tariffs and government-controlled commodities. Supply: There was no additional supply entering the market in the third quarter of 2001. Cumulative stock in CBD area remained stable at 3,032 million sm or 61.35% of the total cumulative supply in the entire Jakarta area.