House in Mumbai

Palm Beach Road - Navi Mumbai

noreply@blogger.com (starwin) — Sat, 11 Feb 2012 15:45:00 +0000

Palm Beach Road is the main arterial road that links several nodes of Navi Mumbai. However, it merits a special and separate mention as it has grown in stature to be of one of the most popular places in Navi Mumbai. The 10 kilometer long stretch, 6 lane road provides exits to many nodes of Navi Mumbai which includes Vashi, Nerul, CBD Belapur, Kharghar and Panvel.

Palm Beach Road also links Navi Mumbai to Mhape and Thane. It derives its name from the fact that it runs parallel to the Thane creek and thus offers a beautiful panoramic view. Moreover, to ensure that the stretch of greenery remains intact and the environmental balance is not disturbed, the government has imposed a compulsory 55 percent green area so that the construction activity does not take place in an arbitrary manner.
To the west of Palm Beach Road, are mangroves with a few exceptions being the Seawoods Estate, also known as the NRI Complex and a Marine Training center called Chanakya.

The prestigious Delhi Public School has also opened its doors here recently. To the east of Palm Beach Road are residential towers with prices ranging well above a crore for some apartments. There are several malls along this stretch; prominent among them are Palm Beach Galleria and City Center. It has rightly earning the moniker –Marine Drive of Navi Mumbai.

Nerul Navi Mumbai Properties, Growth Prospects

noreply@blogger.com (starwin) — Sat, 11 Feb 2012 13:11:00 +0000

If you want to buy a property in Nerul, Navi Mumbai, you are definitely going to make a good choice.
One of the biggest and well developed areas in Navi Mumbai to stay is Nerul. It is divided into about 50 sectors with a major part of Palm Beach Road passing through it. Nerul connects to the Mumbai-Pune Expressway as well.

The planned town of Nerul has wide roads which serve as the major form of connectivity both within and out of Nerul. It is divided into about 50 sectors with a major part of Palm Beach Road passing through it.

Nerul connects to the Mumbai-Pune Expressway as well. The planned township has wide roads which serve as the major form of connectivity both within and out of Nerul. The omnipresent auto rickshaws ply here as well, as do NMMT and BEST Buses. There are further plans to build a third railway station on the Nerul Uran route called Sagar Sangam Railway station.

Schools and colleges include merchant navy training institutes and physiotherapy colleges. Besies, Nerul is a sport lover’s paradise and houses the DY Patil Statium. There is Nerul Gymkhana which offers many sports facilities. On the anvil, are an Olympic size swimming pool and golf course. The lake and nature park add to the allure of Nerul.

Buy House in Boisar, Palghar, Dahanu

noreply@blogger.com (starwin) — Fri, 21 Oct 2011 20:03:00 +0000

Do you wish to buy property or house in Boisar, Dahanu or Palghar? Well, you are in for good prospects. Palghar, Boisar and Dahanu are one of the promising areas to develop from all fronts, development wise, cost wise and investment wise. As with little scope of development up to Virar, these are best areas from the point of view of investment and development. And with Virar-Dahanu local service starting shortly it will bridge the gaps between these places and Mumbai. These places are even connected to the express highway.

With the upcoming projects like Tata Housing, Satyanagar HDIL in the vicinity of Boisar and Palghar, the low income or the middle income group have a ray of hope for affordable housing. It even has a great scope for business like travel and tourist as these places are situated in the heart of nature and have beaches with easy proximity which attracts a lot of crowd

People even opt for getting weekend homes or farms in these places. And industrial areas like MIDC, BARC have generated lots of job opportunity for all sections of the society, right from officer class, and clerical staff to workers. However for further development, these areas need better infrastructure. The process has started with institutes or colleges for advances and professional education coming up, hospitals with advanced technology, availability of ample water, proper drainage system for deposal of swear waste, etc already in action.

Industrialization is expanding in Tarapur MIDC, industrial estates in and around Palghar Taluka Also big, green industries which do not pollute are being started in various places in and around Palghar-Boisar. These are necessity for workers of skilled, unskilled, managerial and supervisory category. Keeping in mind the future expansion there is tremendous need of residential flats in these areas. Need not specify commercial spaces will also be a need of the hour.

There are educational institutes coming up in and around Palghar and Boisar. About 20000 plus students will be studying in these colleges in a span of 3 years. Accommodation will be required for these students. Also there are various education institutions in Virar and Dahanu. The migrants in this area will surely be happy with the accessibility to these colleges.

It is like that there will be additional 2 nuclear units in the procured land. Also the expansion of services in the BARC is on. Many people are likely to f low in this area for jobs and the erection of such big units.

Navi Mumbai Metro- Route, Latest News

noreply@blogger.com (starwin) — Thu, 20 Oct 2011 13:28:00 +0000

House in Mumbai especially at Navi Mumbai Aiport seems like a great idea, but with Navi Mumbai Metro on the anvil, the Navi Mumbai real estate value will grow at a meteoric rate. The satellite town’s much promised Navi Mumbai Metro Project kicked off on May 2, 2011. Chief Minister Prithviraj Chavan said, ''This will be the first Metro in India to be built and owned by a public body-the City and Industrial Development Corporation (Cidco),'' Chavan said. He said that the CIDCO project should be completed by December 2013 as against the deadline of June 2014.

The Navi Mumbai Metro and Mumbai Metro project are different, in the second one, a private firm has a holding over the major stake. A public body will hold a major stake in the Navi Mumbai Metro project, the first rail route will be a 11.1 km one connecting Belapur and Pendhar.

Principal secretary (urban development ) T C Benjamin said, ''The Navi Mumbai Metro is a self-sustained model. Sixty-five hectares will be used for commercial purposes in order to meet the expenses of the project. Cidco will put in only 20% of the total amount.'' CIDCO which will own the area around Navi Mumbai Airport, has spent around Rs. 700 crore so far to build stations and on the viaduct. The trains, tracks and the signaling system are charged at Rs. 1300 crore and will be ordered from another company.

Cidco managing director Tanaji Satre it plans to tie up with the Maharashtra Industrial Development Corporation (MIDC) for the next phase which will start soon. The trains in the Navi Mumbai Metro will run at a maximum speed of 80 km per hour and will hve three coaches with a capacity of 200 passengers. There are plans to increase the number of coaches to six depending on the increasing demand. The number of passengers during peak hours may touch 35000. . The route will pass through 11 stations, most of which will be set up in Belapur and Kharghar, including the areas near the upcoming golf course and central park along the Pandavkada hills. Cidco managing director (MD) Tanaji Satre said construction of the next 8-km metro phase between Pendhar and the proposed airport via Kalamboli, Panvel and Khandeshwar will also be started soon

The Navi Mumbai Metro construction has come close to the news of the confirmation of Navi Mumbai International Airport. The cost of ticketfare for the Navi Mumbai Metro trains is going to be double the bus fare for the same distance. The trains will have a running speed of 80 km per hour, which will carry a capacity of 200 passengers in the beginning in the three coaches. As mentioned before, the number of coaches will be increased to six and so on with increasing demand. The trains will run every 8 minutes and the number of passengers peak hour per direction is expected to rise to 35000 once 18 rakes become confirmed.

Navi Mumbai Airport Latest News

noreply@blogger.com (starwin) — Thu, 20 Oct 2011 13:22:00 +0000

The latest news about Navi Mumbai airport is that CIDCO is planning an area around it. A proposal to this effect was passed at the CIDCO board meeting on Wednesday and is being passed on to the state government for approval.

Cidco managing director Tanaji Satre said, "If the government approves, then all the areas around the airport which do not come under the planning authority of other organizations like MMRDA and the municipal councils will come under us."

Satre said that the area would be of 25-km radius around the airport, for which detailed planning would be required, keeping in mind the standard of the Navi Mumbai International Airport. "We will not be acquiring land; we will do the planning and take only what is needed for development of infrastructure," he said, adding that they would work in the project along with the MMRDA and other municipal councils in the area. The planning of CIDCO also assumes a role in which slums, illegal squatters and unlicensed commercial buildings and establishment will not come in the purview of the area.

The area of the Navi Mumbai International Airport is more than 600 square kilometers and is now coming under CIDCO. The managing director of CIDCO said,” If the government approves then all the areas around the airport which do not come under the planning authority of other organizations like Mumbai Metropolitan Region Development Authority and the municipal councils will come under us.''

The value of the area around the Navi Mumbai airport I all set to rise, because the airports are now becoming important because thanks to globalization that is increasing by leaps and bounds, people are going to travel more by air than ever before. Also living and working near the airport becomes conducive especially for people in the transport industry. In overseas cities, most people tend to work and live near the airport. With Navi Mumbai Airport coming up in the big manner, the shops, IT hubs, tourism and financial companies may center their base around the airport.
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More Railway Lines in Mumbai

noreply@blogger.com (starwin) — Tue, 23 Aug 2011 14:07:00 +0000

There are going to be more railway lines in Mumbai to ease commuting. There is a proposed 5th and 6th railway line between Borivali and Virar and 3rd and 4th line between Virar and Dahanu.

How will extra trains help train travel in Mumbai?

Well with additional rail coaches and increase in trains, travelling to these far suburbs will become easy There are affordable and mass housing opportunities available in these suburbs and with better and faster train connectivity in the suburbs of Mumbai, the infrastructure is going to attract more buyers.

The rates beyond Vasai are increasing steadily and these railway lines are going to make sure that you get fantastic return on investment for buying houses in Mumbai at far suburban areas.

Mumbai Monorail Corridor-Lokhandwala, SEEPZ, Mulund, Borivali

noreply@blogger.com (starwin) — Tue, 23 Aug 2011 13:58:00 +0000

Lokhandwala-Seepz-Kanjumarg Monorail Corridor -is going to 13.4 kilometer long stretch.

It will ease the commuting time to the commercial districts located in these three suburbs. Also, it will make srue that there is light traffic on the road as traveeling by the Monorail in Mumbai to these suburbs will be faster.

Houses prospets are also good with sky scrapers aloready changing the skyline of Lokhandwala with luxury home developers having already booked spots in the ara. Kanjurmarg area is going to see a big hike soon.

Mulund Borivali Corridor

This monorail corridor in Mumbai is going to be 30 kilometer long. Hectic traveling to and fro to these busy suburbs will be greatly relaxed. Both these localities have great housing potential

Versova-Nariman Point Sea Link

noreply@blogger.com (starwin) — Tue, 23 Aug 2011 13:47:00 +0000

When will the Versova-Nariman Point Sea Link project get completed? Well, it will take years for the entire project to be completed but work onthe next leg of sea link, friom Worli to Haji Ali, is to commence by the end of 2011. The total budget for Versova-Nariman Sea Link project is Rs. 1900 crore

How will Versova-Nariman Point Sea Link project help

Once the sea link is in place, travel time from Versova to Nariman Point will reduce to just 30 minutes. Commuters will not have to take the tension about countless pedestrians and traffic signals on this long stretch, resulting in a pleasurable drive.

Buying flats in Mumbai along the Versova Nariman Point Sea Link

The sea link is definitely going to make travel easy in the western suburns. The sea link facing projects may charge a premium for a view. However, living in the city might become easier with the implementation of the Bus Rapid Transport Project, which wil help around 4.5 million Mumbai commuters.

House in Mumbai: Ownership or Rent?

noreply@blogger.com (starwin) — Thu, 19 May 2011 08:38:00 +0000

Is it better to rent a home or own a home in Mumbai? Let us find out:
Owning your own home provides a sense of security, builds equity, provides stability and is an asset you can fall back on in times of need
As the average age of a home buyer keeps reducing, it would seem easier to buy property at present, because of value for money prices and tax benefits that comes when purchasing your own home.
APPRECIATION
International trends suggest that real estate gives an 8-10 per cent annual return. Therefore, appreciation is guaranteed over a period of time.
ALTERING, MAINTENANCE
Owning your own home gives you a free hand to make alterations In the property. You are also not dependent on the landlord id maintain the property.
HOME LOANS
The rate of mortgage interests ie., the interest charged by the housing finance company on home loans is still at affordable levels.
INCOME TAX
The Income Tax Act provides for deduction on interest payable on capital borrowed for acquisition or construction of a property. For most of m such tax concessions make sense to own a home by availing a housing loan.
RENT vs OWN
House rent is usually about 20-25 percent of your monthly income as compared to the 35-40 per cent that goes towards EMI. However, the annual tax saving on EMI means that the actual figure comes down to roughly 30 percent of your monthly income

New flats in Mumbai: Documents Needed

noreply@blogger.com (starwin) — Thu, 19 May 2011 08:27:00 +0000

New house in Mumbai; are you interested in buying it? If yes, here are the documents to buy a new flat in Mumbai:

Firstly; the buyer has to enter into a Registered Agreement of Sale with the builder and pay the required margin money. Then he has to approach the financial institution and collect the necessary details including application form from them.
On application, copy of registered agreement, registration receipt, receipt of payments made and NOC from Builder have to be handed over to the financial institution.
In case of purchase of a new flat, loan will be disbursed in installments depending on stagewise progress of work-
Supporting documents to buy new house in Mumbai

Requirements for salaried applicants:
1. Employer's salary certificate in the appropriate format and latest salary slip
2. Photo Identity
3. 3TDS certificates, ESIC/PPF certificate
Requirements for businessmen and self employed people
► 3 years IT returns together with P/L account, etc duly certified by a Chartered Accountant.

Buying an Under Construction flat in Mumbai

noreply@blogger.com (starwin) — Thu, 19 May 2011 08:16:00 +0000

If you are buying an under construction flat in Mumbai or investing in property that is under construction, here are some things that you should take note of:

Verify the approved plan of the building, along with the number of sanctioned floors. Verify whether the floor on which you are buying a home on is approved. Whether the land on which the builder is building is his; or whether he has undertaken an agreemenr with a landlord- If so. Check the titke of the land ownership with the help of an advocate.

•Check the building byelaws as applicable in that area and ensure that the builder is building without any violation of front setback, side setbacks, height, arc

Check if the specifications given in the agreement to sell of the sale brochure match the ground reality or not.

In locations where Urban Land Ceiling (ULC) NOC is applicable, check whether the same has been obtained.

Whether an NOC from water, electricity and lift authorities have been obtained.

Documents Needed before buying Flat in Mumbai

noreply@blogger.com (starwin) — Thu, 19 May 2011 07:59:00 +0000

Let us look at documents needed to submit buying house or property in Mumbai or anywhere in India:
IF you want to purchase a flat in Mumbai, you have to look at the approved layout plan, THE approved building plan, ownership documents, carryout search, etc. Contact an advocate before you purchase a property so that he can advise you.
When buying commercial or residential property you would need to check for the following information:
► Before you start on documents, you need to understand market trends; identify the exact property you want to buy and formulate the commercial terms.
► Market Trends Is all about prevalent rates of property in the vicinity and last known transactions, so you do not pay too much for your home.
► Identify the property you wish to purchase, from all aspects —funding, requirements in present day as also the future.
► Formulate commercial terms, put everything In writing as far as possible.
Distinguish between terms and conditions of the contract which are negotiable and those which are fixed — eg price, payment schedule, time of completion etc.

► Ask for photocopies of the all deeds of title related to the property to be purchased.
► Examine the deeds to establish the ownership of the property by seller, preferably through an advocate.
► Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale.
► Previous encumbrances and loans, if any. on the property must be cleared before completion of purchase of the property.
► The Title of the Vendor to the property must be clear and marketable
» Finalize commercial terms of purchase of the property. Ascertain transfer fees, stamp duty and registration charges to be paid on purchase of the property.
► Ascertain outgoings to be paid for the property ie., property tax, water and electricity charges, society charges, maintenance charges.
► Request Vendor to obtain, if applicable, consent, permission, sanction, no objection certificate of various authorities such as the (a) society (b) the income tax authority (c) Municipal Corporation (d) the competent authority under the Urban Land Oiling and Regulation Act (e) any other authority.
t If you require a loan for the home, ask for a pre-approval letter from the lending institution.
► Permanent Account Number of Vendor and Purchaser is necessary under Income Tax laws
► Payment of stamp duty on the formal agreement or document for transfer of the property, signing by both the Vendor and Purchaser and registration
► After payment of the entire sale price, take over legal possession of the property along with documents of title in original from the Vendor of the property
► Change name of the holder of the property to the purchaser in the records of the society, electric supply company, Municipal Corporation. Index 11 etc.

Stamp duty for house in Mumbai, Registration and Market Value

noreply@blogger.com (starwin) — Thu, 19 May 2011 07:36:00 +0000

Let us understand the terms, stamp duty, registration and market value when you buy house in Mumbai.
MARKET Value means the price at which a property could be bought in the open market on the date of execution of such an instrument. The Stamp Duty is payable on the agreement value of the property or the market value, whichever is higher.
Stamp Duty is a tax. Similar to sales tax and income tax collected by the government, and must be paid in full and on lime. A stamp duty paid instrument/document is considered a proper and legal instrument/document.
The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary. Section 30 of Bombay Stamp Act, 1958 stares the liability for payment of stamp duty.
REGISTRATION

FORMALITIES: Formalities and forms may vary from State to State depending on where the property is situated.
Every State has its set forms under the Registration Rules that are required to be filled and filed along with and at the time of Registration of Sale Deed/Transfer deed.

TIME LIMIT FOR REGISTRATION:
The property agreement should be registered with the Sub-registrar of assurances under the provisions of the Indian Registration Act within fourmonths of the dare of its execution.

TAXATION ISSUES
Prom the point of view of taxation no special formalities are required for completing while buying the property. However, proper Agreement to Sale etc, must be done and the ownership and the title should be verified to ensure that one does not have a problem at a later stage in respect of such property.

PAN
Under the provisions of the Income Tax Act and Rules for a transaction of sale, ir is now compulsory for the purchaser and seller to give their Permanent Account Number and in the event of either the Seller and/ or the Purchaser would be required to fill Form 60 of the Income-Tax Rules,

CAPITAL GAINS TAX
For the purpose of Real Estate, the Long-term Capital gain would be only if you hold the property for more than three years, then it is subjected to tax @ 20 per cent only.
In case you sell the property in less than three years time then it would become short term Capital Cain and the same is required to be taxed at the prevailing tax schedule of the rate applicable to the assessee depending on Ms other incomes.

Privacy Policy

noreply@blogger.com (starwin) — Sat, 19 Feb 2011 20:09:00 +0000

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Buying a House in Navi Mumbai

noreply@blogger.com (starwin) — Wed, 02 Feb 2011 17:14:00 +0000

It is a good idea to buy a house in Navi Mumbai. It is being looked upon as a hot-shot investment opportunity. Navi Mumbai has come a long way since the 1970s when the CIDCO was entrusted the development of Navi Mumbai-covering 95 villages and having 14 primary nodes. At first, Vashi and Nerul were the primary nodes of Navi Mumbai. However, over the years, many new modes have come into prominence in Navi Mumbai. This change has been promoted by the fact that CIDCO has allocated land to private builders since the late 90s, which brought about rapid development in the area, especially in the last decade.
CIDCO authorities continue to play an influential role in the infrastructure of Navi Mumbai, provider water, roads and other amenities.

Cost of house in Navi Mumbai

Here you can buy houses that cater both to the middle-class and premium segment. Affordable homes are within the range of Rs. 10 to Rs.25 lakh, good for individuals who are looking for a home close to Mumbai. Prices which would be at Rs.2000 per square feet about 5-7 years ago are now in the Rs.4000 per square feet range. As an investment opportunity, buying a house in Navi Mumbai may be fantastic.

Very good infrastructure:
Another good reason for rates to rise rapidly in Navi Mumbai is because of the good infrastructure. The roads are wide and excellently planned. Nodes like Kharghar are well-planned and have facilities like golf course, central park etc. Booking are routine still but there is promise of glamor. There are other facilities like malls, multiplexes, shopping complexes, good schools, colleges, hospitals and also relatively eleaner environment.

Future prospects of Navi Mumbai
Green Scapes Group, one of the builders is raising projects in Kharghar, Radipali and also coming up with commercial IT parks near Vashi station. It is precisely due to the presence of employment opportunities like SEZs, JNPT port and IT hubs that Navi Mumbai is witnessing rapid growths for. Also industrial corporates like Wipro, Reliance, Tata Consultancy Servics and L&T have set base there.

Connectivity in Navi Mumbai:
Though there were connectivity issues, they have been largely resolved to a great extent in all areas with Navi Mumbai Municipal Transport providing bus services within Navi Mumbai. In some areas, even the BEST operates. The Sion-Panvel expressway project is also on the pipeline. The rail network has improved with plans for making Panvel into a terminus for long distance trains as well.

When will the Navi Mumbai airport be built?

The ultimate feather in the cap of Navi Mumbai is the international airport, which will be built at New Panvel. Once the airport is built, experts believe that the increase in real estate value will rise by a at least 30 percent. So, if you can do it, go ahead and buy or invest a home in Navi Mumbai and reap the rewards once the airport surfaces.

Buying Second Hand Flat in Mumbai

noreply@blogger.com (starwin) — Wed, 02 Feb 2011 16:10:00 +0000

Are you going to buy a second hand flat in Mumbai? If yes, then you have to take the following precautions:
Find out from the seller if he is able to produce NOC from the society
Make sure that the entire chain of documents that the vendor acquired the right, title and interest is duly stamped and registered

To take a token bank loan

To have a clear cut idea about the brokerage, transfer charges and other hidden expenses

To go and personally meet the would be neighbors as well as the office bearers of the society and inquire as regards the time that would be taken by the society to transfer the flat

To inquire if you will be getting facilities like car parking as well as likely expenses that will have to be incurred by the incoming member for items like major repairs

To inquire if there is any pending litigation connected with the said flat. Have any notices been received by the member and/or society with regards to the said flat particularly by the authorities.

To see that the income tax liability of the vendor is clear and there are no attachments with regards to the said flat.

Real Estate Mumbai in India: Growth and Development

noreply@blogger.com (starwin) — Sun, 22 Aug 2010 20:17:00 +0000

Real estate in Mumbai has undergone a massive transformation. Earlier the requirement for a home in Mumbai was minimal, with the joint family system. It was only when the population and the education levels went up, along with salaries that people began buying a house for themselves. Tolerance levels for others, including family, went down and the MOFA laws, which made things easy for the flat owners, encouraged home buying.

Even though getting a loan was not easy earlier, it became appreciably simpler around the '80s." Doshi points out that now many people are well onto their third or fourth home, others who don't have the money are not shy of taking up almost crippling loans to pay off a home purchase. It is now de rigueur to own a home and the poor unfortunate who has not so far had the foresight to buy one is eyed with both suspicion and pity!

There has been a sea change during this period within the supply and demand of realty. The most significant change has been in terms of attitude. Cost is no longer a defining factor, also as the units being bought are in-creasing, the size is decreasing. The fact that people can now get a loan of up to 3 or 4 times the salary they draw has fuelled demand tremendously Tax rebates on a loan is the other driver.

With these changes developers are offering a wide choice in every segment, making people think about what they want to buy - farmhouses, villas, plots, flats, penthouses, amenities and more.

On the supply side, real estate is now seen as a real growth sector and investors are eager, with the possible rate of return touching up to 20 to 25%. However the sector saw very diffi-cult times in the first forty years. Policies were vague and overlapping,which brought up many disputable cases that went into litigation for years, throwing development into jeopardy. It is only since the last 8-10 years, with increasing corporatisation of real estate companies, in-volvement of experienced architects, engineers and other consultants that things have changed.

Tracing the policy changes that have now become imperative to help this most promising sector, Pranay Vakil, Chairman, Knight Frank India, recounts the different stages of evolution, going back to the days of World War II, when empty flats were requisitioned by the Navy! People who had the land built and rented out homes, but there were few takers till the amendment to the Rent Control Act in the late '50s, which provided some protection to the tenants and rents were frozen. This eventually gave rise to thepugree system. Where the pugree became legalised was when the transfer of tenancy became a part of the capital gains process and the outgoing tenant actually got two-third of the amount and the landlord one third.
It was after this that the Cooperative Society Act was passed, where a saving on Stamp Duty was ensured. This continued till 1983 with minimal

or no stamp duty payable. To halt the number of undervalued transactions (with a huge cash component), the amendment to the Income Tax act -the 37-1 was passed to say that the Government could acquire any property at the documented level! This some-what took care of the illegal transactions doing the rounds. This also laid the groundwork for evaluation of a property as a whole department was set up with guidelines on what was carpet area, built up area and the other classifications!

However these continued to create obstacles in the growth path of the sector.Bodies like MCHI, CREDAI, BAI and others came into existence in early '80s, but became effective in the '90s. They are now work-ing closely with the government to change various outdated rules."

From here the sector is poised to grow even further. More housing stock would be generated in coming years for more segments. MCHI's 'Homes for All' programme will make room for all sections of society.

In the meantime Vakil advises buyers to consult a lawyer who is conversant with the area and the local law; this is the most important lesson to be learnt when looking back

Solving Transport Problems in Mumbai

noreply@blogger.com (starwin) — Sun, 22 Aug 2010 20:00:00 +0000

Mumbai, being a metropolitan city, where the majority travel long distances, the infrastructure should be up to the mark for speedy and safe travel. To streamline the traffic and ensure easy connectivity for distant suburbs of Mumbai, the massive infrastructure projects planned by the Government are concrete steps towards opening up new locations for the hous-ing sector as well.

Anand Narayanan, National Directer - Residential Agency, Knight Frank India says, "This decade and the next will belong to Mumbai's Eastern corridor. The local development authority's planned infrastructure allocation is dis-proportionately skewed to enhancment in the eastern and the west-east corridor. The locations to watch are Chandivali, Santacruz, Wadala and Sewri."

He adds, "The classic evidence of the profile of a location rapidly enhancing because of the JVLR and the metro is Chandivali. People prefer Chandivali to a pricy Powai or Lokhandwala. Today it is still a location undervalued as com-pared to its demographic and infrastructure potential. Santacruz (W) is a strong alternate location contender to over-priced cousin Bandra. Again, the profile of this location would see tremen-dous uplift after the full commissioning of SCLR and Charkop - Santacruz - Bandra-Mankhurd metro connectivity De-mand will shift from more pricey locations to those being con-nected by these infra projects. Over the time the capital value of these locations willappreciate."

The 1,600 crore Bandra-Worli Sea Link comprising eight lanes has cut travel time of around 45-60 min-utes to under ten minutes.Mass rapid transit systems like the Metro and Mono Rail have been planned by MMRDA, which can reduce the pressure on existing networks.With plans for nine routes, the Metro will connect Andheri toGhafkopar through Asal-pha, Marol and Chakala. According to MMRDA, the first Versova-Andheri-Ghatkopar Metro Rail corridor is at an advanced stage; the soil testing for the second corridor from Charkop to Mankhurd via Bandra is almost complete.

The detailed project report of Charkop to Dahisar is expected soon. S VR Srinivas, Additional Metropolitan Commissloner, MMRDA said, "This project will be implemented on PPP basis. This line will improve the connectivity in southern - northern and eastern - western region of Mumbai, en-ablingpeople to save valuable time,"

Reliance Infrastructure, part of the Anil Dhirubhai Ambani Group - Reliance Sealink One recently signed a BOT Concession Agreement with MSRDC for the construction of the 8-lane Worli to Haji Ali Sea Link, a key component in the Versova - Bandra - Nariman Point Sea Link.

Mr. Lalit Jalan, CEO and Director of R Infra said: "This iconic project will change the face of Mumbai. Together with Metro projects, R Infra would be spending over Rs 20,000 er in Mumbai alone. These infrastructure projects will ensure a world-class experience for the commuters".

Jogeshwari-Vikroli-Link-Road (JVLR), San-tacruz-Chembur-Link-Road (SCLR) and Mulund-Goregaon link roads will provide access to locations like Navi Mumbai via Chembur, Thane, and Kalyan via Vikroli. Distant Mira Road, Bhayander and Boisar, which are experi-encing growth currently will also benefit. Vivek Mohanani, Executive Director, Ekta World says, "JVLR is an excellent project - earlier Powai and Chandivali were considered far -now they are accessible. These projects will prove advantageous as the commuting systems of the city would improve, bringing adjoining suburbs in focus."

Jitendra Jain, MD & CEO, Neev Group of Companies says, "With easy access to transportation people have started moving towards the suburbs and outskirts of Mumbai; this has reduced the existing burden on the city There will be less road traffic and pollution as people opt for public transport. People will buy more spacious and reasonable homes even if it means being located towards the outskirts of Mumbai due to the connectivity These projects in-crease the flow of people in both direc-tions, toward and away from South Mumbai, diluting the overcrowding in trains and increasing the average speed on roads."

Traffic problem can be curbed through these transit systems. Kaizad Hateria, GM, Corporate Customer Relations and Sales, Rustomjee says, "The Mono and Metro Rail can reduce traffic congestion on roads with less fuel consumption. The peak hours of morn-ing and evening can be much better due to this rails. Infrastructure should be planned seamlessly by the government for the development of the city"

Skywalks and flyovers have also changed the city The government has plans to upgrade the existing systems of trains and buses as well. In a few years from now the connectivity will be at its best providing access to far-flung suburbs if things go as per plan.

Buying a House in South Mumbai, Lower Parel

noreply@blogger.com (starwin) — Sun, 22 Aug 2010 19:44:00 +0000

Are thinking of buying a home in South Mumbai? Since the past five years, the South Mumbai areas of Lower Parel, Mahalaxmi, Worli, Prabhadevi and Jacob Circle have emerged as realty residential hot beds. Some major developers like DB Realty, DLF, Akruti Nirman, HDIL, Bombay Dyeing Real etc are coming up with projects in these areas. According to a review done by Religare Institutional Research, the Lower Parel-Mahalaxmi- Jacob Circle belt is likely to see more than 1Omsf of real estate launches in the next 3-4 years, actually making it an oversupply zone. This is said to lead to correction of prices in these areas over the next couple of years.

The inventory levels in South Mumbai are higher than that of the whole of Mumbai. With new launches ahead, we may also see a correction in prices over the next 2-3 years, particularly for new projects. NTC mill land auctions in South and Central Mumbai will further increase supply in these areas.
Recently, a realty giant has taken over the Poddar-Bharat Mills land, located near Worli Naka. This land auction attracted the highest ever bids from developers reinforcing the fact that South Mumbai is indeed a prime location. A lot of developers are also constructing high end residential projects in places like Jacob Circle, Prabhadevi and Mahalaxmi.

Keeping with this trend, Lokhandwala Builders are all set to launch a new project next month in Mahalaxmi. Ali Lokhandwala, director, Lokhandwala Builders says, "There is good supply of housing in these areas. The demand has also been quite exceptional from buj South as well as North Mumbai. Think about it, there is no other land South Mumbai for development. A person sells off a small flat in Colaba, Walkei Cuffe Parade and buys a spacious home in these places. Rates in upcoming properties in Circle, Prabhadevi, Mahalaxmi, are around 20- 25,000 per sq ft while it's a minimum 60,000 in Napeansea Road, which is three-four kms away. Also, all the whether it's mails, nightclubs, restaurant emas is in Lower Parel. It's the new South Mumbai."

Worli is supposed to be the best place for residential buyers. The director of Raheja Corp, says that the market is waiting for correction. He says, “ A developer who does not develop a project on time cannot demand a high price for it. There is a huge demand in these areas but a major chunk is from speculators. Once the prices are corrected, we will be able to know the real demand scenario.”
It is estimated that about 5000 flats will be available for sale in South Mumbai in the next two years. With every flat costing at least a couple of crore, one has to wait and see the number of takers.

Fraud House Buying and Selling Deals in Mumbai: Beware, Act Smart

noreply@blogger.com (starwin) — Mon, 16 Aug 2010 20:32:00 +0000

You may see SMS msgs to buy a property, house or plot in Mumbai but are they really true? Find out the real meaning of certain marketing messages by builder companies and how you can stay away from fraudulent builders and get the best purchase deal while buying house in mumbai

# “Book now. Prices are expected to move up very soon”
Check movement of capital values in the area since the past one year. If there has been a rapid rise in prices, find out the reasons.
# “Last few flats left, book now”
See the number of potential home buyers who have come to meet the real estate agent. Visit the building site to see the progress of construction. Check the the speed of activity in adjoining sites. Seek advice from people in online forums
# “Prices are on their way up”
Be patient; wait till you find a home that fulfills your requirements. Real estate is no different from other type of assets. If prices go up during a particular period, the value will also come down during a downturn, it is cyclical.
“Book now and get free gifts”
Find out the monetary value of the gift. Go for a house that can fulfill your needs and requirements. Do not let the freebies on offer dictate your decision.
# The project is located a km or so away from the proposed metro station/airport”
Do the essential due diligence on the planned project, starting from the website of the authority concerned. Visit the area. Base your decision on the existing infrastructure.
# “No EMI till possession”
Find out how much additional the developer is charging because of the offer. Check all the terms and conditions.
# You are shown the sample flat and advised to buy on the basis of that
Insist on checking the area that is being provided in the layout of the actual flat. Get an idea of the ratio between the carpet area and the super-built up area.
# You select the property, pay the booking amount, but the lending institution does not approve the amount of loan as per your requirement.
Take the help of an appraiser before you sit down to negotiate. Apply for a loan with at least 2-3 home loan companies. Choose the housing financing company that gives you the loan at the best rate of interest, and of an amount that’s nearest to your agreed sale price.
#You have selected the property, even paid the booking amount to the developer but the lending institution refuses to approve the loan to you
At least 6 months before you plan to take a home loan, apply for a copy of your credit history from Credit Information Bureau (India). In case there are any discrepancies or confusion, get them sorted. If you have been servicing other lines of credit, make sure you do so frequently
# You pay the booking amount to the builder but the lending institution refuses to approve the loan for the said project.
Check if the developer or builder has a tie-up with any home loan financing company (HFC). Find out if the project is viable and sound. Take the HFC’s help to find out the authenticity of the property title, the authorized plan and the required clearances

Buy a house in Malad, Malad Flat Buying Benefits

noreply@blogger.com (starwin) — Sun, 20 Jun 2010 16:17:00 +0000

Buy house in Malad because it is s one of the fastest growing suburbs housing the best shopping malls, lifestyle stores, multiplexes, and supermarkets along with a well-developed infrastructure. With the best of both, working and housing options, it has become a popular choice for young couples. It is well connected with S.V Road and Link Road in the west and Western Express Highway in the East apart from Western Railway.

Kaizad Hateria, GM, Corporate Customer Relations & Sales, Residential, Rustom-jee, says, "Any residential de-velopment that comes up along the commercial centre Is always high in demand, for instance, Lower Parel, now looked upon as CBD is see-i ng residential demand after development of commercial spaces which is similar to both Andheri and Kurla and even Malad. Mindspace has been a supporting factor for Malad's growth.

"For shopping, there is Hyper City, D Mart, Inorbit for entertainnment, retail, leisure spaces, International schools providing the best education. Healthcare is taken care of by the number of hospitals and speciality care institutes. Comutting is easy as the station is close by, Malad is less congested compared to Borivali or Kandivili. It has some of the best builders like K Raheja Corp, Wadhwa Constructions, Kalpataru Ltd etc. Depending on the state of construction, one can have a flat ranking from RS. 80 lakh and above here. Not only new good constructions, Malad has a good redevelopment potential and a bright future as a self sufficient residential suburb.

Apart from the orignal Maharashtrian population, Malad has considerable number of Gujaratis, South Indians, Marwaris and Punjabis. The development of Link Road brought major changes. Mindspace, Big Bazaar, Inorbit, Hyperciti, Liberty Garden are big landmarks now.

Malad offers all kinds of lifestyle facilities coupled with good connectivity and infrastructure,
recreation. The area has good schools like St Joseph School, St Anne's School providing the best of education along with Marathi schools like Utkarsh Mandi. Liberty Garden is a known place with a major Gujarati population, Adarsh near Marve Road is another preferred area with new residential development. Overall, Malad is a good locality with a cosmopolitan crowd."
Real estate is also climb mi: 1111.11 Many reputed builders have made Malad a choice over others.

Malad has always been one of the most promising suburbs of Mumbai with respect to residential projects. The IT/BPO industry has created a huge demand for an affordable living space. The residential colonies in Malad are much cleaner and environment friendly. Malad offers residents excellent connectivity and proximity to the airport, access to beaches, hotels, and malls in Mumbai, recreational clubs, a quieter and a cleaner surrounding to live in.

Malad has a lot of BPO, KPOs and giants like Mindspace creating a demand for residential housing. Connectivity to Link Road, land availability, the growing commercial projects has resulted in great demand for premium housing. One has everything from club, malls, gardens, and schools. Right now, the new development is in the form of the Mankhurd-Kandivali Metro. For a quick outing, the Marve Beach is close by and one can also go to the Manori island for a cool getaway trip.

Carpet Area, Built-Up Area and Super Built Up Area: Differences

noreply@blogger.com (starwin) — Fri, 08 Jan 2010 19:52:00 +0000

Shopping around for a home?
Let’s say you are going to buy a home for Rs. 20 lakh and they say the area is 1000 sq ft. The other seller is agreeing to sell his plot for the same price but bigger area: 1,200 sq ft.

The 'area' concept is very vaguely used in the housing industry. And some deceitful builders (and sellers) take advantage of this vagueness to the hilt.
Carpet area:
It will tell you precisely how much room you will have in your home. It is literally defined as the precise area within the walls of your home. To make it downright simple: If you had to lay out a wall-to-wall carpet in your entire home, how much area would it cover? That's your carpet area.

Built-up area
It is inclusive of not just the carpet area but also the area being occupied by the walls of your home.
Super built-up area
This is account area plus the carpet area. Super built-up area also takes into account all the area under the common spaces -- the apartment's proportionate share of the lobby, staircase, elevator and the corridor outside the apartment.

The confusion of super built-up area arises over the fact that what is exactly included under this definition is left to the judgment of the builders. Some may even include the terrace, security room, electrical room and/or pump room. The cumulative total of these 'extras' is taken into account and divided by the number of apartments in proportion to their size.

So, if you are given a quote for 1,000 sq ft flat and the area referred to is the carpet area, then you have a huge living space. If it is built-up area, then you have lesser space.If it is super-built up area, then are compromising heavily on the living area. In fact, the actual carpet area may just be around 600 sq ft in comparison to the total flat area of 1,000 sq ft.

Know the catch about carpet area, super built up area and built-up area:

* You may get a better deal for the ‘carpet area’ in an apartment in an older building. They generally have a higher percentage of carpet area (around 80 percent) of the total area. So, if the quote of 1,000 sq ft is for the super built-up area, then the carpet area could be around 800 sq ft. In new constructions, the percentage could be as low as 65 to 70 percent. So you may get just 650 sq ft to 700 sq ft as the carpet area.
* When comparing quotes, compare carpet area to carpet area, not carpet area to super built-up area.

• If you get a quote for 1,000 sq ft, ask immediately whether it is the carpet area or super built-up area.

• If you get another quote for 1,200 sq ft super built-up area, ask what the carpet area is. Then compare the two carpet areas.
• There is no fixed ratio of super built-up to built-up or carpet area.
• The market practice is that the ratios are on the super built-up area and are marked down. That means, if the super built-up area is 1,000 sq ft and the carpet area is 800 sq ft, then the latter is 80 percent of the super built-up area. Generally, the ratios in the market are 70:30 (super built-up to carpet).Dishonest builders have been known to go as low as 60 percent. So a quote on a 3,000 sq ft apartment could mean a carpet area of anywhere from 1,800 sq ft to 2,400 sq ft. Always ask the seller exactly how much the super built-up area and the carpet area amount to. Ensure that this break-up appears in the Agreement of Sale.

Problems while Buying a House in Mumbai and Solutions

noreply@blogger.com (starwin) — Sat, 08 Aug 2009 10:06:00 +0000

You have just made a deal with your property dealer or builder in Mumbai to buy a particular house. Your mind is set to buy it, but when you go to give the token amount, the sellers has other ideas. It is better to make sure that your token amount is secure while buying a house in Mumbai:

1. Solution to seller who has second thoughts: If that flat is not in your luck, it is because of the business minded seller who has other ideas and options. Even if you have finalised the deal, the seller will wait to see if someone else can give him a higher offer. If you have not signed on the dotted line, the seller will look for someone else. He will also look have options for redevelopment and decide to wait. Under these conditions, you cannot do anything except use your charm to serenade the builder into waiting for you. Make sure the seller is genuine by making enquiries with the broker or with neighbors. Register the deal immediately after book the flat, so that the builder in Mumbai or seller has no second thoughts.

2. Solution to Less loan eligibility: With banks looking to offer home loans, the general perception is that it is very simple to get one. However be prepared for only 80 per cent of loan sanction amount, when you assume that you will get at least 90 per cent. It is always better to check your loan eligibility before you sign a deal. Go to the bank you wish to take the loan from and check how much loan amount can be sanctioned. Also check whether the property that you plan to buy will get loan approval or not. If you still fall in the trap, ask for money from immediate family members or friends.

3.Solution to exigencies and emergencies: Unseen and unplanned situations arise when you dont want them to. A tilt in your financial status can spell danger when you want to buy a house in Mumbai. A job loss or a personal crisis that saps your budget can make you depressed. The solution is to keep a lumpsum amount aside in fixed deposit or recurring deposit, so that you hands are not completely tied. Also go for health insurance for all your family members.

4. Misplaced documents: Lack of relevant documents can stall your home-buying enthusiasm. The problem is compounded if you want to sell your existing flat for a new one in Mumbai or any other place. The solution to this is to keep all the relevant documents in a file. Start collecting all those documents now and arrange them neatly in a file.

Tips to Keep My Kitchen Clean

noreply@blogger.com (starwin) — Sat, 08 Aug 2009 09:47:00 +0000

Here's how you can keep the kitchen of your home in clean and tidy condition, free from termite, dirt or waste food materials.

1. Make use of cleaning solutions that are available in the market to get rid of mess and stickiness in the kitchen.

2. Take care of the cabinets near the kitchen sinks. Wipe them regularly so that the water from the sink does not spoil them.

3. Clean fresh stains with wet cloth to avoid catching moisture and fungus. In case of hard to go stubborn stains, use a clean cloth dampened with mild solution and water.

4. For cleaning pulls and knobs, use mild soap and warm water instead of harsh metal polishes to prevent them from rusting.

5. Regularly inspect wooden cabinets against termite growth so that there is no damage to the cabinets.

6. Do not make direct use of spray on cabinet glass windows. Instead spray a small amount of cleaner onto a soft cloth and then wipe the glass.

7. Never use your dish cloth to clean or dry wooden cabinet as it may contain traces of detergent or grease, which might cause damage to the wooden surfaces.

Should I buy a house in Bhandup West or no?

noreply@blogger.com (starwin) — Sat, 08 Aug 2009 09:19:00 +0000

I wish to buy a house in Bhandup West, Mumbai. Should I buy a home in Bhandup or no? Here is some information about Bhandup:
Location: Village Road, Bhandup West Distance from station: Rs. 10 from Bhandup Station Closest Mall or multiplex: Nirmal Lifestyle in Mulund West Nearest School: Bright High School on Village Road Nearest Hospital: Bhatia Hospital Nearest College: National College at Bhathipada

What's hot in Bhandup West:
1. The LBS road allows for easy connectivity to places in Mumbai like Vikhroli, Mulund, Kanjurmarg, Ghatkopar etc. One can easily travel to Bhandup West from Navi Mumbai through the Airoli Bridge as well as from the western suburbs through the Mulund-Goregaon Link Road.
2. Bhandup West has some good upcoming residential projects from builders like Kukreja Builders, Sanghvi Gruh Nirmal and Sharma Builders.
3. Nahur Railway station at Bhandup West has to some extent decongested the traffic at Bhandup station. Areas like Datta Mandir Road, Village Road and Station Road are easily accessible from Nahur station.
4. The slum rehabilitation scheme near Nahur station has cleared the slum settlements near the railway station. This has made way for planned development in that area.
5. With one metro rail coming up near the LBS road, this area is going to be in high demand.

What's not in Bhandup West
1. Apart from LBS Road, streets in Bhandup West are very narrow. The road to the station is always congested.
2. There are more schools and colleges in the East than in the west.
3. Water logging is a major in the monsoons. Areas like Samarth Nagar, Bhatipada, Sonapura tend to get flooded in rains.
4. Bhandup West does not have too many shopping malls, restaurants or shopping centers but constructions of big malls in Bhandup west are under way

Buying a house in Bhandup West: Here is more information on the amenities in Bhandup West
Education: Bhandup West has schools and colleges like Pawar Public School, Bright High School, Guru Nanak and National College. Pawar Public School has ICSE and IB Board.
Shopping: For apparel shopping residents have to go to the Station Road, whereas a number of general and medical stores are spread across the suburbs. Nirmal Lifestyle and R-Mall are 10 minutes away by autorickshaw.
Real estate: The area off LBS Road and on the Mulund -Goregaon Link Road are witnessing good development. Builders like Lodha, Mahindra Lifestyles and Gundecha Group are constructing lifestyle projects in the West.