Lodha Splendora Reopens Bookings With Over 400 Units Sold in 15 Days

Lodha Group, India's largest real estate developer, has received 400 units of bookings within 15 days for its Ghodbunder Road development in Thane. Connectivity, infrastructure and affordability are some of the key factors that have influenced home buyers to choose Ghodbunder Road in Thane as their favoured residential destination. From affordable apartments to premium properties, the area offers a wide assortment of housing options with exceptional amenities for all. The Thane market sells approximately 350-400 units per month (Source: PropEquity) across various developments - however, Lodha Splendora has itself received bookings for over 400 units within 15 days since being opened up for sale. This phenomenal response reflects the growing sentiment of smart home buyers seeking luxurious, well-balanced living options in the Thane region.

Over the last decade, Thane has grown into a self-sustaining metropolis and Ghodbunder Road has become an upmarket residential destination to be reckoned with. Infrastructure in the area has seen a major overhaul with expansive flyovers and wide roads as compared to its suburban counterparts. Ghodbunder Road enjoys excellent connectivity - approximately 20 km long. It links the two main arterial roads of Mumbai - the Eastern Express Highway, which starts at Sion ending at Thane, and the Western Express Highway, which starts at Bandra (East) and becomes the National Highway leading to Gujarat. Further infrastructure initiatives like the planned monorail network, which will connect Thane to the Western suburbs in its next phase and a Metro corridor extending from Wadala to Kasarvadavali on Ghodbunder Road, are a major draw for this location.

Conveniently located on the eight-lane Ghodbunder Road, Lodha Splendora enjoys quick access not only to Central Thane, the Western Express highway and the Eastern Express highway, but also to the international and domestic airports, including the upcoming international airport in Navi Mumbai. It is also a mere 2.5 km from the proposed Metro at Kasarvadavali, a convenient 5 minutes away for residents.

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About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

Fadnavis plans mega biz hub to boost city’s image

In a bid to help Mumbai and the Mumbai Metropolitan Region (MMR) regain the top spot as the country's premier growth centre, chief minister
Devendra Fadnavis has plans to expand the financial capital to the north, with a third mega business district along the lines of Nariman Point and Bandra-Kurla Complex (BKC) to be set up near the proposed international airport at Panvel.

The state is also keen to revitalise Mumbai's existing central business district at Nariman Point and BKC, besides creating three new hubs at Lower Parel, Andheri(West) and Wadala and some along the proposed Virar-Alibaug multimodal corridor.While Lower Parel is beingproposed as a financial hub,Andheri (West) will be the IT hub.

Fadnavis wants to utilise thepotential of the 4,355-sq-km MMR region to the fullest, as in the pastfive years, t as lost out to theNational Capital Region (NCR).According to the 2011 census,NCR is the largest urban agglomerationin the country, overtaking MMR, hich was tipped tobe second only to Tokyo in 2005.Several corporate houses andMNCs that have come to Indiain the past couple of years havepreferred o et up their basesin NCR . a phenomenon that was associated with Mumbaifor long.Some of the reasons for thiswere the steep real estate pricesin Mumbai, the overburdened infrastructure and lack of easein doing business.

Also, the much-talked about Mumbai makeover project,which was aimed to extend thefinancial capital to MMR, didnot take off. Fadnavis has nowdecided to give the project a bigpush, and in a systematic way.Spread across nearly 600 qkm, which is almost one-and-a-half times the size of Mumbaicity, the Navi Mumbai Airport Influence Notified Area (NAINA)will be developed from as a ewfinancial hub.

The interim developmentplan of NAINA, which is spreadacross 37 sq km, will be submittedto the state government forapproval in March. ifteen percent of this land will be reservedfor commercial and businesscentres.The mega finance hub hasbeen proposed in Phase I of theproject, spread cross 8,000 hectares.NAINA has two nationalhighways (NH-4 and NH-17)besides state highways and theMumbai-Pune Expressway intersectingit. It will be onnectedto the airport, Navi Mumbaiairport and suburban railway corridors.

Know More About  MCHI- Thane

About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

Mira Road, the next new active locality with housing stock

If you are one of those buyers who keep an eye on the developed areas of Mumbai with new supply of housing options, there is good news for investors and end users. Mira Road, situated in the western peripheral area of Mumbai, offers new housing stock with over 30 upcoming housing projects, as per the data with Magicbricks. Most of these projects are offering possession by 2016 and remaining by 2018.

“The best thing about this residential stock is that it will cater to the housing needs of buyers from the mid to the high class segment. The 1BHK units available in the area range from Rs 40-50 lakh whereas a 2BHK apartment is available in a price bracket of Rs 60-70 lakh and a 3BHK from Rs 80 lakh to Rs 1 crore.

Other factors that make Mira Road a preferred destination among buyers apart from the new affordable housing stock are:

Connectivity

One of the major reasons why Mira Road is widely in demand among buyers is for its connectivity. It enjoys established connectivity to all parts of the city, be it Navi Mumbai, Mumbai or Thane. The Western Express Highway connects it with the Western Suburbs of Mumbai and also with Mumbai International Airport. On the other hand, the Ghodbunder Road ensures swift connectivity of the area with Navi Mumbai and Thane.

Infrastructure

The locality is well-equipped with social infrastructure. Several schools, hospitals and markets are present here, catering well to the basic needs of residents. Further, there are several shopping complexes and malls in the area such as Reliance Fresh, Thakur Mall, D-mart, Cinemax and Rassaz Mall, among others.

Prasenjeet, a resident of the locality says, “Mira Road is a great location and is well connected to the other parts of the city. Vegetable markets, shops, hotels, banks and super markets, all are available in this locality.”

Rental values As per the data available with Magicbricks, if a buyer is looking to rent a 1000 sq ft apartment, it will cost him a monthly rent of Rs 16,000. The rental value further depends upon the available amenities and the location. Mira Road is widely preferred by middle class people with need for smaller units with decent facilities.

So all those looking for a home in a reasonably priced bracket, Mira Road is worth considering.

Know More About  MCHI-Thane

About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

Bank cannot break into a flat in case of loan default, rules HC

The Bombay high court has allowed proceedings against HDFC Bank over allegations that it seized a flat in Pune by breaking open the locks after its owners defaulted on a loan. Justice Abhay Thipsay questioned whether the bank could have forcibly taken possession of the flat without a court order and directed a magistrate-ordered investigation into the case.

The HC directive comes on a private complaint by the flat's owners, Milind Mahadik and his wife Aarti.

The bank said the couple were wilful defaulters and under law—Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFEASI) Act—it had powers to seize the flat. The judge held that while the law does not bar a bank from taking possession of a secured asset without court orders, when force is to be used, the district magistrate's orders are necessary.

"If breaking open the lock put on a flat and taking forcible possession... is held to be permissible on the grounds that the SARFEASI Act empowers a secured creditor to do so without the intervention of the district magistrate, then it would be extremely dangerous. The problems arising from holding such a course to be legal will be more serious in cases where such a flat is residential," said Justice Thipsay, pointing out that the bank had not taken police assistance.

He said things can be complicated if the flat contains movable property and possession is taken "by a secured creditor on his own, and without involving the state machinery" by use of force. The Mahadiks had alleged that household articles like a refrigerator, washing machine, and computer, and gold and silver ornaments worth over Rs 22 lakh were in the flat. The HC said the possibility of the articles being stolen or the persons who took physical possession of the flat being falsely accused of theft could not be ruled out and so it was in the interest of the bank to take the state machinery's help in such cases.

In 2003, the Mahadiks had taken a loan of Rs 8.5 lakh to buy the flat. They claimed that they initially paid the EMIs regularly, but stopped after suffering losses in their business and also due to ill health. They said they asked the bank to restructure the payments, but received no reply. In 2008, the bank pasted a notice on the flat under the SARFEASI Act.

The couple alleged that some persons also used threatening language and abused them while asking them to repay the loan. On December 24, 2010, when the couple, who were staying elsewhere, visited the flat, they found that the bank had broken open the locks and sealed the property. They lodged a complaint before the magistrate, who dismissed it saying the couple were "defaulters". Their appeal in the sessions court too was dismissed. Then they approached the HC.

The bank said it was empowered under law to take possession of the flat, and as such it had not committed any criminal offence. The HC did not agree. "Whether offences have been committed in the process of taking possession of the said flat, and if so, by whom, can be properly decided only after an investigation is carried out," the judge said.

Know More About  MCHI-Thane

About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

E-commerce expansion benefits real estate and logistics sectors

India’s warehousing and logistics real estate segment has benefited immensely from the expansion in e-commerce over the last two years. The emerging retail segment took up about 1.7 million sq. ft. of warehousing space across Mumbai, Chennai, Bengaluru and the Delhi National Capital Region in 2014, according to a report by CBRE, a leading commercial real estate services and investment firm. The report said that almost 25 per cent of the total warehousing/logistics space uptake across India in 2014 was by e-retail players, while the uptake in logistics space rose by more than seven times over that of 2013.

The last few years saw the segment becoming a new addition to the mix of major office space demand drivers in India as online retailers increased their footprints for front-end as well as back-end requirements.

“By the end of 2014, approximately 3.5 million sq.ft. of office space had either been leased or was in various stages of negotiation by e-commerce firms across the country, a growth of more than 400 per cent year on year,” the report titled, ‘Indian Online retail driving realty,’ said.

India’s online retail sector saw exponential growth as a number of local market-specific services — cash on delivery (COD), multiple payment options, and EMI options — assisted in developing the growth curve of ecommerce in the country. Online retail as a sector is still at a nascent stage in India, as leading players try to establish a strong foothold and consumers get accustomed to this new medium of shopping.

In the outlook for e-commerce, the report said, the sector’s future looks buoyant and it is likely to emerge as a strong demand driver for real estate space in the years to come. “The sector will also play a major role in the evolution of existing logistics providers, as well as in the development of logistics infrastructure in the country.”

Know More About  MCHI-Thane

About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

IIFL raises Rs 750 crore for second realty fund

Local financial services firm India Infoline (IIFL) has raised Rs 750 crore for its second real estate fund and has received an additional commitment of Rs 250 crore from both local institutional and high net-worth investors to co-invest with the fund, signalling the return of bullishness in the real estate sector after a slump of two years.

"The Rs 750-crore fund will now raise an additional Rs 250 crore as co-investment from investors on a deal-to-deal basis," a senior company executive said.

"Real estate continues to be a part of investors' portfolio and people are investing with funds that have an established track record," said Balaji Raghavan, CEO, IIFL Realty said.

According to Raghavan, the five-year fund will look to generate between 22% and 23% internal rate of return — a measure to judge a fund's performance. "The focus of the fund will be on structured debt transactions with equity upside for investors." This is IIFL's second fund after it raised Rs 660 crore through its first fund in 2011. "The first fund has been fully deployed and we have made some quick exits and returned around 40% capital to the investors already," Raghavan added.

The first fund exited three projects generating between 22% and 28% returns. "Few more exits have been planned from the first fund and we are hopeful of announcing them soon," he said.

Know More About  MCHI-Thane

About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

Adarsh Realty to build Shangri La Hotel for Rs 600 crore

Adarsh Realty and Hotels, hospitality arm of Adarsh Group, will invest around Rs 600 crore to build a Shangri-La branded luxury hotel in Bengaluru, a top company executive said.

"The 370-key property, located in the IT hub of Bengaluru's Outer Ring Road, is expected to be completed in the next two years," Rajiv Seth, vice-president (hospitality) at Adarsh Realty and Hotels, told ET. The company will fund the project through acombination of debt and equity.

This will be the third Shangri-La hotel in the country and the second in Bengaluru. The first Shangri-La hotel opened in Delhi in 2005. 

Adarsh Realty is already building a Shangri-La hotel, which is expected to open in May. 

"Demand will definitely grow in the market even if the supply grows, as Bengaluru is not only an IT Hub but it is also becoming a manufacturing hub," Farhat Jamal, Shangri-La's area manager for India, said when asked about the rationale behind setting up two Shangri-La branded hotels in a market like Bengaluru, which has seen considerable supply addition in the upscale category. "Though the supply has almost doubled in the last four years, the market has done well."

Hong Kong-based Shangri-La signed a management contract with Adarsh Realty to operate three new hotels —two under the Shangri-La brand and one under its mid-scale brand, Traders Hotel, which was rebranded as Hotel Jen last year.

Shangri-La projects in Bengaluru have seen considerable delays owing to tough market conditions, said a hotelier requesting anonymity. "The developer was waiting for the market conditions to improve," the hotelier said, adding that the projects have been delayed by over two years.

When asked about the delay, Seth of Adarsh Realty said, "Delay is due to multiple reasons including technical and change of hotel plans". At a time when international brands are upping their ante in the country, Shangri-La has been unable to establish its presence in India, said an industry expert.

"Shangri-La has been very selective about the properties and the cities where it wants to be. Its projects have seen delays and its sudden exit from one of the marquee property in Mumbai reduced its portfolio in India."

Know More About  MCHI-Thane

About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

JLL India arm plans to raise Rs 300 crore

Property consultancy firm JLL India's investment arm JLL Segregated Funds Group is planning to raise its second real estate fund with a total target size of Rs 300 crore. The fund, to be raised in the domestic market, will focus on investing in residential projects in top seven property markets including Mumbai, Delhi-NCR and Bengaluru, a top company official said.

The total tenure of the proposed fund, which would be under Alternative Investment Fund category II, will be for five years, and it will invest in smaller residential projects through equity and highyield mezzanine deal structures.

"Our strategy of investing in smaller projects with shorter tenure in prominent micro markets has worked well for the first fund. Clocking a return of 30%, we have partly exited from the first investment that was made through an earlier fund concluded in late 2013," said Mridul Upreti, chief executive, JLL Segregated Funds Group, India.

In late 2013, JLL Segregated Funds Group had raised Rs 161 crore through final closing of its maiden real estate fund, Residential Opportunities Fund - I. The fund was amongst the first real estate funds to be registered with Sebi under the new Alternate Investment Funds (AIF) regulations.

After making two investments from the first fund, JLL's investment arm is now close to concluding its third investment in a residential project in Chennai. The new fund will also focus on smallticket deals of Rs 25-30 crore and target annual returns of around 25%, which is in line with the first fund's strategy.

Last month, JLL Segregated Funds Group had partly exited from its first investment made through this maiden fund clocking a 30% Internal Rate of Return (IRR) in less than a year's time. The fund had invested Rs 24 crore in a premium residential project of Bengaluru-based Assetz Property Group in February 2014.

"In residential property market, small is beautiful. Smaller investments in residential space ensure better control, monitoring of sales process, etc. On the contrary, scale is crucial in commercial segment deals," Upreti said.

Know More About MCHI-Thane

About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

What attracts buyers to Taloja?

As central Mumbai localities are out of reach for several property seekers, the upcoming suburban areas are the saviors. One such location is Taloja in Navi Mumbai, which offers properties at a lower price along with sound social infrastructure and connectivity.Taloja has gained prominence among property seekers due to its strategic location, connectivity and affordability.

Location

Taloja is located in close vicinity to Kharghar which is the Central Business District (CBD) of Navi Mumbai.In addition, the upcoming International Airport at Panvel will be located at a distance of about 15 kms from the locality.

The construction of the Navi Mumbai Metro, phase-1 is ongoing currently, giving hope to the residents of the area. This will connect the 11 km stretch between Belapur to Pendhar which will further meet Taloja. Once functional, the phase-2 will connect the MIDC and Taloja to Khandeshwar, an extension to the proposed airport. Taloja is also in close proximity to NH-4 and the Old Mumbai-Pune Highway, ensuring convenient travel to parts of Mumbai, Thane and Pune. All those looking to invest here may look forward to increase in real estate values because of the upcoming infrastructure development.

“Among all localities of Navi Mumbai, Taloja is gaining buyer attention due to its proximity to Mumbai. Travelling from Badlapur and Karjat takes a minimum of 2-3 hours to any part of Mumbai while, from Taloja, the same distance in covered in just over an hour and a half. This is one of the reasons why several buyers are opting for Taloja,“ says Ranjit Jha, proprietor at Jha and Associates.

Affordability

Although in terms of property prices, Badlapur and Karjat offer housing in the same price range as Taloja, but still, the future seems to be in favour of the latter.Ashutosh Limaye, head-research and real estate intelligence, JLL India, says, “Badlapur, when compared to Taloja, does not have its own economic driver. Not only this, Taloja also has better access to the city and is well-connected to the upcoming Panvel Airport.“

At present, 1 and 2-BHK units are the most popular in Taloja. Further, depending upon the size of the flat, prices of 1-BHK units vary from Rs 14-30 lakh. A 2-BHK unit, with sizes varying from 900-1,200 sq ft, would be available in a price range of Rs 20-60 lakh, depending upon the brand of the developer and the exact location.In fact, 1-RK units are also popular and cost Rs 15-20 lakh.

Taloja is equipped with all the basic social infrastructure with malls located within 3-10 km, fashion tech nology colleges, international schools, golf course, technical institutes, central park and the Tata Cancer Hospital in the vicinity.

Availability

“At present, values in Taloja are Rs 3,500-4,500 per sq ft, which are expected to rise to Rs 7,000-8,000 per sq ft, taking into account the upcoming developments and the soon to be functional infrastructure,“ says Saurabh Tiwari, proprietor, Bricks and Values. Looking at the current scenario, end-users have outnumbered investors. Local realtors unanimously agree that those living on rent in Mumbai are opting to buy property in Taloja. Considering the ongoing and upcoming infrastructure development followed by strategic location and affordability shows that buying in Taloja can be a smart investment decision.

Know More About MCHI - Thane

About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.