The BMC has so far received 110 observations from citizens regarding problems in the proposed designation survey for the revised draft development plan 2034. Officials said they will correct the mistakes before publishing the draft for suggestions and objections.
The BMC has decided to correct mistakes with help of citizen before publishing the revised draft DP for suggestion and objections.
They put the list of designated survey online, asking citizens to examine it and point out mistakes to the civic authority. The deadline to point out mistake in designation survey is November 30, after which BMC will put the road survey report before the public for scrutiny.
Citizens have requested the the BMC to extend the date for submission of opinion on designation survey. Many said they have noticed errors repeated in the survey and want to scan the entire survey for which they need more time.
Urban Design Research Institute executive director Pankaj Joshi has written to BMC pointing out some mistakes in the designation survey list. They found around 339 instances where playground-garden are marked as recreational ground and 15 playgrounds marked as school.
Source : content.magicbricks.com
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The 10,000 sq ft apartment in Lodha Altamount is believed to have been bought by the Jindal family that runs a pharma firm Jindal Drugs. In September, industrialist Cyrus Poonawalla paid Rs 750 crore for the former palace property at Breach Candy, which once housed the US Consulate. It was the costliest deal in the country for a private residence. See a 3BHK flat in Lodha Altamount
The Jindals, it is learned, currently reside in an upmarket locality in south Mumbai and plan to shift once the building is complete in the next 18 months. Incidentally, about three years ago, the Jindals had paid the highest price when they bought their SoBo flat in 2012 at Rs 1.20 lakh a sq ft. Sources familiar with the transaction said the family has paid a record price of Rs 1.60 lakh a square ft. The Jindals are said to have already paid about 30% of the amount.
Past residential deals in Mumbai have touched upwards of Rs 1.25 lakh per square feet in landmark buildings like Samudra Mahal at Worli and Ill Palazzo at Hanging Gardens.
A Lodha spokesperson said: "We are pleased that the highest price in the country has been achieved in our project. This proves that there is a high demand for high-quality products."
The duplex apartment is on the 34th and 35th floors of the 40-storeyed tower, which includes 8 podium levels of parking and 53 residences. Construction has been completed until the 24th floor for the core level and 14th for the slab. The project is expected to be completed by April 2017.
The Lodhas had bought this property, located near Mukesh Ambani's Antilla tower, for Rs 375 crore from the US Consulate a few years ago.It housed the consulate staff in a building called Washington House.
In 2013, leading glassware company Borosil bought a sea-facing apartment in Samudra Mahal at the rate of Rs 1.23 lakh per sq ft (Rs 21 crore) from the Poonawalla family. It was then the highest flat deal in India.
Industry experts said the Lodha transaction is a one-off and does not reflect general market sentiments. "Apartments in such buildings will continue to fetch premium rates because of their location, profile of residents and upkeep," they said.
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501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
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The path has been cleared for residential towers here to rise more than 27 storeys with the municipal corporation approving removal of a clause capping the height of such highrises to 92 metres.
The development control rules for Thane are silent on height restrictions for skyscrapers. But appendix O of the rules imposed a restriction or cap of 92m only to residential towers. When this discrepancy was pointed out by a panel of experts, municipal commissioner Sanjeev Jaiswal recommended its removal. The proposal was presented before the Thane Municipal Corporation general body last week and it approved it under section 37-1 of the Mumbai Regional Town Planning Act.
Officials said the administration will now seek suggestions and modifications, if any, to the proposal and present it again before the general body. Finally, it will be sent to the state's urban development department for final sanction.
Presently, the height of several projects in Majiwada, Manpada and even Kolshet has reached 92m and developers say there is a huge market for projects that can go higher. Builders are positive as they will be able to make optimum use of TDR in projects in certain areas like Manpada and certain stretches of Ghodbunder road. Structures in Thane can go much higher since there is no restriction on the maximum number of storeys in the DCR.
"The approval will help increase the number of residential units in Thane. Projects in sectors like Pokhran, Manpada, Majiwada are likely to benefit from this move as per our initial feasibility estimates," said Jitendra Mehta, secretary of MCHI, Thane unit.
Architects said the move will generate more housing options and, at the same time, increase revenue for the corporation. "Development is anytime welcome and having more high-rises will ensure there are ample residential units in the city," said architect Suvarna Ghosh.
But activists questioned whether the infrastructure could take the additional load in the coming years. "Already, infrastructure like roads is proving inadequate. The city is yet to get a proper sewage disposal system, there are inadequate parking spaces for vehicles and traffic congestion is growing by the day. Water supply is a huge problem now and it could be chaotic if the city sees a surge in population. The civic corporation should first develop the infrastructure and then look at approving more highrises in the city," said activist Nitin Deshpande.
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Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
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In order to spur investment in the housing sector, the government is considering to provide tax incentives for certain projects to ensure 'Housing for All' by 2022.
The tax incentives, which could be announced in the Union Budget, would aim at promoting investments in rental housing by institutional players.
The draft National Urban Rental Housing Policy have suggested a host of fiscal incentives to encourage rental housing with a view to achieve the goal of housing for all by 2022.
Housing is considered as one of the key sectors to promote growth by increasing demand for steel, cement, besides creating additional jobs.
The tax department, according to sources, is looking at the draft rental housing policy to ascertain the tax incentives that can be doled out to the sector to encourage investments in housing sector.
The draft policy has suggested tax incentives for house owners who will rent out the property, institutional owners wanting to set up mass rental housing and Property Tax exemption for Social Rental Housing properties.
It also suggested treating rental housing stocks at par with owner occupied premises in terms of property tax treatment and calculating other utility charges (water/ electricity etc).
"The Policy seeks to promote various types of public-private partnerships for promotion of rental housing in the country which will act as a catalytic force to achieve the overall goal of Housing for All by 2022," it added.
Source : realty.economictimes.indiatimes.com
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Odyssey IT Park, Road No. 9,Wagle Estate
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If you are planning to buy a house this season and don’t want to wait for long, you might be able to get the right deal. How? More than 200 projects in and around Mumbai are about to offer possession in 2016.
Where are these projects scattered?
Some of these localities in Mumbai are Goregaon West, Kandivali West, Andheri East, Bhandup West, Chembur, Santacruz East, Mulund West, Kurla East, Matunga West, Dahisar East and Mira Road.
What is on offer?
According to the Magicbricks listings data, one can buy 1, 2 or 3BHK units in the projects coming up in these areas. The 1BHK units are available in sizes ranging from 261 – 650 sq ft, 2BHK flats are in the range of 714 – 1778 sq ft and the 3BHK apartments are within 1310 - 1782 sq ft. There are 4 and 5BHK units available in the area as well, but their supply is quite limited.
If you expect your new house in Mumbai to be equipped with all the modern amenities, you would be interested to know that these upcoming new projects in Mumbai will not disappoint you. They provide facilities such as club house, gymnasium, lifts, jogging or strolling tracks, parks, swimming pool, reserved parking, power back-up, and many more. Some of the projects provide exclusive amenities such as barbeque pits, outdoor tennis court, cafeteria food court, DTH TV facility and others.
Santacruz West
The locality enjoys a strategic location. Eric Botelho of CMC Homes says, “Santacruz is well-connected to all the major adjoining areas such as Khar and Bandra towards its south and Parle and Andheri towards its north.” Situated adjacent to the Western Express Highway and the Western Railway Line, Santacruz is easily accessible from all parts of the city. Even the domestic terminal of the Mumbai airport is situated within the locality.
Mira Road
When due to high residential prices in Mumbai buying a home is very difficult for the common man, Mira Road offers several options through the upcoming projects. Despite being located in the suburbs, Mira Road is widely in demand . The main reason is the connectivity of the locality and the affordable properties that it offers.
Mira Road enjoys connectivity to Navi Mumbai, Mumbai and Thane. The Western Express Highway connects it to the Western Suburbs and also with the International Airport.
"The values in Mira Road are far less as compared to the prevailing residential values in neighbouring localities of Andheri, Malad, Kandivali and Borivali. People who can't afford to buy a property in these areas, shift their interest to Mira Road," says Gaurav, a property dealer in the locality.
Prasenjeet, a resident of the locality appreciates the liveability quotient of the area. He says, “Mira Road is a great location and is well connected to other parts of the city. Vegetable markets, shops, hotels, banks and super markets, all are available in this locality.”
Chembur
A suburb in Eastern Mumbai, the real estate market of Chembur has improved due to its connectivity. Chembur offers easy connectivity to South Mumbai and the Western Suburbs through the Eastern Freeway, Monorail and the Santa-Cruz Link Road. Thus, there has been consistent demand for properties in the locality over the years.
“Chembur is comparatively affordable when compared to Wadala and Lower Parel, one of the prime reasons why buyers shifted here, “says Paresh Chedda of Rajesh Realty.
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501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
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Once known as the most affordable hubs of Mumbai, Vasai and Virar gained prominence as mid-segment buyers moved here to fulfill their housing needs. However, with rising demand, growing connectivity and urbanisation, property prices almost doubled in five years.
Since the rate of appreciation remained consistent due to multiple reasons, investors and end users alike are evaluating options in both these areas. “Vasai and Virar both have good rental housing demand from those employed within a 5 km area. End users here are primarily those working in Andheri West, Andheri East and Goregaon or local traders from the nearby areas,” says Harmeet Singh Bagga, co-partner, HSB Properties.
New stock dotting the market
Buyers who intend to buy new properties also prefer Vasai and Virar. There are a number of new projects in various stages of construction, being developed by some of the reputed builders of the state. Although most of these have just been announced or are in the pre-launch stage, but since they are being developed by developers having a good track record, is attracting investors to sign the dotted line.
This has generated healthy response from home seekers who are looking for options to invest. Some of these have been received on the Magicbricks real estate Forum.
Some of these questions are:
What are the prevailing property rates in Vasai and what is the future trend likely to be? asks Rajendra Kumar
I am planning to buy a 1BHK within Rs 30 lakh for investment purpose in Vasai. Please suggest the future appreciation. Should I be investing in this locality? Asks Tanvi
Vasai vs Virar - who scores better?
Both these localities offer similar social infrastructure, connectivity conveniences and lifestyle. However, there are plenty of factors that make them distinct from each other. These include availability of ready stock, number of projects coming up and difference in property prices which makes it confusing for buyers.
Expanding boundaries
End the four years turmoil, Bombay High Court has given a four weeks window to the state to decide on the inclusion of 29 villages within the Vasai-Virar Municipal Corporation. It was in 2009 when these villages were included within the limits but were subsequently ordered to be excluded due to objection from villagers in 2011.
If sources are to be believed then these villages have huge tracts of land and if included would open avenues for real estate development. Hence, buyers going for site visits should make sure the location is within the corporation’s jurisdiction as there is a lot of risk associated with Gram Panchayat land.
Source : content.magicbricks.com
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501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail : mchithane@gmail.com
To keep up with the season's spirit, do all that you can to make each and every corner of your home look stunning and inviting.
The 'festival of lights' is the perfect time for home makeover. Sparkling lights, happy faces and shining goodies beckon one and all to embrace change and welcome everything that spells 'new' and 'bright'. This festive season, gift yourself a new and improved interiors that are bright, colourful, and in sync with the spirit of the season.
Spunk up your living room
As fashion, design and decor undergo transition with the onslaught of a new season, indoor-outdoor design and decor accents must be modified to ensure a celebratory mood. The trend at the moment is original graphics that can be translated on a variety of materials. It could be tile, textile or murals, depending on the application and can be interpreted in topical furniture that combine, both colonial and Indian influences. "The mood of the season is buoyant, young and effervescent; go for graphic-rich décor essentials with Indian influence. When decorating your living room, note that the pieces of furniture should be able to transcend time and mood, and become works of art that bring in festive cheer," says Divyan Gupta, CEO & Founder, Artanddecors.com Festive décor is all about finding the right balance between enjoyment, relaxation and livable interiors. "My design philosophy emphasises a refined use of art, magnificent objects, patterns, strong silhouettes, textures and a sophisticated colour palette," adds Gupta.
Traditional motifs and neo-classical details that are lavishly ornate and iconic can be used in the living room to complete the festive look. "In order to add an Indian flavour to the decor, you don't necessarily have to pick up ethnic Indian items. The simplest, yet the most attractive way to add a touch of festivity to a room is by using silver idols and artifacts," suggests Nidhi Jain, owner, Nupurh J.
Bedroom can be simply Indian
For those looking to completely change the look of their bedroom, there are many colours to choose from. Use bright, vibrant colours like saffron, rani pink and vermilion accented with silver and gold. Both metals are auspicious and are perfect additions to your home. From curtains to bedspreads and cushions, these metals also provide that extra bling when it comes to furnishing. Says Ramachandra Shastry, Director, Rumors Furnishing, "This is the perfect time to change the look and feel of your personal space. Embellish your room with silver and gold to create a classic and sophisticated look. The simplest ways to let your home echo the spirit of the season is by using bright furnishings. One can either opt for earthy tones with traditionally Indian motifs on them, or bright colours to perk up the mood and create the right ambience for the festive season. Bold colours and prints on cushion covers in tones of red, yellow and orange also resonate the season of celebrations."
A cosy bed looks incomplete without soft snug linen and accessories to cuddle with. Talk of furnishing trends for bedroom, and one can see various interpretations of Indian culture through art design in home décor products. "Indians are culturally driven; hence, Indian-inspired home decor products always find a place in our homes. This festive season, the design patterns will be inspired from various parts of the country, which will be seen in the fabrics," says Amrit Borkakoty, Proprietor, Serenity Blissful Living, adding that the simple looking walls can be made to look attractive with the fabric wall art panels.
Create classic and chic corners
A s the season transcends from the monsoon greys to the festive glow, pop bright hues in furniture and soft accents will be the perfect mood energizers. From orange sunsets and Mediterranean blues to the verdant palms and striking pink flamingos, each shade conveys an emotion as rich as the decor it is set in. "As far as the interiors trend for the festive season is concerned, bold will be considered beautiful, with neon hues acting as flawlessly refreshing complement to the classic tone. Embracing simple hinted details to strikingly wild designs, Retro sees a comeback with a fashionable affirmation. From making a bold statement in the conspicuous monochrome to inducing subtle glamour in a space, the sophisticated and sublime Chevron, paired with visually striking neon hues, transcend the echoes of retro into uber chic festive decor," affirms ace interior designer Raseel Gujral, Owner, Casa POP.
Whether it's a muted colour palette with shocks of neon, or an impeccable mix of the vibrant hues, neon can infuse life to any corner. Bringing a fresh vibe into the modern interiors, tastefully incorporated neons will add a unique character and festive energy to any given space.
Source : content.magicbricks.com
Contact
501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail : mchithane@gmail.com
There are many areas in the MMR and its periphery, which can be looked at as promising realty destinations. And the ongoing festive season could be the right time to make your investment.
Mumbai's peripheral realty locations have always performed well, even at the time of the slowdown in the property market. During this festive season, peripheral locations are displaying immense promise, say experts.
Shailesh Puranik, MD, Puranik Builders Pvt. Ltd says, "Mumbai's peripheral locations have proven very attractive in the recent past as far as housing sales are concerned. Infrastructure development has played a major role in bringing these peripheral areas into focus. Mumbai has only limited land available for development unlike some other major cities of the country."
Hence, real estate prices have skyrocketed in the recent years. Prices have soared so high that homebuyers in the middle and upper middleclass segments can't afford them. Affordable and quality lifestyle projects are currently only available at locations such as Thane, Virar, Kalyan-Dombivili, Badlapur and other such places. The development of infrastructure such as the Santacruz Chembur link project has reduced the travel time between Thane Mumbai to 25 minutes from the earlier 40-45 minutes," he adds.
Home-buyers find properties in the peripheral regions to be affordable; in addition, these areas also provide advantages such as a more peaceful environment as compared to Mumbai, less congestion and a great ambience.
Hence, a large number of home-buyers are flocking to these regions. To cater to this demand, property developers are coming up with innovative offerings and discounts to tap home-buyers during the festival period such as the upcoming Diwali.
Experts revealed that for the peripheral locations, builders have come with various strategies to attract prospective buyers. These strategies include attractive offers. People are already in a mood to buy property and such offerings make even peripheral properties an attractive option.
The checklist
Mainly people are attracted to peripheral projects because of their low costs but it is absolutely necessary to exercise caution and be thoroughly prepared before buying properties in such areas. Factors like land ownership, blueprint of the project and delivery timelines of the project need to be evaluated.
Primarily, the peripheral areas offer buyers affordability, coupled with more open spaces and a luxurious lifestyle. Properties located in these areas are insulated, even during the slowdown. Before investing in a property, one needs to check the amenities provided, connectivity and social infrastructure development in and around the area. Price, location and good connectivity (to schools, colleges, hospitals, restaurants and shopping malls) are key parameters home-buyers generally look at before purchasing their house. Before making that final decision, home-buyers do seek projects that have a good brand name attached along with an address that they can proudly flaunt," recommends Samujjwal Ghosh, senior vice-president marketing, Lodha Group.
"Presently, property prices are stable, thus making it attractive for home-buyers. Home loans have become cheaper in the last two weeks following the Reserve Bank of India (RBI) slashing its repo rate by 0.50 percent. This will also be of benefit to home-buyers, who wish to purchase a property this festival season, suggest realty experts. With festivals round the corner, market sentiments regarding home-purchase have become stronger and buyers are looking to book flats," adds Jain.
Peripheral destinations, under focus
"Areas like Kalwa, Kalyan, Karjat, Ambernath and Badlapur are in the forefront of development. Even Navi Mumbai is a hot destination for realty properties where Ghodbunder Road leads the pack. Properties in Ulwe are also in demand among buyers seeking abodes in peripheral destinations. With rap id improvement in transportation and connectivity, distant properties are considered as an attractive buy; also, more and more options are being provided by the developers," informs Dharmesh Jain, president, MCHI CREDAI.
According to property experts, Thane and Ghodbunder Road have also emerged as favourite peripheral destinations for home buyers. Thane is the fastest-growing market in the entire Mumbai Metropolitan Region (MMR) and possesses an excellent infra structure besides being cosmopolitan in nature. Thane has registered a robust infra structural growth in recent years with the state government giving a special thrust to development in this region. This has enabled the location to emerge as an ideal residential destination in recent times.
Source : content.magicbricks.com
Contact
501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail : mchithane@gmail.com
If you plan to invest in Mumbai or its suburbs with the intention of earning high rental returns, then we are here to guide you. We have explored localities in the city and in its suburban areas and have shortlisted few areas that have the potential to earn profitable earnings. Here’s where you have to look to earn:
Mumbai's Sewri and Wadala can be your pick if earning rental income is on your mind. Here the rental yield ranges between 1.83.31 per cent. Industry experts suggest that it is because of growing connectivity towards Chembur from Wadala through Monorail, which is working in favour of the location. “The travel time between Bandra-Kurla Complex (BKC) and Chembur from Wadala is now reduced, which is attracting tenants to this location,” says Ravish Sharma, owner, Mumbai Realty Solutions, a property consultancy in the city.
The Eastern Freeway is another transit development that has added advantage to the location, as it connects the locality with Ghatkopar-Mankhurd Link Road, linking it to Navi Mumbai.
In fact, the Mumbai Metropolitan Region Development Authority (MMRDA) is planning to make Wadala an international business centre as it boasts of swift connectivity to the existing Central Business District of BKC and Navi Mumbai. However, the Monorail Phase-II, which will connect it with the south city has been delayed, adding speculation to the commercial and residential real estate here.
As per the data with Magicbricks, Wadala has properties priced in the budget range of Rs1-Rs2 crore. The rental value of the same apartment ranges between Rs30,000-Rs50,000 per month.
For Sewri, availability of fresh supply has brought opportunities for landlords to earn high rents. “Majority of the properties in Sewri are under re-development. Those projects, which have been completed, demand rentals upto Rs75,000 for a 1BHK flat,” says Ali Jawed, a local broker active in the area.
However, the traffic congestion between Worli and Sewri is a major concern for the residents, which is expected to ease once the Worli-Sewri Elevated Road gets completed. As per the data with Magicbricks, a 2BHK apartment in Sewri is available in a price range of Rs2Rs5 crore, which carries a monthly rental value of Rs55,000 to Rs1.5 lakh, depending on the amenities offered.
Several new projects are slated to come up in Sewri, creating new stock in the real estate here. Sewri also witnesses spillover demand from South Mumbai localities such as Worli and Parel. Most home seekers here are employed in the banking sector and belong to the upper-middle class segment.
Navi Mumbai: Nerul is one of the planned townships developed by City and Industrial Development Corporation (CIDCO), which is also evident from locality’s framework. Traffic lights on road junctions, LED displays to avoid traffic snags and stringent traffic monitoring are easily found in the area. Like other areas of Mumbai metropolitan region, water supply is constant more or less throughout the year.
For afterwork life, avenues for recreation, food joints, libraries, open parks are available in plenty. As per Magicbricks data, over 500 properties are available on sale while 35 new projects currently active here. Expected rental income ranges from Rs1-4 lakh for a 3/4BHK flat. Majority of home seekers are nuclear families and single professionals.
Ghanosli is another area in the list, segmented into two regions — Ghansoli village, which has a rural setup, and the Ghansoli sectors, where private builders are developing apartment projects. The area has further scope of development as some of the sectors are still not developed and lack the basic infrastructure. However, because of the planned initiatives by CIDCO and the Navi Mumbai Municipal Corporation (NMMC), investment is still flowing in. Over 600 options are available while the expected rental income is Rs50,000-Rs60,000 for a 3BHK flat. Most residents here are local businessman, traders and locally employed professionals.
Airoli has seen tremendous development in terms of residential and commercial in recent times. With 28 sectors and two residential areas, the area has seen demand from well-to-do socialites of Mumbai and Navi Mumbai. The area has upmarket infrastructure, connectivity to the Eastern Express Highway and the presence of some well-known educational institutions in the locality, which makes it one of the most desired places in Navi Mumbai.
Thane: Majiwada is located off Thane-Ghodbunder Road where the residential real estate market is riding high on connectivity. Experts say that the area is expected to drive significant residential demand in the coming years. Apart from enhanced connectivity, social infrastructure and comparatively lower prices has rendered Majiwada a prospective residential option for home seekers.
Another reason that makes this location popular is the availability of social amenities. The locality is popular for malls such Viva City Mall and R Mall, that attract people from various neighbouring localities. Moreover, the locality has several educational institutes, hospitals and neighbourhood markets. As per Magicbricks data, the expected rental income is up to Rs2 lakh for a 3BHK apartment, while for a 2BHK apartment, it can range from Rs50,000-Rs80,000 per month, depending upon the amenities and location of the property.
Usually, these properties are fully furnished. Haware Citi is another locality along Ghodbunder Road where rental income can range up to Rs1.5 lakh for a new property of a plush 3BHK property. With rising demand for rental accommodation, the value is expected to go up further if cost of buying further increases. However, with lending rates coming down, the future seems hard to predict.
Source : content.magicbricks.com
Contact
501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail : mchithane@gmail.com
