Monday 24 October 2016

Mumbai Metro Network on an Expression Spree


Maharashtra authorities are intent on expanding the Mass Rapid Transit System (MRTS) network across Mumbai, Thane as well as Kalyan. Acting towards that goal, Mumbai Metropolitan Region Development Authority (MMRDA) has approved the Thane-Bhiwandi-Kalyan Metro line 5 and Lokhandwala-Jogeshwari-Vikhroli-Kanjurmarg Metro line 6.

The Mumbai Metro line 5 linking Thane, Bhiwandi, and Kalyan will be 24 km long with 17 stations while the Metro line 6, the Lokhandwala-jogeshwari-Vikhroli-Kanjurmarg corridor, will be 14.5 km long with 13 stations. Metro line 6 is an important East-West corridor which will decongest SV road, Link road, and JVLR. Both lines 5 and 6 will aid in taking the burden off the suburban railway networks.

Mumbai Metro Netwok

These projects will need the State Cabinets approval before tenders for the same can be invited. Chief Minister Devendra Fadnavis announced that with the approval of these two new Mumbai Metro corridors, the Maharashtra government has cleared about 170 km of Metro network in Mumbai in two years. He asserted that all the projects will commence by 2018 and are expected to be completed within four years of launch.

Fadnavis further shared that the Detailed Project Report (DPR) for connecting Dahisar with Mira road via a Metro line will soon be prepared. The Mira road-Virar stretch has witnessed immense growth in population due to affordably priced housing options. However, this has caused overcrowding in trains that ply this area which hikes the occurrence of accidents.




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501, 5th Floor, Plot No - A-123/4,
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Saturday 22 October 2016

Maharashtra Housing Policy set to revive cluster development


The unveiling of the new Maharashtra housing policy is being touted as a major factor for boosting realty development in Mumbai suburbs. It is expected that the 'Housing for All' initiative will be closer to realization, with a major focus on cluster redevelopment. The article delves deeper to analyse how it will ease the infrastructure pressure on the city.

Mumbai, the financial capital of India, has been constantly facing an acute shortage of land to provide affordable housing to the city dwellers. Further, the city and its suburbs boast of the maximum number of old and dilapidated structures which require utmost attention. In this regard, Brihan Mumbai Municipal Corporation (BMC) on September 2, announced the Maharashtra government's new housing policy which emphasises on redevelopment and cluster development (redeveloping entire locality instead of single buildings), overhauling Dharavi slum, transit camps, old MHADA structures among others.

This decision has evoked mix reactions from the real estate industry with experts feeling that this will result in a complete makeover of the suburbs.

Rajesh Krishnan, MD & CEO Brick Eagle Capital Advisory, avers, "Maharashtra government has taken its first step in recognising the need for 'affordable housing for all' in a metro city such as Mumbai. The government's announcement on cluster development is a step towards facilitating mass housing for the middle and low-income population at affordable pricing."

Maharashtra Housing Policy

Inclusion in The Policy

Inclusions in the policy The new housing policy proposed redevelopment of buildings on 7,000 lots in 104 layouts of the state-run Maharashtra Housing & Area Development Authority (MHADA) in Greater Mumbai. Floor Space Index (FSI) of four will be given for MHADA layouts of which a developer will get an FSI of three (earlier it was two) for redevelopment of a plot up to 2,000 sq mtr under modified DCR 33 (7) (a) scheme. In addition, developers also have the option to buy additional FSI of one under 33 (5) scheme, however, they will be required to build additional housing stock for MHADA. The state government is expecting that around 30,000 homes will on the MHADA lots in Greater Mumbai.

The CM also announced the extension of the cluster redevelopment scheme under DCR 33 (9) to the suburbs. Under the new scheme, the suburbs will get a chance of better development and amenities. Non-buildable plots can be developed resulting in more open spaces. Redevelopment of old or dilapidated buildings in the suburbs will be carried out under a cluster scheme, which is currently applicable only in Mumbai. At least 10,000 old or dilapidated buildings from the suburbs are expected to get a makeover. "Cluster development would help in easing the pressure on the island city's infrastructure as in the future, the business and corporate centres could also move to suburbs," Krishnan adds.

Meanwhile, the huge talking point in the policy is the redevelopment of Dharavi, Asia's biggest slum. The redevelopment project has repeatedly failed to take-off in the last few years finding no takers. As per the policy, about 85,000 slum dwellers residing near the Mumbai airport will be rehabilitated within three km of the current location.

What was missing?

The state government was planning to go ahead with the policy to allow construction on salt pans and no-development zone. Some of the key proposals included part-utilisation of salt pan lands around 650 acres between Ghatkopar and Mumbai in North East Mumbai for constructing 1.5 lakh houses. However, it was missing in the new policy. "There is still no clarity on availability of salt pans for constructions. If this land is reclaimed, there will be plenty of land to start affordable mass housing projects," Krishnan added. However, it's a fine balance that the government will have to strike since it has to take into consideration environment implications.

Overall, the policy aims to make Mumbai slum-free. While the government is laying emphasis on providing affordable housing, the focus should also be on other key factors such as access to mass transportation and connectivity to locations offering employment which is of equal importance.




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Contact Us :
501, 5th Floor, Plot No - A-123/4,
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Source: 99acres.com

Tuesday 18 October 2016

What have our housing policies achieved?


In the past few years, there have been many announcements about an imminent housing bonanza for Mumbaikars. But the city has got little apart from grandiose assertions about an FSI boon, cluster revamp and affordable housing. It is time the state progressed from simply 'unveiling' policies to implementing them. TOI looks at various housing policies and what they have achieved

Slum Rehabilitation Scheme

In 1995, the Shiv Sena-BJP government promised free housing (225 sq ft tenement) for all slum dwellers. In five years, 40 lakh slum-dwellers were to be refocused. Till date, around 1.5 lakh tenements have been built. The scheme was a bonanza for developers with 40-100% profit margins. Many schemes are stuck as those living on the first floor don't get free housing. Around 1,200 schemes are still to be cleared. The SRA is conducting a bio-metric survey of residents and commercial units in 3,293 slum clusters.

Dharavi Redevelopment

The plan was first mooted in 2003. The project was cancelled in 2011 due to faulty bids. Dharavi was divided into five sectors and Mhada was appointed to redevelop one sector. It constructed only one building in five years. This year, the government again tried to interest private developers. Despite extending the time for submitting bids, it did not receive a single bid. It now plans to further reduce the size of clusters, form a panel of builders and let residents choose who redevelops their cluster.

Redevelopment of Mhada layouts

Last year the Maharashtra Housing Area Development Authority sought a restoration of 4 FSI for redevelopment of Mhada layouts. In 2013, the state government reduced FSI to 3 after realizing that in effect FSI went up to 5.6.Mhada vice-president Sambhaji ZendePatil said that prior to 2010, the redevelopment policy got a huge response. Mhada earned Rs 2,518 crore and about 1,100 tenements were built. He said the government's decision to stop the policy resulted in 250 proposals being stuck. He has proposed that if FSI cannot be used on the same plot, one should be allowed to use it on other buildings in the same ward. For plots less than 2,000 sqm, the society should be able to pay Mhada. For bigger plots, the option will be to give housing stock to Mhada. FSI has been restored to 4. It now remains to be seen if construction will resume.

1bhk 2bhk flats in thane
Cluster Redevelopment Scheme

It is the ideal urban renewal scheme but lack of political will has prevented it from taking off. It was introduced in 2009, revised in 2014 and finally given the go-ahead in January last year. Only one scheme at Currey road rehabilitating tenants has been completed. The sale component is still to be finished. The Saifee Burhani Upliftment Trust has begun redeveloping Bhendi Bazaar. The Prithviraj Chavan government announced the extension of the scheme to the suburbs. But a PIL challenging the grant of more than 4 FSI without an impact assessment report for Thane shelved the project. Last year, Fadnavis revived it and said the BMC would do an impact assessment within two months. It is yet to be done.

Redevelopment of old buildings O f the 19,642 old and dilapidated buildings in the island city, only 3,104 have been redeveloped to date. The policy came into force in 1991.It has resulted in skewed development, putting strain on existing infrastructure as the policy does not allow for the creation of any civic infrastructure. The scheme which was earlier only for cessed buildings a few years ago was extended to non-cessed buildings in the island city.

BDD chawl redevelopment

There are four clusters of BDD chawls at Worli, Naigaum, N M Joshi Marg and Sewri spread over 93 acres. The redevelopment of the chawls was first mooted by the residents in 1992 and the plan accepted by successive governments. A cabinet decision on redeveloping the chawls was passed in 1999.These were recently scrapped and a new proposal formulated with Mhada as the nodal agency. Early this week the government finalised a new Development Control Regulation 33(9)B for the redevelopment of the 207 chawls. The residents want to do it themselves and are opposed to Mhada playing any role.

Housing for mill workers

After the redevelopment of mill lands was given approval the government announced that it would provide housing for mill workers at construction cost."This was in 2006 and 1.48 lakh workers were to benefit. To date only 10,000 houses have been allotted on a lottery basis. Fadnavis in May this year said a lottery will be held for another 2,624 flats in August.These were to be in the Mumbai Metropolitan Region. However, so far there is no word on it," said Datta Iswalkar of the Girni Kamgaar Sangharsh Samiti.Iswalkar said the housing policy does not provide any details on how and where the remaining flats will be made available. "As the years go by the construction cost is also going up. From Rs 7.5 lakh per flat it is now Rs 9.5 lakh. This government is not serious about resolving the issue," he said.

Redevelopment in CRZ areas

Introduced in 2011 chiefly for slum redevelopment, the policy requires that the schemes should be undertaken directly or through joint ventures or through public-private partnerships or other similar models ensuring that the stake of the State Government or its parastatal entities shall not be less than 51%. It has found no takers.



To Buy Property in Thane or Know More about Builders and Developers Contact MCHI Thane at 022 2580 6868

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Monday 17 October 2016

How a retired clerk bought a 3BHK flat


Every house has a story to tell. Every buyer is an integral part of that story. Vinod Gupta recently retired from one of the biggest airlines company of India after 35 years of stellar service. On retiring, he received Rs 8 lakh as a part of his gratuity and provident fund. Though a native of Delhi, he used the money to purchase a house outside the city.

“I lived in an ancestral property in Old Delhi. I have five brothers who live in other cities and rarely used to visit me. I naturally didn’t have a sole right on the property. Being the youngest, I decided to divide the property and use my share of money to invest elsewhere. I was also tired of living in a congested city in a locality which has more commercial feel rather than residential one. Most of our neighbours have moved out of the locality to the city’s NCR nodes. Better lifestyle was the prime reason behind the move. I remained here, as I couldn’t afford one.”

A few years ago, Gupta married off his daughter. The lump sum money received on retiring and the money which he along with his brothers received by selling the ancestral home was used to invest elsewhere.

The ancestral property was sold off for Rs 4 crore. Out of which he got his 50 per cent share as he was the one paying property taxes and justified his part to be a major one as he also got the property vacated from tenants through legal process, which cost him over 6 lakh including lawyers’ fees, etc.

3BHK Spacious Apartments, Thane

The major task was to search for a new home and in a city where his medical and spiritual needs were met. He wanted to stay close to his daughter settled in Mumbai and in a locality where he could contribute in community building activities.

Other than this, he looked for a project which had a gated community along with recreational area. Since the couple was aging, a property on ground floor was their priority. The ground floor in their chosen society gave them a small kitchen garden which was a bonus as the couple is interested in gardening.

When it comes to neighbourhood, availability of restaurants and proximity to shopping mall was also on his list. “Today we are fit and able to travel to other places but as the years go by we will need to have everyday amenities close by. Also, I have always been a movie buff but never got the chance to enjoy it. Now when I am retired, I would like to indulge.” says Gupta.

Retirement Homes

“I was confused about the entire property search process. I didn’t trust brokers and wasn’t tech savvy. My daughter suggested me online research. She showed me Magicbricks’ advice section. ‘Find what your money can buy’ section on advice.magicbricks.com was really helpful. I actually almost shortlisted my property through Magicbricks’ only,” shares Gupta.

Gupta chose Nashik as it was close to Pune, Mumbai and Shirdi, one of the famous religious towns of India. He finally bought a ready-to-move-in 3BHK flat for Rs 50 lakh, excluding stamp duty, registry charges, PLC and other extra charges which isn’t included in base price. This made him save over a crore rupees. Nashik is a small city where monthly expenditure is lesser than Delhi and where even commuting was expensive. This way I bought #MyFirstHome at the age of 70.

“Since relocation management would prove tough from Delhi to Nashik, I chose to buy a fully furnished flat and sell off the old furniture to generate extra cash. The amount collected from selling off old furniture nearly covered the extra expenditure of a furnished flat.” says Gupta.

This is one of the million stories related to property purchase floating in the real estate market. If you have bought a house and have a story to share, then do tell. We are listening!




To Buy Property in Thane or Know More about Builders and Developers Contact MCHI Thane at 022 2580 6868


Contact Us :
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
Telephone : (+91) 22 2580 6868
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Friday 7 October 2016

Offers galore !


Make the most of the festive fervour and realise your realty dreams...

Dussehra is one such auspicious time when Mumbaikars do not want to miss the opportunity to invest, buy new assets or start new initiatives. It is an excellent time to book your property, negotiate with the developers and grab the discounts with both your hands. "As per historic data of the real estate market in Mumbai, it has always performed better in the festive season when compared to any other time of the year. Dussehra is one of the biggest festivals, not only in Mumbai but also all over India. Also, Dussehra marks the beginning of the festive season that lasts up to Diwali. A lot of people wait for a festive season like this one, for investments in property or gold. It's widely considered that the investment done on an auspicious day like Dussehra or any such festival always becomes a fruitful investment. For the first-time buyer, investment in a property is a very important decision of their life and they simply don't like to take any risk with regards to it. Even after searching for the right property, they wait for the right day and time for the booking," says Ravi Gurav, member, MCHI CREDAIand vice-president, marketing, Dheeraj Realty.

Dussehra heralds the start of the festive season and is considered as an auspicious period to move into a new home, so various offers are given to home-buyers during this period. Furthermore, it could also mark the recovery in the market sentiment, believe realty experts and analysts.

festive fervour

Factors that support the first-time home-buyers
Amit Goenka, MD, CEO, Nisus Finance points out, "Apart from tax benefits, there are a number of other factors that support the first-time home-buyers: A large availability of ready or nearly ready late stage projects where the completion date occurs within a year or two; A decrease in the overall cost of purchase through smaller-ticket homes, efficient home designs for maximum usable area within smaller sizes, discounts and schemes including assured rentals in case of a delay; Lowered cost of home finance of below 9.5 percent p.a, with the availability of subvention schemes in most projects; The proactive attempt by developers to provide information and assurance to home buyers."

Offers for home-buyers during this festive period :
The festive season is the only time where a home buyer can get more discount and offers. While during the festive season, the developers scramble to outwit each other in winning the home buyer's attention and eventually, investment, there are in fact, a lot of genuine promotional schemes that one can enjoy and indulge in.
The festival season has a lot of good offers in the market such as 10:90, 20:80 scheme, or one where the buyer doesn't need to commit to loan approvals at the beginning itself. There are others where the buyer has to pay only 10 percent at the booking stage and balance 90 percent at the time of possession, irrespective of taking a loan for the balance payment. Some developers are offering free home appliances and white goods to lure the home-buyers as well.

Important tips for the first-time home-buyers :
Ashish Raheja, managing director, Raheja Universal points out, "Before investing in a home, the buyer should not be taken in by the other frills and rather do a complete due-diligence. It is important to know about the social and civic infrastructure in and around the project and future developments. This helps to know the quality of life you can expect and the appreciation value of your home, going forward. The home-buyer should approach a bank for a home loan as well. This is important as it assures the home-buyer that it is safe to invest in this project." Experts suggest that typically, most schemes and offers tend to reduce the overall cost or add a benefit of 5-10 percent of the standard purchase price for first-time buyers during such festivals. In case of group buying or successful referrals, such discounts and benefits can be larger as well.




To Buy Property in Thane or Know More about Builders and Developers Contact MCHI Thane at 022 2580 6868

Contact Us :
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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Telephone : (+91) 22 2580 6868
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A new approach?


With Dussehra kick-starting the festive season, developers are going that extra mile and thinking out-of-the-box while marketing their projects.

On the eve of Dussehra this year, the market is getting ready for various out-of-the-box strategies to get noticed. There is a paradigm shift in the marketing strategies and the project offerings across the budget segment of housing.

Lining up with freebies such as home furnishings and gold coins, offering cash discounts or sending on a vacation, will no longer work.

Hence, on the eve of Dussehra and the long line of festivals ahead, most of the real estate companies are evaluating their marketing formats to touch base with the end-users and make the most of the festive spirit. The focus of the festive season this year, has suddenly turned on to inventory rather than new launches.

Buyers in the market who are mostly end-users are in no mood to go for the pre-launches or new launches, even if the offer promises discounts, add-ons or a foreign trip in exchange.
Affordable Housing
Advantage buyers:
The home-buyers in Mumbai's market, are today negotiating for a ready-to-move property as it is easier to evaluate the probability of appreciation, the reasonability of the imposed rates by the builder and the exact specifications being met or not. With the festive season ahead when most of the bookings happen, they are betting their last penny on the 20:80 scheme to beat the slowdown and invoke confidence in the psyche of the buyers. Does it mean that the tried-and tested marketing formats over the years have failed? Shajai Jacob, head marketing, Jones Lang LaSalle India, says the type of marketing strategies that Indian developers employ to sell their products in a tough market, may often seem strange to property marketers in other countries. Nevertheless, these marketing strategies are based on a deep understanding of their target clientele, which is as variegated as the Indian real estate market itself."In India, the inspirational quotient cannot be under-estimated and can in fact, often be capitalised upon. Certain add-on offerings or freebies often appear to have no logical connection to the actual consideration property buyers would have. However, the builders in fact, address well-researched `points of attraction' within their targeted customer base," says Jacob.

Out of the box ideas:
Some developers have overtly displayed their marketing strategy much in advance, while others are doing it tactfully with the effective use of the right sales channel. Yet the fact remains that Mumbai's realty has learnt to experiment with the tried-and-tested marketing formats and sales innovations. For first movers, the strategy has paid well in advance and the sales graph is just indicative of the thought process that has been put into the same.

Diipesh Bhagtani, executive director, Jaycee Homes says the selling strategy is different from developer to developer and the developers with inventories are offering attractive unique selling propositions to the buyers in their own way. Some are offering white goods and furniture along with modular kitchens; others are offering free international holidays. These incentives are based purely on the policy of their individual business and cannot be generalised.

"Yes, the developers are optimistic of the property market and feel that the market will show vibrancy during the festival season. This is the right time to buy a property as the rates are quite stable now and are in fact expected to go up after the festival season. Also, there are a lot of attractive offers by the developers during the festival season as well," says Bhagtani.

Hiral Sheth, director, marketing with Sheth Creators agrees that there would be phenomenal bookings this Dussehra and the festive fervour this year, will be witness to a tremendous transformation as compared to last year. This festival period from Dussehra to Diwali is expected to garner sales and has definitely encouraged more people to come and invest into real estate. "The special schemes offered by developer would definitely assist the fence-sitters in taking a decision to invest in the sector. This season has witnessed a change in demand and is going to stay till December and we expect the sales will go up significantly during this period. The home-buyers have been watching the property market on the side-lines for long and have now understood the fundamentals of realty quite well. Hence, they feel that the time has come to invest as the market is evenly balanced for both the developers as well as the buyers now," says Hiral.




To Buy Property in Thane or Know More about Builders and Developers Contact MCHI Thane at 022 2580 6868

Contact Us :
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
Telephone : (+91) 22 2580 6868
                     (+91) 22 2580 6865
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Wednesday 7 September 2016

Hop, skip and jump to work




Housing in Mumbai does not only possess an asset value but also facilitates the dreams of thousands who come here seeking a job and a better livelihood. Residing in homes that are in close proximity to one's workplace results in a holistic life. The buyer today is looking for an experience and not just the final product.

"Factors such as an easy access to capital, higher disposable income and a buoyant economy, are further fuelling the aspirations of the Indian home buyer. Understanding this buyer psyche is a crucial factor in driving home the demand. Home-buyers are happy to invest in such comprehensive developments, when they have all possible amenities, an eco-friendly environment and an assurance of world-class construction, all at the same time. The demand for such projects in the right location, at the right price and most importantly, from a trusted developer, will continue to grow in the times to come. Such projects also lead to infrastructural developments, which then transcend into a city that is a cleaner and happier place to live in," says Reema Kundnani, VP, head, marketing, corporate communications and luxury residential sales, Oberoi Realty.

A modern day buyer won't mind paying more to look out for a property near his workplace as it will save him commuting time and allow more free time to pursue other social activities. "Also, most offices are now moving towards the suburbs to maintain the economies of scale. Such locations are targeted by the buyers as they give them a healthy appreciation on their investments due to their commercial importance, connectivity and social infrastructure. Areas such as Nariman Point, Worli, Lower Parel, Bandra, Andheri, Goregaon, Borivali, Dahisar, Mulund, Thane, Chembur, Wadala and Navi Mumbai, are targeted by the buyers as these locations give them a healthy appreciation on their investments due to their commercial importance, connectivity and social infrastructure," says Maulik Sheth, director, Sheth Corp.

Most buyers tend to invest into a project that comes closest to meeting their customised requirements at the lowest price possible. "While this may seem as the right approach, buyers need to adopt a long-term perspective to property-buying to accrue maximum benefits. Buyers must invest in a house that is in proximity to important commercial destinations in the city. One could maintain an active lifestyle while residing in these areas as they are close to restaurants, shopping areas, entertainment centres. CBDs or commercial business districts offer a widespread and an effective transport network, thus connecting one to work, school or business spots without any hassle. Hence, the demand for apartments close to the CBD continues to grow in popularity," says Prashant Mirkar, VP marketing and sales, House of Hiranandani.

The willingness of employees to invest heavily in the choicest locations is a function of their preferences and other financial commitments. "Typically, almost all low and mid-income earning families need to finance their home purchase through expensive loans. Hence, if their purchasing investing power is limited, they may chose to purchase a relatively cheaper home at a distant location and spend more time in commuting. It is largely the high-income earners who are able to spend more money on homes that are in close proximity to their workplaces and enjoy the luxury of less commute time to office," says Shveta Jain, managing director residential, Cushman & Wakefield.

The proximity to one's workplace is a prime factor in deciding the location of a home so that buyers could reduce their commute and spend more time with family and other pursuits, as property prices and unavailability of units often act as deterrents for home buyers.

Home-buyers opting for housing locations close to their workplaces would also help decongest the city and ease the pressure on the city's roads and public transport. "Either a well-developed public transportation network or a framework wherein homes are built close to CBDs will improve the city's liveability standards," adds Jain.



To Buy Property in Thane or Know More about Builders and Developers Contact MCHI Thane at 022 2580 6868

Contact Us :
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
Telephone : (+91) 22 2580 6868
                     (+91) 22 2580 6865
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