When should you exit the Mumbai market?

Are you an investor in the Mumbai market? If yes, are you wondering whether you should exit or hold your property a little more in this lull market? Read on.

Every real estate investor undergoes a period when nothing seems clear, despite the initial market research. You find yourself in a dilemma as to whether one should stay invested or exit the market. At a time when Indian real estate markets have been in the doldrums, investors have had a difficult time. Markets in Mumbai have had a similar situation with investors who were unclear whether to hold their properties or to exit.

Exiting the market to re-enter? Here are your options!

So, when is the right time to exit the Mumbai market? “To get a significant return on investments, it is essential to remain invested over a long-term. With the Indian economy now depicting visible signs of recovery and with pro-business environment being created, we believe that global companies are likely to expand in the financial capital of India, spurring employment and income growth. This will in turn push up the residential demand in the coming years. With improving demand, capital values will appreciate and investors may get a worthwhile return on investments,” explains Sanjay Dutt, executive director, Cushman and Wakefield.

Read entire article on http://mchithane.org/When-should-you-exit-the-Mumbai-market.html

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.

Contact us at -  (+91) 9833 4583 23 or Email us -  mchithane@gmail.com

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India  

Observe precautions before buying farm- lands in Maharashtra

Lately, a lot of announcements on the transformation of agricultural or non agricultural (NA) land into farm houses or weekend homes are doing the rounds. These proclamations are mostly directed to lure the NRI and expat community. Magicbricks comes forward to assist the targeted buyers to make good investments without being cheated of their hard earned money. Magicbricks spoke with several industry experts to better equip prospective investors into making a well thought decision.

Looking for properties in Mumbai? Here's your chance!

As per the Lands of Maharashtra Act, agricultural land is not meant for the development of weekend/farm houses. Transfer of agricultural land to a non agriculturist is barred under Section 63 of the Bombay Tenancy and Agricultural Lands Act, 1948. Also, Section 65 states that the land can be taken over by the Government for management if it remains uncultivable for any two consecutive years.

How have these developers been able to offer land?

“Land in villages along the National Highway 3 (NH3) (Old & New) in Bhiwandi Taluka have been used to develop gated communities. These are either converted lands or those that are co-owned by the original owner for a certain long period. Development of villas and weekend homes is rampant here,” says S Singh, of Shree Ganesh Real Estates, a local broker active in these deals.

However, several of these areas have witnessed disorganised development due to the mushrooming of independent developers resulting in uncoordinated planning.

Read entire article on http://mchithane.org/Observe-precautions-before-buying-farm-lands-in-Maharashtra.html

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.

Contact us at -  (+91) 9833 4583 23 or Email us -  mchithane@gmail.com

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

Gudi Padwa property offers out to attract buyers

Considering the low consumer sentiments in the real estate market in the recent past, builders from Mumbai, Maharashtra is now trying to woo buyers on the occasion of Gudi Padwa. The festival holds special significance as it marks the beginning of the Hindu New Year. People generally make new purchases on this day as it is considered to be auspicious. Capitalising on it, many developers have launched their new projects and are offering discounts and attractive gifts while booking a property.

Rustomjee, a developer in Mumbai, has launched a new tower in its township - Urbania in Thane claims to be the tallest residential tower in the suburb. To mark Gudi Padwa, the group is offering ‘No’ pre-EMIs-till-possession scheme. Under this scheme, one can book the property in the project at about Rs 9 lakh plus government taxes for a Rs 1 crore plus worth property and can pay the balance amount at the time of possession.

Another developer, Mahindra Lifespaces has also launched the second phase of Happinest - project at Boisar. To attract customers, they have launched a three-day event ‘Happinest Homefest in Broivali, where customer can book their property.

Another developer Olympeo Infrastructure Pvt Ltd based in Mumbai has announced that it will offer 10 gram gold coins on booking a flat at the Olympeo Riverside, an upcoming integrated township on the banks of Ulhas River, in the Neral-Karjat belt, an extended Mumbai suburb. To incentivise referrals, the developer is also offering silver coins on just referring a friend. Their offer is valid till April 05, 2015.

Read entire article on http://mchithane.org/Gudi-Padwa-property-offers-out-to-attract-buyers.html

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.

Contact us at -  (+91) 9833 4583 23 or Email us -  mchithane@gmail.com

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

South Mumbai realty may soon get a boost

The move for Mumbai’s development proposes to repeal a rule that led to a flurry of construction in the distant northern suburbs at the expense of the city’s upmarket south

The latest blueprint for the development of Mumbai proposes to repeal a 24-year-old rule that led to a flurry of construction in the distant northern suburbs at the expense of the city’s upmarket south and central parts, which stand to benefit if the suggested change is implemented.

Builders typically seek to maximise earnings by adding more built-up area on the same plot. In Mumbai, a builder who might need more than the permitted floor space index or FSI—a measure of the construction permitted in an available plot—can purchase additional development rights from someone who has such rights.

Anyone who surrenders a piece of land in Mumbai for public purposes, say slum rehabilitation, can offer to rehabilitate the slum dwellers at his own cost and get land development rights (called transferable development rights or TDRs) in return from the municipal corporation.

The TDR is essentially a certificate that confers the right to build up to a specified area. The TDR holder can either develop the land himself, or sell it to any developer who needs additional FSI. 

Read entire article on http://mchithane.org/South-Mumbai-realty-may-soon-get-a-boost.html

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.

Contact us at -  (+91) 9833 4583 23 or Email us -  mchithane@gmail.com

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India  

New property tax rules for mumbai gets BMC nod

The municipal corporation has revised the base for calculating property tax to carpet area from the current built-up space system

The Brihanmumbai Municipal Corporation (BMC) has approved the revision in the structure of property tax for Mumbai, the country's most expensive real estate market. The standing committee of the municipal corporation, in a special meeting held on Thursday, approved the revision in the base for calculation of property tax to carpet area from the current built-up space.
The move is expected to increase the property tax collection by 14.5% in 2015-16, against around 27% estimated as per old rules.

The revision will be applicable for the next five years with effect from April 1, 2015. The revision in property tax rules will help the civic authority collect revenue worth Rs 4,563 crore in 2015-16 (April-March).

With the old structure based on builtup area, BMC is estimated to collect a total of Rs 3,984 crore for the financial year 2014-15.
As per the old tax structure, BMC was estimated to collect revenue of Rs 5,077 crore in next financial year of 2015-16, an increase of Rs 1,093 crore, while the revised rule will fetch Rs 579 crore in property tax.

Read entire article on  http://mchithane.org/New-property-tax-rules-for-mumbai.html


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.

Contact us at -  (+91) 9833 4583 23 or Email us -  mchithane@gmail.com

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

Mumbai sees yet another year of tepid real estate leasing activity

Mumbai, India’s commercial capital, saw yet another year of tepid real estate leasing activity in 2014 as the overall leasing activity dropped to its lowest in five years, despite a demand revival in the last three months of the calendar year, according to a report by commercial real estate consulting firm Colliers International.

Absorption of commercial real estate in Mumbai fell to 3.12 million sq ft in 2014, down 44% from 2013.

The trends in leasing of commercial real estate in Mumbai was in contrast with those visible in the rest of the country. Office space leasing across India saw a year-on-year rise of 11% at 35 million sq ft, the Colliers report said. Leasing activity was dominated by Bengaluru with a 39% of the overall market, followed by Delhi and the National Capital Region (22%) and Pune (14%).

“The improved economic sentiment in India has led companies revisit their office space requirement and future expansion plans. Some of this was reflected in the total space absorbed in 2014. We anticipate more robust expansion plans in 2015,” says Surabhi Arora, associate director (research) at Colliers International.

Read entire article on http://mchithane.org/Mumbai-sees-yet-another-year-of-tepid-real-estate-leasing-activity.html

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.

Contact us at -  (+91) 9833 4583 23 or Email us -  mchithane@gmail.com

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India 

Auction properties up for grabs in Mumbai

Your hope to buy a property in Mumbai at a much lower rate than the market may be realised soon. Mumbai has about 12,000 flats up for sale by banks that are from EMI defaulters.

Areas these are located include places close to Andheri's Lokhandwala Complex; CHS Kajupada, Borivli East; areas near Gurudatta Colony, Kalyan (West) and suburbs such as Khargar, Navi Mumbai, Dombivili and Nerul and even prime areas in Bandra Palli Hill.

"These properties that are auctioned by the banks are about 30 per cent cheaper than the market value," says Sanjay Gawde, an investor and a regular at several such bank auctions announced in the city. 'With the markets set to look up this would be good time to target these auctions."

In Mumbai and its suburbs, according to Magicbricks data, an estimated 20,000 apartments and about 1000 homes are in the process of being notified, seized and auctioned off as home loan borrowers stop paying their monthly EMIs.

Read entire article on http://mchithane.org/Auction-properties-up-for-grabs-in-Mumbai.html

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.


Contact us at -  (+91) 9833 4583 23 or Email us -  mchithane@gmail.com

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

Mahindra Lifespaces to host ‘Happinest Homefest’

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the USD 16.5 billion Mahindra Group, announced the launch of the second phase of its affordable housing project – HAPPINEST - in Boisar, a suburb of Mumbai, on the occasion of Gudhi Padwa. 

The second phase of the Happinest project, with unit prices starting from Rs 11 lakhs onwards is targeted at the rising Indian middle class. This project is aligned with the Mahindra Group’s philosophy of enabling people to ‘Rise’ and driving positive change.

Sriram Mahadevan, Business Head, Happinest, said, “We have received an overwhelming response to our first phase, having sold over 300 flats since the launch in Diwali. Built on the three pillars of Trust, Better Living and Affordability, Happinest is focused on serving the large underserved home ownership market. The launch of the second phase signals our continued efforts to create thriving communities and enable a larger cross section of people to fulfil their dreams of owning a home in a safe, secure and healthy environment.”

Read entire article on  -  http://mchithane.org/Mahindra-Lifespaces-to-host-Happinest-Homefest.html

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.


Contact us at -  (+91) 9833 4583 23 or Email us -  mchithane@gmail.com

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India 

E-registration of flats launched in Virar

Six months after the Maharashtra government launched the E-registration system, a Bandra based real estate developer has become the first realty company to launch the unique system in Palghar district.

Ekta World has set up the system with latest technology to offer E-Registration facilities for their 2,917 customers in Ekta Parksville, a township project having a built up area of 22 million sq ft at Virar.

Under the new system, customers can register their property by simply visiting the developer's office in Bandra (east) at a time convenient to them. In lines with the process currently followed by the state government's stamp duty and registration department, all the relevant documents like agreement to sale will be scanned by the developer in his office.

Read entire article on  -  http://mchithane.org/E-registration-of-flats-launched-in-Virar.html



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.



Contact us at -  (+91) 9833 4583 23 or Email us -  mchithane@gmail.com

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

Navi Mumbai International Airport project back on track

According to CIDCO, the Navi Mumbai International Airport Project has four good bids now.
The Navi Mumbai International Airport has been conceptualised as the eighth largest in the world, spread over an area of 1160 hectares to handle 60 million passengers a year and at an estimated cost of Rs 14,500 crore. Mumbai's dreams of becoming the first city in the world to boast of two airports never took off as the city developer CIDCO was unable to acquire land from farmers. But this all is set to change, reports CNBC-TV18’s Alexander Mathew.

According to CIDCO, the Navi Mumbai International Airport Project has four good bids now.

Read entire article on  -  http://mchithane.org/Navi-Mumbai-International-Airport-project-back-on-track.html


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.

Contact us at -  (+91) 9833 4583 23 or Email us -  mchithane@gmail.com

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

Getting loan against property more cost-effective

Even if you are a meticulous saver, there may be times when your finances are strained and you need a little help to tide you over. Though borrowing from family or friends is a preferred option for many, if the amount you need is large, it may not be a good idea to stress their finances as well. A better option would be to leverage an asset you own—your house.

You can use your house as collateral to take a loan from a bank. The latter will exercise due diligence as far as the property is concerned, appraise its value, and offer you up to 70% of its value as loan. Since this is a secured loan (you are offering a collateral), you can get a higher amount than the one you will get for an unsecured loan like a personal loan. Of course, you will also have to pay the administrative and processing fee, which is usually 0.5-1.5% of the value of the loan. Typically, the tenure for such a loan is 1-9 years, but some banks may be willing to extend it to 15 years if the loan is large. The interest rate, which can be floating or fixed, varies from 12-16%, which makes them cheaper than personal loans.

"Taking a loan against your property is certainly cheaper than a personal loan, where the interest rate is usually between 14% and 22%. The only loan that is less expensive than the one against a property is a home loan," says Rajiv Raj, director of CreditVidya.

How to get a loan against your property

If the property you are taking a loan against has more than one owner, all of them will have to be joint applicants to avail of the loan. You can get a loan against any type of freehold property, from a house to a plot of land. It also doesn't matter whether you live in that house or have given it on rent. "The most important criterion is that the title of the property should be clear and there shouldn't be any encumbrances," says Pankaaj Maalde, head, financial planning at Apnapaisa.com.

Know More About Getting loan against property more cost-effective

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.

Real estate needs tax sops, low registration charges

REITs, affordable housing and single window clearance – these are some of the issues that the real estate sector participants want to be addressed in this year’s budget. In conversation with Magicbricks, Ramesh Kelkar, head-credit & risk (WL & SME), Capri Global Capital Ltd spells out his budget expectations. Capri Global Capital Limited (CGCL) is a Indian Non-Banking Finance Company (NBFC) registered with Reserve Bank of India (RBI) and listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE):

REITs and attractive tax norms:  Kelkar says that income from REIT units should be tax exempted. Denomination of unit and investment size needs to be reduced, to attract investments from small investors.

Tax Sops and reduction in registration charges: Affordable Housing needs special attention by extending tax sops both to buyers and developers. Registration charges to be reduced progressively on small houses. The Section 80C and Section 24 deductions should continue and multiple taxation and multiple clearances should be removed, or at least to be eased.

Single window clearance: Single window clearance are required to be introduced and an independent regulatory body to be established with wide powers.

Infrastructure status: Give infrastructure status to group housing and townships/mega housing projects to attract long term investments/finance to housing sector.

Foreign Direct Investments (FDI): Allow FDI in residential housing projects right at the stage of land acquisition. Many foreign funds are waiting in wings to invest in realty sector in India. Attractive tax regime and hassle free clearances will attract FDI and FIIs. This will infuse cheaper capital sector to make it more affordable.

Attractive taxation rates and administrative norms need to be introduced to attract FDI/FII funds for development of smart cities and mega affordable housing projects.

Kelkar opines that Union Government has already revealed its agenda on establishment of REITs, Affordable Housing, Smart Cities and Housing for all by 2022. Hence, this budget is expected to create conducive atmosphere for flow of investment, both domestic and foreign, in realty sector in India. The expected taxation sops and budgetary support will provide the much needed boost to realty sector.

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.

How tenants can avoid being taken for a ride

Amrit Keshav a tenant in a prominent housing complex in Ghatkopar raised this query in Open House, Magicbricks’ discussion forum:

“When I rented the house in mid-2014, I was told the maintenance cost to be paid would be Rs. 3500 per month. After a month, they told me to pay Rs. 1000 more as the `cost of maintenance had increased’. But two months after this raise some committee members came to my house and asked me to pay more as I was a non-member. Today they are asking for Rs. 6000 and I am being asked to vacate if I don’t agree”

Keshav’s is not an isolated incident.

"Tenants are often pressurised by the owner or the housing society or both as they are neither the legal owners and by virtue of this not a  member of the society either,” says Govind Sampart, a lawyer specialising real estate disputes.  “The problem is that tenants do not know their rights and are not aware of the nuances when drawing a lease agreement that can protect them.”

Few basic precautions that a tenant needs to take include:

Negotiating with the owner

“The basic power of a tenant actually depends on the rental agreement that is drawn,” says Sushant Kulkarni, himself a tenant and someone who learnt the hard way how to address the issues of the tenants.

There are two types of agreements that are drawn in Mumbai viz., the rental and leave & license agreement. Of these the latter gives more control to the owner and hence extensively used by them.

The former on the other hand comes under the purview of the Rent Act or the State Rent Control Act of Mumbai. Under this agreement a tenant cannot be asked to vacate the premises, except on the grounds for eviction stipulated by the stated rules in the act.

Know More About   How tenants can avoid being taken for a ride

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.

BMC for redefining high-rise from 70m to 120m in Mumbai

In a move that could change the city’s landscape drastically, the Brihanmumbai Municipal Corporation (BMC) has now proposed to cut the procedure involved in constructing high-rise buildings. It has proposed to do this by redefining a high-rise from the current 70m (around 23 storeys) to 120m (around 40 storeys).

Currently, any structure that exceeds 70m requires the special approval of the high-rise committee (HRC). This HRC is in-charge of checking the structural stability of proposed high-rises. The BMC’s move will ensure buildings between 70m and 120m don’t fall under the purview of the committee, thereby cutting down on the procedure to construct such buildings.

The civic body put forth the proposal in a presentation last week to the Union urban development ministry. While architects have welcomed such a move, its implications on the city’s infrastructure, along with increasing the densification of areas remain to be seen.

The move comes days after state authorities attempt to lift restrictions on the floor-space index (FSI) for construction in the city. Both these proposals will lead to a significant vertical growth spurt for the city in the next few years. It is also likely to be opposed by some planners and environmentalists, who point out the city does not have the kind of infrastructure and amenities to cope with such a spurt.

The civic body may also look at suspending HRC and instead, empanel licensing agencies to offer certification.

The HRC has its fair share of critics. Architects and builders have often blamed it for delays in deciding the fate of proposals.  
Welcoming the move, Shirish Sukhatme, chairman of the Practicing Engineers architects and town planners association (PEATA), said, “On an average, each proposal would take at least a year to be cleared by the HRC alone. They would often look at issues that were not under their purview.”

Additional municipal commissioner SVR Srinivas said such a move was long pending. “While it is still under consideration, most buildings today touch 70m. Hence, we thought that 120m will be a more realistic height limit to keep so that structural safety is taken care of and business is not harmed.”

This limit extension was also proposed by former civic chief Subodh Kumar in 2012. However, the state didn’t respond to the request. Civic sources said with the state’s recent focus on making it easier for businesses to grow, an approval for the proposal seemed likely.

Architect Nitin Killawala, however, said such a blanket extension was undesirable. “It is a myth propagated by the real estate industry that high-rises translate into affordable housing. They can be good in areas that have supporting infrastructure, but not everywhere across the city.”

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.

Andheri West to get hit with new residential supply

If you are considering buying a home in Mumbai but the thought of high price is scary, you might like to consider the new upcoming projects in the city.  According to PropIndex (Oct-Dec 2014), the India Apartment Index by Magicbricks, close to 25 per cent of the total supply in the city was concentrated in Andheri West in Western suburbs and many other areas. 

As per the data with Magicbricks.com, over 50 projects are slated to be under construction in the locality. All multi-storey apartments are on offer where a few are expected to be delivered by 2015, remaining by 2016 and maximum by 2018. The projects are available in varied budgets and formats.

Why is the area preferred?

According to Manish Chib, a local resident of the area, “Andheri West is a highly preferred locality in Mumbai for rent as well as investment. The locality is well-organised as compared to its eastern counterpart. Apart from homes, the area offers a good lifestyle and a peaceful environment”.

As Andheri East faces heavy traffic jams during peak hours and is surrounded by various slums, therefore, both end users and investors prefer Andheri West as it offers a calm lifestyle. 

What’s on offer?

The value of a 2BHK unit in the locality starts from Rs 25 lakh and goes over Rs 1 crore. A 3BHK apartment is available in a budget range of Rs 2-15 crore. Both furnished and unfurnished apartments equipped with modern amenities are available ensuring a luxury lifestyle for all. 

Connectivity

Andheri West is located at a distance of 6 km from the Western Express Highway ensuring connectivity across the city. The nearest railway station is Andheri Railway Station at a distance of 4 km and Mumbai International Airport at 7 km. The locality offers a well-fabricated social infrastructure with schools, hospitals, commercial complexes and banks. 

So, if you too, are looking to buying a property and wish to live in a locality offering a good lifestyle, developed infrastructure, good connectively and affordable capital values, Andheri West can be worth considering.

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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.