Disclaimer! Under Construction Projects - Powered by Mumbai Property Exchange Pvt Ltd - Maha RERA Registration Number - A51900000211
Home Buyers to get Interest in case of Delayed Possession
In a recent judgement pronounced by the NCDRC – The National Consumer Dispute Redressal Commission has allowed a Home Buyer Interest as compensation for the delayed period.
Any judgements favouring Home Buyers in a dis organized real estate market is good news. Typically, after paying the token amount the Home Buyers are dependent totally on the Developer to deliver and any time lines change for possession creates bad blood between the Buyer and the Developer.
Over the years, lots of regulations have changed in all respects be it legislative, technical or any other external factors, so developers are always fighting the change in the wind and hence sometimes the delays are inevitable.
Ajmera Realty to invest 900 cr in Wadala for their new project. Ajmera Realty has carved out a name for itself in the Mumbai Real Estate Market and has a very strong presence in Wadala where they have already developed and handed over Ajmera Iland – Ajmera Treon, Ion, and Zeon.
Ajmera Realty plans to further develop around 100-acre master layout which will offer 2 & 3 Bedroom apartments.
Wadala is a central location and within 10 min drive time to BKC, 20 Min to Colaba, 20 min in future to Ulwe in Navi Mumbai through the Trans Harbour Sea Link.
Oberoi Realty Ltd has been buying value properties over the years. Starting from Ciba land in Goregaon, Tata Steel land in Borivali etc all the land banks are hand picked with huge potential of wealth creation for the Company and the Home Buyers.
Oberoi Realty has entered Bhandup West market with a large 14371 sq.mtrs plot which was sold by the DRT - Debt Recovery Tribunal. This land was purchased at a price of Rs.115.54 Cr vs the ready reckoner value of Rs.119 Cr.
Oberoi Realty already has presence in Mulund West near Johnson and Johnson where they are developing Eternia and Enigma Towers.
This purchase is strategic to Oberoi who have been more dominant in Western Suburbs and Worli and this opens up another avenue for them in the Eastern Suburbs of Mumbai.
Going forward the Mulund Goregaon Link Road connectivity will play a big role in the prices of this project as all Oberoi Goregaon Projects are already in the range of 5 Cr plus.
Arihant Developers currently is in the process of acquiring new land parcels for a affordable housing projects in Mumbai and likely to double it portfolio to 20 million sq.ft in the upcoming 12-18 months, for affordable housing projects on an outright basics as well as joint ventures for middle income and higher income groups projects.
As per some news Arihant Developers have identified some land parcel in MMR (Mumbai Metropolitan Region) that are expected to provide them a growth push and internal supports for funds.
Mr.Boman Irani Chairman of Rustomjee Group and one of the most dynamic developers in the Country takes over as MCHI President from Mr.Deepak Gordia Chairman of Dosti Group.
Mr.Boman Irani has an eye on the Mumbai Property market and under his leadership we are anticipating a sea of change in Policies and many new initiatives for the betterment of the real estate industry in Mumbai.
Maharashtra Chamber of Housing Industry is one of the oldest Corporate Body for Developers in Maharashtra.
Maharashtra Government announces waiver of Property Taxes of not more than 500 sq.ft. The Shiv Sena and Congress Led government in Maharashtra has allowed complete waiver of property taxes of all residential apartments whose area does not exceed more than 500 sq.ft.
We are assuming that this 500 sq.ft will be carpet area as the current Government regulations stipulate most of the transactions on carpet area basis. Even if the same is on builtup area which will be mentioned in the agreement for sale, its still becomes a substantial saving for a Mumbai resident.
Property Taxes are typically payable every 6 months in each financial year. The Property Taxes in South Mumbai will be typically higher than an apartment in Borivali or Virar. So based on the location you are and the rateable value of the area, the property taxes will be calculated on those basis.
Birla Estates Worli has received RERA and Birla Estates has named the
project as Niyaara. The project is receiving fantastic response.
are likely to be 8 flats per floor in a large floor plate with around
12 elevators to service the residents. The 1st floor typically starts
from Level 6 and Level 5 and 6 are likely to have amenities for the
residents. The Birla Niyaara Phase 1 will have 75 floors and the upper
floors above 65 are likely to be Duplex and Pent Houses which are going
to have either North Views above Beaumonde in Prabhadevi looking into
the Dadar Side Sea Cove and the South West views will have superb Worli
Views passing through Lodha Park etc.
The launch is likely to open
in early December and the booking amounts for 2 BHK will be around 5
lakhs and 3 BHK will be around 10 Lakhs.
The Birla Estates Worli
New Project Niyaara is a good investment proposition for NRI and HNI's.
The 5 to 6 year payment plans enable you to calibrate your real estate
portfolio. For instance, sell an older property, purchase the New Birla
Estate over a period of time and consolidate your portfolio.
2026 - 2027 by which we are anticipating the Towers will be ready
although the RERA year will 2028, Niyara from Birla Estates will be the
latest project then.
From the price points we are anticipating
price bands from 4.75 Cr range for a 2 BHK and each year you can look at
investing around 20% odd as your outflow.
Considering that this
will be the Top End project in 2028 - This project will command the most
premium pricing and a decent price appreciation. Today all Marquee
buildings are in the range of 75000 to 100000 PSF in Worli - Prabhadevi
and at the time of Possession we do anticipate a good appreciation.
core reason that we are very sure about this project is because its a
project by the Birla Group and this will be sold off in no time and
there will no inventory left out in a short term.
For Booking and more information. Please connect with us.
Sandeep Sadh - 9820030685
Birla Estates New Launch of Worli Project Opposite Lodha Park & Kamla
About Birla Group
Birla Estates which is a Realty Arm of the AV Birla Group’s Century Textiles
will be launching premium flats of 2, 3 and 4 Bedroom Apartments at Worli
opposite Lodha Park and Kamla Mills in a 20 Acres land which is owned by the Birla
Group. The real estate arm of Century Textiles was launched in 2016 and since
then the Company has developed Birla Aurora a 22 Storey tall building at Worli,
Birla Centurion at Pandurang Budhkhar Marg, Worli, Birla Vanya at Kalyan.
Land Parcel at Worli – Birla Estate
The 20 Acre land parcel at prime Worli opposite Lodha Park is a clean
land parcel in which the Birla Estates Group plans to develop lifestyle
apartment which are likely to be ready by the year 2026/2027 approximately.
The proposed launch is likely to have 4 Towers to begin with and they
may launch Tower 1 or 2 based on the approvals by RERA etc. The Birla Estate
New Towers will have 2, 3 and 4 BHK lifestyle flats with state of the art
interiors and latest construction technology. The Birla Estates as a Company
wants to ensure the best quality and design in this project.
The payment plan for this project is likely to be for 5 years since the
proposed towers are likely to be between 70 and 75 floors .
The project will have modern amenities which are very well thought of by
the management which cater to the needs of the residents who are effluent and desire a certain class and quality.
Why Invest or Buy in Birla Estates Worli Century Mills Under Construction
This is one of the only projects which is offered by a Top Developer who
is cash rich and has the ability to complete the project in time. The sizes of
the apartments are likely to be starting from efficient 2 bedrooms (850-900)
and 3 bedrooms (1100 -1200) sq.ft. There will be an option to join some apartments
and make larger flats if need be. Most of the other offerings in the neighborhood
are of larger configurations.
The views towards North is of Beaumonde Prabhadevi, South – Lodha Park
and Kamla Mills. East is Rustomjee Crown and West is the Raheja Artesia etc.
and the Oberoi 360 West (Towards North West). South West views will give you
long views towards the coastal road at Haji Ali.
Very good and central location and with most of the premium buildings around
the under construction project has good long term capital appreciation considering
Worli is today the new city center.
If you are looking to Buy a Future Home in Worli – Long Term safe
investment then this is the right project for you.
Mumbai Property Exchange Pvt Ltd is a registered and preferred Channel
Partner with Birla Estates.
Please share with the following and we will reach out to discuss in detail
about the upcoming launch:
Bedrooms Interested in -
(Example – 2, 3 or 4)
Please feel free to whats app me if you need some additional Details
Since, this is a 5 year payment plan you can plan your real estate portfolio
accordingly by Selling any existing asset which is not giving you more than 2
to 3% rent yield etc. We help you Sell your current properties as well and plan your portfolio for best returns.
Look forward to hearing from you
Pooja Batra - 9819867813
A few days back way after mid night i was coming from South Mumbai and since the roads were empty i stepped on the pedal and i was in Worli from Chowpatty - Marine Drive in like 10 min and then to Bandra West via Worli Sea Link in another 5 min so it took me around 15 - 20 min max to reach Bandra West. It got me thinking that once the Coastal Road opens up i be able to drive through sea link into Worli and then the connecting coastal road should take another 10 - 15 min to Chowpatty or Marine Drive and then to Nariman Point in another 5 min so from BKC to Nariman Point Max 30 Min - Bandra West to Cuffe Parade - Similar - 30 min +
This connection will have a huge real estate impact in real estate and with distances shrinking between Suburbs and South Mumbai we will see a deep calibration of real estate prices.
For Mumbai City a lot is happening as far as the infrastructure is concerned and by the Year 2025 we are looking at a Brand New City with lots of new infrastructure to start with Metros connecting the entire city till Thane, Eastern and Western Suburbs connecting Metros, East West Metro - Andheri West to Kanjur marg via Powai, Trans Harbour link from Sewri to Navi Mumbai side which will further ease commuting easier out of Mumbai.
CRZ rules have changed further to augment development of older buildings across the coast of Mumbai beginning from South Mumbai to Western Suburbs, which opens prime real estate. The next 5 years are extremely crucial for the real estate market in Mumbai. Developers are also working on cutting edge technology to fasten the speed of construction and Mumbai surely has seen a good speed of construction in the past 1 year and a launch of several projects across the city which have seen brisk sales. Oberoi Elysian A and B Wing at Goregaon East have seen some awesome sales and the impact is seen on the Oberoi Realty share price, Godrej, Lodha, Kalpataru and a lot of top developers have seen some good sales both in Under Construction and Ready Possession segments.
Call it Post Pandemic impact with an underline tone of Home Buyers waiting or slew of new launches by Top Developers, lower premiums on fungible by BMC etc. The fact remains that Mumbai Real Estate Market has seen a bounce back. The average home buyer is back with an appetite for self use apartments which will be ready in 2022 - 2025 across all segments in Mumbai from South Mumbai to Western Suburbs, Thane, Dombivali and Navi Mumbai.
What is driving this?
It is just not one factor for sure, but surely we have seen the performance on Sensex impacts the liquidity and profits are poured back in the real estate to create an asset for the family.
New Launches in Mumbai of Premium Developers
To give you an Example - Oberoi Realty launched in Goregaon East - Oberoi Elysian A wing and this new launch in Goregaon in 2021 was done after 2011 - Nearly 10 years back when Oberoi Esquire was launched. So this 10 years gap filled in the void and the project saw tremendous sales volume as a result Oberoi Realty stocks hit around 7 % high on 1st November 2021. Similarly, all other developers been launching projects across the city.
After staying at Home during lock down/s the one thing every one has consciousness about is either they want Quality Living or Space. If they can afford it or even take a partial home loan to bridge gap they will still want it as the interest rates are all time low.
A lot of money in real estate is coming from real estate itself, so home buyers are calibrating, they are also selling their existing properties and upgrading. Both resale market and primary markets have seen enough sales across Super Premium and Affordable and Luxury segments.
The property market in Mumbai is likely to stay buoyant for the next few quarters as there is no New Supply coming up surely in the next 2 years of good quality developers. Bandra, Khar and Santacruz are witnessing redevelopments and more than 50 societies have been signed up in the past quarter for redevelopment.
Mumbai also seen coming of Prestige, Purvankara and Kolte Patil developers to add to the list of Top Developers in Mumbai.
Leasing market is growing and options in complexes (Gated Communities) like Oberoi Esquire, Exquisite, Emerald Isle, Oberoi Prisma, Splendor, Lodha Park, Rustomjee Seasons are running out. Rent market in these complexes have shown a surge of around 10 - 20% in rent.
Nariman Point in Mumbai is located in South Mumbai and between 1980 - 2010 it was considered to be the best Central Business District with Fort, Ballard Estate, Colaba, Churchgate and Cuffe Parade in its closest vicinity. This zone is dotted with Government Offices, Banks, Hotels, Corporates and Industry HeadQuarters like Tata Sons head quarters is in Fort. Besides this this area has Investment Bankers, Stock Brokers and India's Top Lawyers.
Come 2010 - BKC, Lower Parel and Worli came in with swanky new buildings with large floor plates etc. Nariman Point had only a few buildings like Express Towers, Nirmal etc where one could get larger floor areas. Rest of the Nariman Point mostly had 500 - 5000 sq.ft as maximum areas.
Come 2021 Nariman Point is getting back into shape with better carpet area efficiency - around 20% max from Built Up, Lower society outgoings its making sense from a long term property investment. With upcoming Metro which will be located in the heart of Nariman Point, the connectivity angle to any part of Mumbai is resolved. Going forward you may see price appreciation in Nariman Point so if you are looking for property investment do consider the old world.
For investments in Nariman Point, Mumbai - Call - Sandeep Sadh - 9820030685
Kotak bank launched very low home loan rate Offer Valid till 8 November 2021 to encash on the festive season in India. The benchmarking for eligibility now is your CIBIL Score or your Credit Score, the better the Score the lower the interest rate. Its a good opportunity for Salaried employees who are currently residing on rent and they may want to consider this as the delta between lease rent and home loan is now 4%. So with incremental 4% odd interest can translate into an asset creation. Mumbai Corporate leasing, Premium Properties in Mumbai are in vogue today and one can surely look at understanding the differential value and opting for a home loan at these competitive rates.
Cibil Greater than 800
Salaried - 6.50%
Salaried - 6.60%
Salaried - 6.80%
Cibil below 700
Salaried - 7.10%
Piramal Realty has been one of the best brands in the Mumbai Property Market in recent years. Headed by Mr.Anand Piramal the Company has launched projects in Thane, Mulund West, Byculla, Mahalaxmi either in Joint Venture or through their own lands which were part of the Piramal Group in Mumbai.
Mr.Rahul Dravid is now the Brand Ambassador for Piramal Realty. The ethos and belief of both Piramal Realty and Mr.Rahul Dravid resonate with each other with both giving their best shot in any thing they do. Piramal Realty developments of Pirmal Mahalaxmi, Piramal Vaikunth in Thane, Piramal Aranya in Byculla and Piramal Revanta in Mulund are by far the best projects in their own domains. There is a growing demand in the Mumbai property market for branded products and with a process driven approach. Piramal Realty is one of the most credible name in the Mumbai Property Market today and its philosophy of creating value runs in the family brand.
The Central Board of Direct Taxes (CBDT) has given extension till 31st December 2021 to file Income Tax returns.
Due to the issues on the website of the income tax lot of individuals have not been able to file their income tax returns and these glitches have resulted in a major loss to the exchequer in revenue generation.
The 31st December 2021 new date will be a respite for a lot of tax payers and with festive season coming up, they will have a sigh of relief.
The lease property market in Mumbai is gaining traction as Senior Executives from Corporates, Multinational Companies and Banks are getting transferred from various roles. Past 2 years have been stagnant from the corporate movement of Senior Management and now with things settling down, the relocation has begun. Mumbai usually high movement post June - July when new classes begin as a lot of individuals prefer to move out to new apartments in sync with the School Movement. Maximum traction in Mumbai till August 2021 was seen in Western Suburbs, Thane, Navi Mumbai and Worli - Prabhadevi belt. Most of the families moving in prefer to have flats which are done up well, semi furnished with kitchen cabinets, wardrobes, lights, fans and curtain rods. The mantra to lease the flats quickly is to have them total ready for occupation. People are looking to move into New Buildings compared to the older ones. As new developments come up for possession the traction increases in the building and its an upgrade for tenants from older buildings/apartments to newer flats for say a 20% to 30% increase in the last rent paid. A lot of families in Mumbai are preferring to lease their own apartments if they cant sell and buy with ease and financial burden so they prefer to lease and lease instead.
Due to the Covid situation a lot of people are not able to travel to execute relevant property documents and home buyers or sellers in a lot of cases have to rely on giving Power of Attorney to sign the Agreements for buying and selling properties or leasing commercial or residential properties in Mumbai or India.
The POA is usually of 2 types - General Power of Attorney and Specific Power of Attorney
General Power of Attorney can be for long term and encapsulate right from filling your returns, operating bank accounts, signing writ petitions etc and they are valid until revoked. A Specific Power of Attorney is for a specific purpose which can be just signing or registering a Sale Deed/Agreement for Sale or a Leave and License agreement and the same is self relinquishing which means it expires after the purpose which is given for is done. For example after the execution of the sale deed where in the specific power is given to execute the agreement, the purpose of the Power is done. The specific POA can be also given to people to register any document while the signing can be done by the owners/purchaser/tenant etc.
Warburg Pincus backed logistics development platform is stepping up its investment in the industrial and warehousing space
in the country, with a plan to have 18 million sq ft portfolio
in the next three years. Indian Warehouse space has fast become the core of online retailers and WP firm is looking to
also acquire 8 warehousing projects across major hubs and these
transactions are expected to be concluded over the next one year.
Latest GR released by Urban Department, State of Maharashtra for rebate in property tax for providing Electrical Vehicle Charging point in Society. The state endeavors to make city free from Petroleum product driven vehicle latest by 31.03.2025 & replace with Electric Driven vehicles. Depending on Types of Electrical driven initiatives / status, 2% or 5% rebate will be given to entities namely Societies or Individuals on Property Taxes. Mumbai has a good number of population which commutes from office to home and back. This initiative by the Maharashtra Government will encourage Car Owners to switch to Electrical Vehicles.
Oberoi Esquire and Exquisite gain 10% price appreciation in 12 Months. The Sale transactions of 3 BHK with 1367 and 1371 as RERA Carpet Areas in Oberoi Esquire with 2 car parkings were recorded at around 4.25 to 4.55 Cr across different floors. The Transactions which are taking place for the same 3 BHK are now in the range between 4.75 to 5.25 Cr depending on the Floor and Views etc. Its been an interesting market in Oberoi Garden City, Western Express highway, Goregaon east, Mumbai near Westin Hotel. The lease rent market also strengthened from Rs.1.00 Lakh as an average rent to Rs.1.20 to 1.40 Lakhs. Both Oberoi Esquire and Exquisite are the most premium developments so far by Oberoi Realty Ltd which has now started developing Oberoi Elysian Tower A in the same location.
Lodha Group has unveiled its Club Midas and residences by Mrs.Gauri Khan (Mr.Shahrukh Khan - Renowned Indian World Famous Actor' wife) who is also a renowned Interior Designer. The 3 bedroom apartments start from 7.2 Cr and the group has made a healthy payment plan for Ready to Move in apartments - Pay 25% now and 25% by October 2021 and take possession and start fitting out the raw shell flats as per your liking and pay the balance 50% by October 2022. This gives the buyers time to sell their existing assets and yet move into a Brand New luxury Towers in Worli, Mumbai.
Blackstone Group has another acquisition and this time it is the ASK Financial Services. ASK already has a portfolio of Wealth Management, Assets and Property Advisory, which will further augment the Blackstone presence in India.
BSE - Bombay Stock Exchange is making lot of millionaires and individual investors who are looking for new homes are finding it easy to buy a home due to regular equity returns. Home Loan EMI has come down in the range of 7% equity returns hover between 6 and 20% in mutual funds of sorts. So individual home buyers are trying to keep their portfolio of stocks intact and still buy a home by taking a home loan and leveraging capital gains from long term investment in stocks and getting tax benefits while paying EMI.
Most of the Real estate developers in Mumbai are now getting ready for their next investments as they have seen brisk sales between 2020 and 2021. Raymonds Realty is before time in its construction in Thane of their project and now is looking at more opportunities in the Mumbai Property Market. Raymond realty started their first project in Thane in 2019 and has been successful in its Sales so far.
Tata Realty has had a turn around in Sales and over the past 2 years due to low Stamp Duty and increased interest from Buyers for branded properties. Tata Realty is likely to put in Rs.2000/- Cr as investment in the ongoing real estate business.
After the South Mumbai frenzy to buy Top Residential Homes, there is Bandra - Khar belt which is seeing high end transactions. Mr.Siddhart Shah Co-Founder PharmEasy has bought a duplex at Wadhwa Samarpan, located off Carter Road, in the private building of Mr.Vijay Wadhwa and Mr.Naveen Makhija Owners of the renowned Wadhwa Group known for its quality and premium constructions. The duplex flat is around 5445 sq.ft with 3 car parkings and the sale price is Rs.40 Cr.
Mckinsey & Co will start its operation early 2022 in the 1 North Avenue Tower of Maker Maxity, BKC. The office space of nearly 45000 sq.ft is spread across 4 floors. Maker Maxity is one of the most expensive real estate commercial buildings in India and located at Bandra Kurla Complex it has one of the finest companies as its occupants. The lease rate psf for the transaction is Rs.410/- PSF (Carpet Area) and 10 months deposit.
Abhishek Bachchan has sold his apartment at Oberoi Three Sixty West, Worli. He had purchased this apartment In November 2014 from Oberoi Realty for Rs 41.14 crore. The New Sale price of the flat is Rs 45.75 crore for an area of 7527 sq.ft with 4 car parking spaces. The rate PSF has come to around 60781/- PSF inclusive of car parking.
TDS on Rent Payments on Flats is to be deducted mandatory by the Tenants/Licensee under a leave and license agreement in Mumbai.
TDS on Rent Payment is quiet a recent thing and there are a lot of defaults seen in this Section due to ignorance by both the Owners and the Tenants.
TDS is to deducted by the Licensee who is renting an apartment/flat or a house by a Company @10% and by Individual Licensee should be 5% of the monthly rent amount if the rent is exceeding Rs.50000/- per month by Individuals who are not liable for Tax Audit.
In Mumbai most of the apartments in Bandra - Juhu - South Mumbai - Powai etc are above Rs.50000/- rent so its important that both the Owners and the Licensee (Tenants) understand this provision of law and there are no defaults on this.
Real Estate Mumbai is one of the leading real estate agency in Mumbai. Since 1993, we have been advising our Clients and we specialise in Leasing flats/offices to Executives, Corporates in Mumbai.
We represent a huge number of property owners, investors, NRIs who own properties in Mumbai.