Malad is a western suburb which has evolved in the last 10 years with the growth of Mumbai. A sea change from the East Indian Catholic village that it was traditionally, Malad is now recognised as one of the new residential and commercial hubs of the city.
Though Malad West is the more developed and lucrative investment option, the East part of the locality has also recently developed.
Malad enjoys connectivity to other Western suburbs such as Goregaon and Andheri. Access to the Western Express Highway and the Eastern Express Highway has brought this area into favour.
Rustomjee is coming up with two projects, Rustomjee Ozone and Rustomjee Elanza both located on Goregaon – Malad Link Road. These projects have already announced possession. More projects are expected to be announced.
A question playing on the mind of many buyers and investors today is – Is this is the right time to purchase real estate? Given the economic slowdown, high inflation and interest rates and political uncertainty, the overall sentiment running among the consumers is negative.
However, at any given time, the suggestion for end users would be anytime you have the propensity to save and spend will be the right time to invest in real estate, say experts. The market has witnessed a slowdown in terms of price. Yet, the mid-income group is witnessing a stable and robust demand as the trend of urbanization continues. Massive demand is available so definitely this is the right time to buy. The conversions may have reduced but the end user is still looking for good options to invest in.
“The transaction from the investor’s end has witnessed a cutback but now is a great time for an investor to tap on the rental opportunity. Investor does not know where the market will bottom out; therefore it is an attractive time to invest when the market is still low compared to other times”, says Percy S Chowdhry, Director, Rustomjee Group.
For many owning a house is a dream that calls for a strict financial discipline, as the loan repayment tenure ranges from 10 years to 25 years. Housing, a basic need, also enables access to credit market by working as collateral/security.
A report by real estate services firm, Cushman & Wakefield, this month said the estimated demand for office space across the top eight Indian cities during 2013-2017 is expected to be 132 million sq ft (msf). The supply of new office space during the same period expected to be approximately 143 msf of which approximately 90 msf is under construction and expected to be completed by 2015.
“With economy expecting more stability in the post election phase from 2015, the absorption is expected to pick pace in Bengaluru, Mumbai and NCR. We expect growth to set in from the second half of 2014 when an increase in leasing activities both on account of entry of new companies, expansion of existing companies and relocation and consolidation activities that are expected to continue,” said Sanjay Dutt, executive managing director, South Asia, Cushman & Wakefield, in the report.
The continuous springing up of residential complexes in Mumbai metropolis has acted as a catalyst to the changing economics of this city. As income is going up, people are increasingly seeking to invest or own not just a flat but a gamut of facilities required for a wholesome convenience.
Rustomjee Oriana, located in Bandra Kurla Complex Annexe, Mumbai, is one such ambitious project of lavish homes. Equipped with 3 and 4 bedroom hall kitchen flats, Oriana also has embellishments like swimming pool, landscaped gardens, clubhouse, gymnasium and a squash court.
Giving it a special touch, the 21 storied building is designed by architect Sanjay Puri and the interiors of flats are designed by Mahesh Punjabi, which makes it a must have for affluent home buyers.
For purchasing a house you need to have the requisite set of documents. These documents are a source of your valid details. The documents are the ‘personal documents’ required for salaried, self employed professional or self employed businessman.
Home loan insurance is a product that insures the loan amount taken for the purpose of buying a home.
Taking a home loan is a long term financial commitment as the tenure of loan can run up to 20 years. The home insurance takes care of the loan liability incase of any unfortunate eventuality during the loan term and the family is not burdened with the liability .
In its bid to control the outflow of capital from the country, RBI slashed the annual cap on automatic outflows from $200,000 to $75,000 for an individual. Along with it, a ban has been imposed on overseas real estate purchases with immediate effect. (Above) A bird’s-eye-view of South Mumbai real estate.
RBI curbs on overseas property investments to protect the rupee seems to be good news for Indian real estate as capital which otherwise would have been diverted abroad will now stay in the country.
When investing in an apartment or a house, the first time buyers should be careful about additional charges such as taxes and maintenance, which he reckons only after the deal is struck and the details are explained to him.
Besides the cost of the property calculated per sq.ft for the total are, the buyer has to plan additional 20-30 percent of expenditure on stamp duty, registration fee, service tax, advance deposit of maintenance charges for 12 months, legal charges, water and electrical connection fees, car parking, club charges and other charges.
The purpose of the MoU is to jointly enhance and promote the adoption of energy efficient and green homes concept in India. The MoU signed in presence of Arun Kumar Mishra, secretary of the Ministry of Housing and Urban Property Alleviation, was inked between chairman of IGBC Prem C Jain and NHB executive director Arnab Roy.
Home buyers have the choice of buying either an under-construction property one one already built and ready to occupy. It depends on your motive of buying the house, budget and the level of flexibility. Broadly speaking, a house under construction makes more sense if you are an investor. But if you are an end-user and plan to live in it, a ready to occupy property may be a safer choice.