Thane emerging as the luxury landscape in Mumbai property market

Thane, which was once meant for affordable living of working class, is now emerging as one of the top luxury destinations in Mumbai. The developments in and around the Thane’s property market is on a fast forward mode along with the growth both, horizontally and vertically. The fact is that, Thane is changing and it is changing fast. It seems the Thane region is all set to give competition to the other luxury locations of Mumbai due to its ticket size and green surroundings. Already many of the leading developers have planned their luxury projects in Thane. They believe this is the time to change the ‘affordable’ perception which has more appreciation potential than the saturated luxury markets of Mumbai. As a result, the NRIs, HNIs and other big-ticket investors are closely monitoring the developments in this pocket. Analysts tracking the market in this part of the world are not surprised either. They believe these emerging locations offer more space to developers to innovate than the established locations. Thane has, anytime, more potential for appreciation than the traditional pockets of luxury across Mumbai.

There has been a radical change in Thane, with improved infrastructure and multiple luxury projects taking place in the city. For example, in July last year when one of the developers announced the opening of the second phase of their mall, the analysts and critics were wondering whether it makes sense for a 13- acre plot spread over an area of one million sq ft to be fully operational in Thane. However, the fact that inauguration of the mall had witnessed the opening of more than 60 brands including Shoppers Stop, Marks & Spencer, Lifestyle, Pantaloons, Home Centre, Splash and many more for the first time in Thane, made it a case study for serious researchers of the property market.

Within a year now, some of the other experienced players in the retail format are flocking to Thane, with a number of malls in the pipeline. Property analysts are wondering though whether there is a method in the madness.

Analysts maintain big ticket retail entry is just an indication of the emerging luxury quotient of Thane. The fact that the corporate sector is also increasingly making Thane its choice indicates that the demand for luxury housing will only increase in the region. This, in effect, will revitalise the economy of Thane. Luxury projects do have a market in Thane and it is only the initial phase of development. Quality retail and office spaces, added to the fact that the multi-national companies are also entering Thane, indicate that the luxury quotient of the region is set to grow. Soon, Thane promises to make its presence felt as one of the top luxury destinations of India.

Source:  The Times of India

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Industry experts anticipate Chembur as next ‘Dadar’ of Mumbai


Chembur in Mumbai recently has been riding high on account of massive infrastructure projects going on in the city. The Eastern Freeway, the Elevated Road and the Monorail are major contributors for the suburb’s fast paced growth. The impact is such that the industry experts anticipate this suburb to be ‘The next Dadar’ of the city. Currently, the property prices in the locality range from Rs 12,000-13,000 per sq ft in the peripheral areas and Rs 20,000-22,000 per sq ft in the central areas.

According to Amit Jaisingh, MD of Realty Pros India, “The Eastern Freeway, which opened to public in May 2013, connects Chembur to South Mumbai and has reduced the travel time from an hour to 20 minutes. The Monorail, which will be available for use later this year, will also lead to the Southern localities. The Elevated Road, which is expected to be functional by the end of 2013, will be connecting Chembur to the Western localities, especially the commercial hub, Bandra Kurla Complex (BKC). This will again reduce the one hour travel time to about 15-20 minutes”. He also added, “We have seen consumer sentiments changing in the last six months. Buyers have become positive about living and investing in Chembur. While the improved connectivity to various parts of the city lures end-users, capital appreciation due to improvement in infrastructure attracts investors. The last three months have seen property values going up by 10-15 per cent and there is an estimate of almost 20-25 per cent annual appreciation after all the projects are complete”.

Commenting on the rental market, Vicky Wadhwani of Sai Estate Consultants says, “Rental values in Chembur have witnessed 8-10 per cent annual hike in the past. However, we expect the rates to go up by 15-20 per cent in the next one year as the demand is soaring day by day. The rental values stand between Rs 19,000-45,000 per month.” Since all the ‘yet-to-start’ projects are nearing completion, the long wait for the locality’s growth has almost come to an end. Experts believe that Chembur is a bubble waiting to burst.

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Kamothe is upcoming hotspot in Navi-Mumbai

Kamothe is one of the fastest developing nodes of Navi Mumbai, which is developed and maintained by CIDCO. It is becoming one of the real estate destinations in Navi-Mumbai. It offers property for every segment of the society. It has properties ranging between Rs 35-80 lakh. Navi Mumbai has 14 townships or nodes to hold the population of around four million people. Located along the Mumbai-Pune Expressway, Kamothe adjoins the CBD of Belapur.It is surrounded by Kharghar in the North, Taloja in the North-East, Kalamboli in the East and Panvel in the South. Kamothe is an established township which mainly consists of multi-storey apartments and independent floors. Developers such as Marble Group, Platinum Developers, Tharwani Developers and Akshar Developers are offering ready-to-move-in apartments. The projects in the area offer a number of amenities to the buyers. Some of these are RO water system, internet/WI-FI connectivity, maintenance staff, reserved parking, 24-hour power back-up, gymnasium, swimming pool etc. Kamothe offers good connectivity, making the locality easily accessible to areas such as Kalamboli, Kharghar and Panvel. Due to the proposed international airportto come up in Navi Mumbai,the localityis in demand among builders and buyers. CIDCO also has plans for some commercial projects in Kamothe, which are expected to further impact the residential market. The area also has good social infrastructure. There are hospitals like The MGM Hospital, Metro Hospital, schools and colleges like Carmel Convent School, MGM’s Medical College in the vicinity and add to the popularity of this locality.

According to  Suresh Kumar, local realtor of Solution Mart, “With 1BHK apartments ranging between Rs 35-40 lakh and 2BHK apartments ranging between Rs 55-60 lakh, it is in demand among the middle to lower middle income segment”.  “These projects offer 1 and 2BHK apartments in the range of Rs 5,000-6,000 per sq ft, which are in demand by both, investors and end- users” adds Suresh. According to Milan Lodhia of Nidhi Properties, “Connectivity is the most favourable for Kamothe. It has two railway stations – Mansorvar(2.1 km) andKhandeshwar (1.6 km) which lie on the Harbour Line. Roads are well developed and there is an easy access to autos and rickshaws too”.

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BMC found 17 Sewer points entering into Powai Lake

In 1995, the Ministry and Environment and Forest had carried out a detailed survey under the National Lake Conservation Plan to clean Powai Lake. Through the project, all the culverts dumping sewage water into the lake were shut and only storm water drains with floodgates were allowed to lead into the lake to ensure that during monsoons, storm water drains would only bring rainwater into the lake. The project was completed in a couple of years and for the next three years; there was strict monitoring of the water quality. However, years later, things have gone back to how they were over a decade ago. Local residents have found that several housing societies have started dumping sewage into Powai Lake, which has seen deterioration in quality of water. After several complaints, the BMC also conducted a detailed survey and found 17 points from where sewage enters the lake. The BMC is yet to narrow down on the culprits. According to BMC report, “It is observed that some anti-social elements open the floodgates and let drain water into the lake. This has increased the growth of the water hyacinth, thereby affecting the eco-system of the lake”. The report has been sent out to the BMC’s vigilance department and several other concerned agencies, but in vain. According to SK Saksena, who has been working on the betterment of the lake for the past two decades, “It is sad that despite being after government agencies to protect the lake, all we get in return are letters and reports confirming what we already know”. When Mumbai Mirror contacted Rajeev Jalota, BMC’s additional municipal commissioner, he said the BMC had identified the points where sewage was being let into the storm water drains. According to him, “We have identified 17 points where sewage has leaked into the storm water drains and then flows into the lake”. Jalota added that action would be taken against those who have polluted the lakes.

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Powai Township waiting for Low -Cost Housing Flats

The Powai Township in Mumbai is waiting for the Maharashtra Government and Brihanmumbai Municipal Corporation’s (BMC) decision on the proposals submitted by city-based Hiranandani Developers to construct low-cost housing flats in Powai. The High Court, in February last year, had directed Hiranandani Developers to construct 1,511 flats of 40 square meters and 1,593 flats of 80 square meters area each without amalgamating any flats before undertaking any other construction work in Powai township. The division bench of Chief Justice Mohit Shah and Justice A V Mohta informed that while the city planning body MMRDA had already given approval, the Civic Body and the State Government were yet to take a decision. The Bombay High Court has directed the Corporation and State Government to take a decision by January 31.

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Powai Real Estate

Powai Mumbai is a suburb situated in the north-east of the city of Mumbai. The word ‘Powai’ comes from Padmavati Goddess , whose temple is situated on the banks of Lake Powai. Powai suburb has grownup in recent past into a modern township and is presently a residential, commercial and retail hub for the eastern suburbs of Mumbai.

Powai Mumbai shares its name with the Powai Lake an artificial lake, situated in the northern suburb of Mumbai, in the Powai valley. The lake is about 40 kilometres (25 mi) from Mumbai by road and is approached via King’s Circle, Sion, and Kurla or through Santa Cruz and Andheri. It was planned as an antiwater famine measure, to the southeast of Vihar Lake (a much larger lake) also for water supply to Mumbai city. When it was built, the lake had a water spread area of about 2.1 square kilometres (520 acres) and the depth varied from about 3 metres (9.8 ft) (at the periphery) to 12 metres (39 ft) at its deepest. The Powai Lake has gone through many stages of water quality degradation. The lake water which used to supply to Mumbai for drinking water has been declared unfit to drink. The Lake still remains a tourist attraction.

Powai Mumbai houses best looking buildings, transport deals and quiet residential location which invites lot of corporate crowd. Big and small-time investors alike have started to desert the residential realty sector and opt for commercial properties.

While offices in the conventional strongholds of Worli, Lower Parel, Powai and the Bandra-Kurla belt are a favourite with loaded investors, the smaller investors with budgets of less than Rs50 lakh are opting for commercial properties in areas like Malad’s Link Road, Kurla’s Kamani area, Thane’s Ghodbunder Road and Navi Mumbai’s Vashi and CBD nodes.

The township now houses malls, entertainments, restaurants and every possible comfort a person wants in life. Real Estate in Powai is ideal for both residential as well as commercial purposes. The geographical location of Powai is its major advantage. All the commercial areas such as Andheri, Bandra-Kurla Complex, Maharashtra Industrial Development Corporation complex, New Mumbai and Santa Cruz Electronic and Export Promotion Zone (SEEPZ) are very close to Powai.

Powai, like other growing suburbs, is seeing the arrival of multiplexes. It has a good infra-structure of schools like Hiranandani Foundation School, SM Shetty School, Gopal Sharma Memorial school, Bombay Scottish School and Kendriya Vidyalaya, IIT. One of the best looking buildings, transparent deals and the quiet residential location has invited a lot of corporate crowd.

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