Latest Property News from Mumbai Property Market

Latest Property News, Tips & Analysis by our expert team
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Oberoi Realty Expands footprint to Bhandup - Buys Land for Rs.115 Cr

Jan 14 2022

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 Developer to acquiring new land parcels in Mumbai.

Jan 12 2022

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 of Rustomjee becomes the New MCHI President

Jan 12 2022

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

Jan 12 2022

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 New Launch Project Niyaara

Jan 12 2022

Birla Estates Worli has received RERA and Birla Estates has named the project as Niyaara. The project is receiving fantastic response.

There 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.

In 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.

Another 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

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