Housing Development and Infrastructure launches affordable housing project in Mumbai

Mumbai is possibly the only Indian city that could qualify as a true megalopolis. While there are numerous metropolises in the world, only a handful of cities could qualify as a megalopolis. New York is one, as are Tokyo and London, Mumbai could be another. Indian's may take offense to be called to being called to live in a beehive, yet Mumbai's residents, to someone from rural India live in man  made beehive where Mumbai property is small enough to qualify as a cavity. 

Housing Development and Infrastructure (HDIL) has launched the first project in Mumbai under its newly formed affordable housing brand Budget Homes, according to a regulatory filing.

Enjoy Comfortable Life in Stylish Flats in Mumbai

Mumbai is a dream city where people not just come to find a job but also to enjoy a happening lifestyle. This is one of the reasons behind growing demand of flats in Mumbai. The city of skyscrapers has lavish, stylish and amazing apartments, which you cannot find anywhere else in India.

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Get ready for sale of Property in Mumbai

Explore the Best Projects in Mumbai

Good news new flats in Mumbai

But for a new person in Mumbai, it is really difficult to find the best project. In such situation, real estate websites like PropChill come as a blessing and make home search quick and hassle free. So start your search from this website to get right flat at the best prices. 

Propchill ventures into providing an investor with tools to generate comparative analysis across various verticals like location, specifications, conveniences, costs or the most important accommodation design also you can view detailed Real Estate trends and Property insights, with Liveability Index before any real estate or property investment

Get ready for sale of Property in Mumbai

It is always true that experts and buyers always share precautionary measures and highlight the need to be tactful before any home-purchase? Indeed, they do. However, it's equally essential to harbour an identical strategy during a home-sale too.

Buying and selling are two important aspects of a home transaction. The moment a person buys a home, it requires a lot of planning and due-diligence. Similarly, selling a home also requires planning, analysis and understanding of the prevailing market situation to get the right price.

The head of residential services, India, CBRE South shared his view on the topic. According to him selling your home is a complicated activity as it requires the vendor to be up to-date about the different laws, taxes and paperwork. If it is a new house or an old one, the owner should work towards ensuring that the house with the best possible state. While other experts suggest that finding a buyer for the property can be a tedious activity and hence, one needs to 'market' it through various modes of communication.

Mumbai vs other towns

Experts believe residential real estate in Mumbai is considered to be very costly. The various guidelines that govern the prices in other cities do not usually affect properties here. So, while a tiny home in another city may well not be too expensive, it might command a much higher price in Mumbai. Since real estate is at a premium here, one should understand the market first.

Another aspect that can affect selling properties in several metropolitan areas across various states could have various challenges like: The market scenario in the city or the state where the selling of the home is going on. The mode of transaction that is followed; Legal guidelines that are applicable in this particular city and state.

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Builder in Mumbai Godrej Properties ties up with Taj to build luxury hotel

Know Top 3 Locations to Invest in Western Mumbai’s Real Estate Market

Explore the Best Projects in Mumbai

Mumbai's property market predominantly involves apartments and in the case of smaller cities towns, these would consist of specific tenements.

Tax implications

When you are selling a house, the initial thing that should be considered is the tax factor, since, under the Income Tax Act, a property is considered as a property. There are two categories to consider: Short capital gain and long term capital gain. Long term capital gain tax (20 per cent on the gain after indexation) available for purchase of an immovable property, can be applied if the property is held for two years before selling it (here, one has the advantage about the indexation profit for which the base year is proposed to be changed from 81 to 2001). If the property is sold within two years, the revenue is {referred to as short capital gain (taxed at the respective slab rate of the individual).

These are few points that you may consider while buying Property in Mumbai.

Explore the Best Projects in Mumbai

Mumbai has many areas which have converted from dense forests to one of the desirable living destinations. Bhandup is one of those regions that have seen tremendous transformation. Today it has become of the prominent areas for  best residential projects in Mumbai. But development of so many projects by various builders has made selection of right property difficult for the end-users.

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Know Top 3 Locations to Invest in Western Mumbai’s Real Estate Market

Maharashtra planes to set up a separate regulatory authority

If you are also facing the same problem, just visit one of the leading and most innovative real estate portals PropChill. Here you can comparison charts for properties, location and prices to make the best decision.

Builder in Mumbai Godrej Properties ties up with Taj to build luxury hotel

Real estate builder in mumbai Godrej Properties Ltd has partnered with Taj Palaces Resorts Safaris to develop a 150-room Taj Hotel at its ongoing mixed-use development project ‘The Trees’ at Mumbai’s Vikhroli.

Godrej Properties is currently developing residential, commercial and township projects spread across approximately 13 million square metres.Godrej Properties is currently developing residential, commercial and township projects spread across approximately 13 million square metres.Taj currently operates around 99 hotels in 62 destinations across the globe, including India, North America, United Kingdom, Africa and the Middle East.

Know Top 3 Locations to Invest in Western Mumbai’s Real Estate Market

Mumbai is a dream destination to study, work and live. The dream city attracts residents from all across the world, who come and settle her for a lifetime. Though many people live in rental homes, most of the people with the plans to spend life in the city look for residential property in Mumbai. They explore different areas and zones in the city to find the best home.

And one of the options is Western Mumbai. Known for its pristine sea-views and excellent connectivity, this area has huge property demand. Home buyers looking for sea facing luxury projects in Mumbai find Western belt the best option. The only problem they face when buying home here is to choose the right location. If you are also going through the same problem, here are top 3 property investment destinations in Western Mumbai.

Kandivali

This is one of the top residential real estate in Mumbai. Smooth connectivity to the major areas and important localities of the city via Western Express Highway is one of the reasons behind the high popularity of Kandivali. Property prices in this area increased by 20% in last year making it a good option for real estate investment purpose.

Borivali

Borivali is a major stop on the railway local line and makes a well-connected residential as well as an investment destination. Almost every builder in Mumbai wants to launch the project in this area due to quick absorption of inventories. A plethora of residential options with quick access to civic infrastructure makes it a comfortable destination to live.

If you are looking for investment property, you can easily get an idea of expected gains from 125% price rise in last 6 years.

Malad

Home to some of the biggest corporate offices, this is a well-planned area in Mumbai. Superlative connectivity, immense employment opportunities, world-class civic infrastructure, and entertainment hub further attract home buyers.

As far as price improvement is concerned, top real estate website in Mumbai shows 20% appreciation in the last couple of years.

You can visit any real estate website in Mumbai to have a look at the available residential projects in these three locations. Some websites also offer comparison charts. So you can use them to pick one location from these three options.  

Maharashtra planes to set up a separate regulatory authority

In an important move which will ease handling of housing society affairs, the state government has proposed setting up a separate regulatory authority to oversee them and resolve grievances by drafting a separate chapter specialized in housing in the Cooperatives Act.The present Act addresses regulation for credit, sugar and other cooperative societies together. The new chapter will chalk out guiding principles for dispute redressal and give judicial powers to the regulatory authority so that people don't approach court over minor matters.

A notification, issued on February 10 by the department of cooperatives, suggested separation of housing cooperative administration from other cooperatives to produce it more transparent and effective. The federal government, through the notification, put up a committee of experts and directed it to submit a report. The committee is led by Sandeep Deshmukh, joint registrar for cooperatives and slum rehabilitation, and includes existing and former members of the cooperatives department, besides experts such as for instance Ramesh Prabhu and Chhaya Aajgaonkar.

You can find over 70,000 cooperative societies in the Mumbai property  metropolitan region and the quantity keeps rising with the expansion in and round the distant suburbs such as for instance Navi Mumbai, Kalyan-Dombivli, Thane and Vasai-Virar. Around 10 years ago, the quantity was 45,000-50,000. Last year, additionally, it came to light that 40-50% of the affordable homes in Mumbai  societies were still unaudited and hadn't conducted elections.

The mandate of the committee includes exploring effective laws and efficient procedure to greatly help society members achieve the deemed conveyance (ownership) of the bit of land without any hindrance from builders.

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Prabhu said the notification proposes to completely change the existing norms for housing society elections, besides suggesting a clear-cut guideline for management, conducting repairing works and handle public grievances in daily society affairs. “Additionally it suggests getting rid of old laws which have become redundant.

The notification also suggested that the new Act should look after the requirements of not only big housing societies and townships, but in addition bungalow apartments and open plots. “Regulations should encourage quality construction of apartments in Mumbai , transparent transfer of ownership, and routine maintenance. To help make the new law more comprehensive, more NGOs, social workers, legal experts and other experts should take the committee to make the report and recommendations more inclusive.