Top 5 Locations and Posh Areas in Mumbai

 

Living the high life: Mumbai’s luxurious locales

A cosmopolitan city teeming with possibilities, Mumbai is not dubbed the city of dreams for nothing. Scores of people migrate to the country’s financial capital in search of success and status, and the city is a gift that keeps giving to the ones who achieve it.

Its rich cultural heritage, cutting-edge amenities, and alluring neighbourhoods promise a life of luxury and comfort.

Here are a few localities that let you glimpse the high-end lifestyle:

South Mumbai:

A home in South Mumbai, or SoBo, signals luxury and status like no other locality.

Areas like Marine Drive, Colaba, Malabar Hill, and Cuffe Parade offer endless views of the Arabian Sea and a blend of historic colonial architecture and glinting glass towers.

South Mumbai houses numerous reputed educational, cultural and healthcare institutions, and is a financial and administrative epicentre.

It boasts a vibrant lifestyle with its range of upscale restaurants, luxurious boutiques, and entertainment facilities.

The locality features an array of residences, from quaint Art Deco apartments and colonial-age villas to luxurious residential towers promising modern amenities and sky-high glimpses of the cityscape.

So get a taste of luxury with Shapoorji Pallonji Real Estate (SPRE).

Enjoy the magnificent sea views and take the luxury to pause in the city that never sleeps with The Odyssey. Located near the iconic Marine Drive, their elegant 3 BHK homes let you experience the unique history of South Mumbai firsthand.

Or indulge in grandeur with the Vantage Series at The Minerva, India’s tallest residential tower. Their luxurious 3.5 and 4 Bed residences offer a bird’s eye view of the city from their 300 m tall tower.

To learn more about SPRE’s state-of-the-art apartments, click here — https://shapoorjirealestate.com/

Bandra:

Bandra, the ‘Queen of the suburbs’ is one of the most desirable localities of the city. With its eclectic mix of gourmet restaurants, seaside promenades, and vibrant streets featuring Indo-Portuguese architecture, it is little wonder that numerous Bollywood celebrities call Bandra their home.

The localities of Bandstand, Bandra-Kurla Complex (BKC), Pali Hill, Carter Road, etc are especially sought after for their luxurious residential properties and elegant neighbourhoods.

Find your dream home at the prime location of BKC among the elegant 2 BHK offerings of Shapoorji Pallonji’s BKC 28 and their 2 and 3 BHK offerings at BKC 9.

Enjoy mesmerising views of the Bandra skyline and indulge in an elevated lifestyle at this luxurious destination.

Juhu:

Juhu is another northern suburb that offers luxurious residences, from sprawling villas to elegant sea-facing apartments, and is one of the most expensive localities in the city.

Bumping into a celebrity is a common occurrence here, so much so that Juhu is often dubbed the ‘Beverly Hills of Bollywood’. The locale features popular attractions like the Juhu Beach, trendy restaurants and cafes, and arts establishments like theatres and comedy clubs.

Enjoy the high-end life in Juhu’s various gated communities or stand-alone bungalows.

Worli:

The sea-facing locality features some of the most expensive residences in the city. The area offers a well-balanced lifestyle due to its optimal location next to the city’s financial hubs and the northern suburb of Bandra, offering the perfect mix of work and pleasure.

One can enjoy magnificent views of the Arabian Sea, the iconic Bandra-Worli Sea Link, the towering skyline, and the expansive grounds of the Mahalaxmi Race Course here. The area also houses many high-end restaurants, shopping centres, and nightclubs, making for a vibrant nightlife.

Powai:

The locality of Powai is popular for its unique architecture and comprehensive planning. The area houses luxurious apartments and serene neighbourhoods, upscale restaurants, and vibrant entertainment facilities. It is popular among working professionals due to its proximity to major employment centres and also houses the prestigious IIT Bombay campus. One can enjoy scenic views of Powai Lake, a popular jogging and picnic spot.

Affordable Housing Options In Mumbai Suburbs

 Mumbai’s suburbia: Where affordable housing meets tranquil living

Finding a home in the city of dreams, with skyrocketing prices and scarce land availability, often remains just a dream for many. While the city centre poses several challenges, the suburbs offer a promising solution: affordable housing, reliable infrastructure, and serene neighbourhoods. So if you are looking for your dream home that is also easy on the pocket, here are a few suburbs you should consider:

Northwestern suburbs:

• Virar

Part of the Vasai-Virar Municipal Corporation, Virar is a tranquil respite north of the bustling city. One can enjoy vast green spaces, historical tourist attractions, and spacious homes at affordable prices. Connected via the Western Railway, its expanding infrastructure includes reputed educational, healthcare, and recreational facilities, ensuring a comfortable living experience for its residents. Virar thus offers a peaceful lifestyle with the benefits of urban conveniences, making it an ideal choice for professionals and families alike.

Make the most of this locality with Joyville Homes! Starting at just ₹45.45 lakh, their spacious 1 and 2 BHK flats in Virar West at Joyville Virar offer breathtaking views of lush greenery and Goan-themed architecture, bringing the joys of resort living to your daily life. Spread over 7 acres, this sprawling property boasts 7 towers with over 25 unique amenities for a well-balanced lifestyle. To know more about their 1 and 2 BHK offerings, click here — https://www.joyvillehomes.com/joyville-virar/

• Mira Road

Mira Road is another northwestern suburb showing much promise in residential real estate. Its strategic location near the Western Express Highway provides seamless connectivity with the city centre, while its proximity to the Sanjay Gandhi National Park offers a serene escape. Mira Road offers a range of housing options, from affordable apartments to spacious villas ideal for professionals and expanding families.

Northeastern suburbs:

• Badlapur

Located in the Thane district, Badlapur is an up-and-coming residential hotspot that offers affordable housing in its various township projects. Connected to the main city via the Central Railway, Badlapur promises a quieter and holistic lifestyle with its lush green surroundings and numerous picnic spots. With its rapid infrastructural developments, Badlapur is the ideal suburban destination for families and professionals alike.

• Dombivli

A thriving suburb northeast of Mumbai, Dombivli offers a unique blend of tradition and modernity. Its vibrant street markets, cultural heritage, and diverse community make it an attractive locality in the residential real estate market. The town boasts robust connectivity and ever-expanding infrastructure and offers a range of housing options ranging from affordable apartments to spacious villas. Dombivli is thus perfect for buyers seeking a balanced lifestyle in a suburban setting while enjoying the benefits of urban amenities.

Navi Mumbai suburbs:

• Ulwe

Located in the satellite city of Navi Mumbai, Ulwe is emerging as a promising market for residential real estate due to its proximity to the upcoming Navi Mumbai International Airport. Its strategic location makes way for future coastal development projects, and the newly inaugurated Trans Harbour Link ensures prime connectivity with the main city. Being one of the fastest-growing nodes of Navi Mumbai, Ulwe offers a range of amenities and housing options for its diverse population. With vast green spaces, organised sectors, and scenic waterfront views, Ulwe offers the quintessential suburban lifestyle.

• Taloja

Situated right next to Khargar, Taloja shows much promise in the residential real estate sector. The locale enjoys excellent connectivity with the main city via road and rail, sure to be boosted by upcoming infrastructural developments. The presence of renowned educational institutions among other vital amenities, and numerous recreational facilities like the Central Park make it a suitable neighbourhood for families and professionals alike.

• Panvel

A well-established suburb on the outskirts of Mumbai, Panvel’s various townships offer a range of affordable housing options along with vital amenities like educational, healthcare and recreational facilities. Equidistant from Mumbai and Pune, the town acts as a link between the cities, while its proximity to the upcoming Navi Mumbai International Airport ensures future expansion. With its scenic landscapes, forts, and trekking spots, Panvel offers a tranquil escape from the chaotic city life, with the conveniences of urban living.

Originally Published at - https://industryupdates.medium.com/affordable-housing-options-in-mumbai-suburbs-a3427e715f5c

Stamp Duty and Registration Charges in Mumbai 2024

 

Mumbai city is a prime real estate market. The influx of urbanisation, commercial and professional opportunities, hubs for multi-national businesses and improving connectivity become factors in pushing the property margins up. With land becoming a scarcer and more valued commodity, every sale or purchase is a significant contribution to the revenues of the government of Maharashtra.

Two of how the government earn with the sale of properties are stamp duties and registration charges. Take for example what occurred in 2020. When the real estate industry faced a slump, the Maharashtra Government reduced stamp duty charges from 5% to 2%. This led to a boost in property sales.

For a home buyer in Mumbai, in addition to the two fees, they have to pay an additional 1% extra stamp duty in the form of a metro cess tax. In total, this raises the tax to up to 6%.

Understanding Registration Charges

Registration charges are the fees paid for registering the property under the buyer’s name. This process provides legal sanctity to the property transaction.

Understanding Stamp Duty in Mumbai

Stamp Duty functions as a property tax where a tax is imposed by the state government on purchasing a property. Maharashtra pays some of the highest stamp duties in the country. To understand the amount you would have to pay in duties is dependent on several factors, including:

Property type: The tax applicable to commercial properties exceeds that of residential homes as commercial properties include several additional features and amenities compared to a residential property.

Location: The property’s geographical location significantly influences the tax charges, with rural and semi-urban areas generally incurring lower stamp duty and registration charges in Pune.

Market value: The calculation of current stamp duty and registration charges takes into account both the total area and the market value of the property.

Owner’s age & gender: The government extends additional concessions based on the age and gender of the property owner. Senior citizens and women may qualify for subsidized stamp duty and registration charges as part of these concessions.

First-time home buyers: Individuals buying a home for the first time are eligible for a maximum of Rs. 2.5 lakh exemption on their stamp duty.

Ready reckoner rate: Also called a circular rate, the ready reckoner rate also influences the stamp duty calculation. These rates depend on the area and restrict the sale of a property below a specific amount.

The Maharashtra government has given special consideration to investors looking to invest in properties in Mumbai by extending the stamp duty waiver for up to 3 years. They now have the opportunity to receive a waiver on stamp duty for resales made within three years of acquiring their property. In these transactions, the stamp duty applies only to the price difference of the property, rather than the entire amount.

For farmland, agricultural land, or residential property, the stamp duty for a gift deed passed on to family members is Rs 200, while for non-family members, the stamp duty is three per cent of the property cost.

Members of housing societies looking to undergo redevelopment are not required to pay stamp duties. At most, they will be required to pay Rs. 100 while the conveyance deed between the developer and the housing society will remain in effect.

Stamp Duty and Registration Fees for 2023–2024

Depending on the location of the property, the duties vary. For areas in gram panchayat regions, the taxes cost 3% of the market value, whereas the municipal regions of urban areas come to about 5% of the market value.

The Maharashtra Government charges a fixed amount of Rs. 30,000 if the retail value of a property is above Rs 30 lakh. However, if the property costs below Rs. 30 lakh, the registration charge is 1% of the property value.

The existing stamp duty rates stand at 5% for men and 4% for women, while registration fees are set at 1% of the property value. In Mumbai, the stamp duty is elevated at 6%, accompanied by registration charges of 1% of the property value.

While these are the current trends observed, the rates can change depending on the ongoing conversations around the cess charges and the appeals for its withdrawal from citizens and realtors as it places further strain on both.

Explore Joyville Homes affordable flats Near Mumbai -

• Book 1 and 2 BHK Flats in Virar West — https://www.joyvillehomes.com/joyville-virar/

Originally published at http://realestateandepc.wordpress.com on December 20, 2023.

Thane vs Mumbai: Where Should You Make Your Perfect Home?

 

Located to the northeast of Mumbai and known as the satellite city of Mumbai, Thane is a metropolitan city in the Mumbai Metropolitan Region (MMR). The two cities have similar lifestyles, ambience and opportunities. Thane is often called the ‘City of Lakes’ because of the picturesque lakes in its territory. The Masunda Lake and Upvan Lake, among others, form an important part of Thane’s landscape. 

Owing to its ideal location, connection to nature and a similar lifestyle to Mumbai, Thane is becoming a preferred destination for prospective homeowners. Thane and Mumbai share several similar attractive features such as: 

Connectivity:

Both Thane and Mumbai provide a vast transportation network comprising local trains, buses, auto rickshaws and taxis. Thane lies on the Mumbai Suburban Railway Network, connecting it to the rest of Mumbai. Roadways such as the Ghodbunder Road and highways such as the Eastern Express Highway and Western Express Highway also connect Thane to Mumbai seamlessly.

Mumbai has the Chhatrapati Shivaji International Airport and railway stations like the Lokmanya Tilak Terminus, and the Chhatrapati Shivaji Terminus connect it to the rest of the world. 

Mumbai offers a metro line that increases connectivity. However, the metro line in Thane is set to be operational in 2025, thus making both cities well-connected. 

Social Infrastructure:

Thane has many notable schools and colleges that provide affordable and quality education to its students. Smt. Sulochanadevi Singhania School, DAV Public School, K.J. Somaiya College and St. John’s College are some of the most prestigious institutions in the area. Jupiter Hospital, Fortis Hospital and Hiranandani Hospital offer world-class medical care to the residents of Thane. These facilities make Thane the preferred place for young families. 

Mumbai is home to some of the most prestigious schools and colleges in the country including Bombay Scottish School, Narsee Monjee Institute of Management Studies, St. Xavier’s College and the Tata Institute of Social Sciences. Hospitals such as the Kokilaben Dhirubhai Ambani Hospital, Breach Candy Hospital and Nanavati Hospital are excellent centres of medical care. 

Accessibility: 

Thane is a developed city similar to Mumbai, providing all the necessities and comforts one needs. There are several gyms, spas, restaurants, malls and entertainment spaces in Thane that give you a well-rounded lifestyle. At places like Viviana Mall and Korum Mall, you can partake in a number of leisure activities to refresh and rejuvenate. 

Mumbai is a city known for its nightlife and its thriving social scene. A wide array of restaurants, pubs, clubs and entertainment spaces dot the city. Some of India’s biggest malls such as Phoenix Market City and R-City are in Mumbai. Centres such as Prithvi Theatre and the Nita Mukesh Ambani Cultural Centre are hubs for traditional performance arts. Thus, Mumbai has a diverse array of entertainment options. 

Return on Investment:

Thane has a higher potential for growth and appreciation in property value. According to homebazaar.com, property in Thane has enjoyed a 300% growth in the last five years. Meanwhile, property prices in Mumbai increased by a minimum of 9% every year.

Environment and Ecology:

As we already know, Thane is decorated with serene lakes. It also offers a refreshing mix of urban comforts in a landscape dotted with gardens, parks, and forests. Thane is ideal for anyone looking to strike the perfect balance between the necessities of modern life and the tranquillity of nature. 

Mumbai has seen a considerable push towards becoming a greener city in recent years. The introduction of electric buses, the redevelopment of many gardens and parks, and the continuous cleaning and maintenance of the city’s beaches are some examples of the efforts taken in this direction. 

Real Estate Markets:

Thane has a thriving real estate market with many up-and-coming developments. According to housing.com, the average price per sq. ft. in Thane is Rs.13,616, making it cheaper than Mumbai. Thane has a selection of affordable, well-made properties that are an excellent option for young homeowners. They provide spacious homes and an exquisite blend of modern amenities in an oasis of nature. 

Mumbai, being a coastal city, has very little room to accommodate its ever-increasing population. However, it is a preferred destination for those looking for a luxury living experience. The city’s rich history and plethora of amenities make it ideal for anyone looking to live at the height of luxury. According to housing.com, the average price per sq. ft. in Mumbai is Rs.19,079. Shapoorji Pallonji’s BKC 28 is one such development that will elevate your living experience. 

If you are looking to make Thane your new home, You can find spacious homes for you and your family at Shapoorji Pallonji’s Northern Lights and Skyraa. 

At Northern Lights, you can find 2 BHK flats in Thane West starting at Rs.1.46 cr. This development is located on Pokhran Road 2 in Thane West. Northern Lights offers a range of 60+ amenities including a gymnasium, a yoga deck and a reflexology area, among others, to ensure that you and your family live a holistic life. 

Explore Northern Lights Project Details Here – https://shapoorjirealestate.com/residential/northern-lights

Skyraa is another premium residential development by Shapoorji Pallonji in Thane. Here, you can find exquisite 3 BHK and 4 BHK flats in Thane West starting at Rs.2.54 cr. This development on Pokhran Road 2 will provide you with 60+ amenities to choose from including a meditation court, a spa, a hammock lounge and a swimming pool with a deck. 

Explore Skyraa Project Details Here – https://shapoorjirealestate.com/residential/skyraa

Whether spacious, affordable, modern homes in Thane or luxury residences in Mumbai, Shapoorji Pallonji has you covered.

Top Reasons to Invest in Mahalakshmi, Mumbai

 

Investment in real estate has always been a solid strategy to build wealth and ensure long-term financial stability. Mahalakshmi stands out as a desirable location for real estate investors in Mumbai. Mahalakshmi offers a variety of opportunities for individuals looking to engage in the real estate industry because of its advantageous location, well-developed infrastructure, and optimistic growth prospects.

A potential possibility for anyone looking to increase their fortune in one of India’s booming real estate sectors is investing in Mahalakshmi. Mahalakshmi, a neighbourhood in South Mumbai, is well known for its enviable location and high-end amenities. The region is home to well-known apartment complexes, opulent commercial projects, and notable landmarks, including the Mahalakshmi Racecourse. 

Let’s explore why you should consider investing in real estate at Mahalakshmi in 2023.

1. Excellent proximity and connectivity

Mahalakshmi’s proximity to important business centres and connectivity draws a continuous stream of affluent households and corporate professionals. It is a sought-after area for employed workers and entrepreneurs since it is close to business centres in Lower Parel, Worli, and other regions of Mumbai. 

Mahalakshmi has excellent access to the rest of Mumbai via the monorail line, the train and the roads. The Bandra-Worli Sea Link, Lalbaug Flyover, the Elphinstone Flyover, and the Eastern Freeway provide easy access to the rest of Mumbai. Additionally, the construction of the upcoming metro line will undoubtedly simplify transportation. From Mahalakshmi, both domestic and international airports are easily accessible.

2. Luxury residential offerings and demand

Mahalakshmi is one of Mumbai’s most luxurious residential landmarks, with renowned developers building stunning and opulent homes here. The Minerva, one of many prestigious residential developments in Mahalakshmi, is Mumbai’s tallest residential tower. Other residential developments include Ahuja Towers, Raheja Universal, Kalpataru Avana, Piramal Mahalakshmi, Lodha The Park, and Lodha Bellissimo.

Due to the region’s historical, cultural, and geopolitical importance, it is one of the most sought-after residential areas for wealthy homebuyers. The neighbourhood has relatively little potential for new project development. Therefore, the demand for housing in this area continues to rise yearly. As a result, real estate has appreciated significantly during the past few years.

3. Historical, cultural and social attractions

The region of Mahalakshmi has a rich historical and cultural legacy. Near Mahalakshmi are some famed historical, artistic, and scientific sites. They include the Dr Bhau Daji Lad Museum, Holy Name Cathedral, St. Thomas’ Cathedral, Nehru Planetarium, Haji Ali Dargah, Worli Fort, and the National Museum of Indian Cinema.

The Jio World Drive, Jio Gardens, Nita Ambani Cultural Centre, The Cooperage, Wankhede Stadium, Brabourne Stadium, High Street Phoenix, National Centre for Performing Arts, and Royal Opera House, among others, are just a few of the well-known sporting and entertainment venues that are close to the neighbourhood. 

These give locals countless opportunities to learn about the city’s history, religious variety, and aesthetic expressions while also providing a window into the present.

Due to these reasons, Mahalakshmi is a dream destination for homebuyers because it offers unmatched living experiences in a place that is a dream for everyone.

This is an opportunity to live above and beyond, to embrace a life of extravagance at the Vantage Series at the Minerva. Don’t miss your chance to seize the dream and elevate your lifestyle. Experience the pinnacle of luxury living and discover a world of endless possibilities at the Shapoorji Pallonji Vantage Series at the Minerva in Mahalakshmi, Mumbai.

Shapoorji Pallonji Vantage Series at the Minerva in Mahalakshmi

Originally published at http://realestateandepc.wordpress.com on May 11, 2023.