Why you should invest in Virar?

 

Virar is a suburban town in the northern part of the Mumbai Metropolitan Region in Maharashtra, India. It is approximately 60 km from Mumbai and is known for its beautiful beaches, historical sites, and religious places.

The town is also known for its unique blend of traditional and modern culture, making it a popular tourist destination for local and international visitors. Whether you are interested in exploring its history, enjoying its natural beauty, or simply relaxing on its beaches, Virar has something for everyone.

Over the years, Virar has also become one of the prospective destinations for affordable and good-quality homes in the Mumbai Metropolitan Region. It has witnessed a steady growth in property rates in the past few years.

Let us look at reasons why you should consider investing in Virar in 2023.

• Affordable prices: The property prices in Virar are comparatively lower than in many other cities in the Mumbai Metropolitan Region (MMR), making it an attractive destination for those looking to invest in real estate. According to Magicbricks, the cost per square foot ranges from Rs.3,700 to Rs.5,800.
• Good connectivity: Virar is well-connected to Mumbai via the Western Express Highway. The Virar railway station is a major junction on the Western Line of the Mumbai Suburban Railway. The upcoming Virar-Alibaug corridor will further improve connectivity. Metro Line 13, which connects to Virar, is expected to start in 2026.
• Developing infrastructure: The government and many private sector companies are investing in Virar’s infrastructure today, including roads, railways, and civic amenities like hospitals, schools, and parks. Many shopping centres, recreational spaces, and entertainment zones have come up in the area.
• Growing employment opportunities: The Virar-Vasai industrial belt is home to several large industries, including manufacturing, pharmaceuticals, and textiles, providing employment opportunities to locals and migrants alike. It is also close to top commercial and industrial in Mumbai, with seamless road and railway connections.
• Peaceful environment: One of the top features of living in Virar is the peaceful atmosphere of the region, as it is located on the outskirts of Mumbai and away from the hustle and bustle of city life. Virar also has many scenic and green areas that provide soothing relief from the stressful daily routine.
• Proximity to beaches and other destinations: As Virar is close to the coastline, there are many beaches near the region. Stunning beaches like the Rajodi, Navapur, Arnala, and Kalamb Beaches are all nearby. Furthermore, Virar is also close to historic destinations like the Vasai Fort and the Arnala Fort. There are also many resorts, hotels, adventure camps, and religious places of worship in and around the Virar region.

Overall, Virar offers a good combination of affordability, connectivity, infrastructure, employment opportunities, and natural beauty, making it a great place to invest in real estate. Shapoorji Pallonji’s Joyville Virar is one real estate development to consider in Virar.

To know more about Joyville Virar, its prices, and offers, visit https://www.joyvillehomes.com/joyville-virar/ today.

Originally published at http://realestateandepc.wordpress.com on April 12, 2023.

10 Tallest Residential Buildings in Mumbai

 

Mumbai, the commercial and financial capital of the country, is known for its iconic skyline that showcases some of the most stunning pieces of architecture in the country. Mumbai also has the highest number of skyscrapers and high-rise buildings in India. Some of these buildings are the tallest projects in the city and country.

Let us look at the ten tallest buildings and towers in Mumbai.

• Palais Royale

Image Source – https://en.wikipedia.org/wiki/Palais_Royale,_Mumbai

The Palais Royale is the tallest building in the country at 320 metres, located in Worli. It is still under construction. The construction began in 2008 on the land previously owned by Shree Ram Mills Pvt. Ltd. Talati Panthaky Associates are the architects of this structure. 

• Lokhandwala Minerva

Image Source – https://en.wikipedia.org/wiki/Lokhandwala_Minerva

The Lokhandwala Minerva is an under-construction skyscraper located in Mahalaxmi. The construction of this 300-metre tower began in 2011 and is due for completion this year. The project is designed by Lokhandwala Infrastructure. It has 79 floors consisting of 3 and 4 BHK luxury residences. 

• World One

Image Source – https://en.wikipedia.org/wiki/World_One

World One is a luxury residential project constructed by the Lodha Group. This project is 282 metres tall (originally planned to be 442 metres tall) and has 76 floors. It is currently the tallest completed residential building in Mumbai and India. 

• World View

The World View is the second tallest completed residential building in Mumbai and India, designed by the Lodha Group. The construction was completed in 2020. It stands tall at 277.6 metres and has 73 floors. It is located next to World One in Lower Parel. The building offers luxury 4 and 5-BHK residences. 

• The Park

Image Source – https://housing.com/in/buy/projects/page/38579-lodha-park-by-lodha-group-in-lower-parel

The Park is a 14-tower residential project designed and constructed by the Lodha group. Each tower stands at 268 metres and has 78 floors. The Park is located in Worli with 2, 3, and 4 BHK luxury residences.

• Nathani Heights

Image Source – https://en.wikipedia.org/wiki/Nathani_Heights

Nathani Heights is a 262-metre residential skyscraper at Lamington Road, Mumbai Central. The construction began in 2012 and was completed in 2020. It has 72 storeys and offers 3 and 4 BHK apartments. The apartments are certified ‘Green Homes’ under the Indian Green Building Council.

• Imperial Towers

Image Source – https://www.shapoorjipallonji.com/project/The-Imperial

These iconic towers were constructed by the Shapoorji Pallonji Group in 2010. These towers have won the Asia Pacific Property Awards for property design. The towers stand at 254 metres and have 60 storeys each. The Imperial Towers are located in Tardeo and were the tallest residential buildings in Mumbai from 2010-2019. 

• Ahuja Tower

Image Source – https://www.squareyards.com/mumbai-residential-property/ahuja-tower/5842/project

The Ahuja Tower is in Prabhadevi. This tower is 249 metres tall and has 54 storeys. It offers 4 and 5-BHK apartments along with luxury penthouses. The Ahuja Tower is known for its stunning design, glazed facade and crowned top. It was designed and constructed by the Ahuja Group in 2015.

• One Avighna Park

Image Credit – https://en.wikipedia.org/wiki/One_Avighna_Park

The One Avighna Park is a twin-tower residential project 247 metres tall. The project offers 3, 4, and 5 BHK flats and is located in Lower Parel. These towers have been awarded over 40 national and international awards and are recognised as platinum-rated green buildings. 

• Crescent Bay Tower

Image Credit – https://www.99acres.com/l-and-t-crescent-bay-parel-south-mumbai-npxid-r11366

The Crescent Bay Tower is constructed jointly by L&T Realty and Omkar Group. The project consists of six buildings and is 239 metres tall. Each building has 63 floors with 2, 3, and 4 BHK luxury apartments. 

A standout among these buildings has to be the Imperial Towers by Shapoorji Pallonji, a project that has been an iconic part of the city since its completion. The developers of this project, Shapoorji Pallonji, are known for their 150+ year legacy of creating monumental landmarks in the country and beyond.

To learn more about Shapoorji Pallonji, visit – https://www.shapoorjipallonji.com

Originally published at http://realestateandepc.wordpress.com on March 30, 2023.

Carpet Area VS Built-up Area VS Super Built-up Area — What do they mean?

 

While buying homes, buyers should know the different types of real estate jargon and what they mean. One of the most common factors that decide the price is the total area of the house. Real estate developers may use varied measuring terms such as Carpet Area, Built-up Area, Super Built-up Area, etc. In this article, we will simplify these terms to give you a better understanding of what you are paying for and how to calculate each of them.

Knowing these terms helps potential buyers to be in a better position to make real estate investment decisions. Let us look at each of these in detail.

What is Carpet Area?

The actual usable space inside the apartment or unit’s walls is known as the carpet area. The term “carpetable area” refers to the space that can be covered by a carpet. The living area, kitchen, bathrooms, and bedrooms are all included in this measurement. The carpet area is frequently regarded as the most important of the three because it represents the actual area that the buyer will use.

A simple formula to calculate the Carpet Area of a property is as follows:

Carpet area = (Area of bedroom + living room + kitchen + balconies + toilets) — the thickness of the inner walls.

What is Built-up Area?

The term “built-up area” applies to both the carpeted area and the thickness of the apartment’s walls. It is also referred to as the foundation region. Because it accounts for the space the walls fill, the built-up area is larger than the carpet area.

As explained above, the Built-up Area is calculated by adding the Carpet Area, exterior wall areas, corridors, and balconies (if any).

Built-up Area = Carpet Area + Exterior and Interior Wall Areas + Terrace and Balcony + Corridor (if any)

What is Super Built-up Area?

The term “super built-up area” describes a space that includes both the built-up area and the proportionate area of shared spaces like the lobby, stairwell, lift, etc. It also includes the amenities offered within the structure, such as the pool, gym, community center, etc. The biggest of the three measurements also referred to as the saleable area, is the super built-up area. It is important to remember that the super built-up area encompasses areas that the buyer may not necessarily use.

This is calculated by adding the carpet area and the proportionate common areas. The calculation of this area is a bit more complicated than the others as the proportion is decided by the real estate developer. It is sometimes calculated by adding the carpet area and 1 + loading factor. The loading factor is the difference between the super built-up area and the carpet area.

Shapoorji Pallonji provides complete assistance to homebuyers looking for new properties through consolidated pricing details and floor plans which enable buyers to understand the total value of the property. Some of the ongoing projects by Shapoorji Pallonji in the country are:

• BKC 28 in Bandra, Mumbai
• Vanaha in Bavdhan, Pune
• The Designate in Khar-Santacruz, Mumbai
• Northern Lights in Pokhran, Thane
• Vicinia in Chandivali-Powai, Mumbai
• Parkwest in Binnypet, Bangalore
• SP Residency in Phursungi, Pune
• Shukhobrishti in New Town, Kolkata
• Joyville Virar in Vasai-Virar, Mumbai
• Joyville Sensorium in Hinjawadi, Pune
• Joyville Hadapsar Annexe in Hadapsar, Pune
• Joyville Gurugram in Gurugram
• Joyville Western Heights in Howrah, Kolkata

Originally published at https://realestateandepc.wordpress.com on March 23, 2023.

History of the construction of the RBI building in Mumbai

 

Mumbai’s Reserve Bank of India (RBI) office building is a towering landmark that has graced the city’s skyline for over four decades. Constructed in 1980 by the renowned construction company Shapoorji Pallonji, the 27-story building is 350 feet tall. The scope of work for this project by Shapoorji Pallonji included civil and structural works for the building, two basement levels, and MEP works. The building’s design features false floors and other architectural elements, making it an impressive feat of engineering. Shapoorji Pallonji was also commissioned with the civil and structural development of the old RBI building in Mumbai, completed in 1950.

The construction of the RBI building marked a milestone for the Indian financial sector. The completion of the building in November 1980 was a testament to India’s growing economic strength and provided the RBI with a modern and functional headquarters. The building’s construction was particularly noteworthy as it was built during a period of austerity when the Indian government banned expensive projects.

The RBI building has played a significant role in India’s economy by safeguarding the country’s bullion and issuing its notes and coins. Additionally, the RBI is responsible for formulating and implementing India’s monetary policy, managing the country’s foreign exchange reserves, and regulating its banking system. The building’s imposing presence is a testament to India’s financial strength and has become an iconic symbol of Mumbai’s skyline.

The RBI building is not only a vital hub for the Indian financial sector. It has also become an essential part of Mumbai’s cityscape. The building’s design and construction have made it a popular destination for architecture enthusiasts visiting Mumbai. The building’s completion in 1980 was an important step forward for India’s economy and is a landmark achievement for the country.

Today, the RBI building continues to serve as the headquarters of the Reserve Bank of India, a crucial institution that plays a significant role in the Indian economy. The building’s design and construction have stood the test of time, and it is an essential component of Mumbai’s cityscape. Its towering presence is a testament to India’s financial strength and commitment to modernisation and progress.

Apart from this iconic development, Shapoorji Pallonji has also constructed other landmark projects, including the Bank of India building, with a stunning glass structure, the iconic World Trade Centre, and the HSBC building in South Mumbai. Furthermore, Shapoorji Pallonji has also constructed the LIC building in New Delhi, the International Exhibition Centre in Bangalore, ONGC Office Building in Dehradun, Vallabh Bhawan Extension in Bhopal, and the Stratum @ Venus Grounds in Ahmedabad.

Originally published at http://realestateandepc.wordpress.com on March 23, 2023.

Hidden Costs while Investing in Real Estate

 

Buying an apartment in India can be exciting. But it also can be confusing sometimes. Along with finding the right location and apartment, buyers also need to know the probably hidden costs involved in the process. These costs can increase the overall cost of the property purchase.

This article explores some hidden charges buyers may incur when investing in real estate.

Stamp duty is a state tax levied on buying a property. The stamp duty rate varies from state to state and can range from 4–8% of the property value. Buyers should factor in the stamp duty while budgeting for their property purchase. Registration fees are payable to the local government for registering the property in the buyer’s name. The registration fee can vary from state to state, and buyers should research the applicable fee to avoid surprises.

GST is another hidden cost applicable to the purchase of under-construction properties. The GST is a tax levied on goods and services sales in India and applies to under-construction properties. The GST rate is currently 5% for under-construction properties, and buyers should factor this while budgeting for their property purchase.

Buyers may have to pay legal fees to a lawyer for reviewing and drafting legal documents related to the property purchase. The charges vary depending on the lawyer’s experience and the complexity of the transaction.

Buyers pay brokerage fees if a real estate agent is involved while buying a property. The brokerage fee can range from 1–2% of the property value.

Many apartments come with common areas and amenities that require maintenance. Buyers may have to pay maintenance charges to the building society or the developer. The maintenance charges can vary depending on the amenities and the apartment size.

Property tax is a local tax levied on the property owner by the municipal corporation or local government. The property tax can vary depending on the location of the property and its value.

Buyers may have to pay if they wish to purchase a parking space. The parking charges can vary depending on the location and parking space size.

In conclusion, buying an apartment in India comes with several hidden costs that buyers need to know. These costs can significantly increase the overall cost of the property purchase, and buyers should factor them while budgeting for their purchases. Conducting thorough research and consulting with a reliable real estate agent helps buyers make informed decisions and avoid surprises.

Shapoorji Pallonji Real Estate offers assistance not only in helping you with some of the best properties in the country but also figuring out your total cost for investments of every size. To know more about our projects all over the country, visit shapoorjirealestate.com.

Originally published at http://realestateandepc.wordpress.com on March 13, 2023.