What is the price of a celebrity house in Mumbai?

Spanning anywhere from 5,000 sq. ft. to 30,000 sq. ft., with properties ranging from Rs.20 crores to Rs.200 crores, celebrity houses in prime real estate areas of Mumbai can take the shape of sprawling sea-facing bungalows and penthouses covering many floors.

Akin to their lifestyle, a celebrity home extends much beyond the functional needs of a sitting area or a kitchen to include floors dedicated to home entertainment systems, private gyms and pools, temples, gardens and much more.

Mannat

Image Source – https://lbb.in/mumbai/mannat-bandra/

Take for example megastar Shah Rukh Khan’s palatial home Mannat, a property as much as a landmark, that draws crowds from across the world for a glimpse of the superstar. Encompassing 27,000 sq. ft. with amenities ranging from a gymnasium, library and several living rooms and bedrooms, this celebrity house is estimated to be worth Rs.200 crores.

Jalsa

Image Source – https://www.squareyards.com/blog/amitabh-bachchan-house-celebhm

Another iconic celebrity home belongs to Amitabh Bachchan. Named Jalsa, this twin-storey bungalow covers 10,125 sq. ft. and includes amenities like a temple, a garden, and a terrace. Like most such properties, Amitabh Bachchan’s home caters to home and work needs alike and also includes a home office and private studies. This home is said to be worth Rs.100 crore.

Deepika & Ranveer’s Bandra home

Image Source – https://www.indiatoday.in/movies/photo/ranveer-marries-deepika-italy-mumbai-home-photos-1389469-2018-11-15

One of Bollywood’s current power couples, Deepika Padukone and Ranveer Singh, recently purchased a sea-facing quadruplex apartment in Bandra. The properties encompass 16-19 floors of the plush residential tower Sagar Resham and span an area of around 11,266 sq. ft. The abode features an exclusive terrace and 19 parking lots. The property is estimated to be around Rs.199 crore.

Hrithik Roshan’s Juhu home

Image Source – https://www.nobroker.in/blog/hrithik-roshan-house/

A purchase acquired by the superstar in October 2022, the property faces the Arabian Sea covers 14-16 floors of Mannat Apartments in Andheri West, and features a sky terrace. The properties span 38,000 sq. ft. and cost around Rs.97.5 crore.

Akshay Kumar’s Juhu home

Image Source – https://www.quora.com/What-is-the-cost-of-Akshay-Kumar-s-house

The lavish sea-facing home of the megastar is located in Prime Beach, Juhu, and features several luxurious amenities including a home theatre and sprawling outdoor spaces. The property is estimated to be worth Rs.80 crore.

Living a celebrity lifestyle need not be exclusive to only celebrities. While luxurious amenities like sea-facing views, rooftop lounges, and terrace decks may seem like indulgences one can only aspire to, Shapoorji Pallonji’s extensive real estate legacy spanning several cities brings these luxuries to you with exclusive projects that cater to elevated living and state-of-the-art amenities. For an in-depth look into its extensive projects, visit https://shapoorjirealestate.com/

Originally published at http://realestateandepc.wordpress.com on November 27, 2023.

Quick moving tips for first & second-time home buyers

 

Moving to a new home is a significant milestone, filled with excitement and challenges, especially for those embarking on this journey for the first or second time. Whether it’s upgrading to a larger space or downsizing for more manageable living, a well-planned move is crucial. Here’s a quick guide to ‘the big move’ for first-time and second-time home buyers.

Planning and Preparation

1. Create a comprehensive moving plan

Start the moving process well in advance by creating a detailed moving plan. This plan should encompass all aspects, from packing to logistics and scheduling movers, to ensuring a well-organised and stress-free transition.

2. Embrace downsizing

Prior to packing, consider decluttering and downsizing your belongings. Downsizing not only streamlines the moving process but also allows you to enter your new home with a fresh perspective.

Should you hire professionals or opt for a DIY move?

1. Hiring professional packers & movers:

Research moving companies thoroughly if you choose the professional route. Ensure the companies are reputable, reliable, and possess the necessary licences and insurance. This step guarantees a smooth and secure transition of your valuable possessions.

2. The DIY move:

For those on a tight budget or who prefer a hands-on approach, the do-it-yourself move is a viable option. However, be prepared for the additional personal time and effort it may require.

Efficient packing and clear labelling

1. Adopt a systematic approach

Pack room-by-room and label each box with its contents. This not only simplifies the unpacking process but also ensures quick access to essential items.

2. Pack your essentials separately

To make the first few days in your new home more comfortable, pack a separate bag or box with essential items like toiletries, a change of clothes, and important documents.

Let everyone know about the move

1. Inform utility companies and service providers

This includes your internet providers, utility agencies, and other service providers that frequent your home. This ensures a seamless transition of services, allowing you to settle into your new home without disruptions.

2. Update your address

Notify the post office, banks, insurance companies, and other vital institutions about your change of address. Updating your address on official documents, subscriptions, and accounts helps avoid any potential disruptions.

Additional insights

As a trusted name in real estate, Shapoorji Pallonji Real Estate goes beyond the move itself. We understand that a new home is not just a physical space but a canvas for creating lasting memories. The journey to a new home should be as seamless as possible. By incorporating these tips into your moving strategy, you can transform the transition into a smooth and stress-free experience. 

Explore the diverse and thoughtfully designed properties by Shapoorji Pallonji Real Estate to find a home that perfectly complements your lifestyle. Visit our website at https://shapoorjirealestate.com/ to embark on your journey to a new beginning.

Originally published at http://realestateandepc.wordpress.com on November 27, 2023.

What is a Reverse Mortgage Loan?

 

Reverse Mortgage Loans (RMLs) have emerged as a financial lifeline for senior citizens, aged 60 and above, providing them with a unique opportunity to access funds while retaining ownership and occupancy of their homes. These loans, offered by Primary Lending Institutions (PLIs) such as Scheduled Banks and Housing Finance Companies, are designed to cater to the specific needs of the elderly.

Key features

• Reverse Mortgage Loans do not involve monthly repayments, as borrowers are not required to service the loan during their lifetime. The loan amount is determined based on the property’s value, the borrower’s age, and prevailing interest rates. Payments can be received through various disbursement options, including lump-sum, periodic payments, or a line of credit.

• The maximum loan period is 20 years, during which the borrower can utilise the funds for purposes like home improvement, medical expenses, and more. However, speculative or business-related use is not allowed. Property valuation occurs at least once every five years, potentially leading to adjustments in the loan amount.

• RMLs offer a ‘no negative equity’ guarantee, ensuring that borrowers or their heirs will never owe more than the property’s net realisable value, provided loan terms are met. In the event of the borrower’s death or permanent departure from the property, the loan is repaid along with accumulated interest, either through the sale of the property or voluntary repayment by the borrower or heirs. Prepayment is also an option without any associated levy.

Taxation 

Addressing taxation concerns, the Income-tax Act has been amended to exclude reverse mortgage transactions from the definition of a transfer, preventing the imposition of capital gains tax. Additionally, the loan amount received is considered a capital receipt and is not included in the individual’s total income. Income tax, in the form of capital gains, becomes applicable only when the mortgaged property is alienated for loan recovery purposes.

Conclusion

Reverse Mortgage Loans stand as a secure financial tool for senior citizens, offering a means to unlock the value of their homes without the burden of immediate repayment, coupled with tax-friendly provisions that safeguard their financial interests. With features like flexible disbursement options, property valuation, and a ‘no negative equity’ guarantee, these loans offer a secure avenue for elderly homeowners to meet their needs. 

For those looking to explore homes in Pune, Mumbai and Howrah, Joyville Homes by Shapoorji Pallonji stands as a trusted name in the industry. To discover the exemplary properties they offer, visit – https://www.joyvillehomes.com/

Empower your financial journey and secure your future with the right blend of financial instruments and real estate possibilities.

Originally published at http://realestateandepc.wordpress.com on November 27, 2023.

Shapoorji Pallonji’s Landmark Projects in Africa

 Shapoorji Pallonji is a name synonymous with some of the most iconic constructions all around the world. With a strong presence worldwide for over 155 years, Shapoorji Pallonji has built megastructures and iconic landmarks that are a testament to Shapoorji Pallonji’s expertise.

Shapoorji Pallonji And Company Private Limited is a diversified organisation of about 15 major companies across six business segments. Shapoorji Pallonji’s focus has always been to design innovative and sustainable projects and surpass levels of engineering excellence. The organisation has a presence in over 40 counties and a dedicated workforce of over 40,000 employees.

Shapoorji forayed into Africa in 2009 and has built some of the most stunning projects in Africa since. Let us look at some projects undertaken by Shapoorji Pallonji in Africa:

Seat of Government & Presidency, Ghana, 2009

Image Source: https://shapoorjirealestate.com/history/2000-2010/Seat-Of-Government-Presidency/

The Seat of Government & Presidency in Ghana was Shapoorji Pallonji’s first design-build project in Africa.

Cruize Mauritius Berth, Mauritius, 2009

Image Source: https://www.shapoorjipallonji.com/project/Cruize-Mauritius-Berth

Shapoorji Pallonji’s Afcons division executed the Cruize Mauritius Berth marine project in 10 months to maintain its record of consistently delivering projects on time.

Admiralty Evercare Hospital, Nigeria, 2021

Image Source: https://www.shapoorjipallonji.com/project/admiralty_evercare_hospital

Shapoorji Pallonji built a 165-bed hospital complex that includes the hospital building, car park building, and ancillary buildings.

Douera Maternity Hospital, Algeria, 2018

Image Source: https://www.shapoorjipallonji.com/project/Douera-Maternity-Hospital

Shapoorji Pallonji’s Engineering and Construction division built this 150-bed hospital for the Directorate of Health and Population in Alegria.

Assure Immo Housing, Algeria, 2015

Image Source: https://www.shapoorjipallonji.com/project/Assure-Immo-Housing

Shapoorji Pallonji designed and constructed multi-storey residential buildings with 2000 homes for Assure Immo, a company owned by CNEP Bank in Algeria.

Bauxite Handling Facility, Guinea, 2019

Image Source: https://www.shapoorjipallonji.com/project/bauxite_handling_facility

Built on a turnkey basis for Guinea Alumina Corporation S.A., the Bauxite Handling Facility in Guinea is one of the country’s largest and was completed in complete compliance with GAC standards, Equator Principles, the International Finance Corporation Performance Standards, and other regulatory requirements of the Guinean government.

2×35 MW Peat-fired Thermal Power Plant, Rwanda, 2021

Image Source: https://www.shapoorjipallonji.com/project/2x35_mw_peat-fired_thermal_power_plant

Shapoorji Pallonji’s EPC division constructed a 70 mW Peat Fired Plant at Gisagara District in Rwanda which included Bubbling Bed boiler technology from Finland.

New Owendo International Port, Gabon, 2019

Image Source: https://www.shapoorjipallonji.com/project/new_owendo_international_port

Shapoorji Pallonji’s Afcons division completed the construction of the New Owendo International Port at Gabon in a record time of 18 months.

Lusaka City Roads Decongestion Project, Zambia, 2021

Image Source: https://www.shapoorjipallonji.com/project/lusaka_city_roads_decongestion_project

Shapoorji Pallonji completed the Lusaka City Roads Decongestion Project in Zambia six months ahead of schedule.

Tema-Mpakadan Railway Project, Ghana, ongoing

Image Source: https://www.shapoorjipallonji.com/project/tema-mpakadan_railway_project

Shapoorji Pallonji completed Ghana’s largest railway project which includes the longest railway bridge in Ghana which passes over lake Volta.

Alausa Power Plant, Nigeria, 2015

Image Source: https://www.shapoorjipallonji.com/project/Alausa-Power-Plant

Oando Group from Nigeria handed Sterling and Wilson the project of setting up a power plant of 2×3.3 mW Gas Engines and 2×2.5 MW diesel Engines to provide power to the Governor’s office at Lagos.

Originally published at http://realestateandepc.wordpress.com on November 22, 2023.