Property Thane

 Document writing is a professional’s job which requires expertise and thorough diligence. Whether you are a buyer or a seller, it is important to take precautions while framing a property document.

Here Are Some Precautions To Take While Drafting Property Documents:

• Thoroughly check the particulars of the parties

The names of the parties concerned are material part of the document. Therefore, names should be correctly recorded in the document. To ensure this, verify the names from academic records, passport, or Aadhaar card to get the correct spelling (names) of the parties. If a person’s name is recorded differently in different records, mention the different versions of the name as alias.

If a woman name is recorded as the daughter of a person in one link document and in another document it is recorded as the wife of a person, then it is better to record both aspects to avoid any confusion.

Any small mistake will put the parties in trouble as the deed will have to be made all over again. The seller may not be available or his whereabouts may not be known to the buyers. Or the seller may demand additional money or put conditions to execute rectification deed in favour of the purchaser. In a nutshell, it is the duty of the buyer to ensure that the particulars are entered correctly.

• Age of the parties

With all the records available, verify the correct age of the parties. Don’t put any approximate age. It is advisable to record the true age of the parties concerned.

• Profession and Addresses

The profession of the parties concerned, their present, and permanent addresses should also be properly documented without any errors. Any vague description of the parties will create confusion. It is important to get it cross-checked by another person to ensure that there are no mistakes.

• Link document numbers

It is important to record correctly the link document number, date of registration, sub-registrar/registrar office name, and district name correctly.

• Money paid

You must record the details of money paid in numbers as well as words. This is an important part of the documentation process and proper care should be taken when recording this information.

• Cheque or Demand draft number

If the amount is paid through a cheque or a demand draft, details such as its number, date of issue, bank and branch and the amount should be properly recorded. Take expert’s advice in recording the details of these instruments.

• Schedule of the property

It describes the details of the property by mentioning in which village or city the property is located.

• House location

It is equally important to correctly spell the district name, the sub-registrar office name, the town survey number, the plot number, the extent of the land, and all the four boundaries of the property. If it is an apartment, it is important to list the entire piece of land on which the apartment is built. Apart from that, flat number, common areas, car parking area (if any) should also be listed.

It is vital to get full particulars of the owners of the adjoining properties rather than mentioning them vaguely such as ‘the neighbour’s property’. If there is a road along one of the boundaries, then its width should also be mentioned along with its name (if any).

• Attesting witnesses

Attesting witnesses play a crucial role in the event of a dispute regarding the document’s validity. It is important to have reputed and respected citizens to stand as witnesses. Their version regarding the execution of the document will be very critical in case of any dispute regarding the validity of the document in the court of law. Transfer of Property Act mandates that two witnesses should be present, but if parties wish then more than two persons may be taken as attesting witnesses.

For a foolproof job, give comprehensive and factual information in the document.

Don’t leave everything on the document writers or lawyers, it’s important to actively participate in the documentation process because your stakes are higher.

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 Choosing the ideal commercial real estate is a critical stepping-stone in one’s business journey.

Meticulous attention, therefore, needs to be paid to every crucial detail to ensure that the choice aids in promoting business growth rather than posing unwarranted challenges and repercussions. This is especially true in the case of selecting a commercial property in Thane, which involves a significant deal of investment. However, the growth in infrastructure and housing, as well as connectivity between business and commercial hubs in various corridors of the city, has aided in the rise of several new commercial and business hubs, such as the Worli- Prabhadevi- Lower Parel axis.

Factors that determine the ideal office space

Some of the important points to consider while buying office space are as follows:

1. Location and Accessibility of the commercial property:

Connectivity poses the biggest challenge while looking for office spaces in Thane. It is important to take into account the proximity to both rail networks and roadways before buying office space in a particular location. Similar attention requires to be paid to the type of locality, as a posh location resonates stability while a developing one poses questions about longevity and growth potential.

2. Space for your company to grow:

The commercial real estate you opt for should have enough space to not just accommodate the current technologies and workforce but also offer sufficient room for the addition of both physical and technical components as the business grows. This is important as it projects a positive image of the company to the key stakeholders, and aids in gaining popularity and fame in the competitive market.

3. Budget:

Before deciding on a final price, take into account the facilities as well as compare it to the prices of other office spaces in the neighbourhood. Calculate the total cost of buying or leasing the space, which includes both the lumpsum cost of buying the property as well as various other costs such as construction and restoration costs, moving expenses, parking charges, electricity bills, food and beverage costs, etc.

4. Infrastructure:

The comfort of the employees of an organisation is of pivotal importance as it promotes motivation and positive drive, which in turn aids in the growth of the company. It is, therefore, important to take into consideration the age of the property as well as the essential facilities offered by the commercial real estate, such as power backup, internet, security, parking, recreation, dining options, etc., before opting for a particular office space.

Get More Information About Office Space in Thane And For More Details Visit Propertythane.com Or Email Us On info@propertythane.com

Office transactions, at 25.3 million sq. ft., translated to 107% year-on-year growth. NCR witnessed 154% YoY rise in home sales during H1 2022, according to the Knight Frank report released on July 6.

Residential real estate sales grew by 60% in the first half of 2022 to 158,705 units across the top eight cities in the country from 99,416 units in the same period last year. Home sales in the National Capital Region (NCR) centred on New Delhi grew 154%, according to a Knight Frank report released on July 6.

Office transactions, at 25.3 million sq. ft., increased 107% year-on-year (YoY), indicating the potential of the market as the COVID-19 pandemic let up and the economy bounced back.

Bengaluru led office transactions with 7.7 million sq. ft., followed by NCR with 4.1 million sq. ft., during H1 of 2022, Knight Frank India said in the 17th edition of its flagship half-yearly report: India Real Estate: Residential and Office Market H1 2022.

The report presents a comprehensive analysis of the residential and office market performance across the eight major cities for the January–June period.

Home sales of 158,705 units recorded in the period were the highest since H2 of 2013 for any half-yearly period. The robust sales have prompted a significant increase in real estate prices across all markets.

Homebuyers’ need for a lifestyle upgrade, low interest rates, comparatively low prices and the renewed need for home ownership sparked by the pandemic have been the primary drivers for the sales growth, the report said.

Developers responded strategically to the demand momentum and the shift in sentiment and launched 160,806 units in H1 of 2022, which was 56% higher than in the same period last year, Knight Frank said.

Mumbai’s sales volume of 44,200 home units accounted for 28% of the total sales amongst the top eight markets. In terms of the annual percentage increase, home sales in the NCR rose 154% YoY to 29,101 units. NCR accounted for the second largest share of sales among the eight top real estate markets in the country.

Bengaluru performed strongly too with sales growth of 80% YoY in H1 2022 to 26,667 units as increased hiring and steady income growth in the Information Technology (IT) sector buoyed demand.

Housing prices increased by 3-9% YOY

According to the report, residential prices recorded strong growth across all cities during the first half of the year. Prices increased across in all markets in the range of 3% – 9% YoY with larger volume markets like Mumbai (6%), Bengaluru (9%) and NCR (7%) posting notable increases.

It was the first time since H2 of 2015 that prices increased YoY across all markets, Knight Frank said.

Share of home sales in the Rs 1 crore range increased by 20%

The share of sales in the Rs 1 crore and above segment grew significantly from 20% in H1 2021 to 25% in H1 2022, the report said.

Homebuyers’ need to upgrade to larger living spaces with better amenities and the fact that pandemic-induced income disruptions did not affect higher-income categories as much as they did the others were thought to be the factors responsible for the rise in sales.

On the contrary, the share of home in the Rs 50 lakh to Rs 1 crore category dropped to 34% in H1 of 2022 from 39% in the same period last year. The Rs 50 lakh and below category declined marginally from 42% in H1 of 2021 to 40%, it said.

The previous high of 185,577 units in residential sales was recorded in H1 of 2013. At an 8-year high for any half-year period, new home unit launches witnessed an addition of 160,806 units in H1 of 2022 marking a rise of 56% YoY from 103,238 units in the same period last year.

Strong growth in sales velocity, has led to a modest decline in unsold inventory, which dipped marginally to 440,117 units in H1 of 2022. The strong uptick in sales also brought the Quarters to Sell (QTS) level down to 7.8 quarters from 10.9 quarters in H1 of 2021.

“Home buying has witnessed a strong rebound since the advent of the pandemic and continues despite inflationary concerns in the economy. The interest rate cycle having turned during this period has impacted affordability, but the performance of the broader economy (and changed buyer perceptions) has had a greater bearing on market momentum for the remainder of the year as it dictates homebuyer income levels and demand much more directly,” said Shishir Baijal, chairman and managing director, Knight Frank India.

Office transactions: Marginal slowdown in early part of the year overcome

On the office market performance, Knight Frank India said all the top eight cities experienced substantial growth during H1 of 2022, recording transactions of 25.3 million sq. ft. in January–June. Office completions were recorded at 24.1 million sq. ft. in the same period.

The office market recorded robust activity during H1 of 2022 as the pandemic waned and the economy recovered despite geopolitical concerns triggered by the Russian invasion of Ukraine. Office transactions grew 107% from 12.3 million sq. ft. in H1 of 2021. In the first half of the year, Q2 registered 14.6 million sq. ft, of gross leasing transactions compared to 10.7 million sq ft in the year-ago period.

A marginal slowdown in leasing reansactions in the early part of the year due to socio-economic and geopolitical standoff was quickly overcome, the report said.

Bengaluru made up 31% of the total area transacted with the highest rental increase of 13% YoY in H1 of 2022. With an increasing need for flexibility and a hybrid working environment, the co-working/managed office sector’s share of transactions increased to 17% in H1 of 2022 from 10% in H1 of 2021, Knight Frank said.

The volume of new completions, which were the highest since the start of the pandemic, reached 24.1 million sq. ft., higher by 61% over H1 of 2021, the report said.

Bengaluru, with 5.8 million sq. ft. and Hyderabad, with 5.3 million sq. ft., cumulatively made up 46% of the total space delivered during the period, the report said.

In terms of office rents, Bengaluru and Pune recorded the maximum increase in rental values at 13% and 8% YoY respectively, mostly due to higher demand and lack of Grade A space. Hyderabad, Mumbai and NCR also posted moderate increases in rental values. Rental values in Chennai, Ahmedabad and Kolkata remained stable, the report said.

In terms of sector-wise transaction, Information Technology remained the single largest occupier of office space with 27% of the total during H1 of 2022.

The share of the co-working sector in total transactions increased to 17% in H1 of 2022 from 10% in H1 of 2021, recording the maximum increase across sectors. Occupiers’ preference for flexibility and the overall service offering of co-working/managed office premises has taken root during the pandemic and is expected to stabilize. Other sectors including healthcare, logistics, media, legal services and consulting made up 32% of all leasing transactions.

“The robust performance delivered by the office market during H1 2022 has set the tone for 2022. Physical occupancy levels are rising as more companies want their employees to return to office. At the same time, hiring across many sectors has picked up as India’s economic growth continues. With the current pace of leasing, we expect the year of 2022 to see leasing volumes close to the peak of 2019 and exceed in the next year, said Baijal of Knight Frank India.

Owing to the series of policy decisions including the implementation of the Real Estate (Regulation & Development) Act, 2016 and digitization of land registries and market data has helped Indian real estate market’s transparency level move upwards.

The transparency level in the county’s real estate sector is now amongst the top ten most improved markets globally and is part of the semi-transparent category at 36th spot out of 94 countries, showed JLL’s 2022 Global Real Estate Transparency Index (GRETI).

India’s improvement in transparency score between 2020 and 2022–from 2.82 to 2.73–is higher than some of the highly transparent markets, due to digitization and data availability for transaction processes in addition to overall market fundamentals.

The improvement in transparency is reinforced by increased institutional investment and the growing numbers of real estate investment trusts (REITs) helping to broaden market data and bring more professionalization to the sector to complement regulatory initiatives like the Model Tenancy Act.

“The move towards greater transparency in India will intensify investor interest and bolster occupier confidence. As a result, we will see more capital deployment into the country as it demonstrates consistent efforts to make accurate data available, enforce legal protections for property ownership, and enhance the regulatory environment to facilitate the transactions,” said Radha Dhir, CEO and Country Head, India, JLL.

Regulatory changes in the Indian real estate sectors like RERA and digitization in all transaction processes have led to a more sanitized and transparent data availability, helping the country make robust progress in the transparency in a sector that was known for its opaque ways of functioning.

“Sustainability continues to be the key focus for the world going ahead. We have seen India take great strides in sustainability in the past years, however, there is a need for a more concerted and congruent thought process and action plan to bring sustainability into the mainstream,” Dhir added.

To be able to move to the coveted transparent list, from the present semi-transparent list, the country needs to improve sustainability tracking. Sustainability has not been one of the major areas for change over the last couple of years for India, but investors and occupiers are driving this change.

Several initiatives are underway at either the national or local level including the National Guidelines on Responsible Business Conduct from 2021, with reporting for the largest 1,000 companies by market cap to be compulsory from 2022-23, and local plans such as Mumbai’s Climate Action Plan, released in 2022, which is expected to establish a system to conduct regular energy performance benchmarking of buildings by 2025, and mandate a building energy management system in all new buildings.

Making green certifications/ratings and adherence to the Energy Conservation Building Code (ECBC) a mandate would give a greater push to sustainability. The regulatory impetus for mandatory tracking and reporting is still lacking but should get a major push following India’s call for Net Zero by 2070.

India’s score improvement was the highest on the parameter of improvement in transaction process. Given the regulatory initiatives, and better and deeper data availability, access to asset information has improved in a significant way. With reforms also creating the push for better professional standards for property agents and an environment for weeding out illicit finance through stringent anti-money laundering regulations, the transaction process in India has become more transparent and meaningful.

India’s improvement in this parameter was just behind Vietnam and Malaysia among other APAC countries.

“India’s investment performance parameter has held steady with a conducive investment environment in place and healthy opportunities for investors. The last two years have also been marked by upheaval and a reset in investor strategies. Some countries have found increased favour from investors and have moved up the rankings. India has kept its ranking steady, though it has improved its composite score in this parameter,” said Samantak Das, Chief Economist and Head of Research, REIS, India JLL.

Diversification remains a core theme for many investors in the Asia Pacific. Institutional capital, such as that controlled by asset managers, pension funds, and sovereign wealth funds, is active in alternative real estate sectors in nearly two-thirds of the markets tracked. That means expectations for transparency across niche property types like lab space, data centers, or student housing have grown.

India has made rapid strides in the availability of high-frequency data across its big cities and core asset classes through the intervention of tech platforms and regulatory reforms. It needs to replicate for other cities and alternative sectors with the work already underway through a mix of both private sector participation and government push towards digitization of land and property records.

As market transparency improves through access to data, better corporate governance practices, and more publicly listed REITs creating more publicly available datasets, the sustainability agenda needs a greater push for India to rapidly ascend to the transparent tier.

The road from regulations to putting them into practice–across financial regulations, land-use planning, taxation, anti-money laundering and eminent domain–will be necessary to increase transparency levels and match heightened expectations.

PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has listed in the “lapsed”category 2,809 projects with bookings for nearly 1.28 lakh apartments worth Rs78,000 crore across the state as part of a separate checklist on its portal.

Most of the “lapsed” projects with bookings were in Pune (834), followed by Mumbai (582) and (354), MahaRERA data revealed.

These projects, with completion deadlines from 2017 to March 2022, were listed as “lapsed” because the promoters neither sought an extension nor completed them despite the bookings. Builders of the lapsed projects cannot advertise or sell the projects without an extension from MahaRERA

A MahaRERA official said the authorities were hopeful about the state government forming a committee to help complete the “lapsed” projects and ensure that the citizens did not suffer. The official said the committee was likely to have representatives from government bodies such as Mhada and Cidco.

MahaRERA mainly puts out the list of projects whose promoters did not apply for an extension and also did not upload Form 4 from the architects on its website. Section 8 of the Real Estate Regulation Act states that once a project lapses, the regulatory authority shall take control and devise a plan for its completion.

“Collaboration of joint ventures will always help, especially with state government bodies,” state Credai president Sunil Furde said.

 While a home buyer must have a good credit score, to apply for a housing loan, we look at some tricks to get a home loan even with a low CIBIL score

Your CIBIL score plays a crucial role in determining whether or not a bank will give you a loan. Your CIBIL score will also be a decisive factor in the bank offering you its lowest home loan interest rate. This makes it incumbent upon a home buyer to have a good CIBIL score, if they are planning to purchase a home through housing finance.

What is a CIBIL score?

Your CIBIL score is an indicator of your creditworthiness. Based on your credit-handling history, credit bureaus in India assign you a credit rating. TransUnion CIBIL is one of the four credit bureau companies in India that provide credit information to banks. Since it is the most prominent credit bureau company in the country, its name has become synonymous with credit rating.

Did you know?

CIBIL full form

CIBIL stands for Credit Information Bureau (India) Limited.

What is a good CIBIL score?

Credit bureaus in India assign a credit score, ranging between 300 and 900. A CIBIL score above 700 is considered good.

What is the best CIBIL score?

Having a good score may not be enough to grab the lowest interest rate on your home loan. For this, you must have an impressive CIBIL score. Almost all banks in India offer their lowest home loan interest rates to borrowers with a credit score of over 750.

Can you get a home loan with a low CIBIL score?

Since home loans are secure loans – your house acts as collateral against the loan – banks offer home loans to borrowers with not so impressive credit scores, too. However, in this case, they may charge a risk premium.

Let us look at SBI home loans as an example to understand this better. SBI, India’s largest lender, is currently offering the best home loan interest rate of 6.7% to applicants who have a CIBIL score of 750 and above. In case your CIBIL score ranges between 700 and 749, SBI will charge 6.8% interest on your home loan. This means that you will be paying 10 basis points more on your loan interest. For applicants with no credit history, i.e., no CIBIL score, SBI will charge 6.9% annual interest on home loans.

How to get a home loan with a low CIBIL score?

In case your CIBIL score is lower than 700, it would be ideal to build your credit score. However, if that does not work out for you, here are some options for you:

Approach NBFCs

Housing finance companies (HFCs) and non-banking finance companies (NBFCs) offer credit to those borrowers in India who find it hard to borrow from banks. While they have a higher risk appetite, NBFCs and HFCs will invariably charge a premium from you to lend money.

Apply for a lower amount

One way to show your creditworthiness to the bank is to arrange a higher down payment and apply for a low home loan amount. In case you are buying a property worth Rs 50 lakhs and you show the bank that you are going to pay Rs 30 lakhs from your own funds, they will have greater confidence in lending you the remaining amount.

No credit history is not all that bad

Having no credit history is better than having a poor credit history. As we explained earlier, banks offer home loans to a new borrower with no experience in the credit market by charging a premium. In case you can convince your bank to go with the no credit history record, it would be easier to get a home loan than with a poor credit history.

Apply for a joint home loan

Another way to secure a home loan without a good CIBIL score is having a co-applicant with a better CIBIL score. You could also find a guarantor for your loan to get a home loan with a low CIBIL score.

Get More Information About 2 BHK Property in Thane And For More Details Visit Propertythane.com Or Email Us On info@propertythane.com

 Choosing to buy or rent a house is an important decision. So is the city where you decide to settle in. Affordability is all about the cost of living, connectivity, ease of access as well as rental yields. Experts weigh in.

Buying a house or renting – it is a major decision that is dependent on the city where you work, your financial health and personal goals. Both require a regular income and a certain degree of effort to maintain. While renting offers flexibility, it entails regular monthly expenditure.

Home ownership, on the other hand, may bring in intangible benefits such a sense of stability and pride of ownership, the million dollar question is to do with whether it is affordable. Moneycontrol and LiasesForas conducted a survey of the most and the least affordable cities in the country. For this a total of 32 cities with 41,482 projects were considered. Manisha Gupta speaks to experts on what is the most important criteria while buying a house or for that matter renting one.

Affordability of a house depends on many factors such as purchasing power, cost of living, connectivity, ease of access among others. Moneycontrol-Liases Foras House Purchase Affordability Index considers rental yields as the chief parameter. The index represents how easy or difficult it is to own a property in different cities.

“The reason being that rentals best represent the purchasing power for housing. Capital values can be speculative but not rentals. While comparing big and small cities, the yardstick had to be the same. For example, if in Bengaluru, the spread is 50 km, in smaller cities such as Raipur, the spread is only 10 km. These geographies also have different purchasing power and income classes. We wanted the rental yield representation across the entire cross section of cities for which we divided cities into distance bands and considered the maximum distance from the city centre to the spread of the projects,” said Pankaj Kapoor, managing director, Liases Foras.

What is the most important criteria while buying a house?

Rental yields represent how many months are required to own a property. The Moneycontrol-Liases Foras House Purchase Affordability Index is a reflection of how easy or difficult it is for you to own a property and also how productive or unproductive a city is in terms of capital value appreciation, explains Kapoor.

Bengaluru’s productivity is high both in terms of rental yields across city bands and so is the scope for capital price appreciation. In Vizag, on the other hand, capital values are not aligned to rentals. This could be due to the fact that urbanisable lands are lesser or speculation is high due to which rentals have not caught up, he says.

Niranjan Hiranandani, managing director, Hiranandani Group is of the view that buying or renting a house in a city depends on the job opportunities that are available in a particular area.

Dubai is expensive to rent a house compared to several cities in India but people still go there in search of better jobs, he says, adding the driving force behind buying or renting a house is definitely the price point but more than that it is to do with job opportunities and the quality of life. Both these factors are critical for people to buy or rent a house.

Cities like Kolkata may be cheaper, Bengaluru and Chennai may be reasonable and Mumbai and Delhi-NCR definitely more expensive but the driving force enabling people to flock to these cities is definitely to do with the availability of job opportunities in these metro cities.

Get More Information About Property in Thane Mumbai And For More Details Visit Propertythane.com Or Email Us On info@propertythane.com

Mumbai is the financial capital of India and India’s most expensive property market and finding space with that budget in the city is very difficult, but not impossible. Moneycontrol lists the options you have.

Wondering what type of property you can buy in Mumbai with a budget of Rs 1 crore?

Your options range from a studio apartment in Central Mumbai to a 1 BHK flat in the distant suburbs. You may also be lucky enough to find a tiny commercial space in the distant suburbs of Dahisar, Borivali and Mulund.

Mumbai is the financial capital of India and finding an apartment for Rs 1 crore in the city is very difficult. But there are plenty of options available in the Mumbai Metropolitan Region (MMR). MMR also covers cities neighbouring Mumbai including Thane, Navi Mumbai, Kalyan and Dombivali.

Mumbai Suburbs

If you are looking for a 1 BHK apartment in Mumbai within that budget, the suburbs are the only option.

Blox, a technology-enabled online system that provides buyers e-commerce functionality in their home buying journey, has a list of 250+ verified properties for Rs 1 crore or less.

They range in size from 400 to 700 square feet and come in configurations of 1 and 2 BHK. The per-square foot rate in the Mumbai city limits ranges from as low as Rs 15,000 to above Rs 1 lakh.

In satellite cities like Thane, Navi Mumbai, Kalyan and Dombivali, a buyer can easily find residential space for between Rs 5,000 and Rs 15,000 per square foot.

“These properties are located in Malad, Kandivali East and Thane. Some notable projects on the website from reputed developers offer the best amenities and good quality of construction for investment or personal use,” said Pratyush Saxena, head of sales and business development at Blox.

Studio Apartments

If you want to stay in the plush areas of Juhu, Khar or Bandra, you may have to settle for a studio apartment in a Rs 1 crore budget.

The average carpet size of a studio in areas including Andheri, Santacruz and Vile Parle is 180 square feet to 200 square feet. Deep in suburban areas like Borivali, Kandivali and Malad, studio apartments are of 250 square feet to 300 square feet in area.

In case a buyer can settle for a place in neighbouring cities like Thane, Navi Mumbai and surrounding areas, one can even buy a 3-BHK apartment.

The farther you move away from prime city areas, the more economical it gets, according to real estate consulting firm Savills India.

“Mumbai is India’s most expensive property market and finding a property within a budget of Rs 1 crore is a tough task,” said Bhavin Thakker, managing director, Mumbai and head of cross-border tenant advisory at Savills India.

“One can find a plush three-bedroom duplex in Kalyan Dombivali Municipal Corporation (KDMC), a minimalist studio in Juhu or Khar, a modest one-bedroom flat in suburban Mumbai or a spacious two-three bedroom apartment in MMR. The further we move northwards, away from the prime city area and away from the local railway stations in that locality, the more economical it gets.”

“Thane and Navi Mumbai are more prime locations than other peripheral areas and hence while one can get a house under ₹1 crore here, the size would be smaller ranging from 350 – 400 square feet carpet area,” he added.

“One can look towards KDMC (Kalyan Dombivali Municipal Corporation), Ulhasnagar, Bhiwandi, Ambernath, Navi Mumbai, Sanpada, and Nerul which are some of the locations that offer properties under ₹1 crore. 1 BHK size in these micro-markets would be in the range of 350 to 500 square feet carpet area, whereas a 2 bedroom would range from 650-800 SF carpet area.”

Ticket Size Of Deals

An analysis shared by Knight Frank India based on property registration data of May 2022 said that out of the total registrations in Mumbai that month, Rs 1 crore and below deals had a dominant 46% share.

“Rs 1 crore to Rs 2.5 crore has a contribution of 39% while Rs 2.5 to Rs 5 crore has a contribution of 10%,” the analysis said.

In May, Mumbai city saw property sale registrations of 9,523 units, contributing over Rs 709 crore to state revenue, according to official data.

Distress Selling

Home buyers can hope to strike a deal inside Rs 1 crore within the Mumbai city limits if they are willing to live in old buildings.

Old redevelopment buildings within the city where we have seen a lot of distress selling can be an option,” said Ritesh Mehta, senior director & head – west, residential services & developer Initiatives, Jones Lang LaSalle India.

“The newer ones with fancy and modern amenities are tough to steal within the Rs 1 crore range. A good sized 1 BHK can be bought in Borivali or Dahisar side towards western line and between Ghatkopar to Mulund on central side. However, someone who wants to stay towards South Mumbai near Chembur/Wadala side may also get a studio/1 RK within Rs 1 crore.”

Mehta added: “Many resale 2BHKs are also available both in the western and the central sides within Rs 1 crore range but these would mostly be old buildings. Also, one may get 2 BHK in old buildings located in specific pockets of Mumbai like Charkop, Gorai, Vikhroli, Kanjurmarg, and so on.”

Buyer Preferences

Mumbai residents demonstrate a low inclination towards relocation to a different micro market, Knight Frank India said in a report last week on a trend that determines the choice of area where a homebuyer would want to purchase a flat.

Out-of-city buyers have shown an interest in purchasing residential properties primarily in the western suburbs followed by the central suburbs.

Central and western suburbs being relatively affordable markets, buyers in these micro markets have shown a tendency to upgrade to properties within their own micro market. So 92% of homebuyers from the central suburbs and 81% of homebuyers from the western suburbs prefer their current location when buying a new property. About 15% of homebuyers from the western suburbs have relocated to the central suburbs.

Homebuyers from the prime micro markets like central and south Mumbai are inclined towards property purchase within their own micro market. So 55% of home buyers in central Mumbai and 50% of homebuyers in south Mumbai have purchased a home in the same micro market.

Commercial Segment

Commercial property prices in the city range from Rs 15,000 per square foot to Rs 80,000 per square foot towards south Mumbai. Brokers in Mumbai say that one can get a decent 200 to 300 square feet of smart commercial space under Rs 1 crore anywhere between Borivali and Bandra. The price range for this may vary between Rs 20,000 per square foot and Rs 50,000 square foot depending on the area.

“If you ask me what commercial space on can own for Rs 1 crore, I will say there is going to be a lot of inventory of smart offices measuring around 200-300 square feet in the coming months,” said Sanjay Sippy, real estate consultant at Sippy Housing who operates in areas like Bandra, Khar and Juhu.

“In the Bandra area, you can expect commercial space of around 200-300 square feet for Rs 1 crore. However, if you go deeper into the suburbs, options for commercial spaces in Rs 1 crore are already available. These types of investments can also give one fixed rental income of around Rs 30,000 to 40,000, if one opts to rent it out,” Sippy said.

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With the reviving of the Indian economy, there has been an increase in the demand for office spaces, making it attractive for the NRIs to invest in the commercial real estate sector.

The Covid-19 pandemic has disrupted economies the world over and India is no exception. With the decline in the Covid-19 cases, the real estate sector in India has started reviving and residential sales have once again gained momentum. Commercial real estate investments are also on the rise as the country has started to get back to business. Many sectors, especially IT and e-Commerce, are hiring at a rapid pace. With bulk recruitments, there has been a huge demand for office spaces, making it attractive for the NRIs (non-residential Indians) to invest in the Indian commercial real estate sector. The government is also taking active steps to promote industrial development in the country. Thus, the NRIs have begun to eye lucrative opportunities in commercial real estate in India.

Types Of Commercial Real Estate Where The NRIs Are Investing

India has been developing and showing significant growth in various sectors. The commercial real estate sectors where the NRIs can invest are:

• Office spaces: There has been a huge development in the industrial, retail and IT sectors. Entrepreneurs are starting their businesses and looking for office spaces. Owning a property and renting it as office space is a great opportunity for the NRIs to invest in the commercial real estate industry and earn a good income.
• Industrial: The industrial real estate segment, especially warehousing and logistics, has shown good potential for growth and investment. Many NRIs are interested in investing in the warehousing and logistics sector.
• Retail and hospitality: Both sectors have seen a huge growth in recent years and investing in retail and hospitality real estate is an opportunity for the NRIs for earning a significant amount of returns.
• Data Centres: NRIs have also come forward to invest in data centres. Data centres have grown rapidly in the country owing to their strategic location. However, the industry is at a nascent stage with massive potential for expansion.
• Flex offices/co-working: Many NRIs are interested in setting up co-working centres in India. Co-working centres require smaller investments as compared to large Grade A offices. NRIs find it lucrative to run smaller co-working centres where the returns are handsome. Some of the major deals in the Indian co-working market in the last two years are as follows:

Why NRIs are eyeing commercial real estate in India?

NRIs have always kept an eye on investing in real estate in India and now they have started to show special interest in the commercial segment. NRIs prefer to invest in commercial real estate in India due to the following reasons:

• India is a developing country and there has been exponential growth in the real estate market. The commercial real estate business is booming in every sector. It is also estimated that the commercial sector would further develop due to heavy investments. The commercial real estate market is considered a platform that provides secured returns and with rapid development in the sector, the NRIs are ready to invest.
• The government of India has also taken active steps to reform the commercial sector and this is another reason why NRIs are investing in India. The implementation of the Real Estate (Regulation and Development) Act (RERA Act) and the GST (Goods and Services Tax) by the government, have helped boost the growth of this sector. These measures have, to some extent, eased some of the pain points and brought in transparency in real estate transactions. This has instilled confidence in the investor community. There is massive investment planned in the Indian infrastructure sector that will improve certain aspects of real estate like connectivity that will, in turn, make investment further attractive.
• India has been developing in all sectors. The IT, retail and e-commerce sectors are gaining new heights each day and India has become the hub of many products. It is also estimated that the net office absorption would grow significantly in the coming few years. India has been showing growth opportunities and better return on investment and, thus, the demand for real estate investment trusts will increase. With an all-around development in the real estate business, investing in the sector would turn out to be beneficial for the NRIs who want to invest in the commercial real estate business and secure their investments.
• There has been an increase in the demand for co-working spaces in India. Budding entrepreneurs are finding these coworking spaces quite attractive and cost-effective. IT companies are also preferring this model. It is estimated that the demand for shared spaces in India would increase, making it the best time for the NRIs to invest in the commercial real estate sector.
• Many international real estate companies, especially in the commercial real estate segment, are entering India. This has brought professionalism in the commercial real estate sector and encouraged NRIs to invest. There are a lot of international private equity (PE) funds that are investing in the Indian commercial real estate sector, which is also heralding professionalism and transparency.

Advantages of investing in the Indian commercial realty

Indian commercial real estate is a constantly growing market and one of the most solid assets for investment. Some of the major advantages of investing in the Indian commercial real estate sector are:

• When NRIs invest in the commercial real estate sector, they are ensured of a steady cash flow. NRIs are assured of income stability from this asset class, even when the financial market is volatile.
• India is booming in entrepreneurship and investing in the commercial estates helps the NRIs to build their equity quickly. With investments in commercial estates, NRIs can gain steady and high returns.
• Preleasing is at an all-time high in India and NRIs can easily lease their commercial real estate for a long tenure. The liberal FDI policies have made the NRIs invest in Indian commercial real estate.
• The leasing market for commercial real estate has evolved in recent years. Several Fortune 500 companies and other reputed corporate are taking up spaces in quality commercial buildings. These tenants offer decent rents, behave professionally and rarely falter on their commitments as set out in the lease agreement.

Thus, it is easy and more lucrative to deal with such tenants and, hence, NRIs are more interested in investing in the Indian commercial real estate sector.

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 16th June, 2022

The Raheja brothers have bought the 31,000 sq ft plot, which also has a 7933 sq ft independent house, from brothers Bharat Hari Singhania, Raghupati Singhania, and family members of late Sri Pati Singhania

Bengaluru: Ravi and Neel Raheja, promoters and group presidents of Mumbai-based real estate firm K Raheja Corp, have bought an independent property in suburban Mumbai’s upscale Santacruz-Juhu area for Rs 265 crore.

The Raheja brothers have bought the 31,000 sq ft plot, which also has a 7933 sq ft independent house, from brothers Bharat Hari Singhania, Raghupati Singhania, and family members of late Sri Pati Singhania.

Bharat Hari Singhania is the chairman and managing director president of JK Lakshmi Cements Ltd, while Raghupati Singhania is the chairman and managing director of JK Tyre and Industries Ltd.

The property was bought by Kamlapat Singhania back in 1935, and over a period of time, a ground-plus-one storey building was constructed on the plot. It was called ‘Kamala Cottage’.

The sale transaction was registered on 29 April, and incurred stamp duty of Rs 15.90 crore, showed documents accessed through Zapkey, which aggregates publicly available property registration data.

“In the last year, builders have taken up a lot of redevelopment projects in the Bandra-Juhu belt and this is another marquee transaction in this region. This property is likely to get redeveloped either for personal use or to be sold to others,” said Sandeep Reddy, co-founder of Zapkey.

The Rahejas and Bharat Hari Singhania didn’t respond to email queries.

Recently, Feat Properties Pvt Ltd, an associate firm of K Raheja Corp., bought a sprawling bungalow in Juhu area, for Rs 182.75 crore.

The property, B.R House, was the family home of the popular Hindi film director and producer B.R Chopra, and has been sold by his daughter-in-law Renu Ravi Chopra, showed documents accessed by real estate data portal Indextap.com.

Luxury homes in Mumbai, the country’s most valuable property market, has continued to see relentless demand especially given limited supply by Grade A developers in premium neighbourhoods.

This year, Siddharth Jain, executive director, Inox Group bought a luxury, sea-facing quadruplex apartment for Rs 144 crore in south Mumbai’s upscale Worli area, underscoring continued robust demand for high-end properties in India’s commercial capital.

Source: www.livemint.com

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