Nepean Sea Road - An address to flaunt

Mumbai is an aspirational city to live in for most Indians. The reasons are plenty that to list them down will form an entire blog article by itself. But there are three prime reasons why Mumbai is most sought after:

• It is where dreams (most) come true.
•  It is the starlet of Indian cities (Think Bollywood).
• Being recognized as a Mumbaikar (heavenly).

If there is one place where the living experience of Mumbai can be closely related to, it will be Nepean Sea Road. Think of waking up to the sound of lapping beach waves. Waves crashing across golden sands and a view that extends far beyond into the unknown horizon is what makes Nepean Sea an aspirational residential address for Indians.

Located close to Malabar Hills, Nepean Sea Road is where the aristocrats of Mumbai would dream coming home to. Living in South Bombay itself is a thing of pride. SoBo is a metaphor most Indians will not understand. But a Mumbaikar knows what kind of power and influence a resident of SoBo will possess.

Owning a luxury 3 BHK apartment in Nepean Sea is quite an accomplishment for any individual. The region since its olden days has been brimming with business towers. Even today, Nepean Sea Road is a place where one can find most of the top corporates of India having their headquarters established. Hence, there is plenty of job opportunities floating around in Nepean Sea Road from where one can chart out a new life.

Not just a career, Nepean Sea Road has major sports clubs within its vicinity where your sportsman attitude can be polished to finesse. Join the Willington Sports Club, Bombay Gymkhana or watch speeding horse races at the Mahalaxmi Race Course. Living in Nepean Sea neighbourhood these sports complexes are just leisurely walk away.

As a parent, your child’s education is available literally at doorstep. Nepean Sea Road sets the right ambiance where your child can progress socially and intellectually with world class training from reputed educational institutions like Orchid International School, Bombay International School (BIS), Gopi Birla High School, etc. all located in immediate vicinity.

Commuting in Nepean Sea Road is a leisure activity. In addition to the smoothly paved roads which are completely gutter free, you also get to ride alongside almost every brand of luxury car in the world. A life amidst the richest Indians is a thing you can take for granted in Nepean Sea Road.

Coming to public transport, the region is blessed with a well-established network of roadways and railways which reach out to almost every notable destination in the city. The Western railway also offers great connectivity within Mumbai and South Mumbai. There is an efficient private system of transport consisting of taxis and rickshaws which you can rely on for a less than luxurious way of transport.

Undoubtedly, Nepean Sea Road is one of the mist affluent residential regions in Mumbai and whole of India. Capital appreciation of properties is estimated to happen in multiples of five or more given the swanky location and facilities in the region. A short stroll around and you will know how comfortable, liveable, luxurious and magnificent living in Nepean Sea Road is. The waves await your homecoming. 

Shailja is an Indian housewife who loves to write on Real Estate. She is a regular contributor to the columns of many property magazines and also IndiaProperty.com

 

The growth of property market in Virar-Mumbai

Any locality whose property prices see over a 100% growth in less than a decade can be termed as a stellar place for returns on investment! The shrinking availability of space in the mainland of Mumbai in the last 6 years or so, builders and developers have been forced to look elsewhere and Virar has been their go to destination!

Geography:

While on the lookout for new realty destinations for developing apartments in Mumbai, Virar has caught the fancy of many top property builders. It is termed as the town of the future by property experts in the city. Situated close to Vasai and surrounded by other suburbs like Dahisar, Tokare, Arnala and Nalasopara East, the town falls under the district of Palghar. The area available is huge; over 100 square kms of land!

Future prospects:

With Mumbai turning out to be empty handed, there is a desperate requirement for fresher, cheaper rural towns which can take up the population of the region. This is how a place like Virar has profited. It has a well-planned connectivity with the other parts of the city, making it a real prospect for the future.

Inside of this arranging is the Virar-Alibaug Corridor Project. The undertaking has a twofold objective – firstly to unite the two towns by road, and furthermore by the metro. While the time period for this is year 2031, it is bound to happen slow, yet steady! The other arrangement is to have the monorail running in the middle of Virar and Chikhaldongri. The Rs 600-crore plan will cover the Virar-Chikhaldongri line in a couple of years or so!

Social infrastructure:

Though underrated, the area is not too bad for what is primarily going to be a residential destination for many investors. Though the area might not boast of many Malls and other hi-tech facilities, it more than makes up for all that with the coastal feel to the region! The beaches are an added advantage and the number of resorts dotting the coastline makes for a great way to unwind on a holiday than jostling through the hustle and bustle of a mall.

There are a few amusement parks too which break the monotony of activities. A few heritage spots like the famous forts of Arnala and Vasai make it interesting for those who like a mini trek. The locality is also known for a number of lakes that are present - Achole Lake, Nirmal Lake, Bhuigoan Hill Lake, Nandakhal Lake, Gassa Lake, Gorlai Lake and Varmala Lake all make for a good vacation spot for families.

Financial Gain:

Let’s face it Virar might not be the primary residential destination for many Mumbaikars. But, the possibility of buying a house here and renting it out for income is a smart move! Localities like Dahisar in Virar offer good deals on rent with 2 bhk apartments in Virar fetching as much as 20,000 INR a month on rent alone! So, go ahead and pick out an apartment in the hottest upcoming locality of Mumbai and be pleased!

Author Bio:

Shailja is an Indian housewife who loves to write on Real Estate. She is a regular contributor to the columns of many property magazines and also IndiaProperty.com

 

 

Will the plans on linking property sale and GIS maps bring in transparency in Mumbai Real Estate?

The property prices in Mumbai and other cities are rising rapidly these days owing to the huge demand from potential buyers. With increased potential buyers who seek out for perfect location to buy a property in Mumbai, the demand have increased. The price of a property is highly affected by its location. Even the reckoner rates fixed by the government on each property mainly depends on the location. For instance a property located on a prime location near a bust stand, a railway station or airport tend to have high prices when compared to a property in remote location. So government fixes the reckoner rates only depending the growth of the place in which the property is located.

Reckoner Rates

Reckoner rates fixed by the government decides the rates of the immovable property like commercial and residential properties in Mumbai. It is based on these rates that the stamp duty and registration fees of any particulate property is collected by the Stamps and Registration department of the government. Each state government in the country determines these rates annually based on the location of the property. The government also has full authority to rise these rates.

Recent plan of Maharashtra Government

Though these reckoner rates are analysed and changed every year by the government, it is not very transparent to the public. To make reckoner calculation precise and transparent the Maharashtra Government have recently announced a new plan. According to the new plan, the property transaction data will linked with GIS maps. Initially pilot projects will be started in three cities of the state such as Mumbai, Pune and Thane.

When property registrations are linked with GIS maps, then it would be easy for the government to get precise reckoner rates for each part of the state. Reckoner rates as of now are calculated based on the market rates, local inquiries, documents registered with the department, information from media reports, real estate exhibitions and market intelligence. But all these factors are subject to frequent changes that may affect the ready reckoner rates.

When this plan is executed, the ready reckoner rates will calculated with scientific average calculated by automatic analysis of property transactions in a particular city survey number. This will use satellite imagery to know each and every development in different areas of the state and how it bring in changes in the property prices.

Challenges in the plan

Though this plan may bring in transparency and accuracy in reckoner rates, it has certain challenges. Getting property transaction details of individual Flats in Mumbai may be difficult as most area of the state may not have been updated and digitised. Also it would be difficult to identify the transaction area with just a survey number.

The use of GIS in real estate is a good news to Indian real estate. Location is the prime factor that influences real estate. GIS helps us receive accurate data on the geographical location of any property. Hence we can use GIC not just in analysing property transaction but also in various other task in real estate such as market analysis, spatial analysis and property research.