Will the Mumbai-Trans Harbour Link increase the cost of real estate in Navi Mumbai?

Posted on January 16, 2024 by supriya

While some real estate analysts think the MTHL project will raise prices, others believe they will stay low as more becomes available.

Prime Minister Narendra Modi opened the 21.8-kilometer Mumbai Trans Harbour Link on January 12. The goal of the sea link is to reduce the several-hour travel time between Mumbai and Navi Mumbai to 15 to 20 minutes. Additionally, it should shorten travel times to major cities like Pune and Gia. Given that it is the location of a mega port and an upcoming international airport in Navi Mumbai, it may also promote economic growth in the area.

As with most new infrastructure projects, the question that needs answering is whether this will change the course of Navi Mumbai’s real estate market and drive up property prices. It’s worth noting that the 11-kilometer Navi Mumbai Metro Line 1, which runs between Belapur and Pendhar, began operating in November of last year and has contributed to an increase in real estate prices in nearby markets like Kharghar, Belapur, and Taloja.

While some real estate experts believe that new infrastructure projects in Navi Mumbai will cause prices to rise by 10-15% over the next two to three years, others believe the cost will remain low because more land will become available along the MTHL corridor. An increased demand for upscale real estate in Alibaug could result from improved connection.

Starting in Sewri, South Mumbai, MTHL goes north across the Thane Creek of Elephant Island and ends in Chirle village in Navi Mumbai, close to Nhava Sheva. The goal of the MTHL is to reduce the two-hour travel time from South Mumbai to Ulwe to just twenty minutes. Dronagiri, Ulwe, and Panvel are the other areas expected to gain from the direct connection.

The infrastructure development will improve accessibility throughout MMR, generating affordable opportunities in several developing residential hubs, according to global real estate consultancy Colliers. New residential communities, such as Panvel, Ulwe, and Kharghar, are expected to be developed because it’s this close to Navi Mumbai’s edge.

Panvel: Remember that Panvel is 20 minutes from the under-construction Navi Mumbai International Airport, and the MTHL project is only 15 to 20 minutes away. Affordable housing is the main focus of this market. According to local brokers, the price of an apartment with two or three bedrooms in Panvel can range from Rs 8,000 to RS 15,000 per square foot.

Ulwe lies in Mumbai’s Navi. This place can set you back a crore for 2 BHK. They claim the prices were between Rs 25 and Rs 30 lakh approximately eight years ago. Right now, Dronagiri fetches between Rs 5,500 and 6,000 per square foot.

The Ulwe end of the sea link is expected to see the development of a “Third Mumbai,” according to discussions. The Mumbai Metropolitan Regional Development Authority (MMRDA) is responsible for developing this. Part of its mandate is to create a second business hub like the Bandra-Kurla Complex on a 150-hectare plot at Kharghar in Navi Mumbai. The Third Mumbai project includes the towns of Ulwe, Pen, Panvel, Karjat, and Alibaug in the Raigad district.

Ulwe and Panvel are and will continue to be the beneficiaries of the MTHL project in Navi Mumbai, according to data supplied by Anarock. Not only that, but the two areas are already benefiting from the concurrent construction of the international airport and MTHL, and they will continue to do so. The areas of Seawood and Kharghar have also benefited.

As of Q3 2023, the average price of real estate in Navi Mumbai was over Rs 8,300 per square foot, according to ANAROCK Research. With an average price of Rs6,650 per square foot in Q3 2015, real estate prices had increased by over 25%. In the next 2-3 years, the city will see average prices between 10-15% due to various infrastructure projects that will improve connectivity with mainland Mumbai and MMR.

Will the value of real estate increase?

The senior executive director of Knight Frank India, Gulam Zia, has an alternative viewpoint.

“Most of the real estate in these areas has already expanded and changed. The juice has already been squeezed out of it financially. Prices in Ulwe started at Rs 2000 nearly ten years ago, and before the link went into service, he said, they reached Rs 5000 per square foot.

“We expect a consistent price increase of 7 to 10 percent in all areas that fall under this corridor,” he said.

Could control the price of real estate

Prime Minister Narendra Modi officially opened the 17-kilometer priority section of the Regional Rapid Transit System (RRTS) train, also known as RAPIDX, a few months ago. The country’s first mass rapid transit system dedicated to regional connectivity. Between the stations of Shaibabad and Dubai Depot was this. The 82.15 km connector between Delhi and Meerut is projected to reduce the travel time to just under an hour.

NCLT Mumbai authorizes the sale of RCom shares and real estate

Posted on December 16, 2023 by supriya

According to a regulatory filing on Wednesday, the telecom company Reliance Communications’ sale of a portion of its real estate holdings has received approval from the insolvency tribunal NCLT Mumbai.

An order of the National Company Law Tribunal’s Mumbai bench was attached to the application filed by Reliance Communications (RcOM)’s resolution professional, asking for permission from the NCLT to go ahead and sell some of the company’s unencumbered assets.

“After submission of the resolution plan for approval by this Tribunal, the Tribunal clarifies that the Applicant/RP can sell assets of the Corporate Debtor under Regulation 29 of the CIRP Regulations,” the NCLT order dated December 7 stated.

As per the directive, resolution specialists have the right to divest company assets after they submit the resolution plan for tribunal approval.

By Regulation 29 of the CIRP Regulations, “This Tribunal accords its approval to the Applicant to conduct the sale of the corporate debtor’s assets, “the order stated. “The sale proceeds shall be treated as unencumbered assets of the corporate debtor and be distributed during the implementation of the approved resolution plan or in liquidation, as the case may be.”

871.1 square meters of land in Pune; office space in Bhubaneswar; an investment in Champion Properties shares; an investment in Reliance Realty shares; the Chennai Haddow Office of RCom, which consists of land and a building, and an office in Ambattur, Chennai, all have been identified as assets up for sale.

Commercial Shops for Sale in Pune

Posted on November 1, 2023 by supriya

In recent years, Pune has steadily developed into a center for the IT industry. Numerous investors from around the world are interested in Pune’s properties. The city is now a lucrative substitute for Mumbai’s pricey market. In Pune, commercial property stands to rise by about 15%.

The demand for properties for sale in Pune has increased due to the IT, startup, manufacturing, and automobile industries. More industries also mean an increased workforce. As a result, there is a growing demand for residential properties in Pune and the need for office space leases to purchase. Are you thinking about making a commercial real estate investment? If so, Pune should be on your radar. Pune is quickly emerging as a top location for commercial property investments because of its advantageous location, flourishing business environment, and pleasant climate. We will look at the benefits of buying business shops in Pune here.

What are the top 5 arguments for purchasing a Commercial Shop in Pune?

Development of Buildings

With the building of highways and flyovers, Pune’s infrastructure has grown significantly in recent years, making transportation within the city much more convenient. The ongoing metro rail project will enhance connectivity. Due to this positive development, Pune is now a desirable place to invest in commercial real estate.

The technology center for the region:

Pune, known as the “Oxford of the East,” is quickly becoming a center for technology companies thanks to its numerous prestigious educational institutions. Major companies like IBM, TCS, Wipro, and Infosys have opened offices in Pune because of its appeal. There is now more demand for commercial properties in the city.

Profitable business opportunities:

Pune is a thriving center for many industries besides being a well-known hub for IT firms, including the automotive, manufacturing, and pharmaceutical sectors. Pune has become a desirable location for business investments thanks to its diversity of business climate. Thanks to its diversity of business climate. Pune is a compelling location for businesses looking for expansion opportunities due to its large population and resulting expansive consumer market.

Unusual weather:

Pune has pleasant weather all year, making it an appealing choice for tourists and business travelers. The city experiences mild winters and summers, making it a change from the severe weather in other parts of the nation. Pune is a sought-after location for businesses looking to open offices and staff seeking quality of life because of the pleasant climate.

Advantages of Commercial Shop in Pune

The value of commercial properties rising:

Due to the potential for property value to increase over time, purchasing a commercial shop in Pune may be a wise long-term investment. Commercial property will rise in value as Pune develops and grows as a city. Pune, which has seen significant growth in the commercial real estate sector, is one of the top ten emerging markets in the world, according to a report by JLL India. As a result, investing in a commercial shop in Pune can result in several long-term advantages.

Rental and Lease Options

Purchasing a commercial shop in Pune also offers a variety of rent and lease options due to the city’s diverse business environment. A wide variety of businesses, from emerging startups to well-established multinational corporations, can be found in Pune, which has led to a high demand for commercial real estate. Due to this demand, property owners have a lucrative chance to rent out their commercial properties to tenants and create a steady income source.

Potential for new companies

There are many chances for new businesses to establish themselves in Pune because the city is a thriving business hub. Purchasing a commercial shop in Pune can give a company a physical location where to operate, increasing its sense of legitimacy and stability. Additionally, owning a commercial shop can be more affordable than renting or leasing a property for a business to establish a presence in a prime area.

Consider your options when opening a business in Pune.

Business Facility

Business centers are a highly sought-after option for those looking to buy a commercial shop in Pune. Usually multi-story structures, these centers offer an array of commercial spaces, including large and small retail spaces. Meeting rooms, conference facilities, and communal reception areas are typical amenities found in business centers. They provide the best option for companies looking for a ready-made option because everything, from the infrastructure to maintenance, is taken care of.

Malls

In Pune, buying a commercial shop in a mall is a common choice. Malls provide a range of commercial spaces, from little kiosks to big department stores. Malls also draw a lot of foot traffic, which makes them the perfect place for retail businesses. Due to their desirable location and further amenities, malls may be more expensive than other commercial options.

Residence with retail space

Residential buildings with commercial spaces are a fantastic investment for people looking to open a shop in Pune. These multi-story structures typically have commercial spaces on the ground floor, making them ideal for eateries, gas stations, and grocery stores that cater to residents. Also, building residents may turn into clients; these buildings have a ready-made clientele.

Maharashtra Building and Other Construction Workers Welfare Board

Posted on July 27, 2023 by supriya

Construction workers are among the most vulnerable segments of the Indian labor force, with many working in the unorganized sector. Almost every state in India has established a Building & Other Construction Workers Welfare Board ad various welfare schemes for workers. This board is known as the Maharashtra Building and Other Construction Workers Welfare Board, or Mahabocw, in Maharashtra.

The Mahabocw board works to improve the quality of life for these workers by implementing a variety of programs. It also had an official website where employees could register with the Board, apply for welfare schemes, and access various facilities.

About Maharashtra Building and Other Construction Workers Welfare Board

The central government enacted the Building and Other Construction Workers (Regulation of Employment and Condition of Service Act) of 1996 to regulate the employment and service conditions of building and other construction workers in India and to provide them with various safety, health, and welfare measures.

The Maharashtra government enacted the Maharashtra Building & Other Construction Workers (Regulation of Employment and Conditions of Service) Rules 2007 by the Act. Five government representatives set up the Maharashtra Building & Other Construction Workers Welfare Board.

The Mahabocw changed its makeup and established a tripartite board under notifications in 2011, 2015, and 2018. Three representatives from the government, owners, and labor sections join the chairman.

As of March 2019, the Board had 18, 75, 510 registrations and 20, 28, 903 beneficiaries.

The Supreme Court has chastised Maharashtra’s Slum Rehabilitation Authority for failing to register construction workers under a law designed to protect their rights.

Mahabocw’s eligibility requirements

To be eligible for Mahabocw online registration, a worker must meet the following requirements:

The age range should be between 18 and 60.
The employee must have worked for at least 90 days in the previous 12 months.

Mahabocw online registration: Documentation is required.

To register with the Mahabocw, fill out and submit Form-V and provide supporting documents such as:

Identity verification
Age verification
Evidence of residency
90-day work permit
Three passport-size photographs

The Maharashtra BOCW registration fees for workers in Maharashtra are minimal. There is also a Rs 25 registration fee and a Rs 60 annual subscription fee for the first five years. The subscription fee can be two ways, depending on the period:

The charges for a 5-year subscription are Rs 60.
A monthly subscription costs Rs 1 per month.

Online registration for Mahabocw

The Mahabocw online registration process is outlined in detail below.

Step 1: Navigate to the official website, https://mahabocw.in/. Under the “Workers” tab, select Worker Registration.

Step 2: Review the eligibility requirements and documents necessary for Mahabocw’s online registration.

Step 3: The registration form for Maharashtra construction workers will appear on the following page. Fill in your name, father’s name, Aadhaar number, date of birth, residential address, family details, bank details, employer details, and 90-day working certificate details.

Step 4: Online submission of supporting documents. The registration form is available to download from the Mahabocw online portal. All relevant ways for self-declaration, Aadhar consent, 90-day working certificate, and so on are available under the ‘Download’ tab on the portal.

Step 5: Select the Declaration checkbox. Then, click on ‘Save’.

You will receive an acknowledgment number, which you must keep for future reference. Then, bring the original documents to the nearest WFC office for verification to complete the process.

Mahabocw: Different types of welfare programs

The Maharashtra Construction Workers Welfare Board provides four welfare schemes to registered construction workers. The program offers social security, health care, education, and financial benefits for staff and their families.

Social Security benefits

Rs 30,000 reimbursement for first marriage expenses
Lunches in the middle of the day
Pradhan Mantri Sharm Yogi Maan-Dhan scheme
Rs 5,000 in financial assistance for the purchase of tools
Jeevan Jyoti Vima Yojna of the Government of India
Suraksha Vima Yojana of the Government of India
Providing emergency supplies
Providing first-aid kits.

Healthcare

Pregnant women are given financial assistance at the time of the delivery:

Rs 15,000 for normal delivery
Rs 20,000 for surgical delivery
Numerous rupees will remain available to registered laborers or their family members suffering from critical illnesses.
Financial assistance of Rs 2 lakh is available to employees with 75% or more disability.
Jan Aarogya Yojana of Mahatma Jyotiba Phule
Regular health examinations

Financial support

Urban Atal Bandkam Kamgar Yojana
Rural Atal Bandkam Kamgar Yojana
Financial assistance of Rs two lakh goes to the legal heir in the event of natural death.
Financial assistance of Rs 5 lakhs goes to the legal heirs in the wake of an accident on the construction site.
Rs 10,000 in funeral assistance.
The widow/ widower of a registered laborer receives Rs 24,000 per year in financial assistance.
A home loan of six lakhs or a grant of two lakhs.

Education

Every year, students in grades one through seven receive Rs 2500 in financial assistance.
Financial assistance of Rs 5,000 per year is available to students in grades eight through ten.
A grant of Rs 10,000 a year is available to deserving students in classes 11 and 12.
Degree students receive Rs 20,000 in financial aid each year.
Engineers earn Rs 60,000 per year on average.
A medical degree costs one lakh rupees per year.
A diploma course will cost you 20,000 rupees per year.
A diploma course costs 25,000 per year.
Course reimbursement for MISCT

Mahabocw provides online services.

The Mahabocw also offers the following services to its employees via its official website:

Construction worker: Apply online for a claim

To receive Mahabocw benefits, employees must fill out and submit a claim form online. On the primary screen, select the ‘Construction Worker: Apply Online for Claim’ tab. On the next screen, choose the appropriate option from the dropdown – new claim or update claim. Fill in the registration number. Also, if applicable, include the acknowledgment number. Then, click on ‘Proceed to Form.’

Online construction worker renewal

This service lets employees renew their Maharashtra Building And Other Construction Workers Welfare Board worker registration. On the home page, click Construction Worker Online Renewal’ to apply for renewal. Provide the registration number to complete the OTP verification.

The BOCW renewal form will appear. Fill out the form with relevant information such as the contractor’s name, company name, mobile number, type of work, location details, employment details, etc.

Please upload the necessary documents. Select the self-declaration checkbox and then press the ‘Save’ button. Complete the next step by visiting the nearest WFC office.

Private Bungalows on Rent in Alibaug with Swimming Pool

Posted on June 28, 2023 by supriya

Are you looking for a relaxing getaway to spend time with your family and friends? Alibaug is the perfect place for your next vacation! With its lush greenery and breathtaking views, this paradise offers some of the most luxurious private bungalows for rent.

Whether it’s a romantic getaway or an extended staycation, these villas provide the luxuries of home and lavish amenities to take your vacation to the next level.

The most valuable gift you can give your family is quality time. Bungalows in Alibaug are an excellent choice for a vacation destination where you can spend quality time with your spouse, children, and parents.

Read the full blog to find top–of–the–line villas that will be the ideal setting for your family’s long-awaited vacation. This destination’s lush green landscapes and beautiful blue waters will steal your heart!

Why choose private bungalows on rent in Alibaug?

A private bungalow in Alibaug is the ideal holiday destination. It has beautiful beaches, multiple activities, and some of the most spectacular views in India. Staying in a luxury villa allows you to relax and enjoy your vacation like never before.

Booking the best villas in Alibaug is the ideal way to experience everything Alibaug provides while remaining comfortable and convenient. With spacious bedrooms, plenty of outdoor space, your pool, and amenities like WiFi and parking, these villas are ideal for a gateway.

Plus, with amenities like elevators with air conditioning rooms and personal services like daily housekeeping staff, it is easy to see why staying at one of these luxurious private bungalow villas is so appealing.

Benefits of renting a private bungalow in Alibaug

By staying in a bungalow, you may walk out your door and be in the heart of one of India’s most exciting cities. Alibaug has several attractions and sights worth seeing, including the trendy Kolaba Fort and the lovely Alibaug Beach.

A private bungalow can accommodate up to 24 guests by providing extra mattresses and bedding, allowing you to bring your entire family or a few friends on vacation.

Furthermore, private bungalows in Alibaug have elevators, which can be extremely useful when traveling with elderly guests or small children. Some bungalows also have a swimming pool, so it’s ideal for children and adults.

You will have plenty of time to unwind and relax in the heat of the day at the pool.

There is something for everyone: table tennis, carrom, billiards, and a life-size chess board. Aside from these, we have a fully stocked private theater for entertainment.

A private bungalow is equipped with modern amenities to make your stay memorable. The bungalows are easily accessible to all areas of Alibaug, including restaurants, cafes, shopping malls, and markets.

Places to Visit in Alibaug

While spending your vacation in a luxury bungalow, you can take a stroll to Alibaug Beach, Kolaba Fort, Varsoli Beach, Murud Janjira Fort, Brahma Kund, Kihim Beach, Kanakeshwar Forest, Vrindavan Farm, Rewas Jetty, and Murud Beach.

What’s the best time to visit Alibaug?

Alibaug is a charming coastal town that is ideal for a vacation getaway. This picturesque town, located close to the bustling city of Mumbai, provides visitors with a much-needed respite from the hustle and bustle of everyday life.

The best months to visit Alibaug are October and November when temperatures are mild and humidity levels are at their lowest.

During these months, Alibaug offers several things to do to keep you entertained. There is no shortage of fun things to enjoy here, from exploring ancient temples to taking long nature walks along pristine beaches.

If you want an unforgettable experience, staying at a private bungalow on rent in Alibuag can be a great way to make your trip even more memorable.

MahaRERA restricts about 644 projects across Maharashtra from sales

Posted on August 3, 2021 by zeeshan

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has banned the sale of a total of 644 residential projects in Maharashtra. Several units were stopped due to late completion and delivery, with Pune accounting for almost 30%.

According to data released by MahaRERA, most of the blacklisted project developers are smaller players with less than 100 units per project. Apart from some projects of well-known developers in the region most of them belong to small developers. Approximately 85% of blacklisted projects had an average of 70 units in each project. Such a blacklisting means that the project cannot be advertised, marketed or sold in any condition.

The list also consists some of the Maharashtra Housing and Area Development Authority (MHADA) projects promoted by the state government.

Most apartments are sold!

Anarock real estate analysts report that 80% of the apartments in 644 projects have already been sold. According to MahaRERA, 16% of the projects were to be completed in 2017 and the rest were to be completed in 2018. Due to market size, Mumbai topped the list with 274 blacklisted projects, or about 43% of the total, followed by Pune with 29%. The rest are in smaller markets like Aurangabad, Nagpur, Kolhapur, Nashik, and others.

A developer in the region states the condition of small or new developers. He said “ the smaller developers are increasingly struggling with RERA compliance, e.g. proof of capital and due diligence for land. Banks, NBFCs and housing finance companies are often reluctant to lend capital to such agents for fear of low or inadequate securitization.

Anuj Puri, the chairman of Anarock, said, this move by MahaRERA is a strong signal for disobedient developers who are constantly delaying projects. Homebuyers have been waiting to take over home ownership since 2017 or 2018. In the Mumbai Metropolitan Region (MMR) there are at least 496 projects (launched in 2014 or earlier) that have been delayed or stalled so far, while in Pune almost 171 projects have been delayed or stopped.

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