How To Get A Home Loan With A Low CIBIL Score?

 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

Where To Rent Or Buy A House?

 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

What Type Of Property Can You Buy For Under Rs 1 Crore In Mumbai?

 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.

Get More Information About Properties in Thane under 1 Crore And For More Details Visit Propertythane.com Or Email Us On info@propertythane.com

Why Are NRIs Investing In Indian Commercial Realty?

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.

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

K Raheja family buys Rs 265 crore Mumbai property from Singhanias

 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

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

Three years on, no property tax rebate yet for housing societies in Mumbai for treating waste

 15th June, 2022

The amount of rebate would vary from 5%-15% depending upon how much waste is being treated and processed and also if wastewater is being recycled

MUMBAI: Several housing societies in the city have been dedicatedly segregating, processing and treating waste on their premises and have applied for rebate on property tax promised by the BMC three years ago. But many of them have not got any concessions yet.

In August 2019, the BMC had cleared a proposal to give up to 15% rebate on property tax to societies that go green. The amount of rebate would vary from 5%-15% depending upon how much waste is being treated and processed and also if wastewater is being recycled.

While deputy municipal commissioner Sangeeta Hasnale was not available for comment on why the rebate is not being given to eligible societies, an official from the civic solid waste department told TOI, “Many applications are under process at various administrative wards, but the exact number is not known.” A senior official from the civic assessment and collection department said the integration with the system is yet to take place.

Residents of Charkop Atomic Energy Employees Co-operative Housing Society in Kandivli said in March 2020, a BMC team had inspected their premises and given them a letter stating that they have received a 5% property tax rebate for composting waste.

The BMC even posted the same on its Twitter handle. “We feel disappointed and helpless as the rebate for the said month is not reflected in the property tax bill,” complained Neha Wagh, a resident.

“We were also informed that there would be monthly monitoring by a review committee and depending on its report, it would be decided whether or not the rebate will continue for the next month. But there has been no inspection since then.”

When TOI contacted Sandhya Nandedkar, assistant municipal commissioner of R-South ward which covers Charkop area, she said the integration in the system has yet not happened and hence the same could not be implemented. “Also, if a society is found to be not continuing with segregation, the application gets rejected,” Nandedkar added.

Shatdal Co-operative Housing Society in Andheri society, which treats its waste via vermicomposting and biocomposting, is also awaiting a response to its application, but it said it will continue its green initiative as a duty towards a cleaner society. Rupa Divatiya, a resident, said: “We are still not clear why we are not receiving the rebate after submitting all the data on the processes we are undertaking.”

Bhavik Shah, who lives at Marathon Era society in Lower Parel, said the civic authorities are aware about them segregating and processing their waste. “This is demotivating for members who dedicatedly segregate their waste,” he said. “I now wonder if green initiatives like electric vehicle charging stations should be adopted or not in the city.”

Source: realty.economictimes.indiatimes.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

Offices in Mumbai can save INR 175 Cr power bills annually by switching to greener air conditioning

 15th June, 2022

Mumbai’s Grade A office space currently stands at 144 million sq. ft, of which only 42% (60 million sq ft) uses centralized Heating, Ventilation, and Air Conditioning (HVAC) system which is known as air conditioning system in common parlance. Energy savings by an efficient HVAC system offers long-term solutions for reducing the energy requirements of a commercial building. Within the 60 million sq ft of office space having a centralised HVAC system, only 33 million sq ft uses water-based air conditioning which is more energy-efficient than the air-based counterpart. Due to the use of this water-based cooling system, Mumbai’s office segment is able to save 185 mn Kwh* of energy annually translating into a reduction of 1.48 lakh metric tonnes of CO2 emissions.

The conversion of the balance of 27 million sq ft centralized air-based HVAC to water-based offers the potential to save 152 million Kwh of energy annually. This would lead to an estimated reduction of INR 175 crore on the energy bill annually and a 1.2 lakh metric tonne of carbon emission. These are the major findings of the JLL report titled, “A sustainable approach through HVAC interventions.”

“The type of HVAC technology used by a building is dictated by the climate of the region as well as the availability of power and water. The initial capital outlay also plays a key role. The capital cost for installing a water-based central system is higher than that of an air-based system due to additional equipment like cooling water towers, tanks, and water pumps. However, since water-based chillers are more energy-efficient, the operating benefits outweigh the initial cost outlay in the longer term,” said Rajat Malhotra, APAC head of Engineering operations, Work Dynamics, India, JLL

“It is heartening to note that nearly 23% (33 mn sq ft) of Mumbai’s Grade A office real estate is already utilising the benefits of centralised water-based chiller systems. A transition of those using air-based HVAC systems will double the segment’s energy savings and lead to a reduction in the city’s carbon emissions. This sustainable choice will also support the city’s annual carbon emissions reduction by 1.2 lakh metric tonnes. This upgrade—albeit involving more water consumption—along with added capital investments and technical challenges in existing buildings, will be key components in analyzing the payback period for this change. What is not in question, however, is the definite energy savings and the positive climate impact through a sustained reduction in carbon emissions,” Samantak Das · Chief Economist and Head of Research and REIS at JLL India

Looking at a greener future

Looking forward, even offices with non-centralized HVAC systems must look at integrating such technology. Costs would be a major concern, not to mention the technical challenges of this switch in already operational buildings. Water consumption will also go up, but this is where the efficiency of the sewage treatment plant (STP) will come into action to ensure that freshwater is not wasted in running HVAC equipment. Importantly, one can upgrade cooling tower dosing systems with modern water treatment technologies and practices to reduce water wastage by cooling tower basins. Owners and operators should not hesitate from investing in treatment technologies since water consumption is a critical factor that can place water-based central chillers at a disadvantage, if not managed and controlled through smart operational and maintenance practices. The resultant CAPEX towards such upgrades may act as a deterrent for many asset owners/ investors, but the tangible benefits in terms of operating costs and environmental gains along with energy savings far outweigh the immediate impediments. The payback period will act as the key financial metric, but the tangible environmental benefits will support the switch to this technology in times to come, as India continues its journey to becoming a net-zero carbon economy by 2070.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of the real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces, and sustainable real estate solutions for our clients, our people, and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

JLL is India’s premier and largest professional services firm specializing in real estate. The Firm has grown from strength to strength in India for the past two decades. JLL India has an extensive presence across 10 major cities (Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad, Kochi, and Coimbatore) and over 130 tier-II and III markets with a cumulative strength of close to 12,000 professionals. The Firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services. These include leasing, capital markets, research and advisory, transaction management, project development, facility management and property and asset management. These services cover various asset classes such as commercial, industrial, warehouse and logistics, data centers, residential, retail, hospitality, healthcare, senior living, and education.

Source: www.magicbricks.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

Maharashtra government revises income slabs for buyers of affordable homes

 15th June, 2022

The revised income slabs are expected to come into effect with the upcoming draw of around 5,000 affordable homes by MHADA in the Mumbai Metropolitan Region.

The Maharashtra government has revised the income slabs- a criteria to determine who is eligible to purchase affordable homes constructed by the Maharashtra Housing and Area Development Authority (MHADA).

In a notification issued on May 14, the Maharashtra housing department said that the annual income slab for the economically weaker section (EWS) has been increased to Rs 6 lakh for those residing in Mumbai, Pune and Nagpur Metropolitan Region, and Rs 4.5 lakh for the rest of the state. Earlier, the income slab cap for the EWS category was a monthly family income up to Rs 25,000, or Rs 3 lakh a year.

For the lower-income group or LIG segment, the annual income limit was raised to Rs 9 lakh for Mumbai, Pune and Nagpur Metropolitan Region and Rs 7.5 lakh elsewhere, going up from Rs 25,001 to Rs 50,000 monthly income (upper limit of Rs 6 lakh a year) for the entire state. Further, the income slab for middle-income group (MIG) families, which was Rs 50,001 to Rs 75,000 a month (upper limit of Rs 9 lakh annually) for the entire state has been revised to up to Rs 12 lakh statewide.

Families earning an annual income of over Rs 12 lakh fall in the high-income group (HIG) category, up from the Rs 9 lakh limit earlier. There is no upper limit set for HIG category.

The revised income slabs are expected to come into effect with the upcoming draw of around 5,000 affordable homes by MHADA in the Mumbai Metropolitan Region. The last revision of income slabs was undertaken in 2016 citing the need to match the income limits defined by the Union government under the Pradhan Mantri Awas Yojana (PMAY) scheme.

In addition, the carpet area for affordable homes has now been defined as up to 30 square meters for the EWS category, up to 60 sq m for the LIG category, up to 160 sq m for the MIG segment and up to 200 sq m for HIG families.

Source: www.moneycontrol.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

Maharashtra's first integrated township in KDMC to get 66% property tax relief

 14th June, 2022

KALYAN: The Kalyan-Dombivli Municipal Corporation (KDMC) has finally decided to grant 66% property tax rebate to residents of Palava City- the state's first integrated township project - who have until now been paying double property taxes. While the township's Palava City Management Association (PCMA) has been charging residents for providing basic amentities and infrastructure, residents have also been paying taxes for the same to the KDMC.

According to a 2016 circular issued by the state's urban development (UD) department, an integrated township that provides common amenities, utilties and infrastructure - like roads, street light, garden, sewage treatment plant, solid waste management and transport facilities - will be entitled to a 66% rebate in property tax. KDMC, however, had not granted Palava this exemption, so even though all the basic facilities are provided by Palava's own management association, residents had to pay for the facilities to the PCMA as well as to the KDMC.

"Till now, the PCMA has additionally paid between Rs 10 crore to 15 crore in taxes," said Pramod (Raju) Patil, a Maharashtra Navnirman Sena MLA who is pursuing the issue of property tax relief with the KDMC. Talking to TOI, KDMC's tax department head Vinay Kulkarni said, "The integrated township should get this exemption. All formalities are completed. We are only awaiting approval from the General Body meeting."

Source: timesofindia.indiatimes.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

About 20,000 housing societies in Maharashtra can gain from cooperative bank funding

 14th June, 2022

The housing finance limit of 5% of the total asset is expected to boost self-development of societies in Pune, Mumbai, and Thane, Maharashtra Housing Federation vice-chairman Suhas Patwardhan said.

PUNE: Nearly 20,000 housing societies and apartments planning self-redevelopment in the state will benefit from the RBI’s decision to allow cooperative banks to grant finance for the commercial real estate-residential housing segment.

The housing finance limit of 5% of the total asset is expected to boost self-development of societies in Pune, Mumbai, and Thane, Maharashtra Housing Federation vice-chairman Suhas Patwardhan said.

“Real estate projects involving redevelopment are key areas in the property market, especially in growing cities.As per the RBI notification, all district cooperative banks and state cooperative bank will be able to grant loans to housing societies for self-redevelopment instead of them handing over the project to a developer for commercial real estate-residential housing according to the notice on June 8,” Patwardhan added.

The decision is expected to open more liquidity and financing avenues for real estate development. Federation members said that it will help housing societies implement the 2019 GR to promote self-redevelopment.

Bank manager Shrikant Karegaonkar said that the RBI monetary policy has doubled the limit of housing loan for cooperative banks. “It will help reduce the impact of inflation by pumping more funds into the housing sector and open opportunities to customers with the cooperative sector,” he said.

Members of housing societies said that while 5% of the total assets looks small compared to the demand, the limit may be extended and it was a good beginning.

Source: realty.economictimes.indiatimes.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

Navi Mumbai: Cidco hands over entire airport land, clears core area of 3,000 buildings

 11th June, 2022

The entire airport land of around 1,160 hectares has been handed over to the developer, Adani Group, for the proposed second airport for Mumbai.

NAVI MUMBAI: In a significant development, Cidco has cleared a major hurdle by removing more than 3,070 existing structures in the core airport area, encompassing 10 villages, which will pave the way for construction at the Navi Mumbai International Airport (NMIA). The entire airport land of around 1,160 hectares has been handed over to the developer, Adani Group, for the proposed second airport for Mumbai.

According to Cidco, all project-affected persons (PAPs) from 10 villages of the core airport site have been evicted and they have accepted the compensation offer of developed land at the new township of Pushpak Nagar in Ulwe. Cidco said rehabilitation of more than 5,000 families from the 10 core airport villages is nearing completion and construction of the airport will speed up.

"Cidco has successfully achieved the important milestones of the airport project till date due to the cooperation of the PAPs of NMIA. The challenging task of clearing the airport site was no exception. The pre-development works in the airport area have already been completed. The work of Navi Mumbai International Airport (NMIA) is proceeding as per scheduled timelines. The project is on track," said Dr Sanjay Mukherjee, vice-chairman and managing director of Cidco.

CIdco is developing the NMIA project on 1,160 hectares of land encompassing 10 villages in Panvel taluka of the Raigad district.

"Considering the contribution made by the PAPs from these villages for a nationally important project, Cidco has given them the best rehabilitation package in the country. Also, for the rehabilitation of those affected by the airport project, Cidco is developing Pushpak Nagar, a complete rehabilitation and resettlement township near the airport," said a Cidco official.

Cidco sources said except for jobs to all family members in affected villages, Cidco has agreed to fulfil most demands.

The pre-development work done so far includes Ulve river diversion, hill cutting, shifting of power transmission lines, flattening, reclaiming marsh land and site work.

Source: realty.economictimes.indiatimes.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

What type of property can you buy for under Rs 1 crore in Mumbai?

 10th June, 2022

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 and head - west, residential services and 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.

Source: www.moneycontrol.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com