Realty Watch - The Five Pillars Of Affordability

The areas beyond Thane are no longer perceived as distant suburbs but as sought-after destinations for residential living

Talks on affordable housing in Mumbai is fraught with danger. Ei ther the claims of af fordability come with the rider of `as per Mumbai standards' or it is so far a place that to live and commute to the city is a nightmare. However, amidst this ground reality of the city, there are locations, which defy the conventional thought process of Mumbai as far as affordability along with quality living are concerned. The critics who had, a decade ago, dismissed areas beyond Thane as `too remote for habitation', are today forced to eat their own words. As a matter of fact, it is not one or two locations that are today redefining the concept of affordable housing in this part of the world. There are many and among the top picks are Ambernath, Shahapur, Badlapur, Kalyan and Titwala.

Collectively, these locations are not only the five pillars of affordability and quality living but also identical case studies on destination development. Ambernath has been probably the most notable location to shrug off the tag of `beyond Thane'. Today, it has evolved as a micro-market in itself where affordability has yet not been compromised. At the same time, there exists top line infrastructure and the social infra is also growing. With some commercial activity also moving to the region, it holds a unique place on the property map of the city. “Frankly speaking, I had bought an apartment in Ambernath as an investment for my retired life. With the kind of budget that I had, I could not afford it in any other location in and around Mumbai but my world view has changed now, post moving in. The kind of greenery that is here is non-existent in any other location. It is definitely not a `beyond Thane' market anymore,“ says Vasudha More. Also, no one refers to Shahapur as a holiday destination anymore.It is very much a first-home market now. The first-movers in this market who had invested into a holiday home a few years ago, have already been witness to anything between 200 to 300 per cent appreciation.



Rajeev Naik, who bought a holiday home in Shahapur around a decade ago today feels proud of his decision. He feels it is proving to be a goldmine not only in terms of the appreciation value, but also the market is a strategic business corridor for him. “The best part is that this area has a superlative location advantage with excellent climatic conditions and greenery that make it ideal for quality living. When I move out for local trekking and forest camping, I feel I have the luxury of a holiday in the neighbourhood,“ says Naik.

Badlapur has been in the news due to the 2015 hit film of the same name. `Badla' literally means change and `Pur' means town.Most of the early residents moved to this area due to its connectivity to Mumbai via rail. However, there are other socio-economic reasons that are helping the market to evolve as an attractive destination. Affordability here is just an icing on the cake. “I knew that I was shifting to a place that is 68 kilometres away from Mumbai when I first bought an apartment but even then, the nature lover in me knew one thing for sure the kind of price point at which I was getting a property where there is a mountainous terrain on both sides and Ulhas River close by where else could you get such luxury,“ asks Joel Samuel, a photographer.

Then comes Titwala where affordability is the USP and yet, it is not a compromised location. As a matter of fact, people who have settled in this area also feel blessed because Titwala has always been a devotional tourist attraction. It is no more a future destination but one where constant appreciation would entice any smart investor. The firstmovers who had bought a property here due to budget constraints already feel rich enough. “I came to Mumbai from a small town and along with the affordable factor, what also impressed me about this location was its look and feel of a small hamlet. Today, it has changed a lot, thus making me richer,“ says Sugandha Dasgupta.

Last but not the least is Kalyan that has very good connectivity to parts of Mumbai and other cities via the Kalyan-Shilphata Road, Agra Road and National Highway 4. This also increases the growth prospects of the region. The proposed Navi Mumbai International Airport is at a distance of less than 35 kms. Needless to add, it adds to the demand for upscale housing in the region, which is anyway much affordable than other markets of Mumbai. Analysts maintain that the areas beyond Thane have shaped up well over a decade. And still no one could probably match these locations. They are the real case studies for any student of urban development and quality habitation.

 Check out Properties in Thane and Beyond by Squarefeet Group

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Email us at - sales@squarefeetgroup.in

Bhiwandi : A Town of Affordable Homes around Thane!

Bhiwandi being famous for its power looms and textile industries, is also now been looked upon as of the most affordable living around Thane (Mumbai).

As Bhiwandi has tons of options for affordable houses by being in and around Thane, residential properties in Bhiwandi are eventually gaining popularity in real estate market.



Bhiwandi is a town only 20 kms away from Thane which is now rapidly growing as a destination for home-buyers looking for affordable and budget homes as many new residential projects are being launched here.

The area has good connectivity with NH-3. Also, being an industrial hub, the area has good infrastructure, with 24-hrs power and water connection as compared to other areas around Thane.

New property projects arriving are giving Bhiwandi a cosmopolitan look and people are now buying houses in the area. It is said that New Bhiwandi is now an typical town but with large number of workers coming in from the northern and eastern states of India. According to the statistics, majority of people living in Bhiwandi are from the states of Uttar Pradesh and Andhra Pradesh.

Scenic beauty all around Bhiwandi is surrounded by the hills there which looks very peaceful. It has been found from our sources that entire attention of the government, buyers, and developers has shifted towards Bhiwandi, making it the 'next affordable' destination of development and a land full of opportunities. With western suburbs feeling the pinch of being overcrowded and the central suburbs already tapped into for quality housing, Bhiwandi becomes the natural choice for buyers as well as developers when it comes to Residential properties.

Squarefeet Group gives you the answers of why Bhiwandi is the best option for Affordable Homes in and around Thane.



Affordable Apartments

Bhiwandi has various new projects to provide varying from affordable apartments for low and middle classed people to luxurious living apartments for high class people. The real estate market of Bhiwandi has witnessed a rise in pricing in residential properties.

Preferred Destination for investment

The property in New Bhiwandi has become one of the most preferred options for investment. With the growing market of Bhiwandi real estate, the chances of greater returns on the investment is almost sure including the fact that its features are impressive.

15-35 lakhs

Viewing the current market price of properties in Bhiwandi, one can easily get a 2-BHK flat for Rs 28-35 lakh and 1-BHK between Rs 15-20 lakhs in the area

Upcoming new Projects

Many bungalow projects are also being developed in Bhiwandi of which the rates are quite affordable. Rates of newly launched residential flats vary from approx. 15 lakhs to 1 crore.

Preferred for its attractiveness
Properties in Bhiwandi is mostly preferred by working professionals and bachelors as there and industries, working opportunities and and upcoming attractive destination.

Quickly Accessible

 The quick accessibility and easy connectivity in Bhiwandi also adds as a determining factor of properties in New Bhiwandi. This makes this destination more magnetic and adding many facilities and amenities. The connectivity spot to the Mumbai – Nasik Highway NH-3 and the widening of road has garnered many buyers to its location for budget homes.

Well Connected

Private transportation also is more frequent and affordable there. New Bhiwandi is now well connected to all the places nearby. The Mumbai-Agra highway (NH-3), passing through Bhiwandi ensures the smooth connectivity of the city with Mumbai, Thane, Nashik and the rest of India. Bhiwandi has been developing as an Industrial hub for the textile industry in the past, and all industries and logistics sector in recent times. Close proximity to Mumbai, Thane and Development of region by MMRDA; make Bhiwandi an ideal place for businesses to locate.

Frequent Private and Public Transportation

The frequency of public transport is also good there which directly increases the property value in Bhiwandi. The Bhiwandi Nizampur State Transport Depot is located on the Mumbai-Agra Highway. Buses in Bhiwandi run every half hour to nearby depots like Mumbai-Central, Thane, Kalyan, Vasai, Wada and Borivli, Nasik Shirdi, Aurangabad, Pune, etc. The Thane Municipal Transport operates bus services from Bhiwandi Narpoli to Thane, and the Kalyan-Dombivli Municipal Transport operates bus services from Bhiwandi Gopal Nagar to Kalyan, in every 20 minutes. Auto-rickshaws too, run from Bhiwandi to Thane and Kalyan. Jeeps ply from Bhiwandi to the nearby town of Padgha.

According to property consultants in Bhiwandi, it is beneficial to invest in the residential properties of Bhiwandi, as it is much affordable than other areas around Thane. To conclude Sachin Mirani, director of Square Feet Group, says, 'Not only are there local buyers but many people are migrating here from Mumbai and Thane as it is developing as the largest logistic center. Social infrastructure like schools, colleges, and drainage is well placed in Bhiwandi for future enhancement.'

About Regal Square

f you’re the one which requires the indulging open spaces, then this is the perfect space to comfort you. The Sprawling area of 4 lakh sq. feet provided by Regal Square delivers the X factor for your perfect dream house. The Children's Playzone, Clubhouse, Community Hall, Jogging Track, Badminton Court, Indoor Games : All of these will offer your Little Ones perfect training & excellence & you a perfect Lifestyle ever desired.

 Below is the list of some of the  amenities provided by this new project in Bhiwandi are

- Ample car Parking space

- Garden

- High speed elevators

- Clubhouse

- Jogging Track

- Rain Water Harvesting

Site Address: Regal Square, Near Chhatrapati Shivaji Stadium, Bhadwad-Sonale Road, Bhadwad, Temghar Pada, New Bhiwandi, Thane
Telephone: +91-8879777431/2
Email: sales@squarefeetgroup.in

The Power of One BHK Apartments

Home-buyers are opting for compact 1-BHK apartments over high-end luxury flats. We explore this trend... 

A large section of population, particularly the middle-class group, is still looking at affordable homes with location being an important criterion. Considering the various payments involved, high interest rates and increasing costs, the home-buyers cannot even look at buying a luxury home, given the current scenario.

There is a demand for affordable housing, especially, in a densely populated and an expensive city like Thane. The other option that home-buyers are looking at and where we see a demand is: 1-BHK apartments. At present, the prices are not regulated in the city and the buyer has only one option and that is to invest in smaller properties, which are affordable in nature.



Those under the age group of 35 years constitute nearly 65 per cent of the population and their needs and budget both are limited, so when they buy their first home, they typically tend to go in for one or two bedroom apartments rather than high-end luxury apartments. It is generally observed that the demand for one, two or two and a half BHK apartments is among young professionals such as those working in IT and ITeS sectors.

This trend is being seen due to the change in buying patterns of consumers. More and more young professionals are opting for studio apartments, which typically consist of a living room, bedroom and kitchenette in the same space along with various amenities under one roof. While young corporates, especially outstation migrants normally prefer living near their workplace and hence, opt for 1 BHK apartments, the trend is also catching up among nuclear families looking for economical options. Easy maintenance is another big reason why owning or renting a 1-BHK apartment is hassle free.

Even if one is looking to make an investment, it makes more sense to invest in small apartments. Besides, it is not advisable to expect high rates of return on your investment just because one has invested in a high-end apartment. Experts are of the opinion that in the current scenario, buyers are looking for value for money and are willing to forego the add-on attractions of luxury housing in favour of affordable pricing.

From an investment perspective too, luxury homes do not provide the same returns as mid-income housing. As of now, prudence is the name of the game and the highest demand is for homes, which correspond to the actual enduser demand.

Also, because of the constant demand from homebuyers, property investors are also focused on smaller homes. Apart from the fact that smaller homes are always the most affordable and the easiest to sell once they have appreciated enough, the rental demand for smaller homes is also steady in cities like Thane. Many homeseekers cannot afford to purchase homes in the costlier locations of these cities and therefore, prefer to live in rented ones. This makes compact flats an ideal investment option for property investors, both, from a capital appreciation as well as rental income point of view.

It is the gloomy macro-economic scenario, which has forced people to consider the option of buying more affordable one-bedroom apartments rather than investing in luxury homes and making the future unstable.

With inflation being the trend in a developing economy like India, people are burdened in every sphere of life. They are more satisfied with having a home, with a manageable debt, rather than creating an unstable living environment.

India has seen a slow economy for the last few years and even though things look brighter with all the initiatives being implemented to drive the economy, people have yet to see the fruits of the said initiatives. This, coupled with the ultra-high prices of luxury homes in prime areas, has made it simply unviable for people to look at these homes as a safe investment. The lower price point opens it up to a larger audience of secondary buyers and makes their investment more liquid.

Also, it has been observed that smaller properties have the advantage of being an asset that appreciates at every instance. The entry-level investment gets lower in terms of the ticket size. There are two types of buyers one who are the real users and the other, the investor. A person buys according to his need. If he requires three-four BHK apartments and has a social status to maintain, then he would never buy one or two-BHK house. He will wait for the right house and the right deal. On the other hand, the investors will go in for one or two-BHK apartments as they offer good returns in the medium-tolong-term.

Check out Properties in Thane and Beyond by Squarefeet Group

You may also contact us at - +91-22-25452903, 66543333 or
Email us at - sales@squarefeetgroup.in

Taxability of second home

For a majority of wealthy people, real estate has emerged as one of the most profitable investment options in recent years. We give below a primer on the tax implications on a second home under the I-T Act 1961. 

Second house is let-out

If the second house is let out on rent, then rent received from the property will be taxed. For instance, Sunil has two flats in Thane--one in Majiwada and the other Vasant Vihar. Out of the two flats, he retains the Majiwada flat for his residence and rents out the Vasant Vihar flat to one of his colleagues, which fetches a rental income of Rs 10,000 per month.

"Thus, the annual rental income of Rs 1,20,000 from the Vasant Vihar flat--after reducing the municipal taxes, standard deduction, and interest--shall be taxable on Sunil.

Second house is self-occupied

In this case, the owner will have the option to select any one property as being used for self-occupation. The other property will be treated as 'deemed to be let out' and the estimated annual rent will be considered as taxable. Taking the first example cited, we assume that while the Majiwada flat is retained for Sunil's residence, the Vasant Vihar flat is occupied by Sunil's family. In such a situation, Sunil has an option to treat either of the two flats as self-occupied and consider the other as deemed to be let-out.

The flat considered as deemed to be let-out will be taxed on a notional rental income that the flat can generate. If the notional rent of the Majiwada flat, for instance, is Rs 2,00,000 per annum and of the Vasant Vihar flat is Rs 2,60,000 per annum, then Sunil can treat the Vasant Vihar flat as self-occupied and the rent of Rs 2,00,000 from the Majiwada flat will be liable for tax, after providing for necessary deductions like municipal taxes, standard deduction, and interest.

Second house remains vacant

In case the second house remains vacant, that house will be treated as 'deemed to be let out' and the estimated annual rent will be considered as the taxable value. For example, if Sunil opts to keep the second flat as vacant, then one of the flats has to be considered as deemed to be let out and the notional value will be taxed.

Second house is used as a holiday home

As the benefit of self-occupied property is available for only one home, the estimated annual rent will be considered as the taxable value. For instance, Mohit has a property in Thane, which is occupied for his own residence. He also has a small apartment in Shahapur, which he uses as a holiday home

In such a scenario, though Mohit generates no real income from either of the property, he can consider only one of the properties as self-occupied. If he considers the Thane house as self-occupied, then the Shahapur property will be treated as deemed to be let out and the expected rental income will be taxed after reducing municipal taxes, standard deduction, and interest.

 Check out Properties in Thane and Beyond by Squarefeet Group

You may also contact us at - +91-22-25452903, 66543333 or
Email us at - sales@squarefeetgroup.in

Walk-to-work culture gaining immense momentum in Thane

Everybody wants their home to be close to their work place; however, is it feasible to have one, especially in a metropolitan city like Mumbai? Thane, today, is very strongly promoting the walk-to-work culture. Residents here tend to allocate high importance to the location of homes that are within a reasonable commuting distance from their workplaces. In such a scenario, a home close to the Central Business District (CBD) or Secondary Business District (SBD) is a premium offering in the residential real estate segment.

Siddharth Bhatia, marketing head, The Wadhwa Group, says, "The potential growth of Thane as one of the new CBDs of the city, has witnessed a major rise in the preferred residential location by people. In the last two decades, Thane has transformed rapidly as a developing location. The demographic aspect of the metropolitan is such that commuting from one part of the city to another is a task and hence, people prefer settling for a property that is closer to their area of work."


Experts believe that the increased connectivity of Thane with Mumbai's suburbs and the national highways has paved the way for many corporates and factories to have their foothold in this area. Emerging micro-markets in Thane like Majiwada, Ghodbunder Road, Pokhran Road and Kolshet Road along with the presence of prominent developers and their quality offerings, have led Thane to house both, residential and commercial spaces. "Accessibility to international schools, hospitals, entertainment facilities and green living, has contributed to the rise of the population in the nearby areas and the expansion of Thane city. Integrated townships and high-rise buildings, along with public service facilities, have promoted the government to establish a business centre around Thane, thereby enabling people to have an adequate work-life balance," explains Anupam Verma, vice-president operations, Rustomjee Urbania.

Thane and its walk-to-work culture

Thane has seen a gigantic increase in residential real estate because of its close proximity to prime locations and commercial hubs. "With the infamous traffic grimaces, walk-to-work is the much-needed change that will make a significant transformation for the betterment of Thane by facilitating people to dedicate more quality hours at work rather than spending time on travelling," opines Rushank Shah, director, sales, Hubtown Ltd. According to experts, there exist certain key aspects that lead to an appropriate work-life balance in Thane, such as:

Connectivity

Connectivity of Thane with Mumbai's suburbs and its out skirts is fetching a great amount of at traction for the residential and commercial realty space

Accessibility

Accessibility to international schools, corporate entities, hospitals and transportation, has enabled the consumers to avail a better lifestyle

Entertainment

Availability of the malls, amusement parks and other entertainment zones in Thane has added a great quotient to the walk-to work culture.

Healthy living in thane

Niranjan Hiranandani CMDHiranandani Group points out, "Healthy living is something that Thane promotes with its real estate offerings. There are two aspects we need to consider here. First, the city itself is clean and green; it is blessed with verdant greenery and water bodies. The Sanjay Gandhi National Park's eastern side overlooks the city and this adds to the green perspective. Gardens within the city adds to the 'green' quotient; as do the lakes surrounded by lush, tree lined avenues. Secondly, the integrated townships, which are coming up in Thane have added to the 'clean and green' aspect in a major way. In fact, these townships promote the 'walk culture', with options which encourage residents to walk to the green spaces, the club house or sports facilities. The townships have been created in a manner that encourages residents to think 'green'."

Experts claim that Thane is one such locality that fulfils the most lucrative need by providing a classy living without compromising on the breathing zones of the city. Widened roads and a number of green patches dotting the locality all around add to the spacious charm.






 Check out Properties in Thane and Beyond by Squarefeet Group

You may also contact us at - +91-22-25452903, 66543333 or
Email us at - sales@squarefeetgroup.in