Paradise in Powai

There are many tick boxes one must check when it comes to finding a perfect place to call home. A home must be comfortable for its occupants, spacious enough in case you have kids and at the same time be close enough to work to travel to and fro without much of a hassle. Powai, an upper middle class suburb in Mumbai, seems to check all these boxes and more! The residents of Powai have nothing but happy tales to tell of this lovely neighborhood.

Okay, so the residents say the suburb is lovely. But what is it that sets this suburb as a cut above the rest? The most common answer to this question is that the locality is well planned. Think of Powai as a well-oiled machine that operates flawlessly to deliver the best possible standards of living, at a serene and peaceful location. Architecturally sound,Powai’s landscaped gardens contrast its wide concrete roads to maintain a sort of balance to this locality.

One can enjoy all the modern amenities of a city without compromising on the fresh air of the countryside. The Powai Lake, that has become a local attraction of sorts, adds to the tranquil feel of the suburb. The Roman style architecture that transcends the rest of Mumbai makes you feel like you’re come to a whole new city. If that’s not enough, this suburb has little to no illegal structures that would usually clog the roads and cause traffic jams.

Besides having some of the most luxurious residential locations in Mumbai, Powai has quite a number of industrial complexes encompassing it. L&T, Deloitte and CRISIL are some of the more prominent commercial complexes situated around it. The close proximity to these work locations is what caused the rates of properties in powai to skyrocket pretty quickly.

For the foodies planning to buy flats in Mumbai, you won’t be disappointed if you come down to Powai. The suburb boasts of many fine dining restaurants and a number of smaller restaurant chains as well. For those looking for a quick bite on the go, KFC and McDonald’s should prove to be quite efficient in getting the deed done. But if you’re looking for some really good burgers and don’t mind waiting awhile longer for it, Chili’s is a lovely restaurant to serve you to your heart’s content!

If you’re looking at buying a flat in Mumbai with the perfect balance between luxury & cost, Powai is the way to go. When you can own a dream house in the heart of a gorgeous suburb at a lower cost than some of the other parts of Mumbai, why look anywhere else?

Powai: A Suburb of the Future

Powai being located in the north-east neighborhood of Mumbai is said to be on of the most influential localities in the city. The suburb of Powai has seen a staggering growth of residential projects and complexes which has changed the horizon of the city completely. Festivals like Ganesh Chaturthi are big hype in this part of the city with a multitude of people flocking the streets to pay their respects to Lord Ganesha.

Over the years, Powai has evolved to be a residential and commercial hub. Buzzing with a number of gated communities, luxury residential complexes, and happening shopping malls, Powai is the place to be in Mumbai. Be it the upmarket residential locales, or the happening nightlife, Powai is considered to be the face of modern-day Mumbai.

The Indian Institute of Technology, Mumbai or IIT- Bombay was built in Mumbai in the year 1958. Since the advent of this prestigious college Powai has seen a surging growth in all sectors of the society especially the real estate sector. Powai is an important landmark due to its great connectivity to both the Eastern as well as the Western Express Highway and also its proximity to the airport. There are a large number of commercial projects that are happening in the heart of Powai. With over 150+ offices in Mumbai and multinationals moving in, Powai definitely has a very promising future.

Thousands of job opportunities opened up due to set up of major conglomerates like Bayern, Deloitte, CRISIL, Nomura and Larsen & Toubro which have led a lot of people to flock to this suburb for a job. The setup of these offices has also led to an exponential increase in residential as well commercial spaces in this locality resulting in the growth of this region.

When you buy a flatin Powai you feel like you are in heaven with its large and spacious rooms which also come with modern amenities such as increased parking space for visitors, indoor gymnasium, swimming pool and recreational centre for kids. The enormous skyscrapers in Powai have Roman architecture to it which gives the building a classical look. These buildings also give you a very scenic view of the night life of Mumbai city.

The demand for propertyin Powai has been tremendous. This can be attributed to the well-connected road network, fast-paced urban life, and desirable social infrastructure. The road network in Powai is absolutely excellent with its BEST- run AC and Non-AC bus services. The Jogeshwari-Vikhroli Link Road, which passes through Powai is a bridge between the Eastern and Western Expressway. This helps the residents of Powai travel to any part of Mumbai and beyond with ease.

Powai is all set to see a new landmark in the form of an upcoming bird park. Powai was selected because it was one of the few localities still in tune with nature. Once completed, this 24-acre bird park will be a major landmark in Powai, infusing life in the tourism industry and encouraging further commercial development.

The City of Dreams - Mumbai

Mumbai, the city of dreams, the city where people come to make it big! A city filled with hard workers. It is home to one of the biggest film industries in the world, and yet manages to hold the title of being the biggest slum in the whole of Asia. Mumbai is India’s financial powerhouse, fashion capital and a melting pot of cultures. It has become so diversified over the years that it now has its own dialect; Bambaiyya Hindi, a mix of a little Hindi, English and everything in between. Some of the most expensive real estate can be found here and let’s not forget that most of this city was created on water using garbage and a whole lot of determination.

Contrary to common belief, you may still be alive after that haphazard rickshaw ride or been thrown around by that station crowd. The city has its own unique rhythm that takes a while to get used to, but once you do, everything just seems to fall into place.

The one time of year Mumbai could be termed as intense is during Diwali. Whether you follow Rama or one of the other 330 million Hindu deities, the Festival of Lights is the perfect time to spread positivity and joy. It’s a period of relative prosperity and feels a lot like Christmas. Although, walking through the streets of Mumbai on diwali can test your nerves with all the firecrackers being tossed around by the kids; a safer display takes place on Mumbai’s Chowpatty Beach.

If you’re a diehard Bollywood fan, Mumbai is the right place to experience your 15 minutes of fame. It’s the glittering epicentre for India’s vast Hindi based film industry, and even foreign artists are always welcome here.

Bollywood sometimes churns out more than 900 films a year – more than any other film industry does including Hollywood. Not surprising considering Mumbai has one-sixth of the world’s population as a captive audience, as well as a large number of Non-Resident Indian (NRI) following.

The only challenge one would face when visiting Mumbai, is finding proper accommodation in a city that is already so crowded. Finding residential properties in Mumbai can be compared to finding a needle in a haystack.  But with a little sleuthing around, one can come across the right real estate agents who deal in selling propertiesin Mumbai. Beware though, as staying in an apartment in some of the more posh locations like Town and Bandra will cost you a fortune. Luckily, there are other suburbs that offer much more reasonable options without compromising on the quality of living.

The Executive – A Class Apart

Mumbai is, was and will always be the city of dreams. With a variety of factors in its favour, it truly is the face of a global India. Like for all great cities, real estate development plays a key part. The lifestyle that the city has to offer goes a long way in deciding the worth of the place.

Jaycee Group, a premier real estate firm has made that dream of making luxurious home into a reality. A firm that started in 1965, it has slowly turned into a real estate giant with an existing land bank of 4 million sq.ft.  The group’s vision has always been to provide a quality lifestyle and having served over 10,000 families till date, they aim to serve a lot more in the coming years.

Acting on the plan is the key and the Jaycee Group is leaving no stone unturned to make Mumbai a hub of luxurious homes. One such project is the ‘Executive’, an ultra modern high rise, armed with modern amenities to cater to the needs of the newly evolved audiences. The amenities include, state of the art gym, children play area, puzzle parking and most importantly visitors parking, a seemingly difficult aspect to find in Mumbai’s cramped real estate scenario. Additional benefits include a business conference room pandering to the business minded.

All these attributes aside, the ‘Executive’ scores high over other projects purely on the basis of its location. The much visited RCity mall in Ghatkopar is almost a stone’s throw away from the ‘Executive’. That’s not all, Mumbai’s first Metro happens to be located nearby and so is the railway station. Five minutes drive at the most. Ghatkopar’s new found commercial hub status also adds to the list of factors that need to be considered. With many top notch companies shifting base to the eastern suburbs of Mumbai, owning a flatin Ghatkopar can only be termed as a smart move.

The Jaycee Group in its effort to provide quality housing emphasizes on the lifestyle quotient in all its projects. It is this very reason that the ‘Executive’ stands tall among its peers. All said and done, the scene for property in Ghatkopar (West) is on the rise. The smart would agree to that and get acting right away. After all, it’s not every day that chances as good as these come by.

MUMBAI - THE PRIME OF RESIDENTIAL & COMMERCIAL PROPERTIES

Mumbai, also formerly known as Bombay, is a city of dream that never sleeps. With people coming to this city from all over the country and the world, it has become one of the most populous city in India and the 8^th most populous city in the world.

Historically, Mumbai was made up of seven islands and constituted communities of fishing colonies. Later on, reclamation of the area between the islands was undertaken, along with construction of major roadways and railways. Eventually, the city bloomed into the financial, commercial, and entertainment capital of the country.

Needless to say, Mumbai as a city is ever-expanding, with major urban areas like Navi Mumbai, Thane, and Kalyan. Major upcoming projects in Mumbai are also being taken up in order to cater to the needs of the people, including the Metro Line- 3 that will cover Colaba-Bandra-Seepz. With Mumbai being such a vast city and people travelling from one corner to the other daily, projects like this helps the people in making their commute easier, and cuts the cost and time spent daily.

For example, Versova is seeing a rise in commercial and residential values with the launch of the metro. Some of the bungalows are now replaced by apartment complexes. Under MHADA, many houses are being undertaken for redevelopment. Also, the fact that the area is accessible to major places like Bandra, the airport, and South Mumbai; it has made Versova a prime hub for developmental projects. 

Of course, the city being one of the most expensive cities to live in the world, finding the perfect residentialproperty in Mumbai is not an easy task at all. Real estate developers are spearheading to making this city more accessible by developing many upcoming projects in Mumbai. Jaycee Homes is one such estate developer that has been working towards providing people with apartments in Mumbai for over 49 years. With a credit of over 250 projects, Jaycee Homes continues to expand its horizon with major projects in areas of Mumbai like Bandra, Khar, Andheri, Goregaon and Powai. Jaycee Homes focuses on not just building homes that are luxurious, but also affordable.

Furthermore, many residential properties in Mumbai are also coming up, expanding very steadily beyond the major suburbs of the city. Towering apartment complexes are cropping up everywhere as space isn’t exactly what the city has in abundance. Therefore, apartments in Mumbai are growing taller and taller with all kinds of amenities found in the complex itself.

Mumbai as a place to live, it brings out the true essence of what a cosmopolitan city really is. It is vibrant, colorful, and full of life! There are many things Mumbai and its people are famous for, one being the spirit of the people that can be felt only when someone comes to the city. Various cultural and religious differences unify the city in many ways as people celebrate regardless of which section of the society they belong to.

SINGLE-WINDOW CLEARANCE WILL REDUCE PRICES BY 40 PER CENT (CONSTRUCTION WORLD)

SINGLE-WINDOW CLEARANCE WILL REDUCE PRICES BY 40 PER CENT

Diipesh Bhagtani, Executive Director, Jaycee Homes

A name synonymous with luxury, landmarks and trust, Mumbai-based Jaycee Homes has been in the business for over 48 years and developed over 2 million sq ft. Diipesh Bhagtani, Executive Director, elaborates on the company's plans and prospects and current realty market in conversation with SHUBHANGI BIDWE.

Tell us about your firm's journey.
Founded in the year 1965 by my grand father Purshottam Bhagtani and under the dynamic leadership of my father Lakshman Bhagtani, the company has achieved many landmarks through 1980s to 1990s. We also forayed into the luxurious housing segment in the year 1997 when our company's product were purchased at 15 per cent higher than other developers. We were also amongst the first to provide swimming pool in a residential building along with capsule lifts and an air-conditioned lobby. In the year 2000, my brother Mukesh Bhagtani joined the company and since then there has been no looking back.

What is your vision for the company?
My father's vision was to make the company a profitable organisation along with being brand conscious. My brother Mukesh and I forayed into real estate in 2000, a time when the market was unorganised. There were no modern technologies and branding was unheard of. In 2004-2005, we started branding the company and adopted modern technologies. Also, our vision of spearheading our business along with real-estate bodies has been achieved with my father being joint treasurer of MCHI-CREDAI and me a committee member of MCHI - Credai Mira Virar City Unit and also national chief coordinator for the CREDAI youth wing. Our vision is to see Jaycee Homes as a top developer in the country.

How do you view the industry's growth over the years?
When the industry was unorganised, MCHI-CREDAI united builders. They were loaded with extra responsibilities that egged them to adopt unfair practices. It encouraged budding developers and improved the country's infrastructural facilities. Also, earlier, where a 15 or 20-storey building would qualify as a high-rise, today we have buildings towering over 100 stories. Developers have become more corporate, transparent and brand conscious.

What are your main strategies to attract buyers?

The change in DCR two years ago compelled us to revamp our strategies. To ensure growth, we attract our buyers through innovative marketing ideas and adopt schemes such as a 20:80 deferred payment scheme.

How did the change in DCR affect your projects?
With the introduction of the fungible FSI under the city DCR, the level of transparency has undoubtedly increased. However, with this regulation, we hoped our project prices would drop, which we eventually did by 20 per cent. But, BMC also charges a premium of 60 per cent of the land-related value on the fungible FSI, which they eventually increased the cost for a developer by 20 per cent.

Highlight the innovative products and techniques you use.
We use sustainable eco-friendly products such as water closets from TOTO, Grohe fittings for bathrooms, composite marbles, etc. We also use modern technologies such as MIVAN along with state-of-the art equipment.

How do you view the market in Tier-II and Tier-III cities?
Real estate is slowly emerging as a good investment option, registering a rise in the revenue generated. However, lack of infrastructure and job opportunities are major bottlenecks in the development of these cities. Also, unlike congested metros, people in Tier-II and Tier-III cities are used to living in open spaces. The transition from open to closed spaces has not yet happened.

How do you battle Mumbai's space and land issues?
As most vacant land is currently in litigation and highly priced, we have explored the redevelopment and SRA verticals. However, the freedom and liberty vacant land offers have been curbed with the changed DC regulations. These days, we are also charged extra for providing an extra balcony or elevation.

How does redevelopment and SRA projects benefit you?
Redevelopment is undertaken according to societal requirements. The main difference between redevelopment and SRA projects is that profit margins are higher in case of SRA projects as the cost of rehabilitation is low and people have limited needs. This is beneficial. Redevelopment caters to the educated society which unfortunately takes more time.

Lack of funds is another problem that plagues the industry...
For new ventures, we opt for private equities as banks do not fund projects that cost about Rs 15 lakh per unit. However, we opt for NBFCs, deb-entures and private equities. We also look at pre-launches for sales where the project is well-priced if construction is to be started in six months to a year. This maintains our cash flow.

Is vertical construction an apt solution to Mumbai's land crunch?
This is the only solution. FSI needs to be increased and the government should spend on infrastructure. It has collected almost Rs 500 to Rs 1,000 crore through the new DC regulations, but there is no much improvement in the city's infrastructure. If not immediately addressed, Mumbai may lose its 'financial hub' status in another 10 to 15 years.

Do you have plans to venture into the commercial market?
We are planning to launch two projects in 2014. Currently, the residential market is more in demand as housing is a necessity.

What problems do you face at a policy level?
The government earlier approved the rental housing scheme but eventually backed out assuming that developers were profiting from it. We later launched the affordable housing scheme, where we planned to build one FSI for the government and three for the developer. But this was opposed stating that the government could not manage the present infrastructure. Today, we have to acquire almost 54 approvals to get one building sanctioned. The environment clearance itself takes almost two years. Then, we have the heritage committee in South Mumbai for heritage structures and high-rise committee for buildings over 70 m.

How much time does it take for you to get all the clearances?
If the plot size is small, 90 to 120 days. But projects above 20,000 sq m require almost two years to be approved, increasing the borrowing cost by 21 per cent. For instance, we have acquired land in Indore but are awaiting approvals for over six months now. This can be avoided if the project is launched in the market, customers give the money and the building can be constructed immediately. But this process takes almost two years and this cost is then passed on to the buyers. The introduction of service tax and VAT has further complicated matters.

What is the solution to overcome such hurdles?
Single-window clearance! In the US, builders do not go to the corporations. The corporation officers tell the developer if the plans are correct or if any changes are required. A single-window will reduce prices by 40 per cent. Environmental clearance should be replaced by a faster process.

The good news is that most builders are adopting ethical practices...
Being associated with the CREDAI youth wing, I have strived hard to change the image of developers.

We provide one of the three basic amenities of life and do not wish to be known as mafia or gundas. We maintain gardens, roads and offer street lights in complexes, but the credit goes to the government. Over the next 15-20 years, the industry will be the premier contributor to the country's GDP. This will also stop all the malpractices prevalent in the industry. Now, another real-estate regulation - RERA - is being introduced. We hope this gives developers a better chance to showcase their own brand and customers a choice to decide about them. Right now, the regulation is one-sided.

Which state is progressing the most in terms of development?
NCR has developed in an extraordinary way. Today, Delhi can be compared to any international city with not even a single bump on the road. Greater Noida has also greatly developed owing to the Yamuna Expressway. We have already acquired land parcels in Maharashtra for the future and are looking at Ahmedabad for projects to be launched in the next three years.

As for you, what are your immediate plans for the company?
With many redevelopment and SRA projects in Mumbai, this is our focus area at present. But as and when market conditions are favourable, we will launch an IPOs and foray into other cities simultaneously.

SOURCE : http://www.constructionworld.in/News.aspx?news=Single-window-clearance-will-reduce-prices-by-40-per-cent&nid=34nefChxVfQXdoE8IG9jDg==

The real estate scenario in mumbai has undergone a sea change

Top Builders :

Real Estate market in mumbai is touching new skies mainly due to the huge demand and a meagre

supply of housing stock.The real estate scenario in mumbai has undergone a sea change 

Executive Director, Jaycee Homes, 

             March 2013