Two Places Where You Want To Live In Mumbai - Powai and Juhu

Mumbai has always been an area where the influx of people is much more than the space available for living. Only the rich and affluent can afford to live in areas such as Walkeshwar, Peddar Road and Nepean Sea Road. The middle class citizens of Mumbai are pushed towards the northern and eastern fringes of the city such as Borivali, Kandivali, Chembur, Malad, Ghatkopar and Mira Road. Of these areas, Powai has a rapidly growing real estate sector. A large number of noteworthy builders have their projects going on here. Both rental rate and the per square feet cost of flats in this region are rising manifold, which makes it an interesting area for investment.

Powai

 Located in East Mumbai, Powai is a suburban area which has seen rapid growth in the past few years. There has been a rise in the rental rate of this area by almost 10 percent in the past 3 months. Most people who rent properties here are involved in jobs and services.  An active broking firm in Powai opines that the capital values of apartments and properties are going through the roof. People find it difficult to buy apartments in areas that they want to. The areas that fit their budget are located much away from their workplaces. Therefore, they are left with no other option except to rent such apartments.

Almost 60 percent people looking for flats in Powai have families while the rest are bachelors. Sometimes newly wedded couples also come flat hunting in Powai. Mostly 2 and 3 BHK apartments size command rent between Rs 30,000 and 35,000 in a month are demanded in Powai. Many multinational companies have opened shop here which is why the demand for rental properties has increased in Powai.

Closeness to various commercial areas

 Powai has one of the largest special economic zones or SEZ in Maharashtra where various MNCs are operational. As it is the closest residential area and has developed amenities and infrastructure, Powai fulfils the demand for housing of the workforce employed in this region.

Powai has a large commercial set up along with various IT parks. Most of the population belong to the high income segment who look for plush and luxurious options of housing which are also close to other facilities and their place of work. Renting property is the bigger norm in Powai as property is very expensive here and the ones that are affordable are much away from this area.

Connectivity in Powai

 Significant areas of Mumbai are connected well with Powai. The Vikhroli-Jogeshwari Link Road that connects the Western and Eastern Express Highway goes via Powai. This is one of the biggest advantages of the location.

Apart from the roads, a wide network of non AC and AC buses ply in the area which are operated by the BEST transport wing for travelling towards Thane, Navi Mumbai and Central Mumbai. The Vikhroli and Kanjumarg railway station are located in Powai while falls along the Mumbai Central line.

Another realtor opines that connectivity is one of the main reasons for people opting to stay in Powai. The region is very near the Mumbai International Airport and people who frequently travel by air find it convenient to stay here than South Mumbai, which is equally posh.

Green Surroundings

 The environment in Powai is very serene and acts as a factor for improcing the demand for housing here. No other area in Mumbai shares the dense green cover that Powai has

Individuals looking to earn well off their investment can buy flats and apartments in Powai. According to a property index, Powai yields healthy returns on rental property. The area ranks number one among the top ten preferred areas for renting in Mumbai. According to the present capital values of the area, if an investment of Rs 1.5 to 2 crore can be pumped in, then Rs 40,000 to Rs 70,000 can be easily earned in a month on the rented out property.

The rental cost of a 1BHK apartment here is between Rs 15,000 and Rs 35,000 per month, while 2BHK apartments are rented out for up to Rs 70,000 in a month. If you have a 3BHK apartment here, then you can earn up to Rs 2 lakhs per month as rent. If you want to invest for earning an extra income, then residential apartments in Powai are a good source.

Powai and Juhu saw the value for rental apartment increase by almost 10 percent in the quarter of January and March 2014. Just as Powai offers proximity to office locales and other areas such as the Mumbai International Airport and Navi Mumbai, property prices in Juhu are rising because of the infrastructure on offer and the proximity to the sea.

Juhu

 There are very few offices and corporates located in Juhu which is why this area is considered completely residential. Families prefer to stay here because of the location of several colleges, schools, universities, banks, hospitals etc. according to local brokers.

During the month between January and March, the number of people renting out properties increases because of upcoming holidays and examinations. People look for houses and apartments that are close to colleges, universities and schools according to another broker operating in this area.

The rental rate of a 2BHK apartment in Juhu is between Rs 60,000 and Rs 75,000 in a month. Almost 50 percent of the residents prefer to live in a 2BHK set up while 30% prefer a 3BHK apartment and a mere 20 percent want to live in 4 or 1 BHK apartments here.

Mostly people belonging to the business class or working in the film and television industry live in Juhu. People who are employed in various companies cannot afford to live here.  Brokers of both Juhu and Powai maintain that during the Lok Sabha electrion there may be stability. However, post elections, the rental rate of properties is bound to increase. Therefore, this is the right time for people looking to invest in real estate to strike for the kill. 

Tips While Buying A Property Of Your Choice

Buying a property is the most profitable investment in recent times. Properties of land and houses are the most valuable assets of man. With passing time the value of these properties tend to increase more and more. In the present times the rate of increase is extremely high for such properties. A property can be purchased either for present use or to sell it or keep it stagnant for the time being and sell it off later at a profitable price. Now while buying a property one must keep in mind certain things about it and go through them thoroughly before finally signing the agreement to avoid deception or some mistakes at a personal level. Whether for use or as an investment, property is a lifetime investment and even a trivial mistake could ruin the entire investment. First time buyers can get lost or face more dilemmas while buying property. Here are some tips that would help any person with regard to buying property safely:

• Choosing the type of property and price: First it is to be decided as to what type of property a person wishes to buy. It can be commercial, residential or industrial property. After this there are some other features to be given a thought like area of the plot, accommodation, preferred floor, the location, parking space, sizes of rooms, servants’ quarters, etc. Distances from markets, railway stations or bus stop, airports, etc must be included in the list beforehand so that after buying it is not a wrong choice made. Then the matter of budget should not be forgotten. However desirable a property may be, if your pocket is burdened, everything goes down the drain. Therefore the price range is to be determined beforehand and you should then proceed to make a choice and purchase. However slight compromises in price and location may be required during the transaction.
• Time of purchase: Now it is time to decide upon how much time the buyer has at hand. If there is a hurry to shift into the new property at the earliest possible time then there will be less time to go through every aspect of property buying with careful observations. On the other hand if there is no hurry to shift to the new property very soon or if the person is buying the property as an investment and would sell it off later at a good price, then there is no hindrance to a minute property check. In that case, the person should get hold of several proposals and collect information on them before choosing a final one. Also it would be better to reserve a property during construction itself. To know about various proposals the buyer can communicate with a real estate agent.
• Thorough check of the place: It is necessary to come out with a manual checklist of requirements and undergo a thorough physical check of the place while deciding upon the same. While making an appointment with the real estate agent or the owner of the property assign some time to go for a good inspection of the property. Check according to the checklist made as per requisition. Also check for the condition of the place, actual size of the house, floor area, tendency for dampness, air space, enclosed area, etc. Whatever is promised in the advertisement might not be found exactly matching with personal observations. Thus knowing what is going to be your own is not asking for too much. It would be wise to consult people in the vicinity to know more about the property on sale. Again there may be some aspects to compromise upon on your part.
• Developer and legal checks: After a checklist is made, a physical inspection undertaken and the price fixed, it is time for some legal checks. After buying a beautiful property with lots of money and love no one would like to fall under any legal constraints. Therefore along with the property make a note of the developer. Try to find out the credentials of the developer. Try to find out if correct information and every detail regarding the property have been delivered to you or not. Take some time and ensure that the property title is clear of any complications that may arise in future. Know the details of the status of ownership of the property and whether it is acquired from some authentic and competent authority. Also if possible, talk to previous holders of the property and learn about any potential problems they faced.
• Completion certificate: If the property is finally chosen, agreed upon and wishes to buy it, let a draft of agreement be drawn. This should be done only after all checking has been done and all settlements met out. The agreement should have every details of the transaction and the price paid. Check carefully that there are no hidden terms and clause regarding price or extension or reduction of property, etc. Have everything clearly on paper in writing. Check carefully for all charges applicable. It would be proper to have the agreement checked by a lawyer or legal person for any anomalies and have everything sorted out if any anomalies are found. Also have the deed checked by an architect. Putting aside a little sum of money for registration of property would be a worthy expenditure indeed.

These above mentioned tips could be helpful while making a final decision on a property to purchase, if seriously followed. No one would like to be deceived or make a wrong choice in such an investment as property. Thus it would be advisable to have some prior knowledge on property investment before embarking on the property hunting process. You should first decide on a particular property and once it is chosen, conduct thorough and extensive checks on the place. Thereafter, invoke legal help to make sure that everything is clear and concise. These tips will help you buy property in a safe and hassle free manner.