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. 

Things To Look For When Buying A Flat

There are many things that we desire when we think of purchasing our own dream home. Homes are hard to build these days due to lack of ample space for buying plots. This is a common scenario in almost all major metro cities in India. Thus, the option remains restricted to buying a quality flat for yourself. Now buying a flat is not just a trivial decision. You have to ensure that all your needs are met before you plonk down your money instantly. Buying the wrong flat can have repercussions for life. How do you choose a flat to your liking? This is all the more important if you are not buying a new flat.

If you are buying a flat as the second or third owner, you have to keep certain things in mind. These can be summed up below:

• Location of the flat
• Close to bus stations, metro stations and other public transport hubs
• Proximity to shopping centers
• Availability of all basic amenities
• Access to clean drinking water
• Proper electrical wiring
• Access to generators and other building amenities
• Space for car parking in case you desire the same
• Proper registration and all other completed formalities
• A common terrace
• Common area for get-togethers if this is important to you 
• Proper space distribution and allocation of rooms
• Quality of wall paint
• Proper placement of pillars
• Proper bathroom construction
• Proper kitchen construction
• Proximity to your place of work, child’s school and so on

These are some of the factors that you should always keep in mind before buying a flat. There are various duplex apartments in Hyderabad and other flats on sale via online classifieds. You can check out online real estate classifieds for more information in this regard. You will find various online listings or advertisements delineating flats for sale in your desired location in Hyderabad or any other city of your choice. You can find flats in your desired area or neighborhood with online classifieds.

Make proper use of the multiple real estate options available for your consideration. You can reply to advertisements directly stating your own requirements and acceptance. You can also post your own advertisement which contains details of your requirements and your ideal price. If you can contact the developer or seller directly, you can negotiate your price further and bring it down to a more desired level. Alongside, posting an advertisement yourself will generate loads of results in very little time. You can choose to reply to advertisements in super quick time. You do not have to be at the mercy of brokers or other agents who charge inflated prices for their services. All you need is a little time at your disposal and a willingness to search for and ferret out the best possible flat for yourself. Log on to online classifieds for real estate in Hyderabad and pick out the best possible option for yourself!

Buying An Apartment in The National Capital Region

New Delhi is the most expensive city to reside in India. Property prices within the boundaries of the city are so high that they are beyond the reach of common people. Affordable housing is available in the outskirts of the city or towards the fringes of the national capital region like Noida and Gurgaon. In fact, housing options in Noida have also become limited which has made Greater Noida a viable choice for buying an apartment.

Why is Housing so Expensive?

In terms of ranking by per capita income, residents of the NCR have been given the top slot. This is mainly because New Delhi is the capital of the country and a plethora of activities go on in the city. Software exports, tourism and manufacturing activities are high, which has led to rapid increase in the per capita income. The higher per capita income has made prices of commodities, including housing, largely inflated.

People who already have a permanent roof over their heads want sound options for investment. In India, real estate is one of the most stable instruments one can invest in, apart from gold. Hence, people turn to it when they have some money to spare. The demand for flats and houses is very high, primarily because of the burgeoning population and rise in income. Most people want to benefit from the ever rising prices of housing. They buy an apartment when it is under construction at a low rate and then sell it once the house has been constructed and its value has increased manifold. This sort of demand for housing is termed as speculative demand, where people buy an item speculating its value would go up.

The costs of construction materials have gone up by 30 per cent and so have the amounts that need to be paid to get relevant clearances from housing boards. These factors too have pushed up the cost of apartments in the city. Even though the sales have gone down, builders are not slashing prices. Instead they are putting in effort to keep prices artificially inflated by putting up boards that say “Sold Out” right after construction begins to put prospective buyers in a mode of frenzy.
Areas which Offer Affordable Housing

Because of speculative demand regarding housing options, housing has become unaffordable for the middle class. Areas which are much away from the centre of the city offer affordable housing to the working class. Apartment complexes in MayurVihar, Noida and Greater Noida offer affordable housing under Rs. 1 crore.

Chhattarpur, Badarpur and MayurVihar Phase III offer housing options under Rs. 1 crore.

To stay in residential areas of the city like Janakpuri, Pitampura and Chitranjan Park (CR Park), one would have to shell out more than Rs. 1 crore for an apartment. For a 3 BHK flats for sale Delhi in CR Park, one would have to pay close to Rs. 2.5 crore.

Finding the Right House for You

Buying the right house is not as simple as it looks. The area in which one is thinking of buying an apartment needs to be assessed well. The connectivity of the place and infrastructure available are some of the things to consider. With online, interested buyers can find classifieds for cheap flats for sale in Delhi. The size of the apartment, the area and the price quoted for it are available on every advertisement. Buyers can also filter lists according to their preferences for furnishing and locality.