Lodha Venezia, Parel: A Residential Landmark

Lodha’s fetish to deliver something out of the box and different, doesn’t fail this time either. After taking credit for World One – the world’s tallest residential tower, Lodha Bellissimo – the only Indian residential development to feature amongst the top 1000 landscapes in the world, and Palava – India’s most livable city, now they bring us Lodha Venezia. “The twin towers of Mumbai”, is what they are going to be called soon – Lodha Venezia in Parel is nothing short of becoming an iconic landmark in Mumbai. They are dramatically designed and are setting a new standard of living in luxury. Inspired from the regal Venetian architecture, the two towers stand tall overlooking the entire city. The eminent Lodha Group has 38 years of experience in the real estate sector, Lodha Venezia was built with only one motive: Luxurious life.

Location overview:

Lodha Venezia is in the absolute heart of the city on the Dr. Ambedkar Road in Lal Baug. It is by far one of the few properties that sees the meeting of Mumbai’s famous Monorail, Metro and the Eastern Freeway making it very easy to commute. It falls right in the backyard of the planned MTHL (Nhava-Sheva) and a stone throw away distance from the Worli-Sewri sea link. On the Central line Lower Parel station is only 6 minutes from the site and on the Harbour line, Cotton Green station is at 3 minutes and Sewri is 5 minutes away. Famous hospitals like Wadia, KEM and Global Hospital are within 2kms from the site.

The major business districts like Lower Parel, Prabhadevi, Cuffe Parade and Worli are less than 4kms. Entertainment wise, there are a lot of mall, restaurants, luxury hotels and cinema halls in the vicinity of the property.

Site overview:

Lodha Venezia is built keeping in mind the Sitetectonix landscaping architecture, which mainly uses water elements to add dimensions to a project. Since the developers wanted to give it a living in Venice kind of a feel, they have used the concept of Venetian gondola canal cruise around the buildings with floating island alcoves. The twin towers of Lodha Venezia stand 700 feet tall and spread across 3.50 acres, where the first residence level beings at the 7th floor. The two towers each have 60 floors with 480 units. Units are available in the configuration of 2bhk and 3bkh.

Flats & Prices:

The 2BHK apartments are available in two sizes: 1332 sq.ft and 1373 sq.ft. The 3BHK apartments are available in five sizes: 1710 sq.ft, 1764 sq.ft, 1818 sq.ft, 2034 sq.ft and 2097 sq.ft. Each unit comes with a grand sun deck and Italian marble flooring in the living room and Marbltal flooring in the other rooms. These apartments come with premium quality fixtures and finishing, be it the doors, windows, kitchen or bathrooms. A separate puja area and storage and utility units are included in each apartment. All apartments are fully air conditioned and equipped. The bathrooms have German Duravit / American Kohler sanitary ware and German Grohe/ Hansgrohe CP fittings and Motion sensors for automated lighting. Each apartment has a high degree of cross ventilation especially in living room and master bedroom.

The design of each tower is such that it provides you with an unparalleled view from the apartments along with an incomparable sense of privacy. The 2bhks start at Rs.3.19 cr and the 3bhks start at 5.13 cr. The base price ranges from Rs.22,002 – 20,253/sq.ft. The developer aims to hand over possession by December 2019.

Amenities:


Lodha Venezia gives you endless amenities and privileges at your disposal. The Sky lounge with a private observatory is a standout feature. The property comes with concierge services, infinity pool, lawn tennis court, multipurpose hall and steam room with a yoga/meditation area. The senior citizens corner is next to the picnic deck which has BBQ facilities. There is an indoor gaming zone and play area for kids and also a 50-seater movie theatre. The temple, tai chi lawn, library and cafeteria are some of the other amenities provided.  High-speed elevators are provided in each building with high-tech fire-fighting systems and a three tier security with BMS & CCTV surveillance rooms. Rainwater harvesting for sustainable water supply and STP-treated water for landscaping are a few of the other amenities.

Conclusion:

If living a luxurious life in style is your things then Lodha Venezia is the perfect place for you. Its dramatic design sets it apart from the rest of the projects in its surrounding areas. At a price that one would pay to live here, the amenities provided are top class. Lodha Venezia offers a good location and good facilities. It addresses all major needs of residents within the complex itself, and thus raises expectations and its delivery on the same will determine the response to this ambitious project.

You can read about the project on the developer’s site

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L&T Crescent Bay, Parel: Where luxury awaits you.

When L&T decided to deal in real estate not many were surprised. L&T has over 75 years of expertise in technology, engineering, construction, manufacturing and financial services, with global operations in India. L&T Realty is the real-estate development arm of Larsen & Toubro. In a very short time, L&T Realty has made its mark across Western India, Southern India and Chandigarh with many residential, commercial and retail projects. With projects like the Seawoods Grand Central in Navi Mumbai, the Metropolitan Building in BKC and of course the L&T Tech Park in Bengaluru under their hat, they turned their attention to residential properties. Crescent Bay in Parel is one such emerging marquee project in collaboration with Omkar.

Location overview:

Full view of L&T Crescent Bay
Full view of L&T Crescent Bay

Located in proximity of some of the major retail and commercial hubs in the city, Crescent Bay is in Parel on the famous Jerbai Wadia Road. Because of its location, it has easy access to both – the central and western suburbs of Mumbai. Crescent Bay is aptly placed in the centre of the most in demand areas in the city. The Eastern freeway and proposed monorail station are both at less than 1km from the site. The planned Nhava Sheva Sea link is only 2kms away. The main commercial areas like Worli, Lower Parel, Prabhadevi are all less than 5kms. South Bombay is easily accessible thanks to the freeway and takes barely 20minutes to get at.

Bandra Kurla Complex, another business district is 10kms. There are 4 hospitals within 5kms viz. Maru Hospital, Navare Hospital, Balaji Hospital and the coveted Prince Aly Khan Hospital. Entertainment wise, there are a lot of mall, restaurants and cinema halls in the vicinity of the property. Crescent Bay is surrounded by few of city’s best schools – Don Bosco, Matunga (10 mins), IES, Hindu Colony (18 mins) and St. Joseph School (7 mins). No wonder it is the most desirable area to live in right now!

Site overview:


Crescent Bay gets its name from the shape of the 6 towers that are aligned to form a moon-like crescent shape when viewed from afar. It is spread over 7 acres and has 70% open land which is a key consideration for many home buyer. Each tower has 1500 Units and 55 Floors and 3 buildings in the shape of a triangle, all the buildings share a common terrace. The towers are: T1, T2, T3, T4, T4 and T6. Each tower has 2bkh, 3bkh and 4bhk apartments. The unit plans of each building vary according to each tower.
T1, T2, T3 and T4: Premier 1, Premier 2, Elegante
T5: Imperio 1, Imperio 2 and Grandio
T6: Signature 1, Signature 2 and Supereme
The 2bhks are available in both west-facing and east-facing directions and come in 3 sizes: 1320 sq.ft, 1345 sq.ft and 1365 sq.ft.

 

The 3bks are available in 4 sizes: 1720 sq.ft, 1790 sq.ft, 2100 sq.ft and 2275 sq.ft. The 4bhks are available only in one size of 3910 sq.ft. The wide variety of apartments on offer means that it is essential for a home buyer to carefully examine the floor plans to choose what appeals to them the most. The design of each tower is such that it provides you with a continuous view from the apartments along with an unparalleled sense of privacy. The spacious and  well designed apartments possess all the contemporary fittings required. Each apartment offers natural ventilation and lighting, and a panoramic view of the Arabian Sea & City skyline.  The base rate for a unit in this project is Rs. 30,000/sq. ft. The developer aims to hand over possession by July 2017.

Amenities : Crescent Bay 

Crescent Bay offers the perfect living environment for a family. It’s an all inclusive home space where you don’t need to go too far from home to exercise, socialize or even meditate. The project comes with a clubhouse which includes two swimming pools – kids and lap pool, state of the art gymnasium, spa, sauna and Jacuzzi. Health is a major concern and thus the project comes with a squash court, badminton court, basketball court and a sky garden with a jogging track 300 feet above the ground. There are also lounge areas, meditation and yoga zones and acupressure areas. For children there is a crèche, library, play area with sandpit. There is also a senior citizens area.

Apart from these amenities, the other amenities include: High-speed elevators in each building and high-tech fire-fighting systems. There is as separate shuttle elevator for parking and a three tier security with BMS & CCTV surveillance rooms. The solar-powered street lights and energy efficient water pumps & fixtures are an eco-friendly addition. Rainwater harvesting for sustainable water supply and STP-treated water for landscaping are a few of the other amenities.

Conclusion and Review:

Luxury and happiness is what this particular project will give you. The capacious and comfortable Crescent Bay is strategically positioned with all the facilities immediately prepared for the resident. It takes care of the needs of all your family members right from kids to senior citizens. Living here is an experience: the beautiful landscaping and architecture and the cherry on top is that it is in the heart of the city and gives you a beautiful vision to wake up to everyday.

You can read more about the project on the developer’s site

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Mumbai Metro: A city with the most efficient railroads.

A city where the railway line is spread over 465 kilometres, operating 2,342 train services and carrying more than 7.5 million commuters daily, travel should be easy and hassle free right? Wrong. With Mumbai’s population increasing day by day in every term – vehicles, people and real estate, nobody wants to spend hours together stuck in traffic. In 2014, the first Mumbai Metro line ran from Versova-Andheri-Ghatkopar and Mumbaikars heaved a sigh of relief. After hearing so much about the Delhi-Kolkata metros, Mumbai had one for itself. Let’s dig a little deeper in the network, construction and the controversies the Mumbai Metro is surrounded by.


Network

The Mumbai Metro is supposed to be built in 3 phases over 15 years covering over 174 kilometres.

In 2014,Line 1 connecting the Western suburbs made her debut. Connecting Ghatkopar from the Central Line to Versova on the Western Line and has a total of 12 stations. This line has the 8th highest passenger density of any metro line in the world. This particular corridor was built at an estimate cost of ₹4,321 crore.

The Line 2 of Mumbai Metro will connect Dahisar on the Western Line to Mankhurdh on the Harbour Line. This particular corridor will be completed in 2 phases, Line 2A- running from Dahisar to D.N Nagar and Line 2B- running from D.N Nagar to Mankhurdh and will have a total of 16 stations. MMRDA has been allotted ₹340 crore to Delhi Metro Rail Corporation who is a consultant on this project. Line 2A will be completed by November 2017 and Line 2B is still in the planning phase.

Line 3 or the Metro 3 as it is referred is going to be Mumbai’s first underground metro line consisting of 27 station. This line will run from SOBO’s Cuffe Parade to SEEPZ, being 33.05 kilometres long. With a bit of its own controversies, this project has been delayed and expected to be complete in 2022 costing ₹23,136 crore.

Line 4 will directly connect Thane to Mumbai by starting from Wadala and ending at Kasarwadavali. This project was recently approved and the Asian Development Bank has shown interest in funding this particular corridor. This line will have great impact on the development of areas around it.

Line 5 is an elevated corridor which will connect Thane to Kalyan, called the Thane-Bhiwandi-Kalyan Metro V. It is estimated to cost ₹8,416 crore and be completed by 2022.

Line 6 will connect the western suburbs to eastern suburbs – Andheri to Kanjurmarg. It will cost ₹6,672 crore and be completed by 2022. This line will be a crossing point with Line 2 at Andheri, with Line 3 at SEEPZ, with Line 4 at Jogeshwari and Kanjurmarg and with Line 7 at JVLR creating a dense jungle of metros.

Line 7 will run from Andheri east to Dahisar east, consist of 17 stations and will cost ₹6,208 crores.

Infrastructure

Reliance Industrial Infrastructure Limited is the chieftain of this entire Mumbai Metro project. Many international metro-vehicle building companies were consulted and wanted to be a part of this project, viz., Kawasaki, Alstom, Siemens and Bombardier, but CSR Nanjing of China was finally selected to deliver the rolling stock for Rs 6 billion. Nanjing completed 16 trains of which 10 are operational even before the lines have been finished. The trains will be capable of carrying over 1,100 passengers in a four-car unit, with each carriage being approximately 2.9 metres (9.5 ft) wide. Contrasting 97% of metros worldwide which run on direct current (DC), the Mumbai Metro runs on alternating current (AC) which is more labour and cost intensive.

Controversies

During the construction of Line 1, 8 accidents were caused due to lack of precautions. This lead to 2 workers being killed and 21 injured. In 2012, the construction of this line came to standstill and was suspended until further notice which was only 20 days. Though the contractor was fined, the project remained under Hindustan Construction Company till the end of it. Another major controversy the Mumbai Metro was a part of was the construction costs scam, the initial estimated cost of Line 1 was ₹2,356 crore but by the end of the project costs were increased by 84% costing ₹4,321 crores. Due to this the rate of interest was reduced but the maturity period of the loans doubled.

This lead to another dysfunction in the system: Controversy over fares. To offset the inflation in construction costs, MMOPL decided to increase the fares. The original idea was to increase the fare by 11% every 3 years but the fares were increased upto 50% than what they were already decided in the very first year. A lot of RTI activists and common people rose up against this demanding to lower the fares. MMRDA has filled a case in the Bombay High Court seeking to be the decision maker for the fare.
A Fare Fixation Committee is appointed by the centre where as MMOPL had already set their mind to increase the fares. The reliability of the project became a concern when in the very first rainy season; leaks were spotted at metro stations. At the time of construction too, accidents were caused when the rains arrived killing and injuring people. This issue was raised in the Legislative Council by Shiv Sena asking to fine Reliance and MMRDA for the inconvenience caused to commuters.

Conclusion

This is a typical case of what can go wrong with an infrastructure project built under the much-talked about public-private sector participation (PPP) system. The problem is not with the system, but the way our politicians in power and officeholders clear these projects. While the government and private companies play the blame game, it is the common man that suffers, hasn’t that been a case for quite some time now?
The government should learn their lesson from the Mumbai Metro fare row and all clearances and resources should be obtained before employing contractors, particularly in PPP projects, to avoid hurdles. There needs to be responsibility when it comes to infra projects. Companies that get away with delaying projects for years together must also stop.

 

You can read more about the Pune Metro here: The Pune Metro – Long delayed public transportation lifeline

Home Smart Home: the new wave taking over Indian Real Estate

Would you like your bathroom mirror to read your morning news and tell you what’s on your To-Do list for the day? Would you like to control the temperature and lighting of your home all with a few clicks on your smartphone?

If you answered yes, then you’re likely to explore the realm of Smart Homes. With technology slowly taking over our lives, future homes are controlled with your smartphone.

What is a Smart Home?

A smart home is a home, usually a new one, which is furnished with special prearranged wiring to facilitate occupants to remotely control or program a wide range of automated home electronic devices by entering a single command. A smart home is equipped with network-connected products (i.e., “smart products,” connected via Wi-Fi, Bluetooth or similar protocols) for controlling, automating and optimizing functions such as temperature of the room, lighting, safety or entertainment, either distantly by a phone, tablet, computer or a different system within the home itself.

Why are they popular?

Smart-Home-2Smart homes are a huge step on the development ladder for housing spaces, and their most important aim is to make living more relaxing, practical, protected, pleasurable, and sustainable. Driven by gadgets and computer technology, smart homes were the privilege of the rich and wealthy in the past, not anymore. Today, smart home technologies have become inexpensive and every other standard home uses some form of smart home mechanization. Particularly, home automation is a sought-after solution to keep homes safe while they are unoccupied. This is either throughout the day when the owners are at work, or during extensive times when they are vacationing. Smart surveillance features allow the safety of children and elderly people to be monitored remotely via smartphone apps. Townships now a days have smart security features and well built securities at the project level.

Smart homes in India

Smart home as a finished feature of a house from developers are attracting more buyers in urban India. In India, the market for smart homes has been growing gradually. Every year, the uptake of smart homes in India is increasing by between 15-18% in Tier 1 cities and by between 5-10% in Tier 2 and Tier 3 cities. This change is mainly because of the raise in the figure of working couples with double incomes in metropolitans. With both partners working, the family is monetarily competent of buying a smart home, which cost more than the one without such features.For an average Indian buyer of a smart home, must have of a smart home is the electronic security feature.

Energy efficiency is an additional feature that is becoming more and more popular among home buyers. People are enthusiastically spending more for a smart AC, smart TV or a smart refrigerator. Highly developed security, however, has been the main driver. There are, nevertheless, some aspects that stop majority families opting for a smart home: Cost and the lack of awareness. Most Indian customers expect that smart technologies will add to the safety of living but if it doesn’t then the offer is close to undesirable. Things like AC control or smart gadgets are attractive, but not a requirement. The demand for features like video conferencing or even curtain control are mostly restricted to industrial spaces and are not yet a big factor in smart residential units in India.  Buyers are willing to spend no more than 1-3% extra for a home featuring smart solutions.

home smart homePopular features in an Indian smart home

  • Security: Video door monitoring, motion sensors, gas leakage detection, intrusion sensors, curtain sensors, fire detection and control
  • Lighting control: Remote on/off, presence detection
  • Electrical: Smart air conditioning, smart refrigerators
  • Entertainment: AV controls, gaming consoles
  • Communication: GPS navigation connected to entry and exit, proximity door unlocking
We hope we make buying a home an easy decision for you. You can check out the rest of the website for more informative articles.

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Investing in a Property and Determining its Value

Nobody wants to pay too much for something, especially when you are investing in a property and expect good returns out of it. So how does one know what the potential property is worth? You may have heard that the value of the property depends on the deal you make, but can you make a good deal without knowing the value of it? Unlike stocks, determining the value of the property you are investing in is not easy, but we have a few pointers for you To Determine the Value of your potential Property

Price

The price of the property is the most important determinant of real estate. The property must be assessed with regard to its price in relation to its position and its use. Position means that it should be located in an area where you’ll get a high rent. For example, a property in Bandra, Mumbai would be useful for residence, apartments or shops in the shopping area. A property in Connaught Place in Delhi will be useful for departmental stores and hotels. Property situated in Goa in Pernem would be useful for farms. Once the property is considered, one must find out whether the land is given for growing crops or is the climate suitable for rearing fowls or poultry farms.

So, the productivity will decide the price. If the land is purchased for a price which gives a less lucrative return the price at which the investor purchases it will not be appropriate for him. Hence, when an investor buys and sells property he should assess it according to its most efficient use.

Supply of land

Land is a fixed asset, but its demand keeps on increasing. For instance, areas in Mumbai, land is being reclaimed by various methods but these are rare cases and thus, the land should be estimated only in terms supply. The growing population and wealth will raise the rate and value of land. As a long-term investment you can expect it to be a good proposal since it is expected to cover purchasing power risk with the prices of land which keep on increasing. But on short-term basis, property won’t be a good investment.

Land as collateral

Banks and other financial institutions accept land as collateral. But lending on property is constrained by the banks to the market price as a collateral value. If you can purchase land and borrow money on such an investment at a low rate of interest, it is a good form of investment.

Tax

The acquisition of land must always be determined after examining the payment of tax on property. Tax must be paid on house property as well as after property is sold under Capital Gains Act.

Comparable sales

The easiest way to check the value is to see the comparable sales over the past six to twelve months. You need to see the tax records, sales history, and comparables. You should compare your target property’s asking price with previous sales and measure it against what has changed since to make sure you are getting a good deal.

Determining the Present Value of Real Estate

The present value of real estate should be decided by you at the time of purchasing the property.

  1. Present Value: Determine the present value or each year’s expected net income for the selected rate or value.
  2. Costs: Subtract the expected cost from expected income for each year to obtain an expected cash flow.
  3. Sale Value: To find out the present value of a future sale price of the property.
  4. Additions: Add the present value of expected net income and the sale price to get a total of the present value
You can read more of our home buying guides here

Park View: Detailing the Masterplan

Site Layout

Standing tall in front of a 10-acre public park, aptly named is Park View. The project by Raunak Group is located on the main road and is just 6 minutes drive away from Ghodbunder Road providing easy commute. It is a twin stilt plus 15 storied tower. The area around the towers is laden with trees and green patches, maintaining the micro-climate of the site. The landscaped garden is a standout feature. Another amenity is a kid’s play area.

Building Layout

site-view, park view, thane

The towers C3 and C4 at Park View have a linear design, with one long corridor and apartments on both sides. Each floor has 2 lifts and 2 staircases in both the towers. The corridor is well lit up and ventilated naturally due to the staggered arrangement of the apartments.  Every apartment has two open sides for wind circulation. Each of the 15 floors has one 3bhk and three 2 BHK units.building-view, park view, thane

Unit Layout

All the apartments at Park View face either east or west direction. Each apartment has sundecks which will face either the morning or evening sun, depending upon the direction. The plans are rectangular in shape without many offsets.

Price

The apartment configurations on offer are 2 and 3 BHK, with areas ranging from 898 sq. ft. to 1327sq. ft. The price range starts from 74lacs to 95lacs. The 2bhk units have 2 bedrooms, 2 bathrooms and 3 balconies, whereas the 3bhk units have 3 bedrooms, 3 bathrooms and 3 balconies.

Building Elevation

unit-view, park view, thanepark_view_compressed, thaneThe Park View towers are of the same heights, which makes the entire project visible from the eye level. The building is north facing, thus allowing cross ventilation and keeping the apartments naturally cool.

External Amenities

reserved_land_adjacent_to_joggers_park, park view, thaneThe colourful children’s play areas provide young ones with a feast of fun. Children will like climbing, running, balancing, jumping and sliding on their extensive purpose built equipment in colourful, safe surroundings with excellent and welcoming adventure play experience. The landscape garden is a standout feature. Both towers are earthquake resistant. The compound has a generator back up for the high speed elevators.

Internal Amenitiessample_flat_and_view_of_the_park_compressed, park view, thane

The units come fully furnished with vitrified tiles, cable TV and telephone points. The kitchen platform is fully granite with a stainless steel sink and an exhaust fan. All the doors come with wooden frames and laminate finish. It comes fitted with electric wiring. All the bathrooms are fitted with ceramic tiles, geyser and high end plumbing.  Intercom facility has also been provided in each unit with a video door phone.

For more information take a look at the Park View Brochure here: Park View