Rajesh Life Spaces has come up with The White City, in Kandivali East.  is being developed on a land parcel that was earlier owned by the OTIS Company. The “White City”project consists of 4 towers (viz: Wing A, B, C & D) spread across land parcel of around 11.5 acres (freehold). The construction activity for Tower A & B started in early 2015 and is likely to be completed by December 2017 whereas Towers C & D is expected to be completed by 2019-2020. The project offers a wide option of 1, 2, 3 & 4 BHK flats as per the consumer requirements. The base rate is Rs.12,690/- per sq. ft. with additional floor rise of Rs.54/- from 2nd floor onwards. Read more to find out detailed information and review on the location, social amenities, configuration and prices.

Rera No : P51800008324 and P51800007798

Rajesh LifeSpaces, On Going Payment Plan Offers – Making It Easier To Own A Home In Mumbai

Last updated on August 1, 2016 by Chrisanta Dias

At a recent friends’ get together the conversation was centred on home loan EMIs. Most of my friends are married and quite a few of them have been paying EMIs/ pre-EMIs for almost a year now for their under-construction homes (the latter is the interest component one pays on the loan availed on an under construction property). The huge amounts each one mentioned they were paying on a monthly basis left me feeling I should pack up, leave the city and settle down in the mountains somewhere! But as I was travelling home that evening I noticed a hoarding about an attractive payment plan for residential properties being offered by Rajesh LifeSpaces. What followed was a little investigation into what the scheme is about and how it affects both the home buyer as well as the developer. As one ventures into the residential property market, one is slammed with various …

Rajesh LifeSpaces, On Going Payment Plan Offers – Making It Easier To Own A Home In Mumbai

At a recent friends’ get together the conversation was centred on home loan EMIs. Most of my friends are married and quite a few of them have been paying EMIs/ pre-EMIs for almost a year now for their under-construction homes (the latter is the interest component one pays on the loan availed on an under construction property). The huge amounts each one mentioned they were paying on a monthly basis left me feeling I should pack up, leave the city and settle down in the mountains somewhere! But as I was travelling home that evening I noticed a hoarding about an attractive payment plan for residential properties being offered by Rajesh LifeSpaces. What followed was a little investigation into what the scheme is about and how it affects both the home buyer as well as the developer.

White City Entrance
White City Entrance

As one ventures into the residential property market, one is slammed with various schemes offered by different developers. Once you filter through all the noise, clutter and jargon you are left with two major plans: construction linked and subvention plans (few more variants of finance scheme exist, which are out of purview of current discussion). Most of us are familiar with construction linked plans as they have been in existence for a while now and offered by all banks as well as developers. The home buyer puts a down payment on the house at the time of booking and what follows is a series of payouts made by the bank to the buyer and which is passed on to the builder based on certain predetermined construction milestones. In these plans the buyer pays the interest on the loan availed which constitute a substantial portion, at least initially. EMIs or Equated Monthly Installments come into play only after the property is completely developed.

The subvention plan is designed by developers to help buyers, specifically first home buyers and derived from the latin term ‘subventus’ or to help. In a subvention scheme, a buyer needs to pay the initial down payment at the time of booking the flat, in this case, 10% of the booking value of the flat. The buyer also needs to pay the stamp duty and registration for the flat. This is important as the documents serve as proof of ownership and enable the bank to provide the financing for the construction – this is usually 70% of the flat value.

Distinguishing features (how the offer from Rajesh LifeSpaces works):

  1. The first and most significant difference in a subvention scheme is that the pre-EMIs which consist of the interest component of the loan are paid by the developer till the buyer receives possession for fit-outs of the flat.
  2. The bank disburses the loan on behalf of the buyer towards the project based on preset construction milestones.
  3. The final 15% of the flat value is to be paid by the buyer at the time of possession for fit-outs. The bank shall disburse the remaining 5% at the same juncture.

Rajesh LifeSpaces have introduced this plan for a select few of their under-construction projects where as per current construction stages, a buyer under the conventional plan is to pay over 50% of agreement value within few days of booking. These are the current projects where Rajesh LifeSpaces is offering the subvention scheme:

Project Balance due
White City 67%
Raj Infinia 47%
Raj Spectrum 20%

Let’s look at the subvention scheme in the context of Ram, a home buyer of a Rs. 1 crore flat being developed by Rajesh LifeSpaces.

Finance Scheme offered by Rajesh LifeSpaces
Finance Scheme offered by Rajesh LifeSpaces

There are some clear advantages of a subvention scheme for a buyer:

  1. Two year pre-EMI ‘holiday’ is the biggest advantage given the fact that these consist of significant portions of interest in the initial period of paying EMIs.
  2. These two years gives the buyer time to plan finances while there are no outgoings towards the home loan yet.
  3. Since the developer is paying the pre-EMI until possession for fit-outs, the onus is on them to be timely with construction milestones and ensure timely delivery of the project.
Podium level at Raj Infinia
Podium level at Raj Infinia

A subvention scheme is very attractive and useful for home buyers who want to book luxurious homes and also have the additional time to plan their finances to ensure a good life in these luxurious homes. Moreover the finance scheme allows a good entry point for a property investor as well whose initial/ upfront investment is low and in case he is looking to sell it by the time of handover, he can still do so with limited equity investment. Rajesh LifeSpaces is developing some of the most sought after residences in Mumbai’s western and central suburbs. The developer is keen that more people can enjoy its bespoke habitats and a subvention scheme looks like a convenient plan for these buyers to afford such homes.




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White City by Rajesh LifeSpaces

White City by Rajesh LifeSpaces, Kandivali East – Convenience Appealing To Wider Audience

Last updated on May 27, 2016 by Hetal

We feel special when something is reserved for us; be it a table in a restaurant, a window seat in a flight/train, a reserved quota for admission in any educational field and so on. With somewhat similar kind of concept is what, Rajesh LifeSpaces is offering at “White City”, Kandivali East – Mumbai. The developer has come up with the new marketing campaign – “Reserved for You” for its project “White City”, where the buyer/ owners will have its king size apartments/flats reserved with a blend of luxurious amenities making a desired home for the latter. Adding cherry on the cake, it has also come up with new financing option/scheme – 10:70:20, thereby making the financing for the buyers’convenient and hassle free. White City: About The Project “Rajesh LifeSpaces” is one of the renowned real estate developer who has built a legacy that extends over 50 years, over 75 landmarks …

White City by Rajesh LifeSpaces, Kandivali East – Convenience Appealing To Wider Audience

We feel special when something is reserved for us; be it a table in a restaurant, a window seat in a flight/train, a reserved quota for admission in any educational field and so on. With somewhat similar kind of concept is what, Rajesh LifeSpaces is offering at “White City”, Kandivali East – Mumbai. The developer has come up with the new marketing campaign – “Reserved for You” for its project “White City”, where the buyer/ owners will have its king size apartments/flats reserved with a blend of luxurious amenities making a desired home for the latter. Adding cherry on the cake, it has also come up with new financing option/scheme10:70:20, thereby making the financing for the buyers’convenient and hassle free.

White City: About The Project

Rajesh White City Entrance, Kandivali
White City Entrance

“Rajesh LifeSpaces” is one of the renowned real estate developer who has built a legacy that extends over 50 years, over 75 landmarks which stand tall across 7 million sq. ft. in the Megalopolis of Mumbai.

The upcoming “White City” project at Akurli Road, Kandivali (East) is being developed on a land parcel that was earlier owned by the OTIS Company. The “White City”project consists of 4 towers (viz: Wing A, B, C & D) spread across land parcel of around 11.5 acres (freehold). The towers are 40 storeys’ each and the necessary government approvals (Clearance Certificate) for the first two towers (A & B) have been obtained. The construction activity for Tower A & B started in early 2015 and is likely to be completed by December 2017 whereas the construction for Towers C & D (booking yet to commence) will be commenced soon and is expected to be completed over the next three years’. Thus, the whole project would tentatively be completed by 2019-20.

Rajesh White City, Under construction towers May 2016
Under construction towers at White City

The “White City” offers a wide option of 1, 2, 3 & 4 BHK flats as per the consumer requirements and budget. Unlike other premium projects across Mumbai, White City offers 1 BHK apartments with a luxurious lifestyle and a wide range of amenities.The key differential and USP of the White City is its spacious flats / apartments which are much larger than those generally offered by others across Mumbai. Further, it has an abundant 5 acres of open land parcel which is rarely observed in a city like Mumbai that is highly congested. Tower A and B comprises of 8 flats and 5 flats at each floor respectively.  A typical 1 BHK would account for 459 sq. ft. (carpet area) while a 4 BHK would account for 1679 sq. ft. (carpet area).

The base rate is Rs.12,690/- per sq. ft. with additional floor rise of Rs.54/- from 2nd floor onwards. The details of the various configurations offered are as under:

For Wing A:

Flat Series 1 & 2 3 & 4 5 & 6 7 & 8
Flat Type 1 BHK 1 BHK 2 BHK 1 BHK
Saleable Area 735 745 980 745
Carpet Area 459 465 611 465

 

 For Wing B:

Flat Series 9&10 11 12 13
Flat Type 2  BHK 3 BHK 3 BHK 4 BHK
Saleable Area 1335 2090 2015 2685
Carpet Area 833 1307 1258 1679

 

White City: Understanding the financing option / scheme offered

An easy and convenient financing option is a need of the hour to buy a big ticket like an apartment/flat at Mumbai. To address the same, the developer has launched 10:70:20 scheme for the White City apartments. The same is explained as under:

  • Payment for the 10% of the value of flat / apartment (plus stamp duty, registration and other charges) is to be made upfront thereby booking the flat.
  • The next 70% can be paid through loan (exclusively offered by ICICI Bank / IndiaBulls)
  • For the 70% payment made through loan, buyer gets an advantage in terms of pre EMI as the interest component upto December 2017 (tentative possession date) would be borne by the developer.
  • Actual calculation of the pre-EMI scheme would depend on the quantum of loan opted for and hence, would vary amongst the buyers’.
  • The remaining 20% is to be paid at the time of possession (which may be done through a mix of loan / personal savings).

Thus, the scheme will make it convenient for the buyers’ to live the luxurious life by booking the apartments / flats at the “White City” with relatively small token amount. The said scheme/option is available only for a limited period and is valid upto June 21, 2016.

White City: Amenities and Location

“White City”Club house shouts out modernityit consists of badminton, squash, table tennis court, cricket enclosure,gymnasium, spa, library, games room, swimming pools, cabana, party terrace and much more. The project has Wi-Fi enabled lobbies, contemporary deck with lounge seating, jogging track, skate rink, half basketball court, kid’s play area etc.

Rajesh White City Kandivali East Recent construction photos
Under construction towers at Rajesh White City

Apart from above, Rajesh White City has all other necessities / conveniences in its vicinity. There are various social spots like Schools, Hotels and Restaurants, Movies and Entertainment, Hospitals, Malls and Shopping Centre’s, Banks/ATMs etc. within a span of around 1 kilometer. To add on, one will get a spectacular view of the lush green Sanjay Gandhi National Park on one side and the city on the other. Further, the Kandivali Railway Station and Western Express Highway aren’t too far away and are well connected by public and private transport. To reach the site through the Western Express Highway, a turn from Samata Nagar Police Station is required. The Sai Baba Temple is also located nearby.

Overall, the White City by Rajesh LifeSpaces brings a spacious leisure and luxurious life desired by many in Mumbai. And with a wide range of offerings and an easy finance scheme to go with, White City homes might appeal to several (developer website).




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White City Kandivali East – A Quiet Neighbourhood

Last updated on November 25, 2015 by Ashish Mahajan

Mumbai’s landscape, skyline and population distribution is all so different, yet it feels the same. There are multiple reasons which make it different – distances, affluence and regional flavour. Equally though, connectivity with either – Western Line or Central Line of suburban railways, Western Express Highway or Eastern Express Highway, and co-existence of high rise with slums makes Mumbai look the same whichever area you go to. We recently traveled to Kandivali East to survey the area, prompted primarily by the OTT offer on White City Kandivali residential project by Mumbai’s leading property developer Rajesh LifeSpaces. We will discuss OTT later in this note lets first give you a flavour of the Akurli Road at Kandivali East. One needs to get off the Western Express Highway at Growel 101 mall and take a right towards Akurli Road. This particular area of Kandivali East, though is densely populated, it still doesn’t feel …

White City Kandivali East – A Quiet Neighbourhood

Mumbai’s landscape, skyline and population distribution is all so different, yet it feels the same. There are multiple reasons which make it different – distances, affluence and regional flavour. Equally though, connectivity with either – Western Line or Central Line of suburban railways, Western Express Highway or Eastern Express Highway, and co-existence of high rise with slums makes Mumbai look the same whichever area you go to. We recently traveled to Kandivali East to survey the area, prompted primarily by the OTT offer on White City Kandivali residential project by Mumbai’s leading property developer Rajesh LifeSpaces.

We will discuss OTT later in this note lets first give you a flavour of the Akurli Road at Kandivali East. One needs to get off the Western Express Highway at Growel 101 mall and take a right towards Akurli Road. This particular area of Kandivali East, though is densely populated, it still doesn’t feel so, probably because of its proximity to the lush green Sanjay Gandhi National Park. Once off the highway you drive along the boundary of Mahindra & Mahindra factory to ultimately reach the famous Lokhandwala township, which is about 2 kms off the highway. On the way one crosses the under construction project – Acme Oasis and a famous residential property – Raheja Willows. The locality is close to Thakur village and the social infrastructure such as schools and colleges in Kandivali. Kandivali railway station is just 4 kms away.

Lokhandwala Township as seen from White City Kandivali East
Lokhandwala Township as seen from White City Kandivali East

White City Kandivali by Rajesh LifesSpaces is the last property on this stretch of Akurli Road. The project was launched about 2 years ago. Prior to going under residential development the plot belonged to the OTIS factory and many local people may be familiar with it. It is one of those unique projects in Mumbai which is coming up on a 11.25 acre contiguous land parcel. Moreover the company has planned just 4 towers on this massive plot to allow for more open areas and amenities. Work is at full swing in the launched two towers. These towers have 40 habitable floors each. Some other features of this project include – a range of configuration i.e. 1BHK, 2BHK, 3BHK & 4BHK, marble flooring in the living and dining room and vitrified tiles in rest of the apartment. The company uses MIVAN technology for speedier construction. MIVAN also ensures better quality of construction. The elevation of the buildings is such that one can enjoy privacy in his home, as it is unlikely that any two apartments will look into each other in this project. The project will have 4 lavish swimming pools (for all ages), squash court, indoor games, wi-fi enabled lobbies, air conditioner in living and bed rooms amongst other features.

Rajesh Lifespaces Towers Under Construction at White City Kandivali
Rajesh Lifespaces Towers Under Construction at White City Kandivali

There is a “tastefully done-up” show flat at the site. Currently the company is quoting Rs. 12,500 per sq ft  as the base price on the salable area at White City Kandivali.  OTT or One, Two & Three, offer is being promoted by the company for a limited period only.

White City Kandivali’s OTT isn’t a bank subvention scheme but a structured construction linked plan which provides savings to the buyers. Since the project is progressing well any incoming buyer will have to shell out approximately 50% to own an apartment in the under construction towers as per construction linked plans.

White City Lifespaces towers under construction as seen from site office
White City Lifespaces towers under construction as seen from site office

This is because the first tower is now at 16th slab while the second is at the 10th slab. While under the OTT offer, a buyer can choose to pay just 30% + registration charges. The second payment will be due only after completion of the top slap i.e. 40th habitable floor. The amount due at that stage will be 60% of the value. The remaining 10% is distributed between the finishing and handover stages. If you understand residential real estate you can fathom the benefits here. In case a consumer opts for a bank loan under a construction linked plan 1) he needs to keep making frequent payments to the company 2) he needs to start making pre-EMI payment to the lender. Now if one has ability to put upfront 30% under the OTT offer he need not worry to make any interest payments for the next 15-18 months. May be at that stage one can opt for a housing loan and his pre-EMIs will start only then. On 1 BHK units, the company has an interest subvention offer, in tie up with ICICI Bank. This offer is a usual 25:75 interest subvention scheme, resulting in savings on interest outgo to a buyer. The developer, Rajesh LifeSpaces, has obtained approvals for construction of the 40 floors in the first two towers. White City at Kandivali is at a stone’s throw distance from the Lokhandwala Township, which is an established neighbourhood.

Builders across the country have announced various schemes to attract consumers. Its always good to understand these schemes from the perspective of a consumers, and that is why OTT on White City Kandivali attracted us to this particular project and locality.

Join the discussion on the project White City, click here




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