Will Versova-Bandra Sea Link impact the Mumbai Real Estate Market?

Dec 19,2017 / By Priyanka / No Comment

Maharashtra government has given administration approval to the much-awaited Versova-Bandra Sea Link. The proposed sea link would be 9.2 km long and would serve as an extension to the existing Bandra-Worli Sea Link. Once the sea link is operational, the commuters traveling to south Mumbai from Western Suburbs can use the sea link to travel which would have connectors at Bandra, Otters Club, the Juhu Link Road and the Versova Link Road and can skip the Western Express Highway

Sea Link to reduce the traffic congestion

Currently, commuters have to take the Western Express Highway to reach south Mumbai from the western suburbs and have to pass through choked areas such as Andheri, Borivali, Juhu, Mahim, etc. Usually, the commuting time is around 60-90 minutes during peak office hours. It is expected that the traveling tome will reduce to 12 minutes with the new road coming in. The connectivity is projected to develop further by a sequence of roads and tunnels.

The construction work would begin in the first half of 2018 as the bids for the tenders have been invited from the qualified bidders. A special purpose vehicle will be formed to raise loans from banks and non-banking institutions.

VBSL will be built at a cost of Rs 7,502 crore. It would be a toll-route which will be valid until 2052. The Maharashtra State Road Development Corporation (MSRDC) will employ two separate independents for toll collection and repairs and maintenance of VBSL, as per the government resolution.

Timeline

The sea link was approved eight years back in 2009 by the Cabinet Committee on Infrastructure. The original cost of the project was Rs 5,975 crore which has now been accelerated to Rs 7,502 crore. The state government took four years to get the clearance from the Coastal Regulation Zone (CRZ) and Environment Ministry, which was finally declared in January 2013. After that, CM Devendra Fadnavis on April 29, 2016, directed the MSRDC to construct the VBSL on an engineering, procurement and construction basis.

How VBSL will impact Mumbai’s property market

VBSL can be a game changer for Mumbai real estate market as it would improve connectivity between the suburbs and the main commercial business district. With traveling time coming down with an estimated toll tax of Rs 60, mid-segment buyers would make way to housing hubs near Versova such as Kandivali, Borivali and Mira Road.

Here the property prices have already crossed Rs 9,000 per sq ft, the growing connectivity would further increase the property prices. With the sea link coming in, the crowded areas of Andheri, Chembur, Ville Parle are projected to be relieved from congestion and the excessive pressure on the express highways would be released.

A marginal property price surge was noticed in localities like Goregaon, Andheri, Kandivali, Borivali as the VBSL project entered the final stage and got environment clearance. The rise would be visible once the construction begins.

Decor Life at home Smart Residential Living Tips

Black is bold and beautiful

Dec 15,2017 / By Priyanka / No Comment

Good news for those who want to use black color to their home décor but are tend to attach the belief of evil or darkness to the color black. According to feng shui, you need not have to avoid black color when you are beautifying your home to welcome good energy. Black is the color of sophistication. If you haven’t by now given black a thought, follow these easy tips to infuse the color into your home elegantly.

Less is more: Start with something small. Black is a color that is best incorporated in segments/parts. You can try incorporating a hint of black with cushion covers, carpets, rugs, ceramic vases, black candles and candle stand. You can also use black curtains to add the illusion of height If the ceiling is low, black curtains add the illusion of height; if the ceiling is high, the pop contrast arrests attention – a win-win situation.

Bedding it right: A glossy black bed frame adds stylishness to your bedroom but ensures to balance it with lighter hues for your bedding, throw pillows and rugs. A black bed head is going to straightway draw the eye; use this to your advantage.

Stripped/Layering: Classic black and white stripe are best used in the dining space. A lot of people find it uncomfortable to commit to a space that is entirely outfitted in black. They should go for layering with a good dose of black and white stripes.

Dress up your doors: Go for polished black colored wooden paneling on the main door or bedroom doors to add drama. Even door handles could be black to give it a different look. Make sure you do not overdo black in your decor – it can make the home look creepy. Think synchronization by having one black piece per room. This will make the whole look come together.

Black lights: Try black colored shades in the living room or bedroom. This gives your space a fashionable look. Black shades are perfect for rooms that are based on neutral accents.

Black bath: Use a black and white pattern wallpaper or introduce black patterns to your bathroom walls. It looks striking against white fixtures and cabinets.

Black walls: Having a wall emphasized with wallpaper, especially that has the shades of black, make a statement. Metallic look with black undertones should be the way to go. Works best in small spaces that lie in between utilitarian rooms like an entryway.

Rules for Black

1. It is best to use it as a contrast combination and 2. You can use it in shades of grey.

Buying property Infrastructural development Real Estate Smart Residential Living

How Jewar airport going to impact the NCR real estate market?

Dec 13,2017 / By Priyanka / No Comment

Recently, the Uttar Pradesh government gave its approval for the second airport in Nation region Capital which will be built at Gautam Buddha Nagar’s Jewar in four phases

The state government has estimated that approximately 3,000 hectares of land would be required for the airport development. In the first phase, development work will be carried out across 1,206 hectares which is worth Rs 3,000 crore approximately.

The Jewar airport will be opened to the public in the next five to six years and the total estimated cost of the airport is around Rs 20,000 crore.

The project got a go-ahead from the Centre in June this year and a no-objection certificate (NOC) was issued on October 5 by the Centre for the project.

The state government, this August publicized that they have the plan to link Jewar with a Metro connectivity. The metro line would extend the current Greater Noida Metro Line to the airport site at Jewar which means the Metro link would be stretched further from Pari Chowk.

Will Jewar airport impact NCR real estate?

Like any other main infrastructure projects that benefit real estate markets, the Jewar airport, too, is projected to change the real estate dynamics in Noida and the neighboring areas.

A recent fall in the property market has led to a huge inventory pile-up. But after the airport project got approval, real estate developers have invested around Jewar and expected to have a positive effect on property prices.

Why is the necessity of an airport in Jewar?

Denizens living in other cities of western UP and some cities of Rajasthan have to travel to Delhi if the travelers plan an air travel. An airport in Jewar will be helpful for these people. This airport will not only serve the aviation needs of Delhi but also of cities such as Agra, Bulandshahr, Mathura, and Meerut. The civil aviation ministry expects this airport to give a boost tourism and economic potential of the region.

Flying affordability

Being built as part of the government’s regional connectivity scheme, the planned airport in Jewar is expected to provide travelers reasonable options.

Windfall for landowners

As the state government is intense to develop infrastructure, the land acquisition process will be easy further, resulting in bigger financial benefits for Jewar’s landowners. Around 2,378 acres of land has already been attained to develop the airport. Plans for providing the area with a Metro connectivity are likely to develop the prospects for investors.

The state government earlier has selected the Yamuna Expressway Industrial Development Authority (YEIDA) as the nodal organization to set up the airport.

Buying property Real Estate Real Estate News

Faridabad 2031 Master Plan gets a green signal

Dec 12,2017 / By Priyanka / No Comment

Recently, the Haryana government has approved the Master Plan 2031 for Faridabad, in order to cater to the growing population in the industrial town. The Master Plan is planned for better usage of land policies, and plan new infrastructural development to improve the livability of the town.

At present, Faridabad’s total population is 14 lakh while the development plan drafted has been prepared to cater to a population of 38 lakh. The development plan covers 34,000 hectares of land, out of which over 14,000 is earmarked for residential use with an average density of 271 per hectare.

Here are few features of the approved master plan 2031:

Sanction of high rise societies
The Master Plan 2031 boosts high rise societies in the town as it would permit access to more open spaces for the residents. While main Faridabad city is dominated by industrial development, the newly developed residential areas between Sector 66 to 89 is also called Greater Faridabad. This sub-region is being established as a sustainable city which has tall buildings, wide roads and entertainment zone with enough employment prospects in industrial areas of Sector 66-74.

HUDA to develop residential areas
Haryana Urban Development Authority (HUDA) will develop those residential areas where private developers have not shown any interest. This includes those areas where residential facilities are not adequate. Apart from this, over 638 hectares have been projected for public utility purposes which comprise of a site for sewage disposal in the east Agra Canal.

Systematic development in rural areas
The draft master plan of Faridabad also takes into account the systematic growth of rural areas in line with the urban localities. Because of geographical restrictions in the west and the north Faridabad, the area beyond east of Agra Canal, south and south-west of the Faridabad town is being planned for the improvement of the additional urbanization area for the additional populace as a part of Faridabad Master Plan 2031.

Maintenance of open spaces and greenery
The Master Plan 2031 highlighting on maintaining green spaces and open areas. According to the plan, the minimum breadth of the roads in a residential colony should be at least 12 meters while the parks or open spaces in a residential colony shall be designed in such a manner that it shall meet the minimum standard of 2.5 sq mt per person. The additional area for infrastructure will be provided in the already projected residential sectors to meet the necessity of the residents.

Infrastructural development Real Estate Real Estate News Smart Residential Living

Hennur flyover to be ready by December end

Dec 11,2017 / By Priyanka / No Comment

Work on the Hennur flyover, which leads towards Geddalahalli in Bengaluru began in 2009, with the Bangalore Development Authority (BDA) promising to open the flyover to the public by July 2010. The Hennur flyover, which is not even a kilometer long, is still showing no signs being anywhere close to completion. But recently, the Bengaluru Development Minister KJ George, Mayor R Sampath Raj, and officials from the Bangalore Development Authority (BDA) visited Hennur flyover to scrutinize the work in progress.

KJ George said it was not possible to complete the work by the projected time due to land acquisition issues. Now, things are in place. The flyover work will be finished by end of December.

Work on the flyover was taken up eight years ago by BDA, but it was hindered midway in 2012. However, in 2016, Minister KJ George at an event publicized that the flyover work would be completed by November 2016, but the work was stopped by the authority due to many issues.

One of the reasons causing a delay in the completion of the flyover has been problems with land acquisition, mainly after the new Land Acquisition Act came into effect in 2013.

However, reports say that the shifting of underground pipes by the Bengaluru Water Supply and Sewerage Board has also delayed the work on the flyover.

The 920-meter-long flyover which was supposed to be completed within 18 months of commencement in 2009, but it never happened. The revised project cost of the flyover went up to Rs 55 crore in 2016, but still, no progress was seen.

The completion of the Hennur flyover is essential for the nearby areas. The flyover is estimated to reduce travel time to and from Kempegowda International Airport for residents of east and southeast Bengaluru.

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Monthly Archives: Dec 2017

Will Versova-Bandra Sea Link impact the Mumbai Real Estate Market?

Black is bold and beautiful

How Jewar airport going to impact the NCR real estate market?

Faridabad 2031 Master Plan gets a green signal

Hennur flyover to be ready by December end