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About MCHI
Maharashtra Chamber of Housing Industry (MCHI), formed in 1982 is the most prominent body of real estate builders and developers in the country. MCHI brings together members dealing in real estate development on one common platform to address issues facing the industry. Members of MCHI account for 80% of development of new residential accommodation and commercial properties in Mumbai and its vicinity. MCHI helps both the Central and State governments in meeting their objectives of providing housing, which is a basic necessity. MCHI works towards raising awareness among the general public, real estate and construction industry while providing them with detailed information on projects and new developments in and around Mumbai. With over 400 well-recognized and reputed member builders and developers, MCHI is affiliated with leading industry associations like FICCI, IMC and CREDAI.
Extended suburban locations have undergone a major metamorphosis with the entry of leading builders and the new projects have helped make the transition to the 'preferred' segment. The best part is that one can find new home options for every category, luxury houses for the upper crust as well as basic entry level residences. From dream 'weekend getaway' homes to investment avenues, there's something to fit every budget, every need and every aspiration. I wish visitors to the MCHI PROPERTY 2011 the very best, with fond hopes that your dream homes become a reality. Deepak Goradia Hon. Secretary Maharashtra Chamber Of Housing Industry
CONTENTS
Enhancing Customer Delight Making dream homes a reality the safe and secure way Making dream homes a reality with a home loan Making the most of home loans
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South Mumbai Homes: The Better Option . . . 52 Western suburban homes attract buyer interest This line's 'Central' to the Mumbai Metropolitan Region City of Lakes takes centre-stage City of the New Millennium Look across the border . . . Hop, skip and jump away from Mumbai Beyond Mumbai and the MMR: Happening Locations
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PARTICIPANTS LIST
Patrons Co-Organisers Platinum Partners Gold Partner Silver Partner C-3 C-6 C-6 C-8 C-8 Premium Developers Banks & HFI Online Partner C-8 C-14 C-26 C-28
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about creating a feel-good factor, by providing a truly safe and secure environment where one can choose from a vast variety of participating developers, he adds. The MCHI Assurance is what makes all the difference between any other real estate exhibition and MCHI's PROPERTY 2011. The MCHI Assurance, explains Boman Irani, Chairman, Exhibition Committee, MCHI, is very simple: it puts buyers' interests first. All the participating Developers have to sign the MCHI assurance letter, which will have undertaking signed by the MD of the participating company. It means very simply that projects displayed at the exhibition have IOD and CC, and the participating developer will abide by the MCHI code of conduct. MCHI's bi-annual mega exhibition is now emerged as India's most successful and trusted property exhibition series over the period of a decade. The largest exhibition is a perfect platform to fulfil the dream home aspirations of potential home buyers,'' he added. Then, visitors to PROPERTY 2011 will have some sweeteners, inform of gifts for those who book their homes during PROPERTY 2011. Rajesh Prajapati, President, MCHI Raigadh Unit says, There can be
The MCHI President says PROPERTY 2011 is an endeavour to reach the appropriate target audience who are seeking properties within a specific range. Providing a common ground for both the Real estate industries and the customers, MCHI will ensure a guaranteed and highly lucrative response at the 'Property 2011' show, he says. With a wide array of properties across the MMR as also some prominent cities across India, 'Property 2011' offers 'everything a home seeker would want' - from premium, luxury homes to lifestyle homes and budget homes. MCHI is making it easier for home seekers to get maximum options in terms of affordable homes, and the expo being held at BKC is a 'must visit' for the prospective budget home-buyers and probable home-loan seekers, as it offers specific requirements that perfectly match requirements, says the MCHI President in conclusion.
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PROPERTY 2011
nothing better than one's dream home becoming a reality, but during MCHI PROPERTY 2011, home buyers, booking their home during the exhibition will find themselves in a 'win-win' situation. Going a step further in the concept of 'customer delight', the exhibition will add to the 'safe and secure' factor when a visitor buys a home at the exhibition MCHI Hai to Bharosa Hai, he says. To allow parents a hassle-free exhibition experience, Property 2011 will also provide for a 'Kids' Zone', says Bandish Ajmera, President, Kalyan Dombivli MCHI Unit. This year too, we have taken into account the needs of children accompanying their parents and we are making arrangements for a Kid's Zone where children can play games and activities. This service will be managed by a professional company, he added. For visitors who drive down to the exhibition, PROPERTY 2011 has a covered parking gangway. Bandish Ajmera points out that a levelled, demarcated parking has been created. Also, a Covered Parking gangway has been created for the visitors and exhibitors to come to exhibition registration, he added. Prominent & leading Mumbai developers like Nahar Group, Lodha Group, DB Realty, Ackruti City Limited, Kohinoor, Kalpataru, Ajmera Group, Nirmal Lifestyle, Rustomjee Group, Hiranandani, Godrej Properties, Seth Developers Pvt. Ltd., Kanakia, Mayfair Housing, Sunil Mantri Realty Limited, Gundecha, Neptune Developers, Dosti Group, Jaycee and many more will display their properties across the Island City, Western & Central Suburbs, Thane, Navi Mumbai & rest of India under one roof. Around 15 leading HFI's & Banks such as India Bulls, HDFC, ICICI, LIC, DCB. DHFL, HSBC, Reliance Home Finance etc. will be at the exhibition to offer Home Loans at their best rates & lucrative deals. This year, the timings of the complimentary bus-pickup services to and from to the Exhibition from Bandra (E) and Kurla (W) Railway Stations have been increased by an hour both, at the start and the conclusion of the exhibition, said MCHI CEO Zubin Mehta. ''Given all these positive changes, PROPERTY 2011 promises to take customer delight to new heights,'' concluded MCHI CEO Zubin Mehta
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HOME FINANCE
For the home seeker, there usually is a gap between the cost of property and own funds. Home Finance options help make a 'dream home' into a reality. How best can home loan borrowers get better home loans terms? Ami Pandya finds out Home loans offered by financial institutions and banks go a long way in bridging the gap that usually arises between own funds and total cost of the home. Although availing home loans has become easier over the years, with HFCs and banks going the extra mile to assist customers in applying for a home loan, it is equally essential for a home buyer to carry out due diligence before signing on for a loan from any institution, says MCHI President Sunil Mantri. ''From a time a decade back when availing of a home loan was a tough task, HFCs and banks promise easy and hassle-free loans with minimal documentation,'' he adds. Deepak Goradia, Hon Secretary, MCHI says, ''At the MCHI PROPERTY 2011, home seekers can expect a good platform to help succeed in their search for a better home loan deal. At property shows, MCHI offers home loan options that include spot approval, and freebies as also sweeteners for the home loan applicant,'' explains the MCHI Hon Secretary. At the MCHI PROPERTY 2011, we expect the same situation for all visitors, which should help make their 'dream home' a 'reality', with a home loan taken during this twin property event. Rajesh Prajapati, President, MCHI Raigadh Unit says home loan options at the MCHI PROPERTY 2011 will be too good to resist. Boman Irani, Chairman Exhibition Committee, MCHI concurs, and adds that home seekers at the twin property shows will make the right choice when it comes to home loans. While Interest rates for Home Loans depend on the loan amount one is looking for, the tenure, the purpose and the applicant's profile as also credit rating largely determines the rates charged on home loans, which may vary from bank to bank. This makes it is necessary to understand the options available, as also compare them, so as to
negotiate a good home loan rate, as also find out which type of home loan would be ideal to opt for. Here are some pointers to help a home loan applicant make an 'informed' choice: The best way to avail a home loan with minimum interest rate is to check out as many banks or housing finance companies as possible. This not only ensures a good interest rate but also gives you a fair idea as to how much is your loan eligibility amount. A home loan is a large purchase decision; 0.2% knocked off your interest rate over a 20 year home loan can typically save you half a lakh. Apart from interest rates, a home loan applicant should also look out for various fees and charges - processing fees, pre-payment charges, legal fees, valuation fees and other hidden costs. It is always better to first decide which property you want to buy first and then apply for a home loan. Look out for banks that reserve the best deals for immediate disbursement cases, which helps applicants negotiate the interest rates. In some instances, it might be advisable not go in for pre-approved loan before finalizing the property, as the situation may lead to disappointment if the lender cannot fund the property due to other issues. Read the fine print before signing the type of loan you opt for. A "fixed rate loan" may remain fixed only for a certain period of time, as the bank may have the right to arbitrarily change even the so called 'fixed rate'. If opting for a floating rate loan, make sure that the floating rate loan is the transparent floating loan and that the lender offers the rate in tandem with the industry rates. It is important to understand that the type of interest rate may also vary. Whether to opt for a fixed rate or a floating rate on your home loan is a question one must definitely pre-decide. There is also the third type of interest rate 'the mixed interest rate' available in the market other than the Fixed and Floating loan options. So, go ahead and make your 'dream home' a reality with help from a home loan but do it the right way.
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HOME FINANCE
putting aside a specific amount at regular intervals and clear the loan within a shorter timeframe. One could also opt for a higher quantum of repayment during the initial years and then reduce it after say, three or five years, when you need to divert more funds for household expenses, says Deepak Goradia. Installment to Income Ratio is generally expressed as a percentage, says Bandish Ajmera, President, Kalyan Dombivli MCHI Unit. ''This percentage denotes the portion of your monthly installment on your Home Loan,'' he says. This figure is normally pegged at 40% but can vary on the basis of actual salary details, qualifications, employer / business, years of experience, growth prospects and sources of other income. HFIs take into account all the fixed obligations that you pay every month, not including statutory deductions like PF, Profession Tax, etc. and deductions for investment like Voluntary PF, LIC Premium, etc, explains Boman Irani, President, MCHI Mira Virar Unit. Home loan repayment consists of a portion towards the accruing interest, with the remainder being applied to the principal. Initially the repayment is more towards the interest and less towards the principal amount. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time. An amortization schedule is a table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. It also shows the gradual decrease of the loan balance until it reaches zero, adds Boman Irani. In case if the home loan installment is easily manageable for you (typically less than 40% of your post tax earning - this is mainly applicable for self-employed people), take a floating rate but whenever the financier increases the rate and gives you the option of increasing the installment, do so. This way, you know for sure that the loan will get over in the original contracted period of time, explains Deepak Goradia. If you do not see this to be your final house (typically salaried people in private service) and look at upgrading your house after four to five years, then it is advisable to take a floating rate, says Sunil Mantri. Under normal circumstances, the upside in the property price will more than compensate for the upside in your interest rate.