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What Makes Mahalaxmi One of the Poshest Localities in Mumbai?

Blox Social Mar 12, 2023

Mahalaxmi is the locality for the cream of South Mumbai. Buying a property in Mahalaxmi is at the top of the city's bucket list of wealthy home buyers. Living in this locality, will get you mesmerising views of the serene waterbody, Mahalaxmi Race Course, and much more. 

You will get individual bungalows, multi-storey apartments, and a lot of commercial establishments around this locality. But what’s so great about Mahalaxmi that makes it one of the poshest localities in Mumbai?

Well, it's time to dig deeper into the details of Mahalaxmi's real estate and other infrastructure attributes to get an answer to this question. 

Behold Yourself for the Majestic Views around this Locality!

It is said that Mahalaxmi has the best scenic views, which makes it a luxury destination for buying a dream home. The Race Course in Mahalaxmi is dated 140 years back and symbolises prestige. Just next to the race course is the Arabian Sea, which looks serene from the high-rise apartment buildings of this locality. 

People are readily paying crores of rupees to get a view of the race course alongside the sea waters. With such picturesque views, Mahalaxmi is undoubtedly a coveted and dream address for the city's elite families. 

Consistent Developments to Enhance Connectivity Quotient at Mahalaxmi

Mahalaxmi and all of South Mumbai is well connected to the other parts of the city. The Eastern Express Highway is just a 30-minute drive from the locality, which connects Mahalaxmi to Navi Mumbai and Thane. The Bandra-Worli Sea Link is 5 km from the locality, offering seamless connectivity to Mumbai’s western area. 

Apart from the roadways, there’s a proposed plan of monorail development for connecting Chembur to the Jacob Circle, near the Mahalaxmi locality. It will take 45 minutes for the monorail to cover this distance. 

Moreover, BMC is also planning on constructing two ROBs (Road Over Bridges) to ease the traffic congestion around the station of Mahalaxmi. Hence, this will provide the motorists to take a diverted route to the Worli or Haji Ali station. 

The Mumbai Metro Line 3, expected to start operating in December 2023, will ease road traffic congestion. Thus, commuting will become easier in and around Mahalaxmi.

Further developments to enhance connectivity include the coastal road extension of 10.58 km. Hence, this will then connect the Bandra-Worli Sea Link to Nariman Point. The proposed construction of twin tunnels of around 2.07 km will connect Mahalaxmi to Malabar Hill and Girgaum Chowpatty. 

Such dedicated infrastructure development will eventually reduce the overall travel time for the people of Mahalaxmi and boost connectivity status. Hence, these developments will further increase the value of properties in this locality. Moreover, this scope of seamless connectivity has made this place a posh locality for people to consider residing among the serene views while staying connected with the other parts of the city. 

Praise-Worthy Social and Physical Infrastructure

Some of the popular property developers who have offered immensely luxurious flats in Mahalaxmi are Godrej Group, Raheja, Piramal Realty and Lodha Group. They have some of the most exorbitant and luxurious flats for sale, the amenities of which won’t let you leave the gated premises for anything. 

Following that, Mahalaxmi is also packed with world-class infrastructure developments for people to live and reflect a posh lifestyle. Some of the landmark developments that contribute towards making this place posh and demanding are:

  • Podar International School
  • St Ignatius High School
  • Lala Lajpat Rai College
  • Sasmira Institute of Management
  • Watumull Institute
  • Wockhardt Hospital
  • Jaslok Hospital
  • Breach Candy Hospital
  • Atria Mall
  • Palladium Mall
  • High Street Phoenix Mall

Apart from these landmarks, some other famous sites of the Mahalaxmi’s infrastructure are Nehru Planetarium, Mahalaxmi Race Course and the Mahalaxmi Temple. To add to your knowledge, Mahalaxmi Temple is one of Mumbai's most famous religious sites. 

The Peninsula Business Park, Maker Chambers, World Trade Centre and Bombay Stock Exchange are located within a 10-km radius of Mahalaxmi, Mumbai. Hence, such proximities make this locality valuable and ideal for the elites. 

The Rising Price of Properties is Giving out Fruitful Investment Opportunities. 

Today, the average price per sq. ft. for buying a property in Mahalaxmi is around Rs. 41,000. The price has increased by almost 10% in the past three years. Hence, buying a property here is not just about enjoying the serene views but also about earning a high ROI from the investment.

So, if you are among the wealthy elites of Mumbai and plan on buying a property in Mahalaxmi, Mumbai, then you must turn up to Blox. 

Blox has made home buying easy by offering a filter-oriented search engine for available properties across Mumbai. Buckle up, set your location to Mahalaxmi, choose your developer, set your budget and pick the property type. When done, click on search, and Blox will show you all the options you can consider. 

When you have shortlisted a couple of properties, book a site visit to review them more closely. 

Conclusion

With this blog, we hope to provide you with further clarity on why Mahalaxmi is one of the poshest localities of Mumbai and why people are keen to buy their dream homes here. 

 

Ghatkopar East: Connectivity, Infrastructure, and Prices

Ghatkopar East: Connectivity, Infrastructure, and Prices

Blox Social Mar 12, 2023

A growing residential zone in the eastern part of Mumbai, Ghatkopar East offers its residents both mid-range and premium-level housing. Price insights suggest buyers prefer properties for less than ₹50 lakhs, with the demand for 1 BHK being the highest, with top developers such as Adityaraj Group, Akshay Group, Alag Group, and Heritage Group having some exciting projects lined up in the pipeline. The upcoming neighbourhood houses a population of over 1.4 lakhs spread over an area of 3.75 sq. km. 

 

One of the prime localities in the commercial capital, those looking to buy a property in Ghatkopar East are less likely to face issues such as load shedding and water scarcity. Here are some reasons behind the growing traction in the eastern suburb.

  • Upcoming residential projects
  • Availability of flats for rent
  • Growing social infrastructure and connectivity
  • Developers offering world-class amenities.

 

However, this blog will primarily focus on factors such as connectivity, infrastructure, and prices. Nevertheless, let's look at why parking your money in Ghatkopar East is a safe option. 

 

Connectivity

Benefiting from a strategic location, Ghatkopar offers an efficient network of roads and railways. 

  • Easy access to the Eastern Express Highway.
  • The recently built flyover arm on the Ghatkopar-Andheri junction on the Eastern Express highway will help reduce traffic towards South Mumbai.
  • Other roadways for efficient commuting include Barrister Nath Pai Road, Ghatkopar-Mankhurd Link Road, Ghatkopar-Mahul Road, and LBS Marg. 
  • The recently launched ac bus services between Ghatkopar and Vashi railways stations ease the link with Navi Mumbai. 
  • The frequency of local trains is every 5 minutes towards Thane and CST.
  • Connecting other areas of Mumbai through the Ghatkopar railway station on the central line.
  • The Ghatkopar Metro Station present on Blue Line 1 (Versova-Andheri-Ghatkopar).
  • Chattrapati Shivaji Maharaj International Airport is within 7km.
  • Proximity to employment hubs like Andheri East and BKC within 9km.

 

Infrastructure 

Boasting a robust infrastructure, plenty of residential properties are available in Ghatkopar East in 1 BHK and 2 BHK configurations, with an area ranging between 400-900 sq. feet. The majority of the housing stock in the location comprises of ready to move units. The eastern suburb offers its residents world-class social infrastructure through top educational and healthcare services. 

 

Schools/Colleges

  • Kangaroo Kids Playschool and Nursery
  • Universal School
  • Garodia International School
  • Arya Vidya Gurukul School
  • KPM High School
  • Theresa High School
  • K.J. Somaiya College of Arts and Commerce
  • Don Bosco Institute of Technology
  • Kohinoor Business School

 

Medical centres

  • Parakh Hospital
  • Sanjeevani Hospital
  • Vivek Maternity and Nursing Home
  • Jeevandeep Children Hospital Mumbai 
  • Shradha Heart Hospital
  • Mumbai Eye Care Multi-Speciality Hospital

 

Office Spaces

  • Leela Business Park        
  • Powai Supreme Business Park  
  • Hiranandani Business Park          
  • Pinnacle Business Park
  • Neelkanth Corporate IT Park     
  • Neelkanth Business Park             
  • Mirchandani Business Park         
  • Raiaskaran Tech Park     

 

Religious Sites

  • Hanuman Temple
  • Siddhivinayak Temple
  • Shivram Mandir
  • Saibaba Mandir
  • Holy Cross Church
  • Tahera Masjid

 

Banking/financial services

  • Standard Chartered Bank ATM
  • ICICI Bank ATM
  • Bank of Baroda ATM
  • Bank of Rajasthan ATM

 

Recreational spaces

  • Neelyog Square
  • Sahakar Plaza Cinema
  • Inox Neelyog
  • Big Cinemas
  • Joggers Park
  • Cheddha Nagar Reserved Forest
  • CRWA grounds

 

Prices

An upcoming neighbourhood in eastern Mumbai, properties in Ghatkopar East has appreciated over 10.6% in the past five years, with the current average price per sq. foot being an estimated ₹22,750. Offering a mix of mid-range and premium housing, the eastern suburb provides a range of options. According to a study conducted over the last six months, most buyers prefer homes within the ₹50 lakh price range. Renting out your property on a lease could fetch you an average rent of ₹56,150, with the rent amounts having increased by 17.11% over the past year. 

 

Here are some other benefits of investing in a property in Ghatkopar East.


 

  • Abundant public spaces: An reasonably developed suburb, Ghatkopar East is regularly maintained and has several ornate areas like the Vikrant Circle and Orion Circle. The Rajawadi Garden and the Vihar Lake are some other examples. 
  • High return on investment: There is enough data from the above blog to suggest that investing in a property in Ghatkopar East would offer you a surplus, given the sizeable appreciation rate of 13.31% last year. 

 

For those looking to buy a property in Ghatkopar East, we at Blox are here to help you, reducing your entire home-buying process to 7 clicks, offering the following USPs. 

  • Exclusive Properties
  • Site Visits
  • 0% Brokerage
  • Constant connect
  • Online Booking

 

Final Thoughts

There is no doubt that Ghatkopar East has established itself as one of the most investible locations in Mumbai, offering the perfect mix of connectivity, infrastructure, and prices. The eastern suburb has seen an evident spike in demand for residential properties, with Mumbaikars wanting a better quality of life, offering a cleaner and greener environment. Hopefully, the above blog has helped you gain an overview of Ghatkopar East. 


 

A Look Into Salman Khan's Luxurious Farmhouse in Panvel

A Look Into Salman Khan's Luxurious Farmhouse in Panvel

Blox Social Mar 12, 2023

A Bollywood superstar, philanthropist, and television host, Salman Khan, has had an illustrious career spanning over three decades, with massive blockbusters under his name, such as Maine Pyar Kiya, Hum Saath-Saath Hai, Dabangg, and Bajrangi Bhaijaan, to name a few. The darling of the masses has built an empire over the years, whether it be his films, investments, or humanitarian work via his NGO, Being Human. According to multiple sources, the 57-year-old  has an estimated net worth of ₹2,850 crores, making him one of the wealthiest actors in India. 

 

Salman debuted in 1988 as a supporting cast with the film Biwi Ho To Aisi, but would get his first major break as a lead in Sooraj Barjathya’s Maine Pyar Kiya in 1989, earning him a Filmfare award for best male debut and making him an overnight success. 

 

One of the biggest superstars the country has ever seen, Khan is the eldest son of legendary screenwriter Salim Khan. Cited as one of the most commercially successful actors, the Bigg Boss host was included in the Forbes listing as one of the highest-paid celebrities in the world in 2015 and 2018, respectively. Apart from his film career, Salman is also a reality tv host and has produced movies from the Dabangg franchise, Radhe, Antim: The Final Truth, even starring in most of them. 

 

The superstar's residence in Bandra, the Galaxy Apartments, is a landmark, with millions of fans flocking outside his house during his release or on the auspicious festival of Eid. While Khan lives in a humble 1 BHK on the ground floor, he owns multiple flats in the building, standing at a collective estimated total of ₹100 crores. Speaking of the multiple-time award winner's investments, his farmhouse, Arpita Farms, named after his sister, is one of the largest villas in Panvel. The Wanted actor usually prefers spending his birthday, which falls on the 27th of December, at the lavish property with his friends and families, indulging in various recreational activities like horse riding, swimming, farming, and other hobbies. 

 

One of the most expensive villas in Panvel, Arpita Farms, covers an area of 150 acres, consisting of a lavish pool, gymnasium, art room, stables, and hectares of greenery around. The sprawling property is estimated to be worth ₹150 crores. Let's look at some of the Bollywood superstar's weekend getaway destination features. 

 

The man behind the nation's fan frenzy for six-pack abs, it's no secret Salman Khan is a fitness enthusiast. His luxurious villa in Panvel has a fully equipped gym consisting of Being Strong Fitness Equipment. The superstar often shares videos of him working out on social media, especially Instagram, even offering his fans tips to keep them fit. 

 

An avid fan of horse riding, Khan's farmhouse consists of a stable, with the superstar often taking riding lessons on the vast fields surrounding his three bungalows. The hero of the masses spent a significant chunk of the lockdown at his villa in Panvel, indulging in various activities like gardening, plowing, and exercising, with many of his family members and friends from the industry joining him. 

 

Khan's farmhouse boasts a stunning living room with a rustic charm, comprising large windows and wooden flooring, offering enough space to host a gathering of his friends and families. Surrounded by stunning views, the property also has a resort-style swimming pool with white lounge chairs, palm trees, and a portrait of Buddha, providing a scenic and peaceful vibe. 

 

The Bollywood icon's farmhouse is surrounded by lush greenery, giving it a country charm while offering proximity to Mother Nature. The beautiful spaces and green environment make the property ideal for sitting and relaxing. 

 

Apart from his luxurious getaway in Panvel, Salman Khan's real estate investment portfolio has the following listings: an apartment in Mumbai's Carter Road and a sea-face property in Worli. Apart from this, the former national award winner has a flat in Dubai's Burj Pacific. 

 

Owning a 758 sq. ft apartment on the 14th floor of the Shiv Asthan Heights, Bandra West, Khan's property's leave and license agreement was registered on 6th December 2021 for 33 months. According to sources, the A-list star receives ₹95,000 as rent from the above property, with ₹2.85 lakhs paid as a deposit. The contract also includes a 5% escalation clause. On the other hand, Khan's company, Salman Khan Ventures Private Ltd, has its office in a duplex apartment on the 17th and 18th floors of Maqba Heights, having agreed upon a rent amount of ₹8.35 lakhs per month. 

 

Final Thoughts

Khan's Panvel residence makes for a holiday destination equipped with all amenities, offering an ideal break from the glitz and glamour of the film business. Hence, it's no surprise that the superstar prefers to combine his birthday and New Year's celebration at the farmhouse. 

 

4 Factors Fueling the Demand for Flats in Wadala East

4 Factors Fueling the Demand for Flats in Wadala East

Blox Social Mar 12, 2023

An upcoming bustling neighbourhood located in central Mumbai, Wadala road lies on the harbour line of the financial capital’s railway network. The locality consists of a population above 1.4 lakh residents, with an area of 6.52 sq. km. Over the years, there has been a sudden boom in the infrastructure of the suburban area, especially Wadala East, with residential real estate being the game changer. There has been a sizeable increase in the demand for flats, with 2 BHKs being one of the most popular choices. 

Nonetheless, this blog will walk you through Wadala East, explicitly understanding the factors driving the real estate market: strategic location, connectivity, affordable pricing range, and social infrastructure. Now, let's look at these reasons and how they affect the demand for flats. 

1. Strategically located and smooth connectivity
Wadala East’s proximity to commercial centres like Bandra Kurla Complex (BKC), India Bulls Finance Sector, and Mumbai Port Trust make it an attractive investment destination. Neighbouring localities like Dadar, Matunga, and Sewri surround the central suburb. Regarding commuting, the eastern section of Wadala has an efficient network of roads, railways, and the Monorail 1. 

  • The Wadala road railway station connects the central suburb to other essential city areas. 
  • The Mumbai and eastern express highways connect Wadala East to Thane and Navi Mumbai.
  • Consisting of the largest bus depot in Mumbai, one can expect a high frequency of bus services. 
  • BKC Chunabhatti Flyover helps reduce the travel time to BKC from 45 to 6 minutes. 
  • Access to Monorail 1 services and Versova-Andheri-Ghatkopar Metro Line

2. Robust social infrastructure 

With Wadala East becoming a hotspot for real estate, the neighbourhood has been luring buyers, offering them top social amenities in schools, colleges, medical centres, and recreational spots. Nevertheless, let's look at some of the landmarks of the locality.
Schools and Colleges

  • Little More Pre School
  • Tree House Play Group
  • Shree Amulakh Amichand Bhimji Vividhlakshi Vidyalaya    
  • I.H.Bhatia English Primary School
  • Little Angels' High School        
  • Institute of Chemical Technology    
  • Veermata Jijabai Technological Institute    
  • MCGM L K Waghji Mumbai Public School    
  • The Dadar Parsee Youths Assembly High School    
  • Swami Vivekanand College    

Healthcare Facilities

  • Shanmukhananda Jasubhai R k shah Medical Centre    
  • Smt. S.R. Mehta and Sir K.P. Cardiac Institute    
  • Shanmukhananda Aditya Jyot Eye Institute    
  • Iyers Polyclinic    
  • Mata Lachmi Hospital    
  • Shah Nursing Home
  • Vyas' Surgery
  • Jyoti Nursing Home    
  • CGHS Polyclinic Koliwada    
  • Genesis Speciality Center Health-Check Up

Recreational Centres (Restaurants and shopping centres)

  • Cafe Madras
  • Anand Bhuvan
  • Anna Coffee
  • Ram Ashray South Indian
  • Palladium 
  • K Star Mall
  • Noora Mall

Commercial spaces

  • Mirchandani Business Park    
  • Raiaskaran Tech Park    
  • Leela Business Park
  • Neelkanth Business Park    
  • Neelkanth Corporate IT Park

3. Effective pricing

The current average price per sq foot in Wadala stands at an estimated ₹22,861, showing an appreciation rate of 6.41%, courtesy of the rise in housing demand. However, the upcoming locality offers an array of choices for its audience, with some upcoming exciting projects in the pipeline. 

Ajmera Treon: Next to Bhakti Park in Wadala, the upcoming premium residential project offers flats ranging in 2, 3, and 4 BHKs, with a starting price of ₹2.15 crores and carpet area between 919-2172 sq. ft. Some of its eye-catchy amenities include a luxurious clubhouse, tennis court, 24x7 CCTV surveillance, yoga area, and kids playing area. The development should be ready to launch by December 2024. 
Johaan Signature Isle: Situated in Wadla village, the luxury housing project has 1,2 and 3 BHK flats as its offering, having a starting price of ₹1.99 crores and a RERA registered carpet area that ranges between 490-872 sq. ft. Here is a list of some its recreational offerings such as a jogging/cycle track, green spaces, indoor games, and reflexology. 

Tattva Mittal Codename Five Gardens: Located in the Dadar-Parsi colony, the luxury project offers 2 BHK flats at a starting price of ₹2.26 crores, with a RERA registered carpet area of 741 sq. ft. Buyers will be entitled to some of the world-class amenities such as a gymnasium, swimming pool, kids playing area, and a designated spot for senior citizens.

4. Upcoming developments
As the locality looks to upgrade its infrastructure, the real estate sector will boom with some of the following projects. 

  • A water tunnel running from Wadala-Chembur-Parel will help increase the water supply.
  • The central business district (CBD) in Wadala will boost commercial growth.
  • Upcoming metro station on Line 4, connecting Kasarvadavali- Bhakti Park and Line 11, aiding commuting between CSMT and Bhakti Park.
  • The proposed Mahul pumping station will help resolve the issues of waterlogging. 
  • The Mumbai Port Trust Hospital is expected to develop a 600-bed facility by the end of 2024. 

Final Thoughts

The real estate market in Wadala East is expected to witness an upward curve in its graph for the coming years. The harbour line suburb is an attractive destination for investors, with the above blog discussing the factors behind it in detail. 


 

Andheri East VS Andheri West: Which Is a Better Investment Option?

Andheri East VS Andheri West: Which Is a Better Investment Option?

Blox Social Mar 11, 2023

"Oh, East is East and West is West, and never the twain shall meet" - Rudyard Kipling.
When Kipling said there is no meeting point for the east and west, we are sure he did not have Andheri in mind. However, the subtle rivalry between the two neighbourhoods in one of Mumbai's poshest suburbs is a fact that none of us can deny. As an investor, though, you may want to do some research and compare the two before you buy real estate. So here are some points to consider before you look for your dream 2BHK flat in Andheri.

Why pick Andheri?
Take your pick: glamour, entertainment, enterprise, social infrastructure, urban development, and commerce. Whichever of these you are looking for, Andheri has it. While Andheri East and Andheri West may individually have their own band of loyalists, you will be hard-pressed to find a Mumbaikar who does not wish to move into one of the many gated communities or burgeoning projects in the suburb. Andheri is the melting pot of Mumbai; it showcases the very best that the city has to offer, and the rate of property appreciation makes it a real estate investor's dream come true.

Andheri East Has It Going
Andheri, as a whole, boasts of excellent connectivity. It is located in the very heart of Mumbai. Andheri East, in particular, has crystalised as one of the most dynamic commercial and residential markets of the city. As one of Maximum City's suburban business districts, Andheri East has a 'Business As Usual' air to it. Small, medium and large businesses from nearly every sector are setting up shop here.

Andheri East is both upscale and sophisticated at the same time. Residential projects in this neighbourhood are just to the liking of young professionals, artists, entrepreneurs, and business leaders. The neighbourhood is connected through a network of arterial and link roads, including the NH8. The upcoming metro station in Andheri East will link Lines 7 and 7A. 

The greatest advantage that Andheri East enjoys, though, is that the Chhatrapati Shivaji International Airport is located here. This is also the reason some of Mumbai's top hotels, such as Radisson Blu Mumbai International Airport, The Lalit Mumbai, Lemon Tree Premier Mumbai, the Goldfinch Hotel, and The Leela Mumbai, are located here. Businessmen, administrators, politicians, and scientists fly in and hold international conferences and symposiums in these.

Andheri East is dotted with well-designed, spacious, and luxurious projects with all the modern amenities you want. And real estate prices are relatively lower than in Andheri West.

Andheri West – Glitz, Glamour, And More
Andheri West is definitely the more expensive, upscale, and glamorous part of the suburb. Home to several movie stars, celebrities, and socialites, this neighbourhood has all the glitzy bars, clubs, and entertainment centres you can want. It is the melting pot of international cultures and cuisines, and Andheri West highlights Mumbai's uber-urban, international outlook. 

While Film City is located in Goregaon, most Bollywood production houses have offices, studios, and technical workshops in Andheri East. Several news and media houses are also headquartered in this neighbourhood, giving it a very dynamic and hip vibe. With glitz and glamour ruling the roost, can shopping be far behind? The Infiniti Mall in Andheri West is the favourite of every fashion-forward Mumbaikar, and the Mega Mall in Oshiwara is a close second. Apart from these, Andheri West residents swear by the high-street fashion outlets in Lokhandwala and Versova and even the street markets of the neighbourhood.

The JVLR (Jogeshwari-Vikhroli Link Road), the WEH (Western Express Highway), and the Andheri-Kurla Road connect Andheri West with the rest of Mumbai. The Andheri Railway Station, located in the west, serves both the Western and Harbour Lines of the suburban network. The neighbourhood is well connected with commercial hubs such as the BKC (Bandra – Kurla Complex) and SEEPZ Special Economic Zone.

Property prices in Andheri West are higher than in Andheri East, but it is the highly developed social infrastructure that makes it a worthy investment. Apart from the dining and shopping options, top hospitals, such as the Kokilaben Dhirubhai Ambani Hospital, are located here.

Andheri East Vs Andheri West – Which is right for you?
Andheri West is an older, more settled residential neighbourhood in the suburb. It boasts luxury living and projects with top-of-the-line amenities. Andheri East, on the other hand, has been a trade and commerce hub that has witnessed a boom in demand for housing over the past few years. Both have caught the interest of top developers in Mumbai. 

So if you are planning to buy a 2 BHK flat in Andheri, it is important to consider other factors, such as specific projects from top-rated developers, as both neighbourhoods offer similar advantages. While Kypling may not agree, the east and the west do meet in Andheri, making it an irresistible real estate destination. 

What is Loan-To-Value Ratio in Home Loan and How to Calculate It

What is Loan-To-Value Ratio in Home Loan and How to Calculate It

Blox Social Mar 11, 2023

Buying a residential property is often a culmination of your lifelong aspirations. It is also one of the most significant financial decisions of your life, one that will impact you for years to come. Most of us look for a home loan or financing options to buy the home of our dreams. So, it becomes imperative that we understand the terms of the loan product we apply for. The LTV or Loan-To-Value Ratio is one such aspect that we should understand because it impacts the amount of downpayment we need and our loan eligibility as well.

What is LTV?
When you opt for a home loan to buy, renovate, or expand your property, the bank or NBFC will extend this loan using the property as collateral. This makes it a secured loan. However, the bank or lender will not provide you with the complete value of the property as a loan.
The loan you will be eligible for will be a portion of the property's market value. This is done to reduce the lender's risk and incentivise the lending process. The Loan To Value (LTV) Ratio is this percentage or portion of the property value that can be lent to the homeowner or borrower.

How is LTV calculated?
When you plan to buy a property, you are expected to fund a part of the property value through your savings. This is often referred to as the downpayment. You will likely approach a trusted bank, home finance institution, or NBFC for a loan to cover the remaining amount. The LTV Ratio of your loan is calculated using the following formula –
LTV Ratio (in percentage) = Amount borrowed ÷ Value of property x 100
Let us understand this better with the help of an example –
If you are looking to buy an apartment in Mumbai which costs INR 90 lakhs, and the bank can extend an LTV of 70%, the loan amount you can apply for and expect to receive is INR 63 lakhs. You can use this formula to know the appropriate loan amount and the downpayment you need before applying for a home loan.

RBI Guidelines 
The Reserve Bank of India (RBI) is the central bank of India, and the RBI's guidelines regulate home loans offered by banks. This means that banks can only provide loans in accordance with the LTV ratio prescribed by the RBI. This means banks cannot exceed the LTV ratio set by the RBI. So, what do the RBI guidelines mandate? Let's take a look.

Reserve Bank of India (RBI) guidelines mandate that if the bank loan value is INR 30 lakhs or less, the LTV ratio of the loan can be up to 90% of the property value. If the loan amount applied for is between INR 30 lakh and 75 lakhs, the LTV ratio can go as high as 80% of the property value. When a loan seeker applies for a loan over INR 75 lakhs, the LTV ratio of the loan can go as high as 75% of the property value.

Why is LTV Important?
The LTV ratio is an important tool used by banks, housing finance companies and NBFCs to determine the risk involved in approving a loan. A low LTV ratio means that the home buyer is willing to shoulder a greater amount towards the property value from his/her pocket. This implies shared responsibility. With a rise in the LTV, the risk of default by the borrower also increases. Therefore, as a loan applicant, the chances of approval rise if your LTV ratio is low.

Apart from this, an awareness of the maximum prescribed LTV ratio of the bank should give you a clear idea of the amount of money you need to put up towards a downpayment. This will make financial planning easier.

Qualifying for a Home Loan 
The Loan To Value Ratio applies to all secure loans but is considered very important in the case of home loans or home financing. The bank or lender will calculate your eligibility depending on the LTV ratio. However, it is essential to remember that the LTV ratio is only one of several factors the bank or NBFC may consider when deciding on your home loan application. Other factors for approval include steady income sources, proper documentation, and a good credit score. Most reputed banks are quite transparent about the eligibility criteria and application process.

Another critical factor that will help you gain loan approval is finding a property with clean documentation and undisputed title deeds. Again, buying property from a trusted developer can help you settle this aspect. Blox brings you RERA-verified properties from developers with an excellent track record for delivering high-quality residential projects on time.

A Detailed Guide to Help You Understand CIBIL Score and Its Importance

A Detailed Guide to Help You Understand CIBIL Score and Its Importance

Blox Social Mar 11, 2023

When you apply for a home loan, one of the first questions your bank or lender will ask is, “What is your credit score?” Here is a detailed guide that will help you understand the importance of a credit score in your loan approval process.

 

What is a credit score?

The Indian banking and financial system has become more elaborate over the years, but with digital systems and authentication mechanisms in place, it is now easy for a lender to look into your credit history and financial hygiene before deciding to approve any line of credit. This could include loan approvals or providing you with a credit card. So how do banks and NBFCs get to know your financial history? This is through your credit score. Credit bureaus or agencies collect financial data and analyse the details to arrive at a credit score. These agencies could use data from active and repaid loans, default history, credit card information, and even your history of paying utility bills on time. With all this information, they prepare a credit report that encapsulates the risk for any lender who loans you money or offers you credit. Of the different credit bureaus in India, TransUnion CIBIL Limited is the oldest and most popular.

 

Your CIBIL Report

The CIBIL Report, published by TransUnion CIBIL Limited, is a complete summary of a person's credit health and worthiness. This is reflected in the three-digit credit score that ranges between 300 and 900. Your CIBIL score reflects your credit practices and indicates your likelihood of repaying the loan on time.

 

Your CIBIL Report takes into account your credit limits and credit utilisation ratios. If you have a credit card, you are usually provided with a credit limit. How much of this limit you utilise every month influences your credit score. The repayment history is factored in if you have outstanding loans or loans that have been previously paid off. So, any delays in paying the EMI or any default on your part will negatively reflect on your CIBIL score. Having multiple loans running puts you at greater risk of default. This is also considered when your CIBIL score is calculated. Several other macro and micro data points are considered in your credit report.

 

Why is your CIBIL Score important?

Most banks and financial institutions place a great deal of importance on your CIBIL score when it comes to approving loans. This is particularly true of home loans or housing finance. Most lenders consider a CIBIL score of 750 to be low risk. This means that if your credit score is over 750, this greatly increases the likelihood of your home loan being approved by the bank or NBFC. A higher CIBIL score can also give you advantages like a longer tenure or lower interest, depending on the bank's policies. Maintaining a high CIBIL score can also help you get quicker loan approvals, get a higher credit limit on your credit card, and help you get pre-approved loans.If you plan to apply for a home loan, you may want to build up a good CIBIL score to increase your chances of approval.

 

Checking your CIBIL Score for free

Before we understand what we can do to improve the CIBIL score, let us see how you can track it.Your CIBIL score is updated every month and encapsulates nearly 36 months of credit history. It is updated every month. You can apply for one free credit report from CIBIL every year. Apart from this, when you apply for a credit card, home loan, or any other form of debt, the bank or NBFC will seek a credit report from CIBIL. It is important to remember that multiple queries by different lenders within a short time span can, in fact, lower your credit score. Therefore, it is a good idea to check your eligibility, compare various products, and settle on a lender rather than apply to several financial institutions at once. Apart from the free report, you can also buy a copy of your CIBIL report and score from their official website for a fee.

 

Improving your CIBIL Score

  • Start early - Building up a good credit score can be a long process. Building healthy credit practices can go a long way in maintaining a good credit score.
  • Pay dues on time - Always pay your EMI dues and credit card bills on time. A delay in payment will cost you interest and tank your credit score.
  • Keep your credit utilisation low - Use only as much credit as you require, even with a high credit limit. Do not apply for several credit cards or loans at the same time.
  • Keep track of the loans you have co-signed - If you have been a guarantor for a loan or co-signed a loan, the repayment history could reflect in your credit score.
  • Monitor your credit mix - Keep a healthy mix of secure and unsecured loans.
  • Check your bills – Check your credit report and credit bills regularly. Any frauds or scams could adversely affect your credit score and should be promptly reported.

 

Your CIBIL score is one of the most important eligibility criteria for your home loan approval. It is a good idea to start building up a good credit score before you decide to apply. 

 

All You Need to Know About Composite Home Loan

All You Need to Know About Composite Home Loan

Blox Social Mar 11, 2023

If there is one great dream that all Indians cherish, it is owning a residential property. In cities and urban centres, we hope to own a luxury apartment in a gated community, but in the suburbs, many of us dream of buying a plot of land and constructing the house we have always wanted. This is why most banks and NBFCs have different loan products for different home buyers.

 

What is a composite home loan?

If you are a real estate investor, you may want to buy a plot of land and approach a bank or lender for a plot or land loan. Alternatively, you may want to invest in a flat or apartment and to fund this, you can apply for a home loan or housing finance.In some cases, real estate investors may want to buy a plot of land and immediately start constructing a building, villa, or duplex on the property. If this is what you are considering, you may opt for a loan product referred to as a composite home loan.A composite home loan is a loan product offered by banks, NBFCs, and housing finance companies. It allows the borrower to buy a plot of land and construct a house according to their own requirements. The construction process should be completed within the loan tenure.

 

How is a composite loan different from a regular home loan?

Banks and financial institutions lend land or plot loans for the explicit purpose of buying the land. Home construction loans are credit provided only to construct the structure. Regular home loans offer credit for buying under-construction or ready-to-move-in apartments or flats.Home loans that are extended by banks and NBFCs to buy an apartment or flat are some of the most common products extended by lenders in India. They also come with a long tenure and have the lowest interest rates. This is the reason many home loan borrowers take out a top-up on their existing home loan rather than take a personal loan when the need comes up. Composite loans, however, have a higher interest rate than plot, land, or home loans. The eligibility criteria, too, may be more stringent.

 

Points to remember while applying for a composite home loan

  • A composite loan is specifically designed to enable the real estate investor to buy a plot of land and build a house, villa, duplex, or residential structure. The construction of this structure should start within a particular period. For example, a bank may agree to lend you a composite loan stipulating that you must start construction work within two years. If you fail to do so, you may be asked to repay the debt and close the loan or may be asked to pay a much higher interest.
  • Regarding home loans, banks often ask the lender to provide the title documents and permits for the apartment and project you plan to buy into. Similarly, in the case of a composite loan, the bank may ask for documents such as the land title and deeds and also your construction plans with your loan application. Opting for a composite loan is a good idea only if you plan to start construction work within a couple of years of approval.
  • Home loans can be disbursed in a single instalment or in multiple instalments. You can choose to withdraw the approved amount as needed, particularly if you are keen on buying an under-construction property. In the case of composite loans, the approved amount is almost always disbursed in a staggered way. You can withdraw amounts when you decide to buy the land, start construction, and during the construction period.
  • Like most home loans, composite loans also are eligible for tax deductions. To avail of the income tax benefits, you must complete the construction of your house and get a completion certificate.
  • Like most home loans, banks or lenders will provide you with about 80% of the total value of a loan, but you must pay the remaining 20%. Regarding plot or land loans, most banks offer about 70% of the land value as a loan, and the remaining must be shouldered by you.

 

Is a composite home loan right for you?

Like most financial products, there is no one solution that can be right for everyone. If you live in a major city like Mumbai, where land is scarce, it is a good idea to opt for a home loan. In the suburbs or in smaller cities or towns where land is affordable, it is a good idea to opt for a plot loan or land loan if you are not ready to undertake construction immediately. If you plan to acquire the land and construct the house in the immediate future, a composite home loan is a good idea.

 

Eight Vastu Shastra Secrets That You Should Know

Eight Vastu Shastra Secrets That You Should Know

Blox Social Mar 11, 2023

If you want to enhance your home's energy flow and promote health, wealth, and prosperity, then Vastu Shastra is the answer! This ancient Indian science emphasises the importance of harmonising the environment with positive energy to enhance overall well-being. 

From the placement of the main door to the colours and elements used in the home, Vastu Shastra provides a comprehensive guide to creating a harmonious balance between nature and the environment in any living space. In this article, we will share eight Vastu Shastra secrets you should learn to create a positive energy flow in your home and transform it into a haven of peace and prosperity. 

So, get ready to learn some fascinating and valuable secrets that can enhance the energy flow in your home and improve your quality of life.

Main Door Location

The main door is the entry point for positive energy into your home. Choosing the right direction for your main door is paramount as it can enormously impact your home's energy. A door facing the north, east, or northeast direction is considered auspicious as it allows maximum natural light and air to enter the house. This orientation also ensures that the morning sun enters the home, which is good for health. However, avoid having a door facing south, west, or southwest, as it may lead to health problems and financial losses. If you cannot change the door's direction, add a mirror or a small water fountain near the entrance to correct the energy flow.

 

Bedroom Situation

The bedroom is a vital space to relax and rejuvenate. Choosing the right location for your bedroom is essential as it can affect your health and well-being. A bedroom located in the southwest direction is considered the best as it promotes restful sleep, good health, and marital harmony. The bed should be placed in the south or west direction, and the head should face south for sound sleep. Avoid having the bedroom in the northeast direction, as it may lead to health problems and sleep disturbances.

 

Kitchen Placement

The kitchen is undoubtedly the heart of the home, and its placement plays a significant role in determining the house's overall energy. A kitchen located in the southeast direction is considered auspicious as it promotes good health, wealth, and prosperity. The gas stove must be kept in the southeast corner of the kitchen, and the cook should face the east while cooking. Avoid having the kitchen in the northeast direction, as it may lead to health problems and financial losses.

 

Toilet Placement

Toilets are essential, but their placement can impact your home's overall energy. A toilet in the northwest or southeast direction is considered the best as it promotes cleanliness and hygiene. The toilet should face either north or south, and the door should open towards the north or east direction. Avoid having the toilet in the northeast direction, as it may lead to financial losses and health issues.

Introduce Colours and Elements

Each direction is associated with a specific element and colour. For instance, the east direction is associated with air and the colour green. It is best to use these colours and elements in the corresponding directions of the house to promote positive energy. The south direction is associated with the element of fire and the colour red. In contrast, the west direction is associated with the element of water and the colour white or blue. The north direction is associated with the element of air and the colour green or blue.

Add some Indoor Plants

Indoor plants are recommended to bring natural beauty and positive energy to a space. According to Vastu Shastra, certain plants, such as money, bamboo, and tulsi, are believed to bring good luck and prosperity. It is best to avoid cacti and other thorny plants as they may bring negativity to the house. Plants should be placed in the east, north, or northeast direction for positive energy.

 

Mirrors

Mirrors are an essential part of any home, but their placement can impact the energy of a space. You should try and avoid placing mirrors in the bedroom as they tend to disturb sleep. Mirrors should not be placed facing the main door as they may reflect positive energy out of the house. However, mirrors can be placed in the dining room to attract abundance and prosperity.

 

De-Clutter

A cluttered home can lead to negative energy and stress. Keeping the house clean and clutter-free is very important to promote positive energy. The clutter in the house can block the flow of positive energy, affecting the house's overall energy. Keeping the house well-organized and removing any unwanted items or broken things is recommended. It is also best to avoid placing heavy furniture in the centre of a room, as it can obstruct positive energy flow.

 

In conclusion, Vastu Shastra is necessary for harmonising the environment with positive energy to enhance overall well-being. The principles of Vastu Shastra focus on creating a melodious balance between nature and the environment in the home, office, or any living space. By following the above-mentioned Vastu Shastra secrets, you can create a positive energy flow in your home and promote health, wealth, and prosperity. It is important to know that while Vastu is a useful tool to enhance energy flow, it is not a substitute for any professional help required in the case of serious issues. 

Top 5 Developers Paving the Way For Luxury Living in Kandivali

Top 5 Developers Paving the Way For Luxury Living in Kandivali

Blox Social Mar 11, 2023

Buying a residential property is a major financial and emotional investment. However, partnering with the right developer can bring you quality, value for money, and peace of mind. Let us take a closer look at one of Mumbai's developing suburbs and find out how the city's best developers are transforming the real estate market.

Focus Kandivali
Locating the right suburb to invest in can be one of the greatest challenges in the home-buying process. However, real estate experts agree that Kandivali is the micro market that is all set to make a difference. Apart from being a major industrial hub, the suburb is also well connected with emerging business districts through the Western Express Highway, Mulund-Goregaon Link Road, Malad-Andheri Link Road, and SV Road. In addition, the Borivali Railway Station connects it to the suburban network.
The social infrastructure in Kandivali is highly developed, with shopping malls, schools and colleges, and hospitals dotting the landscape. There are a number of entertainment and recreation centres that make it perfect for young professionals and families as well. Unsurprisingly, some of Mumbai's top developers have embarked on luxury projects that promise to make the suburb a residential hotspot.

Top Developers with Luxury Residential Offerings

  • Lodha Group - The Lodha Group is one of the oldest real estate developers in Mumbai. With over four decades of delivering world-class commercial and residential projects in India, the US, and the UK, the group has won several accolades and awards over the years. The group's motto, "building a better life," enriches lives through superlative design and unmatched amenities. Lodha White City and Lodha Woods are two of the wonderful projects that the group has going on in Kandivali. Both these projects offer expansive open spaces, impressive modern amenities, and spectacular views of the Sanjay Gandhi National Park.
  • Icon Developers - Icon Developers was established in 2010 and has a decade of experience in fulfilling the dreams of homeowners by delivering high-quality infrastructure and top-class facilities. It is one of the fastest-growing building companies and aims to transform the lifestyle of people across the country. Icon is definitely a brand to watch out for. If you want to buy luxury residential apartments in Kandivali, Icon J25 Heights and Icon Jyotika Heights are projects you must consider. The projects are well-connected and are accessible from major commercial centres in Mumbai. They showcase health and fitness facilities and well-designed residential units.
  • Shapoorji Pallonji Group – If you live in one of India's major cities, you will certainly be acquainted with some of the iconic landmarks built by the real estate wing of the Shapoorji Pallonji Group. The multi-business conglomerate was established over a century ago, and the real estate enterprise offers the best of quality and design. The group has also designed award-winning structures overseas. Aquila at Sarova in Kandivali is one of the largest integrated townships in Mumbai and redefines luxurious living. The sprawling property is inspired by the natural environment and offers vast open spaces.
  • Yogsiddhi Developers – YogSiddhi is a relatively new entrant, but within the past 15 years, this company has put together an impressive portfolio of over 850 commercial and residential projects. With a strong focus on aesthetics, design and quality, YogSiddhi plans to develop over 1000 homes across Mumbai and the suburbs within the next five years. Yogsiddhi Sumukh Hills should be on your list of top projects in Kandivali for its excellent connectivity, grand features, and ultra-modern outlook. It is also the top pick for green home buyers looking for eco-friendly systems.
  • Neelyog Group - The construction arm of the Neelyog Group of Companies, Neelyog Developers, have a firm focus on high levels of professionalism, ethical practices in real estate, and commitment to quality. For over two decades, the group has dedicated itself to slum rehabilitation and development in the city and is now making an impressive foray into luxury living. The Neelyog Aashiyana is a swanky, modern project offering 1 BKH and 2 BHK flats in Kandivali with many modern amenities. This project must be on your watchlist if you are looking for elegant and upscale residential apartments in this suburb.

The Blox Advantage

Blox brings you the best of digital technology and makes your home-buying experience a joyful one. Our algorithms are designed to bring you top-rated residential projects in Kandivali and other emerging suburbs of Mumbai to match your needs. All the developers listed with us have a track record for delivering quality and keeping to promised timelines. Find residential projects from these developers and more, and complete your homebuying journey in seven clicks. All the projects listed on the Blox portal are RERA-registered. Talk to the Blox relationship manager for premium properties in Kandivali and neighbouring suburbs.