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Apartment Vs Independent House: Which One Is Best for You?

Looking for a new place to call home can be both exciting and overwhelming. There is a ton of research involved, and you have to consider a plethora of things before making a decision. Among the myriad things you need to consider, one of the biggest decisions you will have to make is whether to choose an apartment or an independent house.

Both have their own unique advantages and disadvantages. However, you need to reason out which one would be the right fit for you and your lifestyle. Whether you are a first-time homebuyer or simply looking to relocate, this blog will help you explore the pros and cons of both options and make an informed decision on your next home. 

What is an Apartment?

An apartment is a self-contained unit that is part of a larger building. Apartments are usually rented out and can range in size from studios to multi-bedroom units. Apartments are a popular choice for people who are looking for a place to live that is convenient and affordable.

They often come with on-site amenities like fitness centres, pools, and laundry facilities, making life easier and more enjoyable. In addition, apartments are often located in densely populated areas, making them convenient for people who prefer to live close to urban amenities like shopping centres, restaurants, and public transportation.

What is an Independent House?

An independent house, also known as a standalone house, is a single-family dwelling that is not attached to any other units. Independent houses are typically owned rather than rented and can range in size from small cottages to large estate homes.

Independent houses are a popular choice for people looking for more space and privacy. They typically come with a larger yard or garden, which provides plenty of outdoor space for activities like gardening, recreation, and entertaining.

Comparing Apartments vs Independent Houses
Advantages of Apartments:

1. Affordability

One of the biggest advantages of apartments is their affordability. Renting an apartment is often less expensive than owning an independent house, and this can be especially beneficial for people who are on a tight budget. Apartments also typically come with lower monthly utility bills and maintenance costs, which can help you save money in the long run.

2. Convenience

Apartments are often located in densely populated areas, making them convenient for people who prefer to live close to urban amenities like shopping centers, restaurants, and public transportation. In addition, many apartments come with on-site amenities like fitness centers, pools, and laundry facilities, which can make your life easier and more enjoyable.

3. Maintenance

When you live in an apartment, you do not have to worry about the maintenance and upkeep of the building, yard, or common areas. This is usually handled by the property manager or building owner, so you can enjoy a worry-free living experience.

Advantages of Independent Houses:

1. Space

Independent houses provide ample space and privacy, making them ideal for families and individuals who are looking for a more spacious living environment. With a larger yard or garden, there is plenty of room for outdoor activities, recreation, and gardening.

2. Privacy

Independent houses offer a high degree of privacy, allowing you to live a more autonomous lifestyle. You do not have to worry about neighbours above, below, or next to you, and you can enjoy the peace of your own home.

3. Investment Opportunity

Owning an independent house is often considered a good investment, as the value of the property is likely to appreciate over time. In addition, owning a home can provide financial stability and a sense of pride in ownership.

When it comes down to it, deciding between an apartment and an independent house is a personal decision that will depend on your individual needs and preferences. If you're looking for an affordable, convenient, and low-maintenance living experience, an apartment might be the right choice for you. On the other hand, if you want more space, privacy, and a long-term investment opportunity, an independent house might be the better choice.

Ultimately, deciding between an apartment and an independent house will depend on your lifestyle, budget, and long-term goals. It is essential to weigh the pros and cons of each option carefully and to consider your current and future needs when making your choice. With a little bit of research and careful consideration, you will be able to find the perfect home for you and your family.

Plot VS Flat: Know the Difference Between Them

Investing your hard-earned money in real estate is one of the most crucial decisions of your life. You have to take into account several things, such as market conditions, financial goals, and risk tolerance, which play a significant role in dictating where you invest. Add to that the fact that you have to also choose between investing in a plot or a flat, and you have the task cut out for you.

Both options have their own unique advantages and disadvantages, making it important to understand the differences before making an investment decision.

For example, investing in a plot of land may offer more potential for long-term growth, as land is a finite resource that can appreciate over time. However, it may also require more upfront costs, such as the cost of construction, and carry more risks, such as the possibility of zoning changes or environmental hazards.

Investing in a Plot of Land

A plot refers to a piece of land, often used for building a home or other structures. One of the biggest advantages of investing in a plot of land is its potential for long-term growth. The land is a finite resource that can appreciate over time, providing a higher return on investment in the long run.

Additionally, investing in a plot of land provides more flexibility in terms of customisation, as you can build the property to your exact specifications. However, investing in a plot of land also comes with its own set of challenges. Firstly, it may require a larger upfront investment, as you will need to pay for the cost of purchasing the land and building the property.

Secondly, there is a greater risk involved in investing in a plot of land, as there are several factors that can impact the value of the property, such as zoning changes or environmental hazards. Finally, owning a plot of land also means taking on the responsibilities of maintenance and upkeep, which can be time-consuming and expensive.

Approximate Investment Required to Buy a Plot of Land

The investment required to purchase a plot of land depends on the location, size, and purpose of the land. In metropolitan cities, land prices can be steep, while rural areas offer more affordable options. The size of the plot and the purpose of the investment can also influence the investment required. For example, if you are planning to develop a commercial or residential property, the investment required will be significantly higher.

• Average Price in Mumbai: Rs 17,077 per square foot.
• Average Price in Thane: Rs 7,649 per square foot
• Average Price in Navi Mumbai: Rs 2,575 per square foot

Investing in a Flat
A flat is a term used for a type of apartment or condominium unit. One of the biggest advantages of investing in a flat is its security and low-maintenance nature. A flat is already built and often comes with amenities such as security, maintenance, and recreational facilities, making it a hassle-free investment option.

Additionally, investing in a flat is often a more cost-effective option, as you do not need to pay for the cost of construction or maintenance. However, investing in a flat also has its own set of limitations. Firstly, the return on investment may not be as high as with a plot, as there is limited potential for appreciation.

Secondly, the value of a flat may be impacted by factors such as the condition of the building, the location, and the current real estate market. Finally, you may also be subject to certain restrictions and regulations, such as covenants and bylaws, which can impact your use of the property.

Approximate Investment Required to Purchase a Flat
The approximate investment needed to buy a flat depends on various factors such as location, size, and amenities. In India, metropolitan cities like Mumbai, Delhi, and Bangalore are considered prime locations, commanding higher prices than smaller cities. The size of the flat and the number of amenities offered can also impact the investment required.

• Average Price in Mumbai: Rs 20,449 per square foot
• Average Price in Thane: Rs 12,766 per square foot
• Average Price in Navi Mumbai: Rs 8,835 per square foot.

Which is a Better Investment Option: Plot or Flat?

As we said earlier, the choice between plot and flat as an investment option comes down to your personal financial goals, risk tolerance, and investment strategy. If you are looking for a long-term investment with the potential for higher returns, investing in a plot of land may be a good option. However, if you are looking for a more secure and low-maintenance option, investing in a flat may be a better choice.

It is also important to consider the location of the property when making an investment decision. Properties located in areas with high demand, such as city centres or popular tourist destinations, tend to have higher appreciation potential and rental yields. On the other hand, properties located in areas with lower demand may have lower appreciation potential but also lower upfront costs and risks.
Investing in either a plot of land or a flat can be a wise financial decision, depending on your individual circumstances. It is important to do your research and take your financial goals into account before you make your decision. 
 

Realty Check: 7 Biggest Property Loan Myths

If buying a residential property is a dream, securing financing to help you buy the flat or apartment is the first step to realising it. Unfortunately, most young professionals and first-time home buyers are wary of opting for a home loan. So here is our attempt at busting some of the top property loan myths we at Blox come across.

1. Shorter loan tenures are better - Most of us like the idea of living debt free. This prompts us to opt for shorter tenors. What is important here is the ability to repay the EMI without going through financial stress each month. Paying off your home loan quickly may be a source of pride and satisfaction but it is not necessarily a financially prudent decision. An active home loan helps us avail of tax deductions on the principal and interest repayment in accordance with the IT Act. This must be considered when selecting the loan tenure. A shorter tenure may not always be financially advantageous.

2. Prepayment attracts hefty charges – Now that we have learnt that an active home loan helps us gain tax relief, we may be reluctant to close a loan early when we have an infusion of funds. Add to this the fact that, many of us are reluctant to repay a property loan or housing loan early for fear that an early repayment or prepayment can attract a hefty charge. In some cases, this is true. For example, when a person opts for a fixed interest rate to prevent an increase in EMI, a prepayment may attract a charge. But if you have a floating interest on your loan product, most lenders allow you to pay and close the loan without any penalty. Check the terms of your loan product before deciding to repay early. It is always a good idea to talk to a financial advisor and pick the option best suited to your individual situation.

3. If I have a good income, I can get easy approval – Most lenders, like banks and NBFCs, look at the loan applicant’s ability to repay. This naturally includes a summary of your earnings, salary slip, assets, and investments. What is more important, though, is your credit score. It is a reflection of your financial hygiene. It shows if you are prompt in repaying loans if you have multiple loan products, if you have had a history of defaults etc. The higher your credit score, the easier it is for you to get loan approval.

4. Home loans have high-interest rates – This is a myth. Before opting for a home loan, you must compare various products offered by banks and NBFCs. Irrespective of the type of interest you want, fixed or floating, most home loans have lower rates of interest than other types of loans, such as personal loans. This is why most homebuyers prefer to take a top-up after a few years rather than opt for an additional personal loan in case of a need for funding.

5. I should not buy a property when the interest rates are high – This is one of the commonest property loan myths. When banks and NBFCs hike interest loans, buyers are often dissuaded from buying properties. They wait for interest rates to come down. The intelligent investor, however, understands that with smart research and good negotiation, the best time to buy real estate is when the demand is typically low. This is when the developer is inclined to offer discounts on the property's price, driving down the cost.

6. I can only take a loan against residential property – Banks and NBFCs offer loans to buy residential and commercial properties. The terms are very often the same. It is a good idea to talk to your bank or lender to understand how you can take a loan and buy commercial property. It is often a good idea to weigh the pros and cons of investing in residential and commercial properties. Include any tax that you may incur from rental income and the applicable GST before you make a choice.

7. I own the property when I return the loan – Paying off a home loan is a wonderful achievement. Your ownership is not secure till you get an acknowledgement from the bank or NBFC and get a NOC that clears you off your dues and establishes your ownership. This NOC is very important if you plan to gift, will, or resell your property. It is a good idea to be proactive and approach the bank for an NOC after you have paid off your loan.

Apart from helping you find a RERA-verified property from verified developers in the Mumbai suburb of your choice, the Blox relationship manager will also help you understand the home loan process and get the necessary documents in order. You may want to compare various home loan products from leading banks and NBFCs before you apply. 
 

Top 5 Smart Home Devices in 2023

What is it about Batman and James Bond movies that capture our imaginations? While the technology of Wayne Manor and the gadgets that Bond uses have us craving for more, what if you could live in a smart home with most, if not all, of these high-tech tools? Let us take a look at some of the top smart devices that are now available and can turn your house into a dream home. What is more, these can all be connected to each other and can be remotely controlled by you.

Smart Lighting and HVAC Systems
Intelligent HVAC systems are definitely the way we are headed. We live in a world where global warming and energy crises are here and here to stay. An air-conditioning unit that senses the external temperature, humidity, and weather conditions and modifies the indoor temperature settings to balance these is the hallmark of a smart home. Similarly, lighting and air purifying technology that sense the presence of people in a room and can turn off when you walk out can help save energy and money. That’s both environment-friendly and tech-savvy! Voice-controlled mood lighting adds the oomph factor to your smart lifestyle.

Smart Cleaning Systems
Robotic floor cleaners that sense your dusting, cleaning, and mopping needs are no longer a dream. What's more, is that this amazing home gadget is self-cleaning and charges itself. It even starts to recognise the layout of your home for a better cleaning experience. And if you think robotic cleaners are the answer to your prayers, take a look at motion-sensing dustbins that open as you approach and come with a built-in compactor function. Some even have a smart composting function to turn your wet waste into compost. Now that is the future, isn't it?

Personal Chef
Smart kitchens and kitchen appliances are your own personal assistant and chef, all rolled into one. Let us take the example of the intelligent refrigerators that are now hitting the markets. A smart fridge can help you identify the groceries you use regularly and tell you when you run low. It can also help you identify foods that are likely to go bad, help pull up healthy recipes and even remind you to up your water intake. Kitchen planning like a pro chef is now at your fingertips. Your smartphone can control smart cookers and coffee makers, and coffee or dinner can be kept ready and warm by the time you get home. Smart living has truly arrived.

Entertain like a Pro
Living room technology can be made infinitely better with smart designs and internet connectivity. Voice-controlled activation of mood music, centrally controlled speakers, televisions, sound systems, hands-free display, and settings adjustments - you have everything you need for a movie screening, a date night, or a sports event with friends. Taking home automation to a whole new level, you can now connect the popcorn maker to the television or sync the oven to the music to be ready on time for dinner.

The Matter of Security
One of the greatest applications of smart technology, AI, and IoT is the development of next-gen security systems. We have long graduated from the lock and key systems to key cards and further on to biometric systems. So, walk into your home carrying groceries or shopping bags, look into the smart security console and unlock your home without having to reach out for the physical keys  – all hands-free. In addition, you may want to install motion-sensing security devices can now alert you to any movement at home through your mobile phones, tabs, and remote devices and also give you a live feed of any activity. This will help you keep tabs on pets, the elderly, or alert you to any intruders.  Smart homes deserve smart security, and the best systems are now available to homeowners.

Indian Real Estate and Smart Automation
According to recent reports, the global smart home automation market was pegged at USD 64.66 billion in the year 2022. The Indian smart home market is estimated to be about USD 4.43 billion and is expected to reach USD 6.85 billion by 2027. Some of the top developers in cities like Mumbai and Delhi have responded to this growing demand for smart homes by coming up with ultra-high-tech projects that are automation and smart technology enabled.

If you are a prospective homeowner and are looking to own a smart home, Blox is your one-stop destination. Our tech-enabled online platform helps homeowners find the right residential properties constructed by some of the top developers and builders in Mumbai. Look for the smart home that fits your budget, location choice, and preferences and buy a home in seven clicks. Find expert guidance from our relationship managers, who bring you exclusive properties to match your needs. If you love technology in your home, trust the tech tools of Blox to make your home-buying experience a smooth, stress-free one.
 

7 Common Errors Buyers Make While Buying an Apartment

Deciding to buy your dream home brings you to the threshold of a major milestone in life. The goal is beautiful, but the process may be quite challenging, particularly for first-time home buyers. Here are some of the most common mistakes to avoid when buying an apartment.

• Not accounting for the growing needs of the family - Each stage of life comes with a different set of needs and necessities. One of the most common mistakes homebuyers make is not anticipating future requirements. As a young professional, you may be happy buying a 1 BHK or 2 BHK condominium, but when you have children, you may need an additional children's room or study. Your ageing parents may need to move in with you. Buying a home is often a once-in-a-lifetime event, and this means your family's future needs must be part of the plan.
• Not researching enough - The starting point of your home search must be your chosen location. Researching the location is very important because it has a far-reaching impact on your lifestyle. How long will your work commute be? Is there an upcoming metro nearby? Are there good schools and entertainment centres for the children? Are there good medical facilities available nearby? What is the infrastructural development of the locality like? What is the likely asset appreciation in the area, say, five years from now? These are all questions that must be answered before you decide to invest in a property.
• Going beyond the budget - Buying a home is one of the most important financial decisions you will make. Choose a budget you are comfortable with and stick to it. Use an EMI calculator to check your monthly outflow. Do not forget to include other expenses like parking, registration, and stamp duty and recurring charges like property tax and maintenance when calculating your expenses. One good way of optimising your budget is negotiating discounts with the developer. You may also want to avoid splurging on the interiors and plan to remodel when you have some additional funds or try interior designing if you are creative.
• Relying on real estate agents - Relying blindly on real estate agents may not be a good idea. Most middlemen charge you 1-2% of the property value, which can be a significant expense. The real estate agent system in India works on commission to show you new and resalable properties, but these agents do not provide adequate guidance or verify the sellers. It is a good idea to opt for online platforms like Blox, which charge zero fees but use tech tools to connect you to top developers with a track record of delivering high-quality projects on time.
• Not checking loan pre-qualifications - Securing proper funding for the apartment you plan to buy is one of the most important aspects of buying a property. Not comparing lenders, loan products, checking loan pre-qualification, and credit eligibility are some of the top mistakes to avoid while buying an apartment. If you are not sure about the tenor or choosing between a floating and fixed interest rate, it is a good idea to consult a financial advisor. You may also want to consider getting a life insurance policy to offset the risk of taking a home loan and securing your family.
• Not buying from a trusted builder - When you set out to look for a real estate property, it is very important to do some research on the background, track record, and financials of the builder or developer. Some of the greatest challenges that homebuyers face come from delayed or shelved projects. The introduction of RERA has brought homebuyers a great deal of protection, but most Indians still do not understand their legal rights. Always opt for a RERA-registered project when you look for a property to buy. This will ensure you do not face any financial loss if the developer cannot deliver on time.
• Overlooking paperwork and verification - Documentation and paperwork are the most important part of buying a real estate property. Verification of the title, documents, and permits is of prime importance. This is because, unless the title and deeds of the property are scrutinised and verified, the legality of the ownership can come into question. Again, buying from a verified and trusted developer can help you because such a developer will be forthcoming in providing you with these permits and documents. Contact a lawyer if you need help understanding some of these.

Your Blox Relationship Manager is an expert who will handhold you through home-buying and make it an easy, stress-free experience. All the developers listed on our platform are verified, and the properties are RERA-registered. Bank on the expert guidance of your RM to avoid making these common homebuying mistakes.
 

Impact of Metro Lines 2a and 7 on Real Estate in Mumbai

The year 2023 brought great relief for the Mumbaikars with the much-awaited inauguration of metro lines 2A and 7 by PM Shri Narendra Modi, serving as a boon to the Populous City. In its first 2 days of opening, the rapid rail transit witnessed a staggering ridership of an estimated 1.25 lakhs. The commercial capital now hosts three metros, including Line 1 Versova-Andheri-Ghatkoper. 

Recently flagged off, both the lines cover a distance of a little above 35km, with 2A covering 17 stations and 7 doing 13 stations. While the former stretches from Dahisar to DN Nagar (Andheri-West), the latter will run between Ovaripada and Gundavali. The ambitious project has cost the Maximum City, both lines combined, an exorbitant cost of ₹12,600+ crores. Making lives simpler for the common man, the metro’s ability to transport an average of 3,00,000 lakh people a day in a reduced time is highly beneficial for the economy of Mumbai.

While 2A has a travel time of 40 minutes, line 7 will take 35 minutes to cover its distance of 16.5km.

One of the sectors to benefit the most from this is real estate, with premium developers having a lot of exciting projects in the pipeline. As Mumbai witnessed an impressive registration of over 8,800 properties in the first month of 2023, the realty industry is in a comfortable position as time passes, with the recent metro lines 2A and 7 only making things better.

Understanding the impact of metro lines 2A and 7 on Mumbai’s real estate market

• Appreciation of land: In most cases, the metros usually positively impact the real estate market. Aiding the economy, especially in employment, you can expect the prices of properties to go up soon. 
• Demand for housing to go up in the western suburbs: With the metro currently covering most of the western suburbs, the request for residential properties is likely to see an uptick, with developers like Rustomjee, Runwal, and Lodha already gearing up.
• Reducing the disparity in prices: It’s no secret that a house in Andheri-West will be costlier than that in Dahisar. However, with the metro coming up, several localities in the city are expected to see a spurt in top-class infrastructure, be it residential, commercial, or social, reducing this massive disparity between the different neighbourhoods of Mumbai.
• Increase in inflow from other cities: Mumbai’s over two crore population continues to pose a massive threat to its development. Nonetheless, with the metro helping build more offices, employment will increase, leading to further migration and fueling demand in the real estate sector.
• Competitive pricing due to an increase in demand: As demand grows, realtors will pull out all the stocks to outdo each other, be it pricing or providing the best of amenities, ultimately benefitting the customer.
• Commercial and social infrastructure: With the demand for residential properties increasing, there will be a need for additional schools, colleges, and hospitals, along with recreation centres such as malls, restaurants, and theatres. 
• Increase in standard of living: Metro’s ability to boost the economy will help improve Mumbaikar’s quality of life and increase its purchasing power, leading to more demand, which will also benefit the real estate industry.

Though Mumbaikars have always been known for their high resilience, the recent years were their toughest test as the city continues to undergo several under-construction projects, given the long hours of travelling, congestion, space constraints, and increased cost of living. Thus, metro lines 2A and 7 come as a breather.

The upcoming underground metro and the highly anticipated coastal road will only improve things for India’s highest contributor to GDP.

 

5 Reasons Why Real Estate Demand in Chembur Is Increasing

Though one of the most expensive cities to live in, Mumbai continues to serve as one of the crucial drivers for the real estate market, with specific locations pacing this development, including the upmarket suburb Chembur, located in the northwestern corner of Trombay Island. Some of the demographic features of the central Mumbai location include the following.

• A population of above four lakh residents.
• The area stretches up to 16.28 sq km.
• A marine alluviam-type soil
• Nearest airport aerial distance: Chattrapati Shivaji International Airport (4.32 km).
• Nearest railway station aerial distance: Lokmanya Tilak Terminal (2.05 km).
• Mumbai Monorail Line-1
• Santacruz-Chembur Link Road

Given its proximity to business hubs in the commercial capital, such as Bandra Kurla Complex (BKC), Lower Parel, and Andheri East, Chembur has witnessed a massive surge in its real estate demand, with top developers playing to the gallery. With new and exciting projects in the making, the area's current price per sq foot stands at ₹19,570. For example, an 1 BHK in any of the upcoming residences could cost you a minimum of ₹70 lakhs. 

What makes Chembur so unique?

The Mumbai central location caters to everyone’s choices, offering religious sites, parks, and malls. Let's look at some top things to do when visiting Chembur.

• Dhakleshwar Mahadev Mandir
• Jarimari Mata Temple
• Ajmera Bhagto Park
• K Star Mall and Cubic Mall

Thus it is no surprise that the real estate demand is at an all-time high. Let’s have a look at some of the reasons to buy a property in Chembur. 
 

1. Offers great connectivity
Enjoying the benefits of being strategically located close to BKC, Lower Parel, South Mumbai, and Central Mumbai, Chembur is one of the top real estate choices for office-goers to beat the Populous City’s traffic. Another facet working in its favour is its proximity to the International airport, eastern and western express highways. The Monorail plays another booster to the entire transportation system. 

2. Growing Social infrastructure 
Chembur’s growing infrastructure isn’t limited to residential and commercial real estate. Over the years, there has been an onset of schools, hospitals, and colleges in the locality, providing world-class services, which helps attract the family segment of customers for investment purposes.
Educational institutions such as the following:

• Loreto Convent School
• St. Gregarious High School
• Tata Institute of Social Science

Medical healthcare facilities are as follows.

• Apollo Spectra Hospital
• Mumbai Heart Clinic
• SRV Hospital

3. Offers luxurious yet affordable flats
Less densely populated than other city localities, Chembur offers spacious and luxury flats at affordable rates, with top developers stacking up the best amenities. For example, A  2 BHK at 5th Avenue Prasanna Aura, RERA registered, could cost you anywhere, starting from  ₹1.58 crores. 

4. Better lifestyle and growing recreational facilities 
The middle-class today has evolved with time, possessing an increased purchasing power and a higher standard of living. Hence, Chembur fits the bill, offering recreational facilities like the Bombay Presidency Golf Club, Chembur Gymkhana, K Star Mall, Cubic Mall, Fun Cinemas, and various other avenues for entertainment. 

5. The growing industrial hub
Many top industries have offices in Chembur, making it an epicentre for employment generation, ultimately leading to social and realty infrastructure growth. Here is a list of some top industrial players in the northwest corner of Trombay Island.

• Bharat Petroleum Corporation Limited
• Rashtriya Chemical and Fertilizers Limited
• HPCL
• Bhabha Atomic Research
• TATA Power

To understand more about Chembur’s growing real estate demand, let's look at some prime residential projects that have contributed to this upmarket neighbourhood’s infrastructure.

1. 71 Midtown

• Offering 1 and 2 BHK flats
• Price range starting at ₹83 lakhs 
• RERA carpet area: 350-550 sq. ft
• Completion Date: December 2025

2. Aayush Arna

• Offering 1,2,3 and 3.5 BHK flats
• Price range starting at  ₹1.5 Cr
• RERA carpet area: 383-1060 sq. ft
• Completion Date: June 2023

3. Aayush Aura

• Offering 1 BHK flats
• Price range starting at ₹97.92 lakhs
• RERA carpet area: 408-415 sq. ft
• Ready to launch 

4. Aayush Gulmohar 

• Offering 1 BHK, 2 BHK, 2.5 BHK, and 3 BHK
• Price range starting at ₹99 lakhs
• RERA carpet area: 421-859 sq. ft
• Completion Date: December 2023

5. Aayush Poornima

• Offering 3 BHK flats
• Price range starting at 3.3 Cr
• RERA carpet area: 1001 sq. ft
• Ready to launch

6. AHCL Zynergy 

• Offering 2 BHK flats
• Price range starting at ₹ 2.01 Cr
• RERA carpet area: 615 sq. ft
• Ready to launch

7. Akshay Paradise

• Offering 2 BHK flats
• Price range starting at  ₹1.25 Cr
• RERA carpet area: 568 sq. ft
• Ready to launch

Chembur is expected to see massive growth in the real estate sector as the days pass, given its strategic location, and other advantages as developers throng towards the customers with exciting projects, it is an interesting time to be on the buyer side of schemes, as builders try to compete in delivering them the best product. 
 

What Is Property Card in Maharashtra and Its Importance?

Are you tired of navigating complex and confusing real estate transactions in Maharashtra? What if we tell you that you can have all the information about your property in one convenient place, accessible at your fingertips? Sounds great, right? This is exactly what property cards in Maharashtra do.

These official records serve as your one-stop shop for all information related to your property. From ownership history to current status, property cards have it all. A property card, also known as Malmatta Patrak, was introduced by the Maharashtra government as part of its Digital India initiative to streamline and digitise land records. The primary objective of the property card is to provide a transparent and easy-to-access database of all the properties in Maharashtra. The property card is maintained by the Revenue Department of the Maharashtra government.

Maintained by the Revenue Department of the Maharashtra government, these cards bring a new level of transparency and simplicity to the real estate market. No more worrying about disputes or unclear ownership; property cards have got you covered.

Property cards eliminate the hassle of going through stacks of paperwork and multiple sources to find the information you need. So, whether you are a first-time buyer, a seasoned property owner, or simply curious, understanding the property card system in Maharashtra is a must. This valuable resource not only serves as proof of ownership but also helps ensure that your rights and interests in the property are protected.

The card contains crucial details about the property, including the name of the owner, type of ownership, land area, and survey number.

It also provides information about the land use and zoning regulations of the property, which ensures that the property is legal and complies with local regulations. The property card is an essential document for property transactions such as property registration, sale deed, or mutation.

Having a property card is crucial for both buyers and sellers as it helps to ensure transparency in the real estate market. The property card helps in resolving any disputes that may arise. In addition, it provides important information about the property, such as the date of construction, the type of construction, the area of the property, and the name of the current owner.

Importance of Property Cards for Buyers

For buyers, property cards provide peace of mind when making a real estate purchase. They can easily verify the ownership status and any other relevant information about the property before making a decision. This helps to avoid potential issues such as disputes with previous owners or encumbrances that may impact the value of the property.
In addition, property cards can help buyers to make informed decisions by providing information about the property's history, such as any renovations or additions that have been made over the years.

The property card provides details about the land area and survey number of the property, which helps to establish its authenticity. This helps the buyer to ensure that the property is genuine and not involved in any legal disputes.

An important document required for availing loans against the property, it serves as collateral and provides the lender with the assurance that the property is owned by the borrower.

Importance of Property Cards for Sellers

For sellers, property cards are also important as they provide an accurate and up-to-date record of the property's ownership status. This can help to ensure that the sale process goes smoothly, as buyers will have all the information they need about the property before making a decision.
In addition, having a property card can help to increase the value of the property, as it provides a clear and official record of ownership that buyers are more likely to trust. It is ‘proof of ownership’ and must be provided to the buyer or seller during the transaction.

Importance of Property Cards for Property Owners

For property owners, property cards provide a convenient and accessible source of information about their property. They can easily access and review their property's information at any time, helping to ensure that their rights and interests are protected.

In addition, they can help property owners to keep their records up-to-date, such as updating their contact information or adding any renovations or additions to the property.
A property card is a crucial legal document that provides valuable information about a property, including ownership details, land area, and survey number. 

To sum it up, it serves as proof required for various purposes such as property registration, applying for loans, and selling the property. Having a property card is important for buyers as it helps to establish the authenticity and legality of the property, and ensures that the buyer does not face any legal hassles in the future. Thus, obtaining it is a necessary step in any property transaction and plays a key role in protecting the interests of both buyers and sellers.

 
 
 

8 Interesting Facts To Know About the Indian Real Estate Sector

The real estate sector of India is a fascinating study, both for economists and investors. This dynamic and vibrant market is resilient and is one of the largest employment generators in the country. Here are some facts about the real estate sector that you will find fascinating. 
                                    
1. Population and housing – India is now the most populous country in the world. With a population of 141.7 crores as of December 2022, India overtook China, which had been the world's largest country by population since the 1950s. With a growing population, it stands to reason that housing is one of the country's greatest challenges, and the real estate sector is growing in tandem to address this. Apart from selling the existing inventory, real estate developers have started to undertake new projects and housing development in many Tier !, II, and III cities across the country.

2. A remarkable rebound – The COVID-19 pandemic brought a lull phase into the country's real estate sector. The rebound, however, has been phenomenal. In the third quarter of 2022, residential property prices in most of the country's major cities have risen by 1-2%. It is estimated that nearly a quarter of the housing demand in the country comes from major cities like Delhi and Mumbai.

3. Economy and real estate – The real estate industry has always been a significant contributor to national development. According to a recent report, estimates suggest that by the year 2030, the sector is expected to reach a market size of about USD 1 trillion. This will account for nearly 20% of the national GDP.

4. Affordable housing - India has one of the world's most significant government-backed affordable housing schemes. In the 2023-24 budget, FM Nirmala Sitharaman allocated about INR 79,000 crores for the Pradhan Mantri Awas Yojna. Budget homes accounted for nearly 28% of all residential property sales in 2022. While this was lower than in 2019, it is a substantial market, given the scale of housing in the country.

5. Smart homes – India's ambitious drive to establish 100 smart cities has significantly boosted the real estate sector. In fact, the demand for smart homes in India is estimated to reach USD 4.43 billion very soon. Large developers are indeed leveraging the evolution of technology to build smart homes that are powered by IoT and interconnected devices. 

6. Tech savvy industry – India is the largest market for online real estate. What this means is that nearly 70% of all property buyers use the internet to locate their next investment options. With the introduction of smart technology, AI, and big data, Blox has become a pioneer in consumer-centric online real estate. Blox connects home buyers directly with verified builders and offers end-to-end home buying assistance at zero brokerage.

7. Investment opportunities – With a variety of opportunities, India's real estate sector is one of the most lucrative for investors. One can buy into commercial, residential, and farm properties, and for those who do not wish to deal with physical property, Real Estate Investment Trusts or REITs are now a good investment option.

8. Legal safeguards – India is the country with some of the most robust legal safeguards for real estate investors. Apart from various land revenue codes, laws like the Indian Stamp Act, 1899 and Registration Act of 1908, the Real Estate (Regulation and Development) Act of 2016 (RERA), Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act of 2013, Transfer of Property Act of 1882, and the Indian Contract Act of 1872 are some of the notable legislations protecting the rights of property owners and home buyers.

The growth of housing and residential projects across the country has been keeping stride with the population and demand and this in itself is an amazing economic phenomena. The real estate boom in India is fuelled by the growing demand for residential property in the country’s metropolitan cities. Mumbai, in particular, is one of India’s largest real estate markets. The Brihanmumbai Municipal Corporation or the Municipal Corporation of Greater Mumbai has been expanding at an unprecedented rate with the suburbs being tapped by property developers in the city.

And if you too, are looking to buy a residential or commercial property in Mumbai or one of the upcoming suburbs, you can partner with Blox, India’s premier online real estate platform. The online real estate buying platform makes digital househunting easy and effortless. Connect with a Blox relationship manager for insights and market updates. Your relationship manager is an expert in Mumbai localities and suburbs and can help you find the right residential property with all the amenities and facilities you need. Blox will connect you directly with verified developers making the home buying process smooth and easy by enabling you to buy the house in seven clicks.