The Mumbai City Real Estate Market is all set to see a Real Estate Price Boom In Mumbai Island City.
Large Corporate Entities have initiated a major push for Real Estate Redevelopment Projects in Mumbai The Commercial Hub of India.
Here we analyze the actual happenings within Mumbai City.
We will understand how Mumbai Island City is heading towards a real estate price boom due to Mumbai Redevelopment.
Besides the same, we will resolve the confusion/difference between MOFA and RERA Carpet Area
Mumbai City is an area from Cuffe Parade to Mahim West and from Colaba Till Sion.
In this island city, a historical place: Mahim West is undergoing a sea of vast change with a large number of Real Estate
- Residential Redevelopment Projects, and
- Commercial Redevelopment Projects, are presently in progress.
These Real Estate Redevelopment Projects are going on corporate investments of multiple crores of Rupees being pumped by several Corporate entities.
Rustomjee 180 Bayview [Flats for sale in Mahim West] [Matunga 2 BHK Flat Price]
Although this project is located in area near Matunga Road Station West [Matunga 2 BHK Flat Price], at New Era Silk Mills, which is classified as a part of Mahim West. In this project, the availability is 2 BHK Flats & 3 BHK Flats.
L&T Island Cove, Mahim West Project [Flats for sale in Mahim West]
L&T has a huge Project going on in Mahim West at Mori Road, where in the Free Sale Component is believed to be more than 600 Flats out of which most of the Flats are for the Premium Segment ranging from 1000 sq ft to 1200 sq ft. This project is located on a huge land parcel of more than a few acres wherein about 2000 Rehab Tenements will be located on an adjoining separate plot of land on the northwest of the Sale Component Towers having separate / exit gates.
This Project will be housing a commercial section at its western end facing Mahim Causeway with shops, boutiques, and offices exactly adjoining Mahim Bus Depot / Kanakia Miami Towers.
The work on this Project was originally started by Shri Chandualal Senghani along with Late Shri Paras Porwal of Om Shanti Universal Developers under their SPV Shree Nidhi Concepts Realtors Pvt. Ltd. in the year 2006 after Project work could only take off after 2014 when the Supreme Court of India gave a ruling the Mahim Creek was not Creek but Mahim Bay thereby relaxing the applicable CRZ Act Limitations, after which there were several litigations filed by a developer working on an adjoining plot of land on an SRA Scheme and trying to take over his Redevelopment Scheme.
These litigations went on from the Bombay High Court to the Supreme Court from the year 2015 till the year 2019, but Shree Nidhi Concepts Realtors Pvt. Ltd. won all the litigations on pure merit in the meantime Shri Babulal Varma of Omkar Developers entered and joined Shree Nidhi Concepts Realtors Pvt. Ltd. All the litigations ended in the year 2019, after that due to Covid Pandemic work could not go ahead in the years 2020 and 2021.
Thereafter they Shree Nidhi Concepts Realtors Pvt. Ltd. L&T in the year 2023 and after proper negotiations L&T agreed to take over the construction part of the project at the end of the year 2023, and thereafter accordingly L&T started their work on the Project site in the year 2024. They are expected to finish the construction work by the year 2027/28.
[Also Read: Affordable vs. Luxury Housing Construction Companies in Mumbai]
Prescon Midtown Bay [Flats for sale in Mahim West] [Matunga 2 BHK Flat Price]
This Real Estate Redevelopment Project is located on Sitladevi Temple Road [Matunga 2 BHK Flat Price] exactly behind Sitladevi Temple, where in although more than a few 2 BHKs ranging from 700 to 800 sq ft, the inventory of the few Premium Flats got sold out in a couple of weeks thereafter the remaining Flats ranging from 700 to 800 sq ft were sold out as Jodi Flats and that Inventory again got fully sold out in a couple of weeks.
The Biggest Upcoming Real Estate Redevelopment Project in Mahim West [Flats for sale in Mahim West]
As per reliable sources, One very big and huge housing society is heading for redevelopment, and their redevelopment work execution is expected to start at the end of the coming year 2025, this Mumbai Redevelopment Project is expected to be the biggest Redevelopment Project in the area of Mahim West. The corporate developer is in the process of being listed on the stock market. This Project is expected to house about 600 Flats approximately, most of them being in the Premium Segment from 1200 sq ft to about 1700 sq ft, with more than a majority of the Flats being 3 BHKs and 4 BHKs.
This Redevelopment Project will be housed on a land parcel of above 3.5 Acres of Land in the heart of Mumbai City – Mahim West with a number of the latest amenities.
This Upcoming although expected to be launched by the end of next year – 2025 or latest at the start of the year 2026 is located close to Mahim Railways Station West and in close proximity to Mahim Bus Depot.
As per reliable sources from the Real Estate Industry, the Pre Booking Price of this said Real Estate Redevelopment Project is expected to be about Rs. 50,000 per sq ft, and the Booking Prices are expected to be Rs 55,000/= approximately or above
Mumbai Redevelopment in Mahim West Facts
At an average in Mahim West, a flat of about 2 BHK used to be priced between 2.25 Crores and about 2.90 Crores to a buyer till now.
Mumbai Redevelopment Impact: Real Estate Price Boom In Mumbai Island City
Due to the ongoing Redevelopment Projects Mumbai Island City and the area in Mahim West is seeing a Huge Real Estate Price Boom, as a result of which, 2 BHK Flats presently are being quoted as well as being sold for 3.5 Crores to 4.5 Crores.
In the present scenario, Mumbai Redevelopment is expected to see a Huge Real Estate Price Boom In Mumbai Island City.
FAQs Answered Here:
How to become a real estate agent in Mumbai?
Starting your career as a real estate agent in Mumbai requires a strategic approach and dedication. Here’s a comprehensive guide:
Obtain a Real Estate Agent License:
Register yourself with the Maharashtra Real Estate Regulatory Authority (MAERA), complete the mandatory training, pass the examination, and secure your license.
Join a Reputable Brokerage Firm:
Research and select a brokerage that aligns with your selected goals. Negotiate terms and sign a brokerage agreement.
Build Your Network:
Leverage your existing connections, attend industry events, and utilize various online platforms to expand your network.
Develop Essential Skills:
Gain a deep understanding of the local market, hone your negotiation skills, and prioritize exceptional client service.
Consider Additional Certifications:
Explore certifications like the Certified Residential Real Estate Specialist (CRES) or Certified Commercial Investment Member (CCIM) to specialize in your niche.
Market Yourself Effectively:
Create professional marketing materials, utilize cold-calling techniques, and leverage social media to showcase your expertise and attract clients.
Remember, success as a real estate agent in Mumbai requires a combination of knowledge, skills, and dedication.
By following these steps and continuously striving for excellence, you can establish a thriving career in this dynamic industry
How much real estate agent earns in Mumbai?
The earning potential of a real estate agent in Mumbai is influenced by several factors:
Experience:
Seasoned agents often command higher commissions due to their established network and expertise.
Network:
A robust network of clients and referrals can lead to a steady stream of deals and increased income.
Market Dynamics:
The performance of the real estate market, including property prices and transaction volume, directly impacts agent earnings.
Specialization:
Agents specializing in high-value properties or specific market segments may enjoy higher earning potential.
Commission Structure:
Brokerage firms employ various commission structures, affecting agent compensation.
Average earnings can range from ₹30,000 to ₹2,00,000 per month, with top performers earning significantly more. However, income can fluctuate based on market conditions and individual performance.
To maximize earnings, focus on building a strong network, continuously developing your skills, and staying updated on market trends.
Difference between MOFA and RERA Carpet Area?
Let’s know the difference between MOFA and RERA Carpet Area?
Existing Flat Area:
715 RERA sq. ft Carpet Area – 50.5 sq. ft. [7% Average / Approximately (could vary in Renovated Flats)]+ Average 60 sq. ft. Balcony / (30 sq. ft +30 sq. ft. Balconies) = 724.5 sq. ft. Approximate Total MOFA Area
The difference between MOFA and RERA Carpet Areas is Approximately 7% Without Balcony Area.
Rehab Flat Area:
1340 sq ft. RERA Carpet Area – [7% Average / Approximately] – 93.8 sq. ft. + 99 sq ft. [55 sq. ft + 44 sq. ft.] Balcony Area = 1345.20 sq. ft. Approximate Total MOFA Area.
The difference between MOFA and RERA Carpet Areas is Approximately 7% Without Balcony Area.
With the help of the above calculations, you will be able to clearly understand how the difference between MOFA and RERA Carpet Areas is Approximately 7% Without Balcony Area, for your personal Understanding.
What is RERA Approved?
RERA Approved indicates real estate projects registered and approved by the Real Estate Regulatory Authority (RERA) in India. This regulatory body safeguards the interests of homebuyers and promotes transparency within the real estate sector.
Key Advantages of RERA Approved Projects:
Transparency:
RERA mandates developers to disclose project details, fostering informed decision-making.
Consumer Protection:
Homebuyers are shielded from fraudulent practices and project delays.
Effective Grievance Redressal:
RERA provides a platform for addressing consumers’ / buyers’ complaints and seeking resolutions/remedies.
Quality Assurance:
RERA ensures that the developers follow and adhere to quality standards and timelines.
Investing in RERA approved projects offers significant benefits. It ensures your investment is protected and provides recourse in case of any issues.
How to calculate FSI for Redevelopment in Mumbai?
Let’s learn here how to calculate FSI for Redevelopment in Mumbai. Calculating FSI for Redevelopment in Mumbai
FSI, or Floor Space Index, is a crucial factor in Mumbai redevelopment projects. It decides the maximum allowable built-up area on a plot. Here’s a breakdown of the FSI calculation process:
Identify Base FSI:
Determine the base FSI value for your project’s location from the Municipal Corporation of Greater Mumbai (MCGM). Consider any additional FSI incentives offered.
Assess Transferable Development Rights (TDRs):
If the existing structure is dilapidated or ineligible for redevelopment, you may be entitled to TDRs. Calculate their value and the corresponding increase in FSI.
Calculate Total FSI:
Sum up the base FSI and TDR-generated FSI. Consider any other regulations affecting the total FSI.
Factor in Special Regulations:
Be aware of affordable housing norms and other relevant regulations that may impact FSI.
Determine Maximum Built-Up Area:
Multiply the total FSI by the plot area to calculate the maximum allowable built-up area.
Additional Considerations:
Floorwise FSI restrictions:
Some areas have limitations on FSI per floor.
Setback requirements:
Adhere to minimum distances parameters between the building and property boundaries.
Other regulatory requirements:
Comply with building codes and environmental norms.
Consulting with a qualified architect or urban planner ensures accurate FSI calculation and compliance with all regulations. This will help you maximize your redevelopment project’s potential.
Additional Resources:
Does redevelopment of old buildings impact housing prices and rentals in Mumbai?
