Designed by renowned architect Hafeez Contractor, the tower offers panoramic views of Mumbai’s skyline, including the Queen’s Necklace, Arabian Sea, and Mahalaxmi Racecourse. Located in Tardeo, Avaan Tower 2 spans 6.5 lakh sq. ft. and is projected to generate ₹3000 crore in revenue.

Manan Shah, Managing Director of MICL, described the project as a symbol of “neo-luxury living,” blending innovation, craftsmanship, and world-class amenities. The tower boasts 55+ elite amenities, including an ocean-view infinity pool, UFC gym, private theatre, Hammam bath, and a farmer’s café.

MICL continues to redefine Mumbai’s luxury real estate landscape, with Manan Shah driving the brand’s expansion and global-first experiences. Avaan Tower 2 cements MICL’s position as a leader in ultra-luxury living.

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The transaction, which was registered on August 13, involved payment of a ₹21.30 crore stamp duty. Bayside Mall, with a built-up area of 17,345 sq ft spread over one-third of an acre, was previously made up of 105 units but now consists of 75 units following the amalgamation of some units. The Popular Press Building, located adjacent to the mall, is a ground plus two-storey structure built over more than one-fourth of an acre.

Ivory Property Trust paid the first tranche of ₹120 crore at the time of registration, with the second tranche of ₹120 crore paid on August 22. The final payment of ₹115 crore was due by November 20, marking the completion of the deal.

Bayside Mall, launched in the early 2000s, initially aimed to serve as a convenient shopping destination for local residents and continues to cater to a niche market with utility-driven offerings.

This acquisition marks K Raheja Corp’s second mall purchase in South Mumbai this year, following their acquisition of Central Mall for ₹476 crore. Central Mall, also in the Tardeo area, is expected to be redeveloped into a 50-storey sea-view superstructure, offering approximately 250,000 sq ft of development potential. With current property prices in the area, the project could fetch over ₹2,000 crore.

Also Read: Mumbai’s first Mall Sold for ₹476 Crore

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Mumbai, September 2, 2024: The Mumbai Board of the Maharashtra Housing and Area Development Authority (MHADA) has announced a reduction in prices for several homes in its recent lottery. The board has adjusted the prices for 370 out of 2,030 homes, following the guidelines under DCPR 33 (5), (7), and 58.

Details of the Price Reductions

The price cuts are categorized by income group:

• Economically Weaker Sections (EWS): 25% reduction
• Lower Income Group (LIG): 20% reduction
• Middle Income Group (MIG): 15% reduction
• Higher Income Group (HIG): 10% reduction

Also Read: High Prices Forced Former Central Minister from Modi Govt to Decline MHADA Homes

Impact on Home Prices

As a result of these reductions, several homes previously priced in crores are now listed at significantly lower prices. For instance:

• A Worli home that was initially priced between ₹2.60 crore and ₹2.62 crore is now available for ₹2.08 crore to ₹2.09 crore.
• In Chembur, a house originally listed at ₹1.03 crore is now priced at ₹83 lakh.
• The most expensive home in Tardeo, once priced at ₹7.57 crore, is now available for ₹6.82 crore.
• A Lower Parel property that was priced at ₹2.10 crore is now listed at ₹1.68 crore.
• An Andheri home previously priced at ₹1.48 crore is now being sold for ₹1.18 crore.

Significance of the Reduction

These adjustments are part of MHADA’s efforts to make housing more affordable across various income groups, reflecting a commitment to increasing accessibility and affordability in Mumbai’s real estate market.

The post Worli Home Price Slashed: From ₹2.62 Crore to ₹2.09 Crore appeared first on Square Feat India.

State Housing Minister Atul Save on Wednesday confirmed that former Central Minister Dr. Bhagwat Karad declined the offer of a MHADA home, citing the steep prices. This follows a similar decision by BJP MLA Narayan Kuche, who had won the most expensive home in the 2023 MHADA lottery. The property, located at Crescent Towers, Tardeo, was priced at ₹7.57 crore and was allocated to Kuche through the MP/MLA quota. Kuche’s victory had initially displaced Karad, who was then serving as a central minister in the Modi cabinet.

Despite securing the home in the lottery, Kuche decided not to proceed, stating that the property’s cost was beyond his means. Under MHADA rules, if a winner declines their allotted home, the next person on the waiting list is given the opportunity. In this case, that person was Bhagwat Karad. However, Karad also chose to forgo the home, citing the same concern over the high price.

In response to significant public backlash over the high prices of homes in the MHADA lottery, the Maharashtra Housing and Area Development Authority (MHADA) has announced a 10% reduction in prices for High Income Group (HIG) homes. The price adjustment follows criticism from citizens about the affordability of homes in the recent lottery, which initially offered 2030 properties.

The new pricing will apply to 370 homes advertised under the DCPR 33 & 5 guidelines, including the property initially won by Kuche and subsequently refused by both leaders. The price reductions are as follows: 25% for Economically Weaker Sections (EWS), 20% for Low Income Group (LIG), 15% for Middle Income Group (MIG), and 10% for HIG homes.

MHADA’s decision to reduce prices aims to address the affordability concerns and provide a more equitable opportunity for potential buyers. The adjusted homes will be available in an upcoming lottery, offering renewed hope to those seeking housing in Mumbai.

Also Read: MHADA Reduces Prices for Homes in Mumbai Lottery

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The lottery includes homes across four categories: EWS (Economically Weaker Section), LIG (Low Income Group), MIG (Middle Income Group), and HIG (High Income Group).

Income limits for eligibility are as follows: EWS applicants must earn up to Rs 6 lakh per year, LIG applicants up to Rs 9 lakh, MIG applicants up to Rs 12 lakh, and there is no income cap for HIG applicants.

EWS candidates can apply for both EWS and LIG homes, LIG candidates can apply for, LIG, and MIG homes, while MIG candidates can apply for MIG homes and HIG homes. HIG applicants are restricted to applying solely for HIG homes.

Here are some of the locations where the MHADA lottery homes are available: Wadala, Mulund, Vikhroli, Pahadi Goregaon, Tardeo, Goregaon, Kandivali, Lower Parel, Borivali, Sion, JVPD-Juhu, Byculla, Dadar, Mahim, Mazgaon, Antop Hill, Santacruz, Chembur, Kurla, Andheri, Powai, and Malad.

The key eligibility criteria for the MHADA lottery are as follows:

1. Domicile Requirement: Applicants must be domiciled in Maharashtra and at least 18 years old at the time of application.
2. Property Ownership Restrictions: Applicants must not own a home within the Mumbai Municipal Corporation limits. If married, the applicant’s spouse and minor children must also not own a home within BMC limits.
3. Previous Benefits: Applicants should not have previously received a government-subsidized home in Maharashtra through any government scheme.

Here are the important dates for the MHADA lottery:

• Online Registration and Application Start: August 9, 2024, at 12:00 PM
• Online Payment Start: August 9, 2024, at 12:00 PM
• Application End: September 4, 2024, at 11:59 PM
• Online Payment End: September 4, 2024, at 11:59 PM
• RTGS/NEFT Payment End: September 4, 2024, at 11:59 PM
• Draft Application Publish: September 9, 2024, at 6:00 PM
• Final Application Publish: September 11, 2024, at 6:00 PM
• Lottery Draw: September 13, 2024, at 11:00 AM
• Refund Start: September 18, 2024, at 11:00 AM

For the rest of the detail you can visit this site: https://housing.mhada.gov.in and also have a look at these pictures.

Also Read: MHADA Mumbai Board Announces Lottery for 2,030 Flats

The post MHADA Lottery Unveils Priciest Homes at Rs 7.57 Crore appeared first on Square Feat India.

By Varun Singh

Mumbai’s real estate is known for setting new records. A new realty record has been set at the start of the financial year of 2022-23.

A flat has been sold in Mumbai’s Carmichael Road for a whooping Rs 1.25 lakh per square feet.

The flat that has been sold at this high price is located in a building that in the year 2020, and 2021 has already set several records.

The flat measures 3183.96 square feet and was sold for a total consideration of Rs 40 crore.

The deal was registered on the April 13, 2022, whereas the documentation was carried out on March 29, 2022.

R A Realty Ventures LLP sold the 12th floor apartment in Carmichael Residencies to Rajyavardhan Sonthalia, Neelam Sonthalia and Shauryavardhan Sonthalia.

Along with the apartment the new buyers shall also have access to 4 car parks. A stamp duty of Rs 2 crore was paid for the registration of the deal.

Carmichael Residencies has set records last year, it sold flats as high as Rs 1.58 lakh per square feet.

According to documents accessed by SquareFeatIndia, the recent deal of Rs 1.25 lakh per square feet was registered on April 13.

However, the documentation was carried out on March 29, 2022, when the stamp duty was 5% of the total value.

According to a real estate broker aware about the deal, the building is luxurious and attracts a premium.

Previous Top Deals
In December 2020, The Daftary’s paid Rs 101 crore for a flat measuring 3183 square feet in Carmichael Residencies. The per square feet rate here was Rs 1.58 lakh.

In July 2020 Anurang Jain paid Rs 1.56 lakh per square feet for a flat in Carmichael Residencies.

In December 2020, Motilal Oswal Family trust paid Rs 1.48 lakh per square feet to buy a home in 33 South.

In March 2022, a 10,566 square feet flat in Worli’s Rahjea Legend was sold for Rs 144 crore, thus taking the per sqyare feet value to Rs 1.32 lakh.

Also Read: Flat Sold For Rs 1.13 Lakh Per Square Feet

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By Varun Singh

Tata’s former Chairman Cyrus Mistry, along with his wife Rohiqa Mistry on January 7, has put a Tardeo apartment on rent.

Cyrus Mistry gave his apartment located on the 40th and 41st floor of The Imperial South Tower to Mitsubhishi Corporation India Private Limited.

The per month rent for the apartment stands at Rs 8.92 lakh for the 3183.59 square feet apartment.

The deposit for the apartment stands at Rs 25.50 lakh.

Cyrus Mistry currently resides in Colaba. The Imperial Towers belong to SD Corp – a joint venture of Shapoorji Pallonji and the Dilip Thacker Group.

This building is amongst one of the most sort out properties in South Mumbai.

Only in December, two apartments in Mumbai’s Tardeo area were sold, last week for Rs 36.50 crore in the building The Imperial Edge.

The total area of the two flats is 3081 sq ft and going by Rs 36.50 crore, the per sq ft rate comes to Rs 1.18 lakh.

The year 2021, has started on a high note for real estate industry too. In Bandra’s Pali Hill an apartment was sold for Rs 1.02 lakh per square feet just a week ago.

Sales have already crossed in Mumbai, the January 2021 mark, and it is expected to also go high.

The leave and license deal concerning Cyrus is also a sign that luxury market is performing good.

Also Read: Flat In Dev’s Anand Sold For Rs 1.02 Lakh Per Sq Ft

The post Cyrus Mistry Rents Tardeo Flat To Mitsubishi For Rs 8.92 lac per month appeared first on Square Feat India.

By Varun Singh

Two apartments in Mumbai’s Tardeo area were sold, last week for Rs 36.50 crore in the building The Imperial Edge.

The two flats are 3101 and 3102 located on the 31st floor of the building.

The total area of the two flats is 3081 sq ft and going by Rs 36.50 crore, the per sq ft rate comes to Rs 1.18 lakh.

The Tardeo deal according to documents accessed by SquareFeatIndia was registered on December 18.

Flat number 3101 measurers 1540.65 sq ft and was purchased for Rs 18.60 crore (Rs 18,60,97,127). The second flat 3102 also measures the same and for this flat, the buyer paid Rs 17.89 crore (Rs 17,89,02,873).

The total stamp duty paid by the buyer is Rs 73.01 lakh to the developer.

The seller in this case is S D Corporation Pvt Ltd. The buyers are a well known business couple from Mumbai.

The buyers who didn’t wish to be identified includes a senior management member from India’s one of top mutual fund investment company.

Along with the flats the buyers will also have access to six car parks located in the Tardeo building.

Expensive deals of Year 2020.
Anurang Jain paid Rs 1.56 lakh per sq. ft. for an apartment in Carmichael Residences in July 2020.

In the same Carmichael Residencies Anurang Jain bought another flat in October for Rs 1.22 lakh per sq. ft.

Shushilkumar Jain paid Rs 1.30 lakh per square feet for an apartment in Bandra’s Navroze building.in July 2020.

Businessman Pratik Agarwal registered a flat in Samudra Mahal, for Rs 1.12 lakh per sq ft. in June 2020.

Veteran banker Romesh Sobti along with his wife bought an apartment for Rs 76 crore in Worli’s Three Sixty West in June 2020

Also Read: Bandra flats sold for record Rs 1.30 lakh per sq ft

.

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By Varun Singh

MHADA the housing authority of the state, signed an agreement with a developer in Mumbai’s Walkeshwar area on January 2, 2020. MHADA will receive 1500 sq ft from the developer.

The agreement was signed by a senior official from MHADA’s Repair and Reconstruction Board with a private developer. The developer is developing a plot measuring 709 sq mts located in Dongarsi Road, Walkeshwar.

The flats that MHADA will get will be located in the building’s 14th and 15th floor. A senior official from MHADA said, “The building is yet under construction. The agreement signed is mandatory before the commencement certificate is issued. We will be receiving the area mentioned in the agreement from the developer once the building is constructed.”

According to officials from MHADA the building will be constructed in a period of two to three years and that is when it shall receive the flats. The decision whether to bring the flats in lottery for common man shall be taken once the building is ready and the flat sizes are accurately known.

Normally MHADA brings flats that it receives from such development in lottery, when the sizes of the flats are bigger than what they offer in rehab of old tenants.

Previous Acquisitions by MHADA

Last year, in the month of September, eight flats with two car parks each, in one of the most upmarket areas of the city, landed in Mhada’s kitty. The flats are located in Tardeo area of Malabar Hill Division where each flat measures around 1,500 sq ft and are way above the average size of tenements that Mhada offers in rehab component.

Last year, Mumbai Board received four flats from a private developer in Juhu area. All these flats will be sold to homebuyers at affordable prices via Mhada lottery.
The four flats are located in Juhu’s JVPD area, where a private developer handed over the flats to the Authority without cost. The flats are in the building named Tulip Co-operative housing society and are located on the first and second floors.

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