Reshaping Dilip Kumar’s Iconic Bungalow

In the heart of Mumbai’s illustrious Pali Hill, a cherished legacy is embarking on a remarkable evolution. The iconic bungalow that once cradled the legendary actor late Dilip Kumar Saab is poised for an extraordinary transformation into a high-end residential masterpiece by Ashar Group.

In this blog we delve into some of the finer points of this grand project, where timeless elegance meets modern luxury.

A Legacy Transformed: The Story Unveiled

The sprawling half-acre land, situated in the upscale Bandra suburb, is set to become an 11-storey haven of opulence. The construction area, spanning an impressive 1.75 lakh square feet, will soon give life to a luxury residential tower that pays homage to the late actor’s enduring legacy.

Crafting a Landmark: From Blueprint to Reality

Our masterful touch is turning architectural blueprints into a living masterpiece. Construction has already commenced. This ambitious venture promises not just luxurious residences, but a symphony of design and sophistication that redefines modern living.

A Vision Fulfilled: A Glimpse into the Future

As the construction progresses, the transformation of the iconic Pali Hill bungalow into a luxury residential tower and museum continues to honour Dilip Sahab’s lasting legacy.

Join us as we uncover the essence of this ambitious endeavor, where past, present, and future converge in a harmonious symphony of luxury, culture, and heritage.

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8 Things to Know before buying a Luxury Home in Mumbai

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The demand for luxury residences is continuously increasing significantly in the metro cities of India. Having a home in the nation’s financial centre is unquestionably a sign of status and prestige. It conveys a great deal about the buyer’s desired lifestyle. Here are some helpful pointers to take into account when buying a luxury property in Mumbai.
  1. The choice of a property from a reputed developer is crucial, in addition to the location. While pursuing luxurious homes by a developer in Mumbai, homebuyers must look for exceptional architectural design standards, cutting-edge technology, and engineering innovation. Such builders and developers in Mumbai ensure this level of elevated lifestyle and adhere to providing a comfortable, modern and stable architecture in the apartment. 
  2. Reviews from numerous buyers who have bought homes from developers will be reliable. Before you decide, you can evaluate the developer’s present properties and weigh their differences and similarities, which is crucial when buying a home because it is a significant financial investment. When determining the quality of a home, factors like effective use of space, structural integrity, plumbing, wiring, etc. are crucial, and real estate developers work hard to provide this industry-leading level of quality.
  3. Having a family-friendly environment is extremely crucial for all types of home-buyers. Always look to see if the space is large enough to set up a small play area at home, or an office set-up. Even the amenities provided by the builder must have kid-friendly activities, lounge and yoga decks for senior citizens, sports activities, etc. While looking at luxury developments in Mumbai, all of these considerations should be in the back of your mind.
  4. Always consider an apartment’s layout and design, especially when looking at 3 BHK flats. When purchasing bigger flats, the utilisation of space is crucial as it helps maximise your amenities and features. Be sure to check the regulations required to be fulfilled by builders about open spaces in your flat. 
  5. Purchasing a home is an investment in a desirable neighbourhood. One of the most crucial markers of a project’s richness and extravagance is the establishment. When purchasing a luxury property, you can be sure that your neighbours share your interests. When you buy a property from a reputable real estate developer, you can be confident that the local gentry meets your high expectations.
  6. Amenities distinguish a luxurious home from a regular one. Take into consideration the standard of the amenities that come with the home when purchasing a premium property.
  7. One thing to be cautious of is to make sure that flats in Mumbai don’t take you away from facilities. Make sure your property is close to hospitals, schools-colleges, shopping and entertainment most importantly connectivity to major routes so you reduce your travel time and spend most of your time with your loved ones.
  8. Purchasing a luxury property is an important decision because it requires a sizable financial commitment and should reflect the status and stature of the buyer. Therefore carefully consider the return on investment and appreciation of the property in the near future. 
A luxurious residence is a representation of grandeur, grace, and character. Be careful to select a property that delivers a feeling of opulence and is a permanent home.

Key factors influencing property rates

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Knowing the worth of a property is vital if you want to buy one or sell the one you already own. Knowing what elements influence this value is extremely beneficial since it makes predicting the cost of a property quite simple at any given point of time. 

Demand and supply have always been the major drivers of price. High demand and low supply leads to high prices, whereas low demand with high supply leads to low prices. As property availability decreases, the cost of existing available property increases. The reputation of a location in terms of people wanting to live there, when combined with a rise in the number of occupants belonging in a certain area, boosts its cost.

Let’s take a look at the factors that influence the value of property rates: 

Location:

Properties located in commercial areas have a higher market value than their residential counterparts. Brokers frequently quote greater prices for buildings in well-developed and approved colonies and areas than for those in less-developed and emerging places. Similarly, buildings developed on freehold ground attract a higher price than those constructed on leased land. When looking to buy a flat in any place, always pay close attention to the infrastructure of the neighbourhood. A place with a logically good infrastructure appears to have a better chance of being chosen by the buyer. In the same way, the value of real estate increases. Conveniences such as accessibility to major highways, closeness to schools, hospitals, stores, markets, and planned metro rail, among other factors, all contribute to higher land pricing.

Infrastructure Development & Amenities:

Property valuations are higher for properties with better infrastructure and modern amenities than for properties that lack proper electric connections, telephone lines, water sewerage facilities, and all other infrastructure such as community centres, children’s parks, swimming pools, gymnasiums, parking lots, or general stores. Property value is determined by the availability of essentials and amenities associated with pleasant living. Infrastructure development is the most important factor influencing real estate in India. 

Connectivity is one of the most critical needs for investors when investing. This leads to the idea that property near entertainment hubs, medical facilities, educational institutions, retail markets, and corporate areas, as well as other day-to-day amenities, is valued higher.

The presence of well developed roads, airports, flyovers, bus terminals, and other amenities in the neighbourhood also increases property rates and demand. 

Customization of flats:

When developers customise residential flats to meet the needs of homebuyers, the real estate price rises. For example, some buyers may want large porches or verandahs attached to their halls or bedrooms, modular kitchens, heat-resistant floors, or other unique changes.

Floor Level: 

Air, light, ventilation, scenic views, lift availability, etc are major factors that contribute to flats on varying floor levels. Flats on higher floors in premium residencies usually have a higher rate as compared to those on lower floors. 

As a result, the total value charged to the flat buyer increases in price. Every buyer should examine these drivers before deciding on their home purchase options to receive a fair assessment of the house that intrigues them. Better profits, painless liquidity, and lucrative investment can all be the result of careful investigation and research.

With over 2 decades of real estate experience, Ashar Group has invested in meticulous research and execution for all their projects. This is to ensure that property buyers need look elsewhere to fulfil their dream of a home complete with amenities, infrastructure, and a lifestyle. 

2022- The pivotal year for real estate investors

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Real estate has traditionally been seen as a sound long-term investment. This is due to the fact that housing values have a propensity to climb over time. These increases are also typically more than inflation, implying that investors are making money. The world, especially global markets, were, however, rocked by the pandemic that swept the globe. It has had a significant impact on various industries, and investors are correct in being wary about investing.

The good news is that home prices appear to be steadily increasing. Property values increased by 22% in 2021, according to records. In 2022, India’s real estate sector is seeing powerful growth in demand, which is likely to continue throughout the year. The real estate industry’s entire market forecast is good, from commercial areas to residential markets.

Safeguarded Interests 

In addition to this, the RERA Act was enacted by the government to defend and safeguard the rights of home buyers and ensure that they are not exploited by developers or builders.

RERA has specified certain building and development criteria for real estate that will increase the transparency of real estate transactions. It has given home buyers several rights and established specific laws and regulations that must be followed by all builders and developers. In addition, the RERA Act requires each state to establish a Real Estate Authority and an Appellate Tribunal. The property buyer can file a complaint with this organisation if the builder/developer violates the law in any way.

Increase in demand for peaceful localities 

The decision to invest in real estate is both financially and emotionally challenging. Whatever the case may be If a property is purchased for the purpose of living in the short term, the aspect of return on investment and price appreciation is always there in the minds of the investors. First-time investors aren’t passing up this opportunity because of the attractive and reasonable real estate prices. 

While investors have always had a keen interest in Mumbai City, given the booming rates and the already overcrowded city, property purchasers are actively researching choices in nearby districts rather than investing in megacities. Because investment in these locations is quite affordable, the prospect of a high return on investment is drawing investors from all over the world. Thane, Mulund, and Kalwa are proving to be the top three locations for home buyers. 

Thane is a self-contained neighbourhood with excellent access to the rest of the city. It combines the best of both worlds in terms of low-cost housing and a high-end lifestyle for homebuyers. Because of its accessibility, infrastructure, lifestyle, an influx of office spaces, amenities, and affordable housing, Thane is a successful real estate market and hence, buyers are keen on procuring these 1 BHK Flats in Thane.

The Kalwa real estate market is also booming and is home to various real estate developers who are offering 1 BHK flats. People invest in 1 BHK in Kalwa for a variety of reasons, including its proximity to Navi Mumbai, central Mumbai, and the western suburbs.

Mulund was once an industrial centre, but the region is now dominated by skyscrapers, premium residential complexes, and shopping malls. It is a hotspot for real estate investments that are growing at a rapid pace and hence the demand for a 1 BHK Flat in Mulund is high.

The Pandemic Impact

Despite the threat of a pandemic, the sector remained resilient and grew steadily in 2021. For a time, India’s first wave of Covid-19 brought the industry to a halt. However, by the fourth quarter of 2020, the market has begun to pick up speed, owing in part to increased demand for residential space. Residential sales increased by 65 percent on a sequential basis in Q3 2021, according to a JLL report. Low-interest rates, along with duty waivers (in some jurisdictions), realistic property prices, and appealing offers, will assist the business, resulting in cheap synergies.

The real estate index has grown by 75% in the last year and is the second-best performing sector index, outperforming the benchmark index Nifty50 by a wide margin. Real estate has not only made a comeback but is likely to thrive in the coming year, thanks to historically low loan rates and temporary stamp cuts.

Waiver in Fees

In the residential segment, India’s real estate sector is expected to rise by roughly 5% in capital value by 2022. According to some estimates, sales momentum will pick up in 2022 as prospective homebuyers continue to favour larger homes with more facilities, and attractive pricing will keep them interested in closing transactions. According to real estate analysts, now is the finest time in a decade to invest in real estate. With costs at their lowest and a supportive financing arrangement, there should be no more hesitation in making a purchase. 

Demand for Rentals

With office employment restarting, the commercial sector is on a rebound and the increase in rental properties is also on a steady rise. While most people are moving back to the city to resume work and hence looking for rental properties, a section of the audience is also moving towards quieter locations that offer multiple facilities. This demand for rental spaces is coaxing buyers to invest in second homes. 

To summarise, the real estate industry is flourishing, and the current market conditions are making it even more appealing. Waiting and watching were appropriate during the outbreak, but it is no longer prudent. Take advantage of low-interest rates, tempting schemes, and fantastic new designs to purchase a home. 2022 is the year when incredible possibilities turn into incredible choices!

Premium Customised Homes in Pali Hill

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An expanse of green scapes, small bungalows set amidst trees and gardens overlooking the coastline, Bandra’s languid atmosphere has almost welcomed everyone. With the arrival of the Bandra-Mahim Causeway in the mid-1800s, the connectivity of this suburb to other parts of Mumbai lent to a different charm and opened the doors of exploration.

A place of varying people and cultures, Bandra has seen glory in all forms. Home to many superstars and artists, the locality has only grown in the past few years. Having the best of amenities from hospitals, top-notch schools, and colleges, massive shopping markets, it’s everything one needs in a place to settle down in. Bandra is one of the most expensive areas in Mumbai, luxury streets such as Pali Hill, Carter Road, etc. have sky-touching rates. However, luxury demands a higher price tag.

With the added amenities the locality has to offer, it is one of the most well-connected suburbs of Mumbai. Right off the Western Express Highway, Bandra is closer to the commercial hub Bandra Kurla Complex and also houses the Sea link connecting to the South of Mumbai.

When you weave through the lanes of Pali Hill, with the premium buildings shadowing the roads and the quaint bungalows lining the streets you instantly get a whiff of luxury and class. The poshest location of Bandra tells the story of heritage and luxury. The irresistible charm of the suburb rooting from its Portuguese and British heritage makes Bandra the Queen of the Mumbai suburbs.

To ensure a timeless experience for residents, Ashar Group has launched their ultra luxurious project Navroze in the heart of Mumbai – Pali Hill. This bespoke residence is OC received and ready to move in having 3 luxury customisable residences – The Sky Villas, The Mansions and The Suites of which The Sky Villas and Mansions are sold out. It also offers one a kind 6500 sq.ft grand residence – The Penthouse which has earned a distinction of one of the most elite properties in the country. With lifetime panoramic sea views, columnless floorplate, fully customizable homes and 500 sq.ft open to sky party deck, this luxury residence is truly a space reserved for the connoisseurs of elite experiences.

A visible landmark from the sea, this high rise is architectured to lend a graceful, timeless experience. The amalgamation of modern and classic interiors only adds charm to its extravagance. The fully-customizable space is enhanced with sky-decks, floor-to-ceiling windows, top-class security, dedicated access, and more. When you enter the gates of Navroze, you enter the world of luxury meant only for you.

Amidst the many iconic places Bandra has to offer, you find your fortress right at Navroze. Equipped with a lounge, gym, and swimming pool, you won’t feel the need to step out unless you wish to explore the quiet by-lanes of this rich suburb. Bask into a distinct view of the city, or meditate in the lush greens in the zen zone, Navroze is where serenity meets under blue skies.

Being one of the finest locations in the city, a visit to the site is by invitation only which only adds a hint of intrigue to this project.

Renovating? Here’s how you can avoid the most common errors!

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As exciting as the prospects of renovating your space sound, it needs to be treated with equal caution. Whether it’s a DIY project for your new bedroom space or you are hiring a professional service, it is integral to move forward with utmost care and precaution. Renovations, in a nutshell, can be the most rewarding investments for life. However, before you take the first step, here are a few measures to take note of:

Budget Allocation

Pick a number that you can actually stick to. Budgeting when remodeling or renovating is highly important. Always have a cushioned budget that allows you to overspend over 15-20% because the end result will always be over the estimate you’ve received.

While in the process of renovating there will be instances when you may opt for pieces that you would want to spend more on. So always keep space to spend extra over your initial estimate.

Prioritizing Appearances

The perfect-looking furniture and paint job is important but what should take first place is ensuring structural fixes. Right from updating electrical systems to waterproofing walls, a healthy internal and external structure go a long way towards a long-lasting renovation job. Never ignore these minute details when finalizing and planning your budget.

The Right Contractor

Pinterest is great, but it is not the right place to turn to when you need expert advice. Having said that, never rush to hire a contractor. Always consult at least three-four contractors, get estimates, ask questions and understand the kind of job your space requires. A good contractor doesn’t easily come by, work towards hiring someone who will make your space beautiful and long-lasting.

Ambiguous Plans

This may sound like a repetitive broken tape, but always make a to-do list! Once the hammer hits it’s difficult to undo that. Before you start working on anything, have a blueprint of what your space truly requires. Do not move into remodeling without a plan as it may lead to spending more and the job half done. Having a well-set plan will always help move faster and cost less.

While these are only some measures that need to be taken into consideration when starting out, there is a lot that has to be considered prior to renovating your space. Bring an expert on board to help you plan. After all, renovations are an investment, one that needs to be carefully managed.

Latest Guide to Stamp Duty in Mumbai

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The joy of buying a new home is priceless, especially with skyrocketing prices and the demand for real estate increasing by the day. However, as exhilarating as the purchase is, the process is equally daunting. Right from own payments, loans, registration agreements, there are several factors to consider when purchasing a property. Once all of these are swept under the rug and you finally get possession, there stands the requirement for Stamp Duty and Registration under your name.

Don’t get all flustered, we’re going to cover the basics you need to know about charges for Stamp Duty and Registration along with steps on online payment.

The Maharashtra Stamp Act & Stamp Duty in Mumbai

Stamp Duty registration is a tax levied by state governments to property holders inclusive of commercial and residential spaces. The Maharashtra Stamp Duty act passed in 1958 makes it mandatory for all property holders to register their names in local municipal records for legal possession of the property. The current stamp duty on property is charged at a rate of 5% in Mumbai and 6% in the rest of the State. However, W.E.F. March 2021, a special rebate of 1% applies to female owners. Hence, any property transferred in a woman’s name is eligible to pay only 4% stamp duty. This does not apply to joint owners of the property.

Registration charges for properties in Maharashtra are charged at 1% if the value is below Rs. 30 lakhs or it’s charged at Rs. 30,000 for properties exceeding Rs. 30 lakhs.

There are a few factors that also determine payment of Stamp Duty:

  • Commercial and residential property types have different stamp duty rates
  • Market value and area of the property are considered to calculate stamp duty
  • Urban areas are charged a higher stamp duty whereas rural properties are charged lower rates.

Payment of Stamp Duty in Mumbai

To make the process easier for homeowners, payment and registration for Stamp Duty can be done through an online process. With a few simple clicks, one can easily pay through the e-stamp facility.

To make your e-payment, follow the below steps:

  • Visit the Maharashtra Stamp and Registration Department website.
  • The website allows you to either register on the website and pays or even pay without registration. Select ‘Citizen’ under ‘Type of User’, and then click on ‘Make Payment to Register your Document’. The website allows you two options, either you pay only stamp duty or stamp duty and registration fees together.
  • Fill in the necessary details requested such as District, kind of document, property details, etc.
  • Once you have filled in all required details, choose your payment gateway to make the payment online or across any banks via cash/cheque.

Voila! It’s all done! With the simplified online procedure, the government has made the payment of Stamp Duty and Registration hassle-free. A buyer can also request a refund on Stamp Duty under special circumstances such as incomplete documents, unsigned papers, etc.

Source: https://gras.mahakosh.gov.in/igr/frmIndex.php