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Hindustan Times
a day ago
- Business
- Hindustan Times
Mumbai real estate: Where can you buy a second home close to the financial capital with a ₹50 lakh budget?
For homebuyers eyeing a second home near Mumbai with a ₹50 lakh budget, options are limited but not impossible. According to real estate developers, while popular weekend destinations like Lonavala, Igatpuri, or Alibaug are largely out of reach at this price point, emerging locations in the Karjat-Neral belt still offer affordable opportunities. For homebuyers eyeing a second home near Mumbai with a ₹ 50 lakh budget, options are limited but not impossible. (Picture for representational purposes only)(Mehul R Thakkar/HT) 'For a ₹50 lakh budget, one of the few viable options is buying land in areas like Karjat, Neral, Shahapur, or Murbad from a Grade B developer for around ₹20 lakh, and spending the remaining ₹30 lakh on construction and approvals for a 2BHK independent home,' said Gautam Thacker, chairman and founding president of NAREDCO, Karjat-Neral Belt. Thacker said that partnering with property management firms can fetch an annual rental yield of up to 10%. Another option is a 2BHK apartment facing the Matheran hills in Neral, available for around ₹30 lakh. However, buyers hoping to buy a villa in more established second-home hotspots like Lonavala or Igatpuri would need a budget of ₹1–2 crore, while prices in Alibaug can go even higher due to its proximity to South Mumbai. Post-COVID-19, several real estate developers in Mumbai and Pune have launched plotted and villa development projects across Maharashtra, catering to the growing demand for second homes. Also Read: Mumbai real estate: Why are pilots eyeing plots and luxury villas near Navi Mumbai airport? Popular locations include Lonavala and Khandala near Pune, Dapoli in the Konkan region, Alibaug in Raigad district, Manor in Palghar, Igatpuri, Kasara Ghat near Nashik, and the Karjat-Neral belt near Mumbai. Developers such as Rustomjee Group, Mahindra Lifespaces, Godrej Properties, Wadhwa Group, House of Abhinandan Lodha (HoABL), and Arihant Superstructures have introduced such second-home projects over the past two years. Also Read: Planning to invest in a plotted development project near Mumbai? Here's what you should know Here's what buyers must keep in mind before investing Experts advise investors to conduct thorough due diligence before purchasing land or independent houses for use as second homes. 'When investing in land, it's crucial to understand the difference between agricultural and non-agricultural land. Buyers must verify the ownership title and get legal due diligence done before committing funds,' said Aditya Zantye, a Mumbai-based chartered accountant who practices before MahaRERA. The property card, 7/12 extract, property tax receipts, and water connection bills are key documents to review. Zantye also stressed the importance of understanding tax implications. 'NRIs are barred from buying agricultural land under FEMA regulations. Domestic buyers should factor in stamp duty, registration charges, property tax, and water tax. Additionally, short-term or long-term capital gains tax may apply if the property is sold,' he said. According to experts, investors need to ensure proper documentation before purchasing a particular land parcel or an independent house for use as a second home. "While investing in land, one should understand the difference between agricultural land and non-agricultural land. We need to be doubly sure about the ownership title of the project. In fact, investors should get the legal due diligence of the project done before investing their money. Documents such as property card, 7/12 extract, property tax bills, water connection bills should be vetted before signing on the dotted line," said Aditya Zantye, a Mumbai-based chartered accountant who practices in MahaRERA, a real estate regulatory body. Also Read: Housing sales volume of Tier 1 real estate developers dips by 6% in FY25: Ind-Ra "Along with due diligence of the property title, one also needs to keep in mind the tax liability that may accrue to an investor putting in money in a plotted development. Currently, non-resident Indians (NRIs) cannot invest in agricultural land due to restrictions under the Foreign Exchange Management Act (FEMA). Otherwise, one should check the amount due as stamp duty, registration charge, property tax and water tax. Short-term and long-term capital gain tax (LTCG) liability may also arise if the investor decides to sell the property," Zantye said.
Hindustan Times
7 days ago
- Business
- Hindustan Times
Rustomjee Group adds three redevelopment projects worth ₹7,727 crore to its Mumbai portfolio
Mumbai-based listed real estate developer Keystone Realtors Ltd (Rustomjee Group) announced on July 7 that it has added three redevelopment projects to the Mumbai market in the first quarter of FY26, with a combined gross development value (GDV) of ₹7,727 crore. Mumbai redevelopment news: Mumbai-based listed real estate developer Keystone Realtors Ltd (Rustomjee Group) announced on July 7 that it has added three redevelopment projects to the Mumbai market in the first quarter of FY26. (Picture for representational purposes only)(Rustomjee Group) The company announced that in Q1 FY26, pre‑sales were ₹1,068 crore, up from ₹611 crore in Q1 FY25, a 75% Year-on-Year (YoY) increase, marking the company's best-ever Q1 pre-sales. According to the company, its Q1 FY26 collections stood at ₹575 crore, compared to ₹485 crore in Q1 FY25, reflecting a 19% YoY growth. The company said that three projects launched in Q1 FY26 feature a combined saleable area of 0.91 million sq ft and an estimated GDV of 4,000 crore, about 57% of the FY26 full-year target was achieved this quarter. Also Read: Mahindra Lifespaces to exit affordable housing by FY30, shifts focus to premium segment: CEO Rustomjee Group adds three Mumbai redevelopment projects to its portfolio in Q1 FY26 The company announced the addition of three redevelopment projects to its Mumbai portfolio during the first quarter of FY26. "We added three redevelopment projects, GTB Nagar, Lokhandwala Cluster, and Swarganga CHSL, adding 3.25 million sq ft of saleable area with an estimated GDV of ₹7,727 crore, reinforcing its leadership in the redevelopment space," the company said in a regulatory filing. Also Read: GTB Nagar redevelopment: 5 facts about the Sindhi refugee colony in Mumbai The company said that the credit rating agency ICRA has upgraded its credit rating to 'ICRA A+' with a stable outlook and 'ICRA A' with a positive outlook. 'Q1FY26 has laid a strong foundation for the year, marking a pivotal moment for our company as we build on the solid momentum carried over from FY25. We recorded Pre-Sales of INR 1,068 crore, reflecting a robust 75% year-on-year growth. With this, we have already surpassed our full-year FY26 guidance for new additions," Boman Irani, CMD of Keystone Realtors. Also Read: Puravankara to redevelop eight housing societies in Mumbai's Chembur with a gross development value of ₹2,100 crore "Mumbai's redevelopment opportunities continue to be a key strategic focus, and our leadership in this segment positions us well to harness the potential it offers. Our outstanding performance in both business development and new launches underscores our agility in capturing market opportunities and driving sustained growth. We remain confident in our ability to maintain a strong growth trajectory in both acquisitions and project launches throughout the remainder of the year. We are confidently poised to deliver substantial value to all stakeholders as we navigate through this year," Irani said.
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Business Standard
06-07-2025
- Business
- Business Standard
Construction tech adoption lags in Indian real estate amid cost hurdles
Despite availability of BIM, modular, and 3D technologies, Indian construction firms remain hesitant due to cost, labour economics, and limited developer scale Mumbai Listen to This Article Even as sectors across India embrace technological transformation, the construction side of the real estate industry continues to trail global trends. While technologies like Building Information Modelling (BIM), 3D printing, drone surveillance, and IoT-enabled smart building systems are increasingly common overseas, their adoption in Indian construction remains limited and largely experimental, developers say. Boman Irani, Chairman and Managing Director, Keystone Realtors (Rustomjee Group), said, 'With Building Information Modelling (BIM), 3D is already there, which saves time and cost. All of this put together is a sign of the future, but it has still not hit majorly. When 3D printing came
Hindustan Times
03-07-2025
- Business
- Hindustan Times
Maharashtra: 5 facts on GTB Nagar redevelopment, home to 1,200 Sindhi refugee families
The Maharashtra Housing and Area Development Authority (MHADA) has appointed the Rustomjee Group to redevelop 25 buildings in Mumbai's Guru Teg Bahadur Nagar (GTB Nagar), Sion Koliwada. The project aims to rehabilitate 1,200 Sindhi families who migrated to India from Pakistan after Independence. The Maharashtra Housing and Area Development Authority (MHADA) has appointed the Rustomjee Group to redevelop 25 buildings in Mumbai's Guru Teg Bahadur Nagar (GTB Nagar), Sion Koliwada. (Picture for representational purposes only)(Mehul R Thakkar/HT) The colony's redevelopment had been pending for a decade, and the authorities had declared 25 buildings in GTB Nagar to be in a dilapidated condition, prompting the residents to vacate the buildings. Here's what you should know about the GTB Nagar redevelopment project being undertaken by the Rustomjee Group 1) Post-partition refugees rehabilitated in 1,200 homes across 25 buildings since 1957 Beginning in 1957, the government settled over 1,200 refugee families in around 1,200 apartments across 25 buildings constructed specifically for them. Following partition, the central government undertook the rehabilitation of thousands of Hindu Punjabis, Sikh Punjabis, and Sindhi refugees who had crossed into India. In Maharashtra alone, over 30 such colonies were developed, including several in Mumbai. Most of these refugees, originally from Pakistan's Sindh and Punjab provinces, were allotted homes under the Displaced Persons (Compensation and Rehabilitation) Act, 1954. 2) Refugees given homes at a per sq ft price of ₹ 14 In the late 1950s, each apartment allotted to the Sindhi Community cost around ₹ 5,380, with a per sq ft rate of ₹ 14–15. Refugees were allowed to pay in installments, making homeownership feasible, as reported by Moneycontrol. However, today the property rates in the locality range between ₹ 20,000 and ₹ 30,000 per sq ft, and with the redevelopment, prices might touch ₹ 40,000 to ₹ 45,000 per sq ft, local brokers said. Also Read: MHADA appoints Rustomjee Group to redevelop 25 buildings in GTB Nagar, home to 1,200 Sindhi refugee families 3) Why did some residents have to move out? The Brihanmumbai Municipal Corporation (BMC) declared the buildings unsafe in 2020 and subsequently demolished several of them. Affected residents were forced to find alternative accommodation on their own, MHADA stated. While many buildings were vacated, some residents either refused to leave or reoccupied them illegally, putting their lives at risk. As a result, the Maharashtra government appointed MHADA to carry out the redevelopment. 4) The redevelopment plan According to MHADA, under the project, 1,200 families will receive 635 sq. ft. apartments in exchange for their current homes in dilapidated buildings. The MHADA has appointed Rustomjee Group, also known as Keystone Realtors, for the redevelopment and rehabilitation. Also Read: Mahindra Lifespaces to exit affordable housing by FY30, shifts focus to premium segment: CEO The entire area is spread across 11.20 acres. The redevelopment will generate 25,700 sq. m. of built-up space for MHADA as housing stock, with a permissible Floor Space Index (FSI) of 4.5, including the fungible area. The project has a total of 1,200 refugee families and 200 slum dwellers who will be rehabilitated as part of the project. 5) What will MHADA get in exchange? According to MHADA, a floor space index (FSI) of 4.5 will be available, including fungible area, ensuring each eligible family receives a free home measuring 635 sq ft. Also Read: Mumbai real estate: Redevelopment is here to stay for more than 20 years, says Boman Irani of Keystone Realtors In exchange, MHADA will receive 25,700 square meters of built-up space as housing stock. The MHADA will sell the housing stock from the same in the open market.
Business Standard
02-07-2025
- Business
- Business Standard
Keystone Realtors chosen for ₹3K cr cluster redevelopment project in Mumbai
Mumbai-based Keystone Realtors (Rustomjee Group) has been selected by eight housing societies as the developer for the redevelopment of these societies as a cluster redevelopment in Andheri West, Mumbai. The project's gross development value (GDV) is estimated to be around ₹3,000 crore. The development agreement (DA) has already been executed with five societies, while letters of intent (LoIs) have been received from the remaining three, with DA execution expected over the next few days. The project involves the redevelopment of a cluster of private housing societies located in Andheri West (Lokhandwala), with a cumulative plot area of approximately 4.75 acres (19,229 square metres), encompassing 548 existing members. The proposed redevelopment is expected to unlock a saleable area of approximately 10.6 lakh square feet for Rustomjee. Boman Irani, chairman and managing director, Keystone Realtors (Rustomjee Group), said: 'We are proud to have been selected as the preferred redevelopment partner for this large-format society cluster in Andheri West — one of Mumbai's most dynamic residential neighbourhoods. With a GDV of nearly ₹3,000 crore and a significant development footprint, this project exemplifies our focus on scale, location, and value creation.' Recently, the company received the letter of acceptance (LoA) for the redevelopment of 25 buildings in GTB Nagar of Mumbai's Sion Koliwada, with a GDV of ₹4,521 crore, from the Maharashtra Housing and Area Development Authority (Mhada). Additionally, in the last one year (April 2024–March 2025), Andheri West has seen 1,410 new property sale transactions with a gross sales value of ₹3,638 crore, according to Square Yards Data Intelligence, a real estate data analytics firm. The average property rate in the area stood at ₹49,244 per square foot as of the first quarter of the calendar year 2025 (Q1 CY25), compared to ₹47,416 per square foot in Q1 CY24.
