Monday, March 29, 2010

Redeveloped Bandra-Khar buildings lack open space

I have seen many such buildings in Mumbai where balconies jet out to the road. There is no setback and all architecture norms are flouted. Now it appears these guys flout civil aviation norms where the maximum number of floors in the Bandra Khar, SantaCruz, Vile-Parle, Andheri (east) zone is set to be 8-9 floors. Bribe and get away is the age old mantra. Buyers need to be extra vigilant else they may find that their floor is illegally constructed. The best thing is to go for floors below 8 just in case something comes up in the future. Given the prices I wonder who is buying in these areas.

Locals fear that these redeveloped buildings which have their entry points on roads and footpaths could cause serious safety hazards. According to the rules, compulsory space of 15 feet should be left open around the buildings for free movement of people during emergencies.

“From the roadside, at least 4.5m of space should be kept open. If this is not the case, then there is a cause for worry. We first have to verify if the building line is from the inside. This varies from case to case and on how the plans are passed. If buildings are constructed under section 33(7), then relaxation of open space is found. It also depends on whether relaxations were allowed by the municipal commissioner or the SRA commissioner,” said Uday Tatkare, chief fire officer.

According to Right to Information (RTI) replies,these redeveloped buildings without compulsory open spaces are on Linking Road opposite Khatwari Darbar, at the SV Road and Khar Station Road junction, at the Waterfield Road (near Popley Jewellers) junction of 13th and 8th Road in Khar (W) and on 33rd Road.

When VL Joshi, chief engineer (Development Plan) was contacted, he said, “We will call the building proposal officials from H (West) ward and clarify this. We approve certain plans, but if DC rules are not followed we don’t give the occupation certificate.According to DC Rules 1991, the plot potential has increased for builders in Bandra.”

A builder on condition of anonymity said: “If builders have a commencement certificate for six floors, they construct an additional six illegally. Many new commercial and residential buildings have even flouted civil aviation norms.”


Anonymous said...

I have a question to ask - I have about 2.5 crore rupees.

Should I retire and rent a house in perpetuity or buy a house and keep sweating at a job to pay off the EMI's plus worry about loss of value of my overpriced house?

shailesh said...

Anon 7:02pm: If EMI is same as Rent, then go ahead and buy the property. Don't buy property thinking Appreciation or Investment. Think of it as place for living.

shailesh said...

On the redevelopment topic,

It amazes me that everyone is saying how incomes have dramatically increased and everyone now earns 10 to 15 lakh per year. If that is the case, then why folks who live in these old building, have to go for redevelopment. Most building have worst maintenance, and the quality of homes even 10 year old seem really bad. If everyone is millionaire now, can't they take care of their buildings? Why do they need a builder to come in and redevelop properties.

shailesh said...

One-bedroom flats making a comeback in Mumbai

“The success of any developer lies in sizing and pricing. Pricing has gone up by 25-30 per cent in last six months. To the keep the product within the reach of your target buyer, the only thing the developer can play with is sizing, said Pranay Vakil, the chairman of international property consultants Knightfrank. “So, it’s back to the 1-BHKs !”
That this is a new trend is clear from a survey conducted by property consultants Liases Foras in December , 2009. Out of the close to 90,000 flats at various stages of construction in the Mumbai Metropolitan Region (MMR) at that time, only 13,600 were 1-BHKs (mostly beyond Mira Road and Thane).

Pankaj Kapoor, managing director of Liases Foras, was still sceptical about the sudden surge of 1-BHKs . “There is a huge segment that wants to buy flats in the Rs 50 lakh range, sure, but that kind of budget immediately pushes you to the outskirts because builders stopped constructing 1-BHKs after 2006,” he said.

“The new trend may be a trial run in the market. If your budget is Rs 50-60 lakh, your income is around a lakh. With that kind of money, do you want to live in a pigeonhole?”

But the varied considerations of buyers are not always easy to second-guess . For example, Madan Talreja, who had been living on rent in Andheri for almost a decade with his wife and kids, has also recently booked a one-BHK in his neighbourhood. “We were paying Rs 20,000 per month as rent, and my family didn’t want to leave Andheri,” Talreja said. “I wanted a two-BHK because I have two grown-up children but I couldn’t find anything in my budget. Now, at least I’ve managed to buy something.

Anonymous said...

Anon 7:02pm : Even if you keep your money in fixed deposite @6 % you get 15 L/A. In that you can definately manage your EMIs or Rent.
But at the end it depends on your age and lifestyle. If you are around or less than 40 years old then I would suggest MFs are better option than FDs. But if you are 55 + then FDs are better.
Regarding the house you can think of a reverse mortgage too where in banks give you money on monthly basis and after your death they take the house.
If you are too old (65+) then I will suggest you to buy a small house as the hassel of changing rented house every 2-3 years is too much.

Anonymous said...

@Shailesh and @Anon:2:51

Thanks for your inputs. I am around 40 and have about a couple of decades to go.

Your suggestions closely mirror my thinking as well. It makes sense to buy when EMI's equal rental and put my money into MF/FD combo that way I can have some semblance of peace.

But as you folks rightly pointed out, even with this kind of savings, I cannot think about buying a house in this environment....and therein lies the irony.

Anonymous said...

Anon above:

Looka like you have 2.5 crores of hard earned money and is white. Keep it in at least 8-10 different banks, post office etc. You can easily get upto 20 lacs p.a. in interest. You can retire and use the interest to live on. You'll be easily be able to rent in around 4 lacs p.a. and further re-invest 10 lacs p.a. from your interest into something else. This is the best way to grow.

Do not waste your money in RE. You'll get screwed in the long run and someone else will take your money.

If you still keep working, you can enjoy your salary on top of the interest income. I would say, my dear it is time for you to enjoy life now. If you are in US then it is a different story. If you are in India, go for the fun waiting for you.

Anonymous said...

Its funny that we have a blogger who has close to $750,000 and we are unable to service his housing requirement. I would suggest to buy couple of bargains in the US where one can easily get a 3 bed house with a rental yield of 5% for under 250k

Anonymous said...

Anonymous 7:02 PM
It is nice to know that 2.5 Cr. Now that you have advertised it here, it is very likely that Bhindas Bhai or SabalSeshu , who are most likely working for either Dawood Ibrahim or Chota Rajan are going to track you down. These guys have connections all over including web hosts. In your own interest, you should immediately seek the help of CBI to get protection. I wouldn't trust Mah Police as they have a habit of bumping off people in fake encounters amd making good with their money

Wish you good luck and hope your millions remain safe

Vik said...

Please stop spreading rumors. This blog is hosted by Google. Try asking them for IP addresses. Even blog owners cannot get addresses of viewers.

Kanekar said...

@Anon 7 02

Nice one!!


Can't u handle a joke

kanekar said...

@Anonymous 7 02 pm

Dear Sir,

Due to recession I have been going through rough time and require 10 lakhs to avoid bankruptcy. I most humbly beg you to lend me this amount or whatever you can. I assure you that i'll repay you as soon as the stocks market picks up

your humbele servant


email me:

Om Nama Shivaya

Charls said...

anon at 7:02 PM

don't give to kanekar dude,
i have nice scheme. i have project, where i am growing carrots and cabbages. you can buy bonds from me and get 43.345% returns every month.

I have one more offer for you. I am growing dragon birds. they have high export value. I am looking for partners.. I can assure you 102.566% returns every month.

With in one year, with the returns you are going to get, you can easily buy an individual house opposite to Taj Hotel.
email me on:
or call me at 111-111-111

ek bhakth said...

anon at 7:02 PM

Jai jai jai anon at 7:02 PM..

tum hi meri bhagavan..

mujhe hi ek 10 lakh dedo sarkar..

Anonymous said...

House you are living in or plan to live in, is not the investment, it is something which you will consume during years (you will live and use that property).

Investing your whole money in house you will be living in is not a smart idea.

Considering current prices, houses are unlikely to give you any major return in next 10 years due to already over inflated prices, hence investing in housing is foolish idea.

And yes, please accept the fact, there is huge demand for housing in India and it is growing every day as people are earning more money and loans become available to them. However, since prices are already on TOP there is no chance they will increase at the rate they have been increasing in last 5 years because people simply have no money to support price hikes.

How ever, prices will not correct in most markets due to huge number of buyers waiting for prices to correct, if prices wall they will support the fall buy increasing demand.

Only one more scenario can lead to major fall in housing prices is development of more robust transportation infrastructure which seems impossible to me.

Remember, India was third world country and is going to remain third world country for next 2-3 decades due to overburden infrastructure. There will be no proper water, electricity and huge problems in transportation due to high number of vehicles on small conjusted roads.


rajni sharma said...
This comment has been removed by the author.