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HINDUSTAN TIMES, MUMBAI, 02 htestates SATURDAY AUGUST 02, 2014 CHANGING CITYSCAPES VERSOVA INFRASTRUCTURE Among the existing Lokhandwala infrastructure Garden brokerspeak development, mass rapid Oshiwara transit projects such as SV d Rd Amrut R the Mumbai monorail, C Lokhandwala Nagar M With the introduction B Complex which is partially Jogeshwari Lokhandwala of the Metro rail, the locality has seen operational and the Witnessing a sea change West y Market wa a tremendous increase in residential Mumbai Metro Rail SV Patel High Corporation’s (MMRC) Nagar Art Cafe Jogeshwari and office space values. It has also ess pr Ve seen an increase in interest for projects are currently Ismail Ex er BY THE BAY Home to many celebrities, Versova is now seeing major infrastructure development Versova a Yusuf investment in the area. Versova is underway. The MMRC’s 11 Desai College stern km operational stretch JP We also a locality that offers easy access such as the launch of the Metro, leading to an appreciation in residential and commercial values Rd Rd Mahakali Caves (Line I) of Phase I, Four Bungalows to other areas because the Western Express Highway can be got on to connecting Versova in the conveniently. The Link road is also western suburbs to Gilbert Hill easily accessible from Versova. Ghatkopar in the Eastern ersova is a Andheri Suburbs, passes through prime resi- SANDEEP ARANHA, one of the most important dential hub CEO, Ruvin Realtors commercial and residential located in the hubs of Mumbai. Vwestern suburbs Also, the locality boasts of Mumbai. Situated in of excellent infrastructure Andheri, it is an upmarket with good wide roads, residential destination uninterrupted electricity and water supply. that has witnessed tremen- dous development in terms of infrastructure and con- nectivity. In the past, there were NEW PROJECTS bungalows in the area, some of which have been now replaced by apartments. It may not be easy to find Maharashtra Housing a property of your choice in and Area Development Versova as the supply is Authority (MHADA) has limited although the also undertaken the develop- demand is high, points out ment of houses in Versova, Abhay Kumar. Many most of which cater to celebrities from Bollywood, the high-income groups particularly silver screen of Mumbai. stars prefer to stay in Versova as the studios are The domestic and inter- located nearby, says national airports are a Kumar. All the new 15-minute drive from housing societies that are Versova. Further, the local- coming up in Versova are ity faces the famous Versova equipped with modern beach which is an added amenities such as a gym, advantage for the residents. clubs, swimming pools etc. Proximity to Bandra also The rates of these works in Versova’s favour apartments are in the as the commercial Bandra lower range as compared Kurla Complex (BKC) is Versova has many high-rises, to the flats constructed by the new central business Versova is the fi rst station on the Metro route that connects to Ghatkopar and has cut travel time to the central suburb from around two hours to 20 minutes. HT PHOTOS located close to the beach. the private developers. district booming with office Some of the reputed spaces and shops. als (HNIs). residential and retail mar- and Ritumbara college are Entertainment names with residential The recent commence- kets near the metro stations, close to Versova. Versova is well-equipped for projects here include Connectivity ment of metro has also he adds. Versova also serves as a residents living here, being Jaycee Homes Ltd, The closest railway sta- had a positive impact on The commissioning of the good residential destination close to the beach and popu- Bhagtani Property Development, Jay tion to Versova is Andheri the western suburbs due to Versova Andheri-Ghatkopar because of its proximity to lar malls in Lokhandwala Developers and Raheja which is an important rail- faster connectivity to the (VAG) corridor of the high-street Lokhandwala like Mega Mall and Infinity Universal. way junction connecting eastern suburbs, especially Mumbai Metro has also gen- complex which boasts of a Mall. Juhu beach is also to CST, Churchgate, Virar in areas like Versova which erated developer interest in large residential and com- close to the locality. Versova and Navi Mumbai, says has seen a boost in activity the locality. mercial suburb. It is about is also known for the variety Sandeep Aranha, CEO of and has led to reduction in five kms from the Andheri of food on offer because Ruvin Realtors. Versova also cost of commuting within Social amenities local train junction. The there are many restaurants RENTAL RATE enjoys good road connec- the city, points out Abhay Versova boasts of many complex also houses some and eating joints here. The tivity to Western Express Kumar, CMD of Griha reputed schools and colleges famous eateries and is a malls also offer many thea- Highway and the Link Road. Pravesh Buildteck Pvt Ltd. in and around the area. popular destination for tre and multiplex options. The rental values here are Versova is surrounded by The travel time after the Some of the popular schools street shopping. Article courtesy 99Acres.com in the range of `35,000 per the sea, covering its bounda- introduction of the metro here include Hansraj The Kokilaben Dhirubhai month for a 1BHK and ries, making it a sought has been reduced from the Morarji, Maneckji Cooper Ambani Hospital, R N `45,000 per month for a after residential destination present 1 hour 45 minutes to and Jamnabai Narsee Cooper Hospital and City 2BHK. Meanwhile, a 3BHK for residential purpose by about 20 minutes which has School. Renowned colleges Hospital are also apartment starts from `50,000 to `55,000 per the high net worth individu- led to tremendous growth of such as Bhavan’s, Mithibai, situated close to the area. The suburb has many options for schools, hospitals and entertainment. month onwards. PROJECT TRACKER htestates CLASSIFIEDS CURRENT RESIDENTIAL PROJECTS IN VERSOVA ` CAPITAL RATE Name Developer Type (BHK)Avg. Size (Sq.ft.) Price (`) Date of possession Being an established suburb near Andheri Raheja Exotica Sorento Raheja Universal 1/2/3 BHK 555-1930 61 Lkh-2.15 Cr December 2017 west, the residential PROPERTY values here are in the Bhagtani SolitaireJaycee Homes 3/4 BHK 1720-2900 5.71-7.34 Cr March 2016 range of `20,000 to `24,000 per sq ft, says Mehul Thakur, director of Panchvati VersovaJaycee Homes 2 BHK 980 NA Ready-to-move Viva Homes. With the launch of the metro starting from YEARLY CAPITAL TRENDS INR PER SQUARE FEET FOR VERSOVA QUARTERLY CAPITAL TRENDS INR PER SQUARE FEET FOR VERSOVA Versova, there is a regained momentum in 22000 the area, but prices will 30,000 be in check since it does 21500 not command premium 25,000 compared to its plush neighbours of Juhu 21000 and Lokhandwala, 20,000 Thakur adds. 20500 Sandeep Aranha says 15,000 that with the introduction of metro rail, the area has 20000 witnessed sudden 10,000 appreciation in prices of 19500 both, residential as well as commercial properties. This has revived interest 2012 20132014 19000 Jan-Mar Apr-Jun Jul-Sept Oct-Dec Jan-Mar Jan-Mar in the area. Upper Range Average Range Lower Range 2013 2013 2013 2013 2014 2014 ‘Can I get a home loan for a plot?’ New on the circuit should be more than the Continued from Page 2 A CLEARLY DEFINED FOR htestates tenure of the loan sought “Investors should check by you. the credentials of the devel- GOVERNMENT CHEQUE BOOK oper and invest early to get › ADVERTISEMENT I am planning to buy a residen- maximum appreciation in POLICY FOR NEW CITIES Harsh Roongta tial plot and the construction FLATS Available for Sale at Call such greenfield projects,” Vile Parle (W) in New Building I have `25 lakh in hand and would may take another two to three says Prajapati. IS MISSING, WITH A with Occupation Certificate years. Can I get a home loan 1BHK &3BHK,Bajaj Road, like to buy a house for about `45 for only `15 lakh, the The cost of the apartments LONG-TERM PLAN. Vile Parle (W). 5Min Walking Roopesh 9819660035 / Satyam 9823532897 lakh. I earn `3.5 lakh annually. balance amount of `30 for the property? is projected to be about 20% Distance from Vile Parle Station —Arvind Aggarwal Call:- 9820740008 Also, the building in which I want lakh will have to come more than the prevailing mar- INDEPENDENT AGENCIES to buy the flat is 20 years old. from your own sources. You can get a composite ket rates of the area, factoring loan, taken for self-con- What should the EMI be if I borrow Additionally, you will in the cost of the smart infra- CANNOT MAKE A struction of a house. This the difference amount? have to contribute structure. Indicatively, homes is considered at par with a LARGE DIFFERENCE —Subir Malik towards stamp duty and in these cities will be priced home loan for purposes of ANSHUMAN MAGAZINE, CMD, Banks can finance only registration charges eligibility, rate of interest, upwards of `6,000 per square CBRE South Asia up to 80% of the agree- from your own sources of tenure of the loan etc. foot, going up to `9,000 per ment value of the prop- funds. You can take a joint The loan is given to square foot for select premium erty. If you are below 40 loan with your earning finance cost of land and homes, according to Prajapati. years of age, you should spouse/parents/children cost of construction on For instance, Lodha’s Palava umbrella organisation for the be eligible for around to increase the loan eli- the plot.
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