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Mumbai is known as the city ofdreams and rightfully so because to own a home for yourself in the city is nothing short of a dream. It is a city that never sleeps and much like any other thriving cities of the world, the challenge lies in zeroing down on an option that works best for you. You have plethora of choice developments to select from having multiple amenities that cater to every whim.While the choices are many, not every option may fit in your budget, hence finding a house that matches both your expectations and budget can be a tough call.

If you’re looking to buy a flat in Mumbai, then two of the most sought-after places you don’t want to miss out are Bandra and Goregaon. While Goregaon is well known for its open spaces and sprawling views, it has evolved to be a desirable work & residential place & improved connectivity via metro, railways, auto and otherwise.

Bandra remains to be one of the poshest localities to live in suburban Mumbai, home to some of the iconic superstars of Bollywood like Shahrukh Khan and Salman Khan and many more. Let’s deep dive further into these considerations.

Dreams Come True but Only with the Right Choices

To accomplish your aspirations, it is important that you strategically plan your life. Right from where you live to how you maintain your lifestyle; are some things you must consider before making a big investment. Mumbai is a vast city and finding the correct location to stay can unlock major potential opportunities for you. Have a look at some of the best areas for living in Mumbai.

Bandra

Apartments in Bandra can be on the high-end in terms of budget but they come with the benefit of living in one of the posh areas of Mumbai. Bandra West being a sea-facing area has its vibe. The standard of living in the area is not only desirable but what people strive for. In terms of Return on Investment, even reselling of one of the properties in Bandra could give life-long returns. Whether you choose to rent it out or sell it off, there’s no doubt that it’s a great investment option.

Most of the properties are bestowed with amenities such as clubs, gymkhanas, spas, restaurants, movie theatres, shopping malls, and shopping streets. Other than the recreational activities, the area has some of the best schools and healthcare facilities which are essential for anyone looking for a house.

For those who are focused professionals, the area has great connectivity with the business hubs such as Santa Cruz and Bandra Kurla Complex (BKC). Owing to so many facilities it is one of the highest-priced areas in terms of real estate. Flats in the area could range from Rs 40,000 per sq ft to Rs 50,000 per sq ft and higher.

Goregaon

People looking for a home in Mumbai can never miss out on Goregaon. Goregaon is a mix for those looking for affordable flats to those looking for luxury living options. The residential projects in the area offer various options, i.e., from standard flats to luxury homes. The presence of these luxury housing projects in Goregaon shows that the region is drawing the attention of influential people.

Goregaon falls between Andheri and Borivali which are two of the most influential places in Mumbai. This makes it a perfect location for people who want to buy a residential property in an accessible location in Mumbai. Goregaon is also close to key commercial areas like Andheri, BKC, and Bandra which makes it easy for people to enjoy a good lifestyle. Several MNCs are also present in the region, helping professionals to find good employment options nearby.

It has all the essential amenities and markets to help you have a comfortable lifestyle. From an investment point of view, it is a great option as it offers a good ROI in the long run. The real estate market in the area is booming and so will your money.

When it comes to contributing and giving it back to the society, Ekta World always rises to the occasion. Ekta World recently provided its full support to Accesslife, a non-profit organization that shelters children, encouraging the brave hearts to start their lives with positivity. The foundation gives these children hope to reclaim their lives and have an optimistic outlook battling cancer, making them look forward to the future. Accesslife began its journey to support these children in June 2014, in Chembur and since then, it has established 6 care centers across Mumbai and Thane.

Families from rural areas and small towns often need a place to stay while their children are being treated at hospitals. Accesslife supports these families and their children with temporary homes to stay. The organization gives them all the necessities such as proper nutrition, clothes and engages them in recreational facilities. Accesslife also supports these children and their families emotionally and psychologically, counseling them is an important attribute/aspect of our center. Apart from this, the non-profit organization also provides transport facilities to patients who go for regular session of treatment.

Ekta World as a real estate developer has given homebuyers luxury and ultra-luxury residential properties that promise and deliver state-of-the-art home and exciting amenities beyond measure. However, apart from catering to the rising demands of homebuyers, the company also has strong values and noble intentions to do something for the society. Hence, it collaborates with NGOs like Accesslife that empower and provide hope to children, who have emerged victorious against their battle with cancer.

An event for a noble cause

Ekta World presents Artists for a cause – A blend of music, dance and art in support of AccessLife. The mega event comprised of artists from different fields, who displayed their talent and entertained the audience.

Conceptualized by Samir Date, it was a wonderful event that witnessed the coming together of music, art and dance, to support and empower brave cancer survivors. The audience was in for a treat with exciting performances by Anuradha Pal Zia Nath & Sangeeta Babani. Also, part of the event was Hon’ble Minister of School Education, Sports and Youth Welfare Shri Ashish Shelar ji, who graced the occasion.

Performing Artists-

– Samir & Dipalee Date – Globally renowned singers
– Anuradha Pal – India’s first female table player
– Sangeeta Babani – Celebrated and prolific painter
– Zia Nath – Internationally renowned dancer

Home Buyers have the opportunity to avail tax benefits and can take a loan under two circumstances; one for the purchase of a property and second for the renovation of the house. But a home loan has multiple tax benefits for a homebuyer. Let’s have a look at some of the tax benefits, property buyers get once they decide to buy their dream home.

1. Support of the government – The government fully supports and encourages people to invest in homes as they then get viable tax deductions on the principal as well as interest paid on home loans. Under section 80C of Income Tax of India 1971 Act, a person is eligible to claim a deduction of up to Rs 1.5 Lacs. Also, the deductions are doable only after the construction of the house is completed. A homebuyer can’t claim income tax deductions while the property is being constructed.
2. Tax benefits for second house – Under section 24B of Income Tax Act, to buy a second house, a homebuyer is eligible to claim a deduction for the entire amount of housing loan interest.
3. Prepayment charges not applicable – There are no prepayment penalties on floating rate home loans. So a homebuyer, who has surplus money, can use it to make some payment towards a home loan and lower his burden.
4. Easily buy your dream home – Buying a home has now become easy, with the availability of home loan that can be smoothly repaid in stress-free monthly installments.
5. Long repayment duration – Amongst a variety of loans, a home loan has the lengthiest repayment tenure of up to 30 years, hence it proves to be less burdening for a homebuyer.
6. Relish appreciation for the property – Over the years, rise in property prices can definitely work in favor of a homebuyer.

EKTA Parksville

Ekta World ensures that a sense of harmony is maintained and persists amongst the residents for its projects. It is extremely essential to develop community living and that a secure and loving environment is created. To enhance this, Ekta Parksville hosted a grand event called the Funathon for all its families at its premium township in Virar. This amazing event was organized to give the residents an all-round experience of joy and fun and create relations in our Ekta Parivaar.

A lot of engaging individual and group activities were held for everyone in the family which helped improve their bonding. Musical chair was one such activity that was enjoyed by one and all. It was amazing to see everyone, whether old or young run around the chairs excitedly and compete yet encourage each other to do well. Another exciting game played was the family quiz. The game was divided into various rounds like fire round, buzzer round and guessing round. It was further intriguing that the questions were based on the family members’ interests and each family member had to contribute to answering and playing a vital role in winning the game. One more exciting game called the treasure hunt was played to suit the vibe of team building exercise. The players were split into different teams based on age or family wise and each team tries to find hidden objects or places by following a series of clues& hints. The game was designed in such a way that the residents were bound to explore every nook and cranny of the complex. There was even a drawing competition hosted for kids. It was brilliant to see tiny tots ooze out their creativity on paper using crayons and water colors. Post all the activities, a scrumptious meal were hosted for the residents which they gorged on happily while the fun and frolic continued. The funathon ended on a high note with a prize distribution ceremony and fun filled game of housie and of course our promise to be back soon with many more such initiatives.

This beautiful effort taken for Ekta Parksville residents was one of a kind and brought out a sense of belongingness in the residents and enabled them to work together as a team while getting to know each other better.

Inputs as provided by, Ashok Mohanani, Chairman and Managing Director of Ekta World

RERA is certainly a progressive and revolutionary legislation which will be a game changing proposition for the Indian real estate sector that has in the past has often faced with trust deficit due to more than one reason. The legislation which has come into being after lot of deliberation and discussions will pave way for a transparent and mature structure for the industry and thus enhance the credibility of the industry. This will provide much needed vibrancy and momentum to the entire set-up and ensure a smooth transition towards its next phase of growth. In fact, this very critical law literally holds the key to the future growth of the Indian real estate sector.

RERA along with other legislations and developments such as GST, Benami Transactions (Prohibition) Amendment Act, 2016 and REIT’s, will further increase transparency and reliability within the sector and thus eliminate the gaps and anomalies that existed between supply and demand. This in turn will create a much stronger market place where both buyers and developers will be more proactive in their approach. These measures will augur well for the industry that will witness a big boost in institutional fund flowing into the sector at competitive rates. Institutionalisation of funding in sector like real estate and infrastructure is imperative as it will go a long way in infusing much needed liquidity into the system to meet its long term financial requirement.

As RERA will clear the opacity surrounding the domestic real estate sector, and put in place a very conducive scenario for home buyers as well as investors who have often adopted cautious approach. The prime objective of the legislation is to protect the interest of homebuyers and ensure timely delivery of projects. The consumer-centric law prescribes compulsory registration of all ongoing and upcoming real estate projects, as well as penalties and punitive measures on developers who delay their projects. In fact, the legislation is considered to be one of the most consumer-friendly laws passed by the Indian Parliament. Under the provisions of RERA, builders will have to provide with all the details of their projects to the regulator. Besides, they will also have to furnish quarterly updates as regards the progress of construction. Earlier end buyers would be often uncertain about getting delivery on time but with RERA now, developers will be compelled to complete their project on time. Now as per the RERA regulation, builders will have to keep 70 per cent of money collected from home buyers in separate account. There are now provisions whereby developers will face penalty in case of any delay or any default on their part. All these steps taken by the legislation will empower the buyers in a big way.

The appellate tribunal will hear and act on all related grievances. The definition of carpet area will give clarity of what actually buyer gets and developer cannot temper the offered design otherwise he will attract penalty. The parking area now needs to be clearly mentioned in the agreement. By safeguarding interest, RERA will help change buyers perception towards developers and thus help hasten the whole decision-making process of buying. Last but not the least, even brokers have been brought within the ambit of RERA and any deviation would invite penal actions. This move will see the emergence of a new consolidated broking fraternity who plays a major role in the real estate business.

Even though RERA is end-user centric, it has got all possible ingredients to augment growth in the overall industry. The provisions in the act will help build a much transparent and organized industry which will undergo a distinct consolidation wherein reputed builders will be calling shots over those who fail to perform and live up to the promises. This will drive away unscrupulous operators from the market thus create a much credible market place where buyers will be much more assured of their buying decision and thus entail vibrancy to the market. For the developers, the RERA provisions will bring about lot of discipline in implementation of projects.

Besides, developers will now be able to focus on devising much better offering depending upon the market need. This approach to a large extend will eliminate the aberrations that often result in greater imbalance between demand and supply. In other words, the developers will be able to optimize their efforts and resources in a big way and help build a mature real estate business. All this will expedite the process of institutionalization of the industry and bring down the cost of finance for builders who all these years have often struggled for right kind of liquidity.