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- PROPERTY GROWTH
Ease in connectivity and the city's proximity are showing positive signs of improvement for Goregaon, says NISHA SWAMI
Goregaon, a suburb situated in North Mumbai has developed into a full-blown residential destination. Filmistan and Film City, the two famous studios are located here. During the 80's, there was a surge of real estate and population and since then it has been on the rise. The lush environs of the Aarey colony, give this suburb a rich blanket of greenery.
According to Subhankar Mitra, Local Director - Strategic Consulting, Jones Lang Lasalle India, "In Mumbai's prevailing residential real estate market scenario, the 1 and 2BHK configuration is in considerable demand. The rates in Goregaon East currently range from Rs 8000-12000 per sq.ft which make it relatively attractive for middle to higher-middle income buyers.
"It is a good location with residential projects by reputed developers. Advantages for home-owners in this area are the closeness of the Oberoi Mall and major workplace hubs that lie in close proximity."
Some top quality projects are coming up in Goregaon. According to Dr. Samantak Das, National Head - Research, Knight Frank India, "There are many premium builders in Goregaon like Oberoi Realty, Sheth Builders and Mahindra Lifespaces. These projects are of a very high class and rates range from Rs 9,500- 11,000 per sq.ft. Cheaper flats are also available at Rs 7, 500 per sq.ft. Property prices have increased and are expected to remain stagnant for some time.
"Goregaon's strength's are its connectivity and social as well as retail infrastructure. The city is well connected through the Link Road and the Western Express Highway. Due to its nearness to retail outlets, offices and schools as well, there has been a good amount of absorption."
Shamit Banerjee, a resident of Goregaon says, "There are two reasons why Goregaon is such a perfect place to live in. First, it is a place inclined towards nature and second, the cool climate all the year round.
"In the western part of Goregaon the property rates are affordable for middle class people compared to places like Malad and Kandivali."
Similarly, Pankaj Mithel finds the area extremely resident friendly. He says, "In Goregaon, the western area has come up quite a bit. It is closer to the station, about a 10-15 minutes’ walk.
“There a lot of schools, colleges and offices in the vicinity leading to an increase in the number of residents. It is one of the most happening areas in Mumbai.
"All the land is being redeveloped and it is a very cosmopolitan place. It will soon be second to Bandra-Kurla Complex."
Royal Palms have a few of their projects in the area. Talking about Goregaon, Mr. Dilawar Nensey, Jt Managing Director, Royal Palms India, says, "The location was chosen on the basis of it being within municipal limits of Mumbai and the natural beauty in and around it. Initially when Royal Palms came into existence we had plans of building IT projects in the 240-acre complex but later we came up with a proper township, which is now a selfsustained mini-city with 2000 flats and 2000 offices.”
Discussing reasons for Goregaon being the perfect all-rounder suburb Mr. Percy Chowdhry, Director, Rustomjee Group says, "The state-of-the-art infrastructure, availability of plush residential properties and social infrastructure in Goregaon has made it extremely popular."
The Rustomjee Group has a few of their projects in this area. Rustomjee Elanza, a high-end residential project is located on the Goregaon-Malad Link Road. It is developed thoughtfully and has three elegant towers each with 36 floors offering buyers the convenience of choosing between 2 and 2.5 BHK apartments ranging from 1100 sq.ft - 1305 sq.ft. Another of their projects called Rustomjee Ozone houses around 450 families.
Ravi Ahuja, Executive Director, Development Services India, Cushman and Wakefield says, "With the advent of largescale office complexes such as MindSpace in Malad, Nirlon Complex in Goregaon the demand for residential options in the north has taken a great leap. This has also led many developers to keenly look at developing mid ranged to high end residential projects in this location.
"The residential values in the location have seen a corresponding rise through the years. The values for mid-ranged properties range from Rs 7,000 - 8,500 per sq.ft while high-end apartments are Rs 11,000 - 16,000 per sq.ft. The values of late have remained stable."
Stating the reasons for Goregaon developing towards a brighter future, Manoj John, Vice President - Corporate Planning and Strategy, RNA Corp. says, "Wellplanned residential housing, rail and road infrastructure development, and corporate migration to new formed secondary business district of Goregaon are the reasons for appreciation in property values. Considering the recent and proposed developments in Goregaon, the suburb certainly has a bright future amongst Mumbai's real estate micro-markets.
“We have introduced 'RNA Exotica', a premium 48-storey residential tower strategically located in vicinity to commercial and entertainment hubs at Malad, SV Road, Goregaon (W) and along the Western Express Highway in Goregaon (E).
The project comprises four wings with 36 residential floors each, two basements, 11 level car parking and an e-deck. It consists of 2 and 3 BHK luxurious apartments.”
Although there has been an escalation of residential property and residents, Goregaon still maintains its green side. Small pockets of the city have tall trees lining the roads, which are very well maintained.CommentQuote0Flag
- I have got the demand letter for the 9th slab....anyone else who has received the same.CommentQuote0Flag
- I am supposed to get it nxt weekCommentQuote0Flag
- Excellent sharing XFormers. I too am considering RNA builders, another project, and wanted to chat about the company. Wont take too much time. Can you PM your email address?CommentQuote0Flag
- have heard that this is a leasehold land .. is that a problem?CommentQuote0Flag
- Originally Posted by amitsingh08Excellent sharing XFormers. I too am considering RNA builders, another project, and wanted to chat about the company. Wont take too much time. Can you PM your email address?
Dear Amit, Stay away from the RNA EXOTICA project, it has been issued STOP WORK NOTICE and its future looks BLEAK! it has been in the controversy because of illegally acquired FSI from other sites for the same project, few weeks back some activist and local people demonstrated against them and their projects nearby which are full of scams, and some of the projects have been stalled and now when RNA got the hint that this project also has dark future now they are trying to sell it as soon as possible via Pre-booking, so that you all get trapped in the agreement!! Please Beware and stay away from them!! for further information contact me, im one of the victim of RNA's illegality, we're fighting against them in the court and we dont see any positive news for RNA in near future, im just making people aware so that they dont get trapped!!spread the word!!CommentQuote0Flag
- Originally Posted by ratanmhave heard that this is a leasehold land .. is that a problem?
Dear Ratan, Stay away from the RNA EXOTICA project, it has been issued STOP WORK NOTICE and its future looks BLEAK! it has been in the controversy because of illegally acquired FSI from other sites for the same project, few weeks back some activist and local people demonstrated against them and their projects nearby which are full of scams, and some of the projects have been stalled and now when RNA got the hint that this project also has dark future now they are trying to sell it as soon as possible via Pre-booking, so that you all get trapped in the agreement!! Please Beware and stay away from them!! for further information contact me, im one of the victim of RNA's illegality, we're fighting against them in the court and we dont see any positive news for RNA in near future, im just making people aware so that they dont get trapped!!spread the word!!CommentQuote0Flag
- so after almost 1 and half yrs I feel vindicated
so after almost 1 and half yrs I feel vindicatedOriginally Posted by XFormersOriginally Posted by shashankgujjaryaar kami nahi hai chamcho ki .. dhond ne ko jaoo ek milte hai hazzar
A) This thread is about RNA Exotica ... We are not asking your views about brokers and chamchas
B) Maybe you shouldn't jump before you can walk... I mentioned an "Upscale Apartment Complex" not an "Upscale Area" .... it doesnt mean the same :)
C) Just because I asked about RNA Exotica, doesn't make me a builder or broker... If that is the case, everyone who starts a thread over here might be a builder or broker
D) The fact that you were so hurt by my comment regarding the internet savvy builders makes me wonder whether you are one of them!
The bottomline is that you seem to be a very frustrated guy who has nothing better to do but pull everyone down and bring to your level .... you might have heard the stories about why Indian attitude is attributed to that of frogs in a well..... when one tries to get out, the others want to pull the frog back into the well !
Get a life man! If you dont have any constructive to contribute to the post, you can ignore it....
I am sure this guy is using some other handle and trying to fool others in the forum
I am sure this guy is using some other handle and trying to fool others in the forumCommentQuote0FlagEmailer for RNA Exotica
Emailer for RNA ExoticaCommentQuote0FlagThats like 8.37% risk free return. Bank FDs provide a much higher rate with added liquidity and lower risk. Is there something which I have missed ?Originally Posted by anuragjEmailer for RNA ExoticaCommentQuote0FlagOriginally Posted by bubaijsrThats like 8.37% risk free return. Bank FDs provide a much higher rate with added liquidity and lower risk. Is there something which I have missed ?
8.37% is the lower bound of return. In case real estate prices increases more than this rate, you stand to gain it all.
However, there is inherent high risk of builder going bankrupt or not keeping his word.CommentQuote0FlagIs it worth investing in this property now? Rate quoted is 12500CommentQuote0FlagAnyone know what the ongoing rate is at RNA Exotica - Mar 2015. Also how many more apts left in inventoryCommentQuote0FlagDo not have any latest update on the rate. However, I understand that 80% of the projects have ben sold?CommentQuote0FlagHave they allotted parking letters yet?CommentQuote0Flag