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Raheja launches Raheja Exotica-Sorento at Madh Island

Posted on by Track2Realty

News Point: 4th phase receives OC on completion before promised deadline of October 2017; Raheja Universal receives OC for 4th project in a row before deadlines.

Raheja Exotica-Sorento, Raheja Universal, Ashish Raheja, Mumbai property developer, Mumbai real estate, India real estate news, Indian realty news, Real estate news India, Indian property market, Track2Media Research, Track2Realty Raheja Universal has beaten the RERA and GST deadline and received an occupancy certificate for Raheja Exotica – Sorento, the 4th phase of their ultra-luxury project Raheja Exotica located at Madh Island.

Sorento had a delivery date of October 2017 but received its OC in April 2017. As the project has received the OC, customers buying a ready-to-move-in property from them will not have to pay service tax and VAT (or GST, as and when applicable) which amounts to a saving of a minimum of 5.5% on the base cost.

Expressing his views on the same, Ashish Raheja, Managing Director, Raheja Universal, said, “Raheja Exotica – Sorento is an offering that brings together our years of experience in combining great quality and superior offerings along with exotic locations that provide the buyers an experience that is unparalled. This project evangelizes the second home concept to buyers who get the advantage and benefits of a city, sans the perils that come with a home situated outside the city.”

He added, “The principle of delivering on time and keeping our buyers happy is something we constantly strive for as is reflected in our other projects that have been completed well within the promised deadlines. Raheja Universal has benchmarked luxury living concepts and continues to go all-out in delivering homes that enhance the lifestyle of our customers.”

‘Raheja Exotica – The Ocean City’ at Madh Island, Mumbai carves out one of Mumbai’s most luxurious edifice ‘Raheja Exotica – Sorento’ in the midst of an entire township project developed across 22,000 sq.mt. of magnificence. The opulence is mirrored through an elegant designer cluster of ownership villas, condominiums, and modern styled apartments. ‘Raheja Exotica – Sorento’, has a fresh grandeur breathing beauty and serenity beyond the fast and furious pace of life.

With state-of-the-art amenities, ‘Raheja Exotica – The Ocean City’ is well connected to the mainland. The serene expanse of the Madh Island is mapped and connected to Versova by ferry, along with 25 minutes of drive through greens by road from Mindspace, Malad (W). With life and infrastructure in Mumbai getting upgraded at a fast pace, there is a proposed bridge connecting Versova to Madh reducing the travel time of the affluent travellers’ to half. Also, the proposed Coastal Road is perceived to make south Mumbai more accessible and bring Madh

Island even closer to mainland Mumbai. Equipped with 37 amenities in five demarcated branded zones to provide a holistic lifestyle, The Ocean City promises consistent extravagances in all aspects.

The amenities provided to residents in the project include operational club house, swimming pool, rejuvenating spa, squash court, Cafe Lagoona, gymnasium, well-equipped business centre, multipurpose banquet, games room, high-end security services, 24/7 assistance, housekeeping and laundry, food court with kitchen, supermarket, medical centre etc. The five zones include Ocean City park, Club Exotica, Vista – The Sky Avenue, Score – The activity zone and DownTown – The town centre.

For a lifetime experience and to retire into the lap of luxury, the twin towers of Raheja Exotica – Sorento create extravagance with hi-rise above 36 storeys into the sky. The towers with 376 apartments are spacious and perfectly styled in configurations of 2 BHK (843 sq ft carpet onwards), 3 BHK (1119 sq ft carpet onwards) and 4 BHK (1828 sq ft carpet onwards) apartments that promise to give a spectacular view of the calm and peaceful Arabian Sea.

The luxurious project offers 2 BHK starting from INR 1.85 Crore. Spacious 3 BHK is listed at INR 2.25 Crore and 4 BHK in the grand scheme of design stands at 3.33 Crore onwards. It is specifically designed by keeping the second-home concept in mind pleasing the achiever and affluent.

Ready to move property a common wish across cities

Posted on by Track2Realty
Track2Realty Exclusive

Bottom Line: Post GST the homebuyers across the country prefer a ready to move property.

Ready to Move, House Keys, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Ravi Sinha, Track2Media, Track2RealtyBe it Mumbai or Pune in the Western part of India or Hyderabad, Bangalore and Chennai in the South, the homebuyers seem to be convinced with the reality of GST and its implications with various stages of construction. It is hence not surprising that most of the homebuyers across the cities today wish to invest in ready to move apartments to save from the hassles of paying the GST.

Reasons to buy ready to move apartment

Saving from GST with ready to move apartments

Saving the dual burden of EMI and rent

Saving from the execution risk borne out of new compliances

Saving from the unknown future charges

Saving from future builder-buyer conflict 

There is a general feeling that a ready to move apartment is the answer to save from the GST and other implications emerging out of RERA compliances.

“My reasons of buying a ready to move apartment is pretty obvious – it is freedom from the GST burden. Nowadays most of the homebuyers avoid buying a pre-launch or newly launched apartment. So, instead of buying a near-completion apartment, it is better to buy a ready to move apartment,” says Kalpana Chitre in Pune.

Urvashi Dua in Mumbai is equally clear that it makes more sense to buy a ready to move apartment. Doesn’t it mean paying a bit of premium over the ready to move apartment, if not GST? She believes the developers will no doubt pass on the input cost burden to the buyers but it still makes more sense to buy a ready apartment.

“Even if I pay a premium of say 10-15% for the ready to move apartment, I am still not under the burden of paying both the rent as well as the EMI. In a way, I will end up paying the same but without carrying the simultaneous dual burden,” says Urvashi.

Abhinav Sharma in Bangalore has an altogether different reason to go for a ready to move apartment. He believes now with the GST and RERA implementation the developers themselves admit it is a phase of teething trouble. So, in a way it is safer to buy a ready apartment.

“I will pay for what I like with no execution risk involved. A project after OC (Occupation Certificate) is a safer bet now since there are so many new compliances to follow. Even the developers are not sure that despite of the best intentions whether or not they will get the OC and that too on time,” says Abhinav.

Yaduraj Pai in Chennai is convinced that the RERA compliances and the GST will in any case escalate the property prices marginally. According to him, whether one buys it under construction or the ready apartments the cost implications would be more or less the same. But buying a ready apartment has added advantage of knowing the all inclusive price rather than paying for many other charges like parking, club etc that would be unknown at the initial stages of construction.

“In the initial stages of construction even the developers can not gauge some of the costs, like the monthly maintenance charges. It is only when the project reaches the level of completion and amenities are ready that the maintenance charges are calculated. I wish to buy a house with all the knowledge beforehand and hence ready to move suits me,” says Pai.

Girigaja Reddy in Hyderabad is also clear that there are distinct advantages with the ready to move property. He feels a common end user buys a house where one would like to live with the peace of mind. Any mismatch in promises could lead to a builder-buyer conflict for endless time and hence he would prefer a ready to move apartment.

“There could be slight deviation with the project, compared to what was promised at the time of launch, despite of the best of intentions of the builder. Now if those deviations were something that is one of the reasons to opt for that project, I would end up fighting with the builder. So, there is no point in going for that. A ready apartment is there to buy what you see and select,” says Reddy.

In a nutshell, the buyers in all the major cities might be having different reasons to make their property choices but the wish is the common – ready to move. The developers are hence today evaluating the build & sell model. This will save them from some of the harsh provisions of the RERA compliances. Also, they will know the exact tax liability and interest liability in quoting the final price of the ready apartment.

Is build & sell model the next big idea for the Indian real estate that could bring the fence sitter buyers back to the market? Well, only the time will tell but going by the homebuyers’ wish list it appears to be closer to the reality.

By: Ravi Sinha