Room,Flat, Flat-Shares options for summer trainees from IIM's in Mumbai

Friday, March 22, 2013 · 0 comments



·         Summer trainees / interns coming to Mumbai generally face problems on quality of accommodations. Hostels are either full and/ or full of bed bugs, rooms are dingy, toilets and bathrooms are filthy for that you have to stand in queue and dormitory where people live in double digit if not in triple.
·          All these things make big impact on your professional life, productivity at work especially in these challenging times.   
·         If it is quality of residential accommodation options you are looking out and time is valuable to you then, RealEstateDealStreet.com is indeed an appropriate choice.
·         Our accommodation option considers
o   Rent :- in accordance with the budget
o   Location :- Close to ones work place
o   Safety (especially in case of females)
o   Facilities (which includes ACs, TVs, Fridges, breakfast, Dinner, Wi Fi Internet etc and of course independent living.
                                     
·         There are considerable numbers of your Alumni who have sourced short term rental accommodation through us while interning or working in Mumbai. In fact, we have list of people from all the industry, business schools, cities who have found our services much to their satisfaction. On request, we can provide you with the same.
·         We do all the spade work like finding suitable accommodation / place close to work place, negotiation or iron outing of differences between landlord or current flat-mate except viewing of property and we don’t charge astronomical brokerage fee our charges are friction of what you pay as normal brokerage.

For further details visit http://goo.gl/qjY1V or Why Register and About Us of our site or mail us your queries at info@realestatedeaalstreet.com
Here's looking forward to fruitful interactions in the future,

Warm Regards

RealEstateDealStreet.com Team

RealEstateDealStreet.com arranges Flat share, Paying Guest Accommodation, Roommate, Short-term rentals, Bed and breakfast, Apartments












What RealEstateDealStreet.com does for Paying Guests/Tenants, FlatMate Seekers ?

Saturday, February 23, 2013 · 0 comments


RealEstateDealStreet.com is a dedicated platform helping home buyers and tenants make informed decisions relating to the buying, selling and renting of properties in and around Mumbai. The website provides an avenue for buyers/sellers and owners/tenants to directly interact with each other, which helps in savings related to brokerage/commission as well as time. Further, buying, selling, renting and renting out of a property requires the services of several individuals and documentation. RealEstateDealStreet.com helps you successfully negotiate this maze - legal and completion of various formalities - by providing you access to experts. In addition to providing a platform for users to search for apartments and offices, the website also helps users find properties that are required for a short duration such as service apartments, B&B, paying guest accommodation and business centers. These are unique selling point of RealEstateDealStreet.com which no one offers. 
1) Negotiation: - At RealEstateDealStreet.com (REDS) you will not only be able to contact and deal directly with the opposite party but you will get consummate deal makers who will negotiate or iron out differences on your behalf.
2) Legal documentation: - RealEstateDealStreet.com arranges properties and direct contact with the owner and also helps you in legal formalities like drafting of an agreement and other legal procedures. 
3) Options: - RealEstateDealStreet.com will not only arrange options available of on-line properties but it has a huge data base of offline properties which it has developed over 20 years and more. You will be given access to this database also. 
4) Flexibility: - RealEstateDealStreet.com is the only site which arranges paying guests/flat mates/apartment sharing facilities. While on the one hand PG accommodation is cost effective, the flat sharing/flat mate gives you the flexibility of renting an apartment.
5) Objectivity: - RealEstateDealStreet.com sees to it that no extra interest/money is added on to inflate the rent as the higher rent doesn’t benefit us. This only happens when brokers are involved because when the rent is raised, they get a higher cut.
6) Saves Time: - RealEstateDealStreet.com helps you deal directly with the owner, making the co-ordination easier and smoother instead of having a chain of mediators who create confusion and misunderstanding. Time saved is money saved. As the saying goes: By giving time you can make money but by giving money you can’t make time
7) Verifying Credit Abililty: -RealEstateDealStreet.com has a specialized team to do a background check on owners/flat-mates and possesses data of previous experiences of the PGs and flat mates. We also provide the rating of a location, of the property, and of the owner.
8) Stay Focused on your Business/Work: - We allow you to stay focused on your core activities and will keep track of your needs, be it tenancy or PG arrangements. Leave it to RealEstateDealStreet.com. We will see to it that you are not pushed into staying at an expensive hotel or piling on at someone’s place. We will be by your side all along, helping you the entire way. 
9) Best CRM: - RealEstateDealStreet.com has a Customer Relationship Management system at your disposal through which all your past activities with us will be available to you at the click of a button. The system will inform you about the different properties you have visited, the day/time you made these visits plus your comments. With multiple brokers, you have to rely on your memory and often you visit the same property twice.
10) Arranging Like-Minded Groups: - RealEstateDealStreet.com Search System tries its best to put together like-minded people who may share the same institute/city. So a guy from ISB could get a flat-mate from ISB; if one is from the advertising field then a flat-mate from the same field is sought, i.e. advertising. And if a guy is from Jaipur he could find himself sharing a flat with another from Jaipur as well. 
11) References: - We try to provide you with references of other clients who have taken our services. They could be from the company you are working with or the institution or city you are from, so you can cross-check and be sure you are in safe and experienced hands. In fact, we have a list of people from top MNCs, banks, Ivy League business schools, Law colleges and so on who have appreciated our services. On request, we can provide you with the same.
12) Reviews by Users:-Most of our properties are rated by people like you. We will show you pictures of the properties of your interest, thereby saving you the trouble of visiting properties which don’t meet your criteria.
13) Brokers Don’t Add Any Value: - Brokers don’t work hard enough for you and are more interested in BIG deals. They are very pushy and at times they turn violent if you disagree with them.
14) New Properties: - RealEstateDealStreet.com removes the list of available properties after 90 days and the landlord/owner has to put up his available property list once again on the site as each contract is for 90 days only.
15) A Complete Range:- RealEstateDealStreet.com caters to all kinds of accommodation requirements be it is as a paying guest, bed ‘n’ breakfast, apartment renting, apartment sharing, short-term housing etc. We provide you with the flexibility of renting as per your desire.

And by registering, you can do away with the added burden of brokerage and interacting with multiple brokers, as well as trawling through several websites. A fee of Rs 2,000 ($50) will also provide you the comfort that all processes have been stringently adhered to, and support is available at all times. For any assistance, we are a call or mail away. For further details please click ‘Why Register’  or visit RealEstateDealStreet.com and other links or comment here. 


                                                             

What RealEstateDealStreet.com does for owners / landlords?

Friday, February 22, 2013 · 0 comments


These are few benefits which RealEstateDealStreet.com offers and in detail you may find it here at Why Register 

1) Credit ability Score: - RealEstateDealStreet.com has a specialized team to check the background of tenants/flat-mates so you never run into any legal or financial hassles.2) Saving Time: - RealEstateDealStreet.com helps you find tenants quickly so you don’t waste your time in looking for a tenant through any other long-drawn process. We deal with serious clients/genuine buyers so you don’t waste time by showing your property to disinterested people, which most brokers do. Very often, people don’t have the budget you are looking for or have something very different in mind. This is a needless waste of your time. We help you to zero in on the right client. Time saved is money saved. As the saying goes:  By giving time you can make money but by giving money you can’t make time
3) Legal documentation:- RealEstateDealStreet.com not only arranges properties and direct contact with the customer but we can also help you with the legal formalities like drafting an agreement etc.
4) Charge for value addition :-We replace brokers who don’t work hard enough for you and are very pushy. They do not worry about the client’s needs; their main focus is to get big deals.
5) Valuation: - We have a professional team who would RealEstateDealstreet.com evaluate your expected rent in case of renting out your property and capital value in case of selling your property.
6) Credibility Check: - We have a specialized team to check out the background of tenants/flat-mates to avoid any legal/financial risks.

If you need any thing needs to be clarify than feal free to post it here or use site's contacts. We will get back to you. 

Bed and Break fast, Home stays offers local flavor by RealEstateDealStreet.com

Monday, February 18, 2013 · 0 comments


Homestays is the hottest trend in the hospitality sector that is embracing tourists like never before. Alexandria Cook visits one such home in Mumbai that has been roped in by RealEstateDealStreet.com (Idea of Harvard, IIT, IIM graduates) and comes back with family bonding.
Replace the “sherwani”clad, long mustached guard at the hotel entrance with a warm old couple or single lady waiting to embrace you into their homes.

What if you could interact with the locals, feel the culture and learn about the nuances of your favorite holiday spot? Perhaps that is why RealEstateDealStreet.com has ventured into the ‘Home Stay’ concept, where individuals with large homes let out their spare rooms for working expatriates, executives, couples, and females etc to stay in. Who is visiting city as intern or working for any organization form one month to a year.
Yet, I was slightly apprehensive about the “home” I was going to stay in. Being a lone female traveler, living in a stranger’s house does leave one wondering about issue of safety. Dismissing all doubts I was ready to go because of references provided by the RealEstateDealStreet.com of my business school graduates, who used its services earlier.
Mumbai Calling
After traversing through maddening streets and train stations figuring out why and how every station in two part East and West, for viewing of couple of property   I finally decided to stay at Anita’s place. She was young lady of age around 55 teaching Marketing and advertisement in various management institutes. After exchanging pleasantries I was soon shown my room with splendid view of ocean, which was really a stress buster.
So far so good, I thought, till I was told list of do’s and don’ts. Well, that is something about homestays. You don’t have the leisure of calling in for a waiter at 2am for a hot cuppa coffee. Still, it’s worth it because hotel room in Mumbai is small basically run out of the mill types and most of them in crowded areas.
‘Stay’ and beyond
Homestays is no new concept in Mumbai, everybody with a room to spare ready to let out to expats. However, those who wish to blend the comfort with budget then  RealEstateDealStreet.com  has specialization in dealing with foreigners and working executives so that save you feet from wear and tear. Steering clear from just lodging facilities, these homes give personal attention to the guests, have breakfast included as part of tariff, activities are conducted to get one acquainted with the local culture, cabs or host might show you around and help you with getting the best shopping deals. The tariffs vary from 5000/- Indian Rupees to 35,000/- Indian rupees for a month depending on the room size, location, ambience and facilities. For foreign tourists, the cost as well as understanding local culture serves as the major pluses in Homestays. Nevertheless, tourists have an option of choosing when to interact with their hosts and how much to take advantage of their homestays. The best part about this concept is that your clothes washing and room cleaning is taken care by host only. My trip ended some lip smacking Mumbia food like Bhel puri, Pani Puri etc. The best part RealEstateDealStreet.com covered/handled all the nuances of Mumbai real estate.

Note: This Post was written by one of our client from Alexandria Cook from New York, America. 

Definitions or Difference of Apartment/Flat, Independent/ Sharing Paying Guest Accommodation (PG), Flat Share, Short term rental as per Mumbai Real Estate Terminology / Jargon

Friday, December 28, 2012 · 0 comments



In every country, sometimes the same word is interpreted differently and real estate sector is not spared either. In UK and India “Out House” means room behind the main building but in same compound generally used by servants of occupants of that building and the same word in US means wash-room behind building.
We here at RealEstateDealStreet.com are this time trying to define few key words used in real estate sector across the world and has bit of a different meaning in Mumbai’s real estate sector.

Apartment / Flat: - In Mumbai, the word apartment and flat are interchanged quite comfortably. It is better to ask area of the place in square feet or square meter and then decide as per your understanding whether that is an apartment or flat. By the way, lower rank employees like servants, watchmen and chauffeurs use the word “Room” to indicate an apartment or flat.  

Paying Guest Accommodation: - It is some sort of Bed & Breakfast in UK, but not flat share at all. There is no thumb rule in paying guest accommodation; every owner has his or her own set of rules. In general Paying Guest Accommodation is accommodation where owner has 2 or more than 2 rooms in his or her apartment and they rent out one of the rooms to Paying Guest. These rooms are always furnished with bed, wardrobe, chair and writing table, fan and private bathroom. Now-a-day’s you get lots of rooms with air conditioner and TV also depending on one’s requirement and budget, but those days of Paying Guest where one use to get meals also are over.
There are two types of Paying Guest Accommodation in Mumbai that is where most people get confused. One is Independent Paying Guest Accommodation and another is Sharing Paying Guest Accommodation. In independent paying guest accommodation one individual gets one room to use with private washroom and in sharing accommodation one has to share the room with one or more than one person.

Pro and Cons of Paying Guest Accommodation:-

Paying Guest Accommodation has its own benefits but that comes with few constrains also.

Pros: -
Easy to Start:-It is like what a business center is for commercial purpose- you can start from day one. One gets 1 room with private washroom and is fully furnished with Bed, Wardrobe, Chair & Writing table, Fan, Air Conditioner, TV and Fridge facility. All charges like electricity, water, room cleaning is included in the rent. Few owners provide breakfast also. For clothes washing owner’s servant washes clothes and charges are ad hock in the range of Rs. 500 (12$) to Rs.1000 (25$) for a month.

No furnishing Expenses: - All the PG Accommodations are fully furnished, so one doesn’t have to bother to furnish it. You have to move in with your clothes, so this works well for immediate move-in or people who are on short assignment etc.     
Cost: - It is far less expensive than renting out apartment in same locality
Up keep: - In PG you don't have to bother about the up keep of the house, which is taken care by owners, so you don't have to handle servants timing etc.
Deposit: In PG initial deposit amount is very low, just equal to one month’s rent, which is not the case when you rent an apartment. 
Lock in period: - In PG lock in period is very short, you can move out by giving short notice of around 30 days.
Good way to know the city: - In Paying Guest Accommodation you live in some one’s house so you understand the city and its culture well. 

Cons:-
No Visitors: - In PG accommodations visitors are not allowed, so if you like or expect people or relative visit you then PG is not for you.
No HR Benefit: - In PG accommodation you don't get rent receipt and in most of the cases, you have to pay rent in cash so you might get hit on tax.
Limited use of Space: - In PG accommodations, owners don’t give you access to common space like living room, dining room, kitchen etc, so you are confined to your room.
Food: - In most PG accommodations in Mumbai one doesn’t get the meal or access to kitchen. Few owners provide breakfast but meals you have to manage yourself. If you need or want home cooked food than it is not for you, but Mumbai has very good tiffin service delivered by world famous Dabbawalas of Mumbai and free home delivery services by restaurants and grocery stores in the locality.   

Conclusion: - Like we said, there is no thumb rule in PG accommodations even cons mentioned above can be eliminated by bit flexible owners. If one is intern in law firm, summer trainee from MBA institute or Article at Chartered Accountancy Firm or in Mumbai for short term project then Paying Guest is best especially in South of Mumbai, where one doesn’t get flat share options. Some time people bother about the owners interference in their life but in Mumbai most of owner will tell you all dos or not to do things before hand. If you are comfortable with terms then there won’t be any unpleasant surprises later, but still there are certain things to be clarified before moving in and that is where expertise of RealEstateDealStreet.com comes handy while closing the deal.

Flat Share: - As the name suggests, flat share is sharing of flat between two or more than 2 people in every one gets access to common area and facilities like kitchen, dining room, living room, TV, washing machine etc. Flat share is more prominent in western suburbs of Mumbai in locations like Andheri, Malad, Kandivali, Santacruz, Juhu, Vile Parle or locations like New Bombay or Powai, Vakaroli etc. These are pros and cons of flat share.

Pros: - 
Lock in period: - Its gives flexibility in terms of duration of stay unless all parties move in together with understanding of fixed move in and move out time.
No Interference: - Flat share gives you options to have visitors, relatives or party etc. You can work from home if you don’t have to go to work every day or you are a freelancer etc, which is difficult in Paying Guest accommodation.   
Food: - In flat share you have all options of a cook at home or get cook to serve you homemade food.
Living with like-minded people: - In flat share one not only chooses a place to stay but also persons to live with. He/ She can choose like-minded people to live with for a cordial atmosphere.
Cost: - In flat share you share the expenses which has light burden on your pocket and it gives you benefits of economy of scale.
Option of More Options:-You get options to choose bigger place without paying full rent so your choice gets wider.

Cons: -
Rent: - In flat share rent is higher than paying guest accommodation.
Cost: - Flat share can be deadly if one’s flat mate leaves before expiring of agreement because in that case other occupant or occupants of flat has to bear additional burden of rent. It is biggest disadvantage to flat shares. In case one leaves before, that is where expertise of specialist RealEstateDealStreet.com comes in. We at RealEstateDealStreet.com have good experience in bailing out those tenants. RealEstateDealStreet.com not only has the quality to get replacement on time, but matching the reliever / successor's profile with current occupants also. If you don’t get replacement on time then it hits you severely and all your financial planning can go haywire.
Furnishing expenses: - In flat share one has to spend little or lots of money to furnish any place and some time that sort of expenditure is not worth especially when one is in the city for a short term or not sure of duration of stay.
Deposit: - In flat share deposit is higher than paying guest accommodation. For some one who is a student or just starting his carrier it can be difficult.
Issue of Habits or Life Style: - In flat share if people have very different habits or life style than it can become a big issue. Combination of Investment banker and Media man or Student and mature person has a probability of not working; same goes with eating habits or different hygiene standards.
Location Issue: - Flat share is bit difficult in South Mumbai; it is more prominent in locations like Andheri, Bandra, Santacruz, Vile Parle, Khar, Vikroli, New Bombay and Powai. If one is looking for flat share in South Mumbai he or she might have to settle for either paying guest or rent an apartment.

Conclusion: - Flat share is more suitable for people, who want to entertain people at their place and like to have homemade food. For freelancers it is very suitable because you can work from home that is not possible in Paying Guest Accommodation. People who have erratic working and life style flat share is suitable to them. In professions like Media, Advertising, Films, BPO etc it is more prominent.  

Short Term Rental: - Our this post covers short term rental market in Mumbai

Role of RealEstateDealStreet:-
If one takes above mentioned points into consideration he/she will be able to make better decision but still there are certain things that need to be clarified before move-in and that is where expertise of RealEstateDealStreet.com comes handy while closing the deal.

RealEstateDealStreet.com not only lets one save brokerage, but most importantly time also. As someone said that by giving time you may make money but by giving money you cannot buy time. We are here for time conscious people. 
  

How to get an apartment / flat for patient in Mumbai, India?

Monday, September 24, 2012 · 1 comments


We at RealEstateDealStreet.com get lots of enquiries from out of Mumbai form India and across the world that they need an apartment on short-term rental. Some of these people need these apartments because of medical reason generally they would visit Mumbai for cancer or fertility treatment where duration of treatment is longer and some time NRI’s on long vacations to sort out their personal issues like ancestral property dispute, fixing up marriage of their children etc. In the case of medical reason there are lots of dietary restrictions from doctors and some time due to long duration of treatment it is very necessary to have home made food. These need various from couple of days to couple of months.
 In Mumbai nature of real estate market and scarcity of housing makes life difficult for these people. Being Lots of hospital situated in South Mumbai make matter worst. One of man behind RealEstateDealStreet.com use to live in New York and think that New York is housing market is most difficult but he has changed his perception / view after experiencing Mumbai housing real estate. To have a quick transaction in Mumbai’s real estate market every thing works against it whether it is law, legalities, management societies, high capital value and top of that long chain of agents involved.
RealEstateDealStreet.com try’s at its level best to tackle this problem/ menace by using its experience in real estate. Hear we would like to view this problem of short term housing from all party involve, it is owners, tenants, we are living brokers, because we think that they won’t agree to our solution that for short term rental is not their forte and for all these type of request they should refer RealEstateDealStreet.com instead of wasting their time, tenants and owners time.
Let’s take look at
Tenant view / Perception:-
Generally prospective tenants have no idea of Mumbai Housing / Real Estate. People who come from any part of the world for medical help in Mumbai are most probably affluent in their city. They live in big houses rather bungalows and think that they will be able to afford same luxury in Mumbai and when realities bits and they relies that forget to get bungalows here owner are even wary to renting their very mediocre flats also for short term, and pulls (sorry! we meant connections, in India we relay on connection and call them pull:) doesn’t work Their pride take a knock. Same time RealEstateDealStreet.com agrees that it is big shock for them and bit difficult to adjust to this type of life style change. From somebody to nobody! Stress of sickness of their close one make matter worst. They think that people rather owners are not human and rent they ask is like asking their own share in the pond of flash.
Owner’s View/ Perception: -. Owners are wary of giving their houses to one individual due to fear of in case of not vacating and not timely payment of rent. They are bit wary of having some one sick at their place because tenants will have lots of visitors and that will create mess and their furniture will get spoiled. Owner don’t want to rent their property on short term rental because they don’t want to go through rig marole / process of tenant hunting again and again because of rule of societies, legal hassle etc.
RealEstateDealStreet.com tries its best to see this situation objectively and some suggestion for only two parties, owners and tenants. If few things people looking for
short term rental keep in mind then their house hunting will be not so tough. Tenants should always keep in mind that they are entering in most difficult housing market of the world. Tenants tend to value their money more then it should be in any market place every rupee has same value. In Mumbai’s real estate market for tenants it is survival of weakest then fittest, the more you assert your powers, knowledge, connections, arrogance or not polite behavior the more it will be difficult to find a place. In Mumbai property owners are very wary of tough people. One should be all time considerate to owners views. By being polite and curtsies never hurts. Money is dear to every body and we Indian have the habit of negotiating, that is fine but we should also know where to draw the line and negotiating should not convert in argument or haggle. It makes owners uncomfortable, they start doubting creditability of opposite party, but same time you should not pay some thing more then fair value of the place. Some time tenants don’t put their requirement clearly ultimately that waste their time. Clearly mention that these are bare minimum you expect from the place and these things will be nice to have. Owners should also realize that 

Few Quick Tips:-
For 1 day to 7 Day’s stay :-If you are looking for flat, for 1 day to 7 day’s you should try your relatives only or  sanatoriums, hotels and service apartments. You have only 5% probabilities to get some thing even through RealEstateDealStreet.com
7 Day’s to 15 Day’s stay:-  
Try all options given above and you may try RealEstateDealStreet.com but probability to rent a flat is around 15% and for renting of room / paying guest accommodation it goes up to 35%
15 Day‘s to 1month stay:-
 Hear probability increases to 25% for flat and 50% for PG or room
1 month to 3 / 6 Months stay:-
Hear probability increases to more then 70% for flat and you almost hit the upper cap of 100% / roof for PG
Housing Swap: - Housing swap in Mumbai is not possible because big disparity in rents of other part of the India or World visas a visa / compare to Mumbai.
Brokerage:- In Mumbai commission of real estate broker is minimum one month rent and it can go up to two month rent, that is why RealEstateDealStreet.com most suitable for short term rental because its charges fixed fee of Rs.2000/- or 50$.This brokerage fee charged by brokers is biggest hurdle in finding any place and RealEstateDealStreet.com having fixed fee doesn’t have inclination to increase the rent to get higher commission.
Credibility: - Credibility has maximum premium in Mumbai’s real estate market, tenants should demonstrate that by giving good references, through this tool they can get the place which otherwise would have not possible.
Paying Guest (PG) Accommodation: - In some of paying guest accommodations you get cooking or home made food facility. If you are couple of people and don’t expect visitors then you should consider this option which is cheaper and you get access to thing which any running house has.
Commuting distance:- People from small city wants their flat should be near to hospital where they have to visit regularly because they are not used to travel. If one bit open to travel he/ she will get more options / choices and when you are in city only for treatment then you have ample to time so you shouldn’t rigid about the distance, unless its is suggested by docter. People who are not from India think that it will be very expensive to travel by cab and at times you might not get cab at all. That both things true in European countries or America, just to give you some perspective that New York and Mumbai has lots of similarities logistically, culturally, geographically and Ney York has around 12000 Cabs and Mumbai has more then 60,000/- cab and these are not expensive even if they take you for little ride, which seldom happens.
Market Realties: - In any market where two parties transact it is never that either of parties decide price but is it market which decide price. One should understand market realties of Mumbai’s real estate market and conduct accordingly. It is business deal for both parties and owners are not here for charities.
Fast Decision:- Some time RealEstateDealStreet.com seen that people take so long to take decision that by the time they decide for some thing that some thing is no more in the market or even if they get it they couldn’t benefited by its full potential. It is matter of couple of months not of life so one should be quick.   

Role of RealEstateDealstreet.com:- What Reds can do can’t do / what is the benefit of Reds
RealEstateDealStreet.com has ever growing data base of sanatoriums which provided free of cost. You just have to communicate it through our FaceBook, twitter or LinkedIn account. RealEstateDealStreet.com doesn’t only has online properties which can be acess any time on site but it has sizable offline data base also which got developed over the years in real estate comes handy in these trying times. RealEstateDealStreet.com has years of experience which can be used in valuation, breaking ice with owners, negotiation and certain logistic and legal issues. Service apartment market is in bit nascent stage in Mumbai and RealEstateDealStreet.com endeavors in this direction that it should have maximum service apartments in its data base if not all. If your place is not furnished then RealEstateDealStreet.com can provide you list of vendors who provide furniture on rent. In short RealEstateDealStreet.com will be always there till you move in. 


Is Nariman Point A Sinking Ship? Current Situation of Residential, Commercial, Real-estate at Nariman Point.

Monday, September 17, 2012 · 1 comments


Once upon a time Nariman Point used to be treated as one of the Best Business Districts not just in India but Asia’s also, but now it is slowly turning in Ghost Market or say sinking Titanic ship.
Real estate prices in Nariman Point business district are more or less the same since last 15 years although, in the same time span, prices of residential buildings at Nariman point appreciated tremendously. There are several reasons behind it. But there are two main culprits behind this; one Government and other owners themselves. We might be offending to RealEstateDealStreet.com’ s current and prospective clients but that is true. What we have realized is that there are 3 types of owners in Nariman Point.
1)      Those who were lucky, or smart to realized that this ship is sinking and left it.
2)      Those who had great journey on this ship for not only few years but decades. These types of owners are not bothered about the water is seeping slowly into the ship and it might sink if they don’t act. They think it has been working for so many years and will continue to work in their favor.
3)      Those who have given up hopes and are watching slow death of this prominent business place and not doing any thing. These set of owners call and ask us the current prices of offices in Nariman Point are so that they can sell it off and desperately looking for buyer who is interested in Nariman Point location but it is getting difficult.

We at RealEstateDealStreet.com are really surprised that there are only few of such an influential stake holders, who are concerned about its glory, prestige and legacy. We firmly believe there should be one group of people who should address the problem of rising water and understand that but if we come up with an innovative idea then we can stop this then this ship will able to serve us for many decades.
RealEstateDealStreet.com thinks that if we apply few things then this business district will turn around. Occupancy level which is currently less then 65% can come up to 90 – 95%.
  1. Municipal Taxes: - In Nariman point municipal tax is an issue on which all the owners are confused. Societies have been fighting against this unreasonable demand of government. Bureaucrats are at their best to kill this golden goose out of their personal greed. They have put such high taxes on Nariman Point offices under collector fee, because Nariman Point was constructed on collectors land. Till few years ago these taxes were unreasonable but bearable. But now BMC (Bombay Municipal Corporation) has increased it by almost 10 times. Now taxes are similar or higher than even the rent one gets from his property in Nariman Point. Due to this, many offices are vacant and waiting for more clarity on this issue creating such a big unused space in Nariman Point. Nariman Point and World Trade Center at Cuffe Parade are prime example of how to waste scared resources like real estate.
  2. Hawkers: - It seems Nariman Point doesn’t have footpaths now days as almost 70% of footpaths area is being used by hawkers creating a bad impression on visitors especially expats. The smell of food and filth created by them is really black spot on such a prominent business district. Government should do something to remove these encroachers but it is like expecting too much, as it seems these hawkers now have electricity and telephone connection also, which makes them legal in a way.
  3. No Budget Restaurant: - In Nariman Point there is no budget restaurant where low rank employees can have meals. If government comes up with some solution where not only staff of firms which has offices in Nariman Point but regular visitors also can have meal at reasonable cost, then the menace created by hawkers will also reduce to a certain extent. Almost all restaurants such as, Status, Relish and restaurants at CR2, Hotel Trident (Oberoi) are not budget restaurants. 
  4. Parking: When Nariman Point was created, car was a luxury. Things which were luxury yesterday have become a necessity today. In 1970’s only owners would have a car but now in changing business environment even employees have their own cars and this infrastructure no longer handle the increasing load. Government need to built an under ground parking place to handle this but then again, it is too much to expect because the space they had building a parking place, they sold it to create CR2.
  5. Reasonably Priced Shopping Centre: - Nariman point doesn’t have any reasonably priced shopping centre in the vicinity. CR2 and the shopping center at Hotel Trident are not for budget user.
  6. Change Commercial Building to Residential: - Now we see that the way deals are happening in only residential building of Nariman Point, NCPA Apartments and prices of offices at Nariman Point. It is giving a very clear indication that residential has stronger demand compared to offices. So why not change few buildings from commercial to residential and bring some equanimity in demand and supply?
  7. Improvement of Buildings :- Except very few buildings like Bhaktawar, Free Press House, Embassy Center, Makers Chambers, Nariman Bhawan etc. Who have put some effort to improve their lobby, fa├žade etc., buildings like Arcadia, Mittal Court, Mittal Tower etc are in shambles. In these buildings after 9PM the staff cooks food at the podium, changes uniforms etc. These things create a very bad impression. All Nariman Point buildings are over staffed. If societies use modern technology like internet to send the bill, notices and use net banking, file returns and pay taxes online and have modern automatic elevators then they don’t need such army of staff. Over staff podium looks very crowded and it creates lots of nuisance and corruption.
  8. Miscellaneous: - Few things like improvement of foot paths, educating of societies is very important because right now they are creating inconvenience to not only to office owners and their employees but visitor also in the name of security. Rules are laid down by people who either don’t have vision or have their selfish interests if not both. Societies have become a big ADDA of corruption
RealEstateDealStreet.com thinks that if these few things get implemented then Nariman Point can restore some of its lost glory again. We agree that certain things can’t be changed like in buildings of new business district such as Lower Parel or Bandra Kurla Complex (BKC) but then they also don’t have few things like Marine Drive which Nariman Point boast of. There is nothing comparable to a walk at Marine Drive after a hard day at work watching the endless ocean one side and the twinkling glory of Malabar Hill on other.