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 · 1 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 · 0 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.

The Evolution of SOHO (Small Office - Home Office) Concept in India

Wednesday, August 22, 2012 · 0 comments



The concept of the ‘home-office’ is no longer new and is fast evolving in India. The way we at RealEstateDealStreet.com see it, it has evolved as needs have changed. When we say ‘not new’ - we mean it has been around for decades now, the difference being, these used to be in the form of small businesses or professions run by one or two people from their homes. These professions include Doctors, Teachers, Chartered Accounts, Lawyers, tuition or hobby classes, and real estate agents/brokers. And this phenomenon not only thrived in India, but across the world including UK, Europe and America.

In US, it was termed SOHO (Small Office Home Office). Americans also have the concept of Garage Start-up, which is nothing but an extension of this, where entrepreneurs who couldn’t afford proper offices in business districts worked form either rented garages or their own homes. Quite a few world class companies were once called “start-up” and literally started from a garage. The greatest example is of the IT giant Microsoft. This concept is now catching up in India tremendously. Few Indian start-ups which worth millions now, started from home even though those were from other cities like Banglore, Delhi( NCR) etc. 
Mumbai is ‘space-constrained’ and so, entrepreneurs driven SOHO concept should catch up and will have considerable impact on real estate market. 
There are few reasons due to which, SOHO concept will flourish in Mumbai. We have tried to pen down few of them and the impact they will have on the real estate market.

1)      Commuting: - Traffic, not only in Mumbai but across the country, is pathetic. Vehicles move on an average speed of around 20 miles per hour during peak traffic hours at certain business locations. Mumbai’s public transport has its own set of problems. Our decade old infrastructure is not able to cope up with the increasing demand of the increasing commuters. On an average, citizens of Mumbai spend about 3 to 4 hours daily on just commuting from home to work and back, let alone the assorted work related commuting. All this stress and impatience has started taking a toll on people’s health. They have started realizing this and our hence considering to start work from home as an option.
2)      Property Prices: - Property prices in Mumbai’s CBD (Central Business Districts) have become both unfeasible and unaffordable. This is also one of the reasons why people have started working from home. 
3)      Technology:- With the advent of path-breaking technologies, such as Skype, G-talk, BBM, video conferencing, Whatsapp, etc  communication has become much easier and cost-effective and also that much more convenient with anyone being able to reach out to anyone at anytime, thereby loosening up the constraint of working at the same place. Also, in today’s world one doesn’t need much face to face interaction and even little one needs can be made through facilities like G-talk, Skype or videoconferencing. One can always avail facilities of cafes, hotel lobbies or business center if need arises at no cost or friction of cost required to run proper office set up.
4)      Man Power: - They say machines have replaced the man, and this holds true to our advanced times where everything is going to the cloud. Due to online banking, online shopping, online filing of returns and other regulatory requirements one doesn’t need much man power. Hence, the entrepreneur or professional can do without formal business set-ups and man power like peons, receptionist etc.
5)      To protect new business / Innovative Ideas: - India is an emerging star of new innovative business ideas by young generation which need to be protected from clones. In SOHO concept one’s idea remains in stealth mode, for a bit longer than in the typical dog eats dog business environment because he/ she can take help from family, friends and trusted ones at the initial stage of venture.
6)      Scarcity of Bank Funding: - It was always difficult and a detailed process for small businesses to get funded by banks or financial institutions and acquire a work place on loan. In today’s time because of sky scraping real estate prices it becomes next to impossible.
7)      Flexible Working Hours: - In today’s time people do lots of cross border interactions, transactions and communication. Conference calling, Video conferencing became very routine affair in SOHO concept it is easy to do that with out waste of time in waiting till odd hours.
8)      Rise of Women Entrepreneurs: India is seeing a paradigm shift in the attitude of the people towards women entrepreneurship. Given the high risk factor in starting your own venture and the high-cost of living in metro cities, more women are stepping up to take the plunge. Some men prefer having a secure job while letting their wives test entrepreneurial waters. Besides seeing their personal growth, women also find it one of the better ways to stay busy. With the fast adopted concept of nuclear families and sometimes even single-parenting, SOHO is seen as a convenient option to keep oneself occupied and generate income without increasing overhead costs or compromising with domestic responsibilities.

All these points indicate that after some time not only all the business districts but the retail space will also lose its luster and head towards a secular bear market. Start-ups are growing in numbers and these entrepreneurs know how to use technology in their advantage. Location will not have that much of importance that it had earlier. The gap between non premium locations and premium locations will be narrowed. For retailers and hoteliers whose business model only shouts “location, location, location!” will be at loss. As per RealEstateDealStreet.com study, it is time that organizations, whether small or big, should be lean and have lesser commitments on their shoulders because there is a higher chance that this bubble might burst in current cloud of drought and signal the slowing down of economy!



How To Save Out on Hotel Stay Expenses in Mumbai:-

Tuesday, July 31, 2012 · 3 comments


We at RealEstteaDealStreet.com get lots of inquires from out-station prospective clients who want to stay in Mumbai for medical reasons or are have to be in Mumbai for some project , business, school-student for internship / summer training, so on and so forth.

Out of these, some just want a decent independent room near their work place, while few others want a fully furnished apartment near the hospital. A couple of weeks or month’s stay in a hotel is like a burnt hole in their pockets and obviously not a good choice to make. Service apartments have convenience but in Mumbai even those are very expensive.

But at RealEstateDealStreet.com, we have a solution to both of these problems.

Whether it is an independent room or a sharing room for single male / female, or whether a flat share or a fully equipped flat / apartment to himself/ herself, we can pander to your requirements in Mumbai.
We divide this problem in two parts- first being, how we handle issues of rooms or flat sharing in Mumbai. RealEstateDealStreet.com has an extensive data base of senior citizens having an extra room to spare, generally for the use of single males / females who want independent or sharing rooms according to their budget. Typically, these rooms would have a private bath room, bed, wardrobe, writing table, chair, fan and laundry facility etc, and if you want an air conditioner, TV, breakfast and other such facilities. it can be arranged at extra cost.

Now, couples or families, here for medical reasons and needing an apartment or flat near the hospital or medical center, or expatriates who are visiting the city for a short term project, have a bit different requirement. These people need an independent place where they can cook at home due to the dietary restrictions of the patient can entertain relatives, guests or visitors and same time do not wish to go through the hassles of buying  utensils, white goods , gas stove etc. in a city which is new to them.
We at RealEstateDealStreet.com, have several listings of studio or 1BHK, 2BHK, 3BHKflats and apartments which our clients want to rent out but have not yet finalized. We offer these apartments to prospective clients and rent them out for a short stay which otherwise would be next to impossible to get. Also, our flat owners do not mind because for them, at least their meter starts ticking before they close a long term deal.
Through the normal broker route, first, you will be flatly refused, because brokers know that their brokerage (which is minimum 1 month rent and some time 2 months rent) would be a big deterrent to finalize anything.

Besides, our data base (which we have not displayed online) includes addresses of hostels, sanatoriums and cheap guest houses which could be also very helpful.

However, we would like to put one caveat here, our services are not an alternative to hotels for those looking for couple of days stay or people who want to book an apartment, flat or accommodation for marriage purposes. So at RealEstateDealStreet.com, you get accommodation with around 50 to 70% discounts and a fully furnished apartment where you have to just move in with your clothes. Just visit RealEstateDealStreet.com, the one-stop system working for your accommodation needs!

Your time is more important than money because with time you can make money but with money you cannot buy time!

Solutions of High Rental in Mumbai

Monday, July 2, 2012 · 0 comments


As we mentioned in our previous post that RealEstateDealStreet.com will come up with some solutions to make rent affordable to prospective tenants and reduce the cost for prospective owners. Few points are mentioned below.

High Taxes on Vacant Properties: - Indian government should put high taxes on properties which are vacant. This will put pressure on owners and they will be forced to rent out their property to avoid tax. This will have a huge impact on high rentals, the market will be flooded with properties and prospective tenants will have more option and better negotiating power.

Standard Rules by all Housing Societies:- In Mumbai almost all societies have their own set of rules which is laid by the whims and fancies or selfish interest of the office bearers. There should be some standard rules by authorities on that societies should function.

Option of Switchover: - In today’s evolving environment, market dynamics change very fast and hence authorities should also act as fast. If in any market, the tide is turning from residential to commercial or vice versa, then authorities should also steer accordingly. The best example of this is locations like Cuffe Parade and Nariman Point- both these locations have very high capital value for residential but not exactly with commercial properties. Commercial properties are lying vacant since few years because there is a lack of demand as against residential properties that have a huge demand.
To validate this, is an example of the recent deals in NCPA at Nariman Point and Jolly Makers Apartments at Cuffe Parade. Both properties claimed for around 1 Lac rupees per sq. feet but in the same localities, the best of commercial buildings don’t get even half of that. Now it is high time, one decides to convert commercial buildings into residential, so as to bring some rational in these type of real estate markets.

High Transaction Cost: -  Renting out property in Mumbai involves high transaction cost. The main reason is high brokerage charges. This pain point now is being addressed to by RealEstateDealStreet.com

Vacant Houses: One of the Prime Reasons for Mumbai’s Unaffordable Real Estate Rentals

Wednesday, June 27, 2012 · 0 comments


As per our research and analysis of data provided by few government agencies, there are around 25 Lac houses vacant in Mumbai city alone. It is alarming that Mumbai, the city of slums and homeless, has such a high level of unused flats. In this figure, there is also a very small percentage of flats which are unused because builders couldn’t sell them at their desired price.
We, at RealEstateDealStreet.com, researched on this and found out few reasons for high real estate prices and few solutions as well.

Black Money:- One of the foremost reason for this mess or madness is that almost all the corrupt politicians, business men and bureaucrats from whichever part of the country, have parked their money in Mumbai’s real estate market. This could be either because they think they can invest big amount of unaccounted money in one single transaction, and/or it may seem to them as a good opportunity in a lucrative and crowded market. These types of people generally don’t let out their properties for confidentiality reasons.

Manipulative Rules by Housing Societies: - Almost all the housing societies have their own set of rules. Society’s office bearers manipulate law to benefit their own selfish interest that discourages prospective owner’s to rent out their property.

High Transaction Charges: - Mumbai has highest transaction charges while renting out  property in India, if not the world. The owner has to pay good amount of money to the society, govt. agencies and high broker commission.

Properties under Litigation: - In Mumbai lot of properties are under litigation, either because the property was pledged to banks for loan and the owner couldn’t pay banks due, or because of a family dispute between legal heirs, or dispute between two or more than two parties owning the property.

Loopholes in Law: - Tenants misused Indian legal systems in their favor , the repercussions of which lead to property owners being wary of renting their apartment. 

Lack of Property Management Services:- The Indian real estate market doesn’t provide property management services to two or less than two property owners.
These owners don’t know how to market their property and rent out. NRI’s are most affected by this.

Inflexible Markets:- Mumbai has the most inflexible real estate market in the world. Here, once the builder has sold the apartment, he will never think about that particular building or locality again. The same applies to the local development authority. They are not flexible enough to take changing market dynamics into account and change as per the market. Cuffe Parade and Nariman Point are prime examples of that. In both these locations there is a 60% occupancy in commercial segment and almost 100% in residential.
Unreasonably Heavy Taxes: - Sometimes, in the process of getting the maximum out of something, the Indian authorities kill the golden goose. Nariman Point is a striking example of this. The Municipal corporation has raised taxes to the extent that they are even higher than the rent, a lessee can get. Now the matter is in the court and all the stakeholders are wasting their time!

Due to these factors, Mumbai is slowly becoming an uncompetitive city compared to its national and International peers. MNCs are setting up their offices in Gurgaon which was unheard of, some decades ago. Bangalore became the Silicon Valley of India for start ups.

In next post we will discuss how to handle the above mentioned issues and make Mumbai again the city of enterprising people where even exchequer shall gain.
We also look forward to hearing from you so do share your thoughts by dropping a comment here!

For Students Finding Rooms / Paying Guest Accommodation in Mumbai

Wednesday, June 13, 2012 · 0 comments



With the commencement of the new academic year, parents from all across India storm Mumbai for their children’s admissions, and with that begins their house hunting trauma. From our last decade of experience, we know what this trauma feels like. These parents begin to believe, that Mumbaikars- be it their relatives, friends or acquaintances, are the most unhelpful people, while real estate agents make it to the top of their list of Most Unfriendly People in the world.

Now why does this happen? Let me explain you why, through this illustration.

Let us assume there are 1000 students each year, arriving in the city for admission and are searching for accommodation, out of which easily 800 realize that they do not have enough marks to secure admission in a college of their choice and have to return. 
Of the remaining 200 that now have a reason to reside in the city, about 100 would have succeeded in getting accommodations through hostels, around 50 would pile on relatives and friends while the remaining would either manage to get the place through their relatives, friends  and acquaintances or through a broker after much hassles and headaches.
Now these people are very few, so brokers don’t even like to work for these types of clients. 
A Real Estate Broker’s business model is result-based, and not effort-based. They don’t make money by showing properties or accommodation. They make money only when some one finalizes some thing through them and pay them their cut.

Having worked for more than a decade in this sector, we, at RealEstateDealStreet.com, are trying to change this business model. We have the data base of owners which we intend to share with prospective accommodation seekers. You can go and view the owner’s place and close the deal yourself. However, if you would want us to talk to them and iron out differences, we would be happy to negotiate for you. In this process you are directly in touch with owners and at the same time you have an expert at hand. We have a ready questionnaire covering all possible issues between the landlord and tenant, thus saving you the trouble and hassles and most importantly saving your time in this expensive city, where you might be staying at a hotel. 
And what’s more? We can also provide you good references from your acquaintances who took accommodation through us! Check out our website for further details!

Advantages to Paying Guests: - 
You can start the search from your home town, so that even before you come, you have a fair idea of what to expect and what not to.
You save on time, for if every thing goes according to plan, you could move in the very next day.
No begging to brokers, finally.
RealEstateDealStreet.com works across Mumbai so regardless of which area your college is located in, we can find you a place near by. This saves you time on dealing with multiple area-specific brokers! We have fixed charges, unlike brokers who increase rent, to get higher brokerage.


Advantages to Landlords: - 
You only get serious clients.
You can screen them whether they fit your criteria before actually meeting them, something which is not possible when you deal with brokers. It saves your time. Also, nobody will come to know in your building society, that you have a PG, and create unwanted noise, because prospective PGs won’t be accompanied with loud and known brokers!
RealEstateDealStreet.com also helps you doing back ground checks of the prospective PG.