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Who is buying flats in Mumbai?

Despite developers’ many claims of ‘sold out’ projects, Mumbai’s real estate market is still in a continuing state of stagnancy.
by Reyna Mathur

Any major newspaper in Mumbai these days normally carries a full front page advertisement for yet another ‘dream housing project’ in the city limits or on its outskirts. Big or small, most real estate developers are advertising for their upcoming projects like no tomorrow, spawning theories that the city’s real estate sector is finally out of trouble.

However, experts are divided on the issue, and on-ground realities say otherwise. Despite aggressive advertising and appearances at property fairs, developers are finding it difficult to sell already built housing units, or get customer interest in new proposed projects. Each year, property prices are continuing to rise, making it virtually impossible for first-time buyers to even consider purchasing a property without the burden of large home loans.

Add to this the fact that several pockets of Mumbai – which were earlier considered a solid investment – are now simply saturated, having hit the boundary for growth. People then started considering the northern suburbs beyond Borivali, but with an overall slowdown in the industry, even these houses are not yielding the kind of returns they normally would.

A departure from earlier investment patterns

A common-sense approach to investing in houses is to select a site that promises future growth, and hence a doubling of the initial investment. Another way is to invest in under-construction houses so that payment instalments are easier on the buyer. However, cases of developers abandoning projects mid-way in the recent past have scared off potential buyers.

Another problem plaguing the real estate sector in Mumbai is the lack of implementation of planning and building norms. These cause huge hassles at a later stage, when builders seek OCs (Occupation Certificates) and CCs (Completion Certificates) which the BMC does not furnish on finding that several norms have been flouted in the construction process.

A lean period like never before

The first signs of a crash in the city’s real estate market came with the worldwide economic recession of 2008-2009, when prices crashed dramatically. However, a year later, the sector consolidated and made good on its losses, but elsewhere, inflation and rising prices made buyers and investors think twice before taking the plunge. Interest rates on home loans also started climbing post 2010, and have continued to climb since.

All of this resulted in a curious ‘more supply, less demand’ scenario for housing in Mumbai. What was expected to be a ‘drought’ period of about three years has now extended to seven years.

Even the big developers are hit

Only major names in the real estate space in Mumbai, and indeed the country, are doing somewhat good business currently. With their strong market presence, they are able to not just generate more projects but complete the ones in hand. Yet, experts say that it is becoming a tough task even for these moneyed developers to sign up for new townships – there are no huge tracts of land now available in Mumbai, and the lands that are available are caught in a maze of reservations, permissions and modified Government policies.

The major projects currently underway in Mumbai, however, seem to cater only to the wealthiest sections of society, with each square foot of built space being sold upwards of Rs 50,000 or more (depending on the area of Mumbai).

The most badly hit are the middle-level developers, who mainly rely on small redevelopment projects or single-tower projects for business, and which are currently not forthcoming. With them are hit the middle classes, who are actually in need of housing but are forced to either move out of Mumbai or spend money every year on rental accommodation – even as their eternal quest for a house in Mumbai continues!

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6 rules for renting a flat

Several people in Mumbai live in rented accommodation across the city. Handle the entire process right to make your stay comfortable.
by The Editors | editor@themetrognome.in

Living on rent in the cities is not a big deal for people any more, whether single or with families. The high price of accommodation all over the country makes it difficult for most people to purchase homes, while others may be in a particular city for a brief period for official purposes. By now, the rental ecosystem in India is clearly defined by a certain set of rules.

In the light of people planning terror strikes from rental accommodation, or inconveniencing the neighbours with loud parties every other day, building societies are a bit sceptical about allowing people to rent out homes in their premises. There are several cases of societies refusing homes to people of a certain religion or gender, or specifically to bachelors or spinsters. Many buildings turn away live-in couples and persons belonging to the entertainment industry. Societies are not legally empowered to discriminate among potential licensees, but these instances still take place regularly.

However, there are some ways in which you can make a good first impression and follow some rules to make your stay in a rented accommodation easier:

1. Get a referral if you are single. If you discover that there is a good house in a locality and building of your choice, but the society will not entertain your request because you are single, try and get a referral from a resident of that building, or somebody who knows the managing committee well. This referral will help you get your foot in the door for future negotiations. Also try and get a character certificate from your place of work, and take a copy with you when you get an interview with the society chairman and secretary.

2. Meet the managing committee members. Most people skip this crucial step. In fact, the first thing you should do once you and the flat owner decide to seal the deal is to meet the building society secretary and chairman and ask the flat owner to introduce you. Then take over and tell them what you do, how long you will be using the flat, and assure them that you will submit the registration documents as soon as the flat agreement is registered.

3. Sort out bills and payment arrangements. If your flat owner lives close by, he or she may want to collect the monthly rent in person. If not, you will have to write out a series of PDCs (Post Dated Cheques) and hand them over to the flat owner at the time of registration. Secure the flat for yourself by paying a token amount, so that the owner does not continue scouting for more candidates. Also discuss how you will settle the flat’s electricity, cable and gas bills. Note that the building maintenance and water bills are to be paid by the owner and not by you.

Agreement4. Register your flat agreement. Insist on registering your flat agreement, more for your own safety, and insist on a lock-in period of six months, under which the owner cannot evict you from the premises till six months have elapsed after the first day of your occupancy. The document must clearly state the lease period, the complete names and permanent addresses of the owner and you, the purpose to which you are leasing the flat, the monthly rent you are paying and the mandatory one-month notice applicable to both parties for vacating the premises. On the last page of the agreement should be a list of the PDCs you are giving to the owner, with details of the cheque date, name of bank, and amount.

5. Submit all your documents. Once the document is registered, you will have to undergo a compulsory police verification process. This is normally handled by the broker who is handling your transaction, or you can do it yourself by going to the area’s police station. Do not omit this step at any cost. Once the verification certificate arrives, attach a copy with a copy of the registered agreement, and a copy of your marriage certificate if you are married. Submit the whole lot to the building society and take an acknowledgement receipt.

6. Follow all building rules. Every residential locality has its own rules, and you cannot challenge them. Do not behave in a way that will inconvenience or Rulesdisturb others, and pay all utility bills on time. Further, if the society insists that you cannot throw parties, refrain from defying this rule. Additionally, participate in building society functions and get to know the neighbours well. Creating a positive impression about yourself will keep you in good stead while you are living there, and if you some day decide to buy the house for yourself.

(Pictures courtesy labor-employment-law.lawyers.com, breathingmeansmore.com.)

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Here’s how you can look great this season

Hair and makeup expert Puja Taluja gives some tips on the right colours and looks to nail the spring summer season.

Spring summer has brought back many trends that were passé recently. Follow these tips to prepare yourself for the upcoming season.

Make a statement bare faced. Keep it minimal, real and natural. Emphasise your natural beauty. Highlight only one feature of your face and focus on maintaining natural glow. Look fresh and feel elegant in this look.

The perfect pout. The flawless, matte red pout, rich rosy red lips are always in vogue. Don’t put red all over your mouth. Start off darker in the centre and gradually go lighter as you move out to the corners. You can also use candy pink for summers – the sweeter your colour looks, the better it fits the season. Include coral shades in your make up kit as well. Besides the reds and corals to make a statement, even candy or blush pink will be a perfect shade for a spring summer afternoon. In terms of the skin, it’s needless to say that a sun-kissed look or a perfectly bronzed skin is a must for spring summer 2015.

Sparkle those eyes. The colour purple has made a comeback for eye make-up in shades of deep grape, pretty lilac, and icy lavender on the eyelids. Another look you can don this spring is gold sheen. Applying a small amount of gold on your eyelids will definitely make you look like a goddess of spring. Get this look by applying gold shimmer eye shadow on your eyelids. Line your eyes with eyeliner. Curl your lashes and apply a thick coat of mascara. If you want to try something different, add drama by extending cat’s eye to get lion’s eyes. Spring summer is going to be all about making a statement through your eyes, so don’t be afraid to adorn some bright colours for your eye shadows, from orange to aqua to different hues of blues. You need to add some bright colours of eye pencils in your make up kit. Urban Decay has some very nice and extensive variety of eye pencils and colours to choose from, in creamy textures. You can be innovative and also apply bright shades on your lower lash line and add volumes of mascara.

The concept of darker eye brows are out and more natural eye brows would work well this summer spring. Also, the extreme winged look will still be much in vogue. Eye liner is something you can never get enough of, as it’s the classic make up look and is timeless. But even in terms of applying the liner, you can be experimental and apply it in many different shapes to get a new look.

Blush it up. This summer, compliment your make up with loads of blush in pink, fuchsia or beige. Apply a dash of blush to define your cheekbones better. Perfectly bronzed skin is a must for spring summer 2015. Bobby Brown has a fantastic bronzer called Bronze Glow which can give a perfectly bronzed look. Also, try different shades of pinks on your cheeks to give a soft, girly colour to your face.

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A pop-up shop…for three months!

Le Box, a place where fashion designers will display their collections for three months, starts at Ave 29, Hughes Road.
by The Editors | editor@themetrognome.in

Mumbai loves pop-ups. The city flocks to pop-up shops offering food, clothes, jewellery and more, and can’t seem to get enough of them. Cashing in on this trend is Le Box, a fashion pop-up starting today, October 16, at Ave 29. Le Box will be on for three months, and is slated to showcase the works of designers Anoli Khandelwal, Sohni Patel, Vaani Anand, Yoshita Yadav, Sonam Parmar and Darshan Dhupia. The idea was conceptualised by Ave 29’s Atmika Didwania and Pia Shivdasani.

Kat & PiaThe duo (in pic on left) says, “The idea is to promote the pop up theme in Mumbai while maintaining the elegance and standards of the designers and their products. Le Box is not an exhibition or store, but an experience that offers something new and convenient to the designers as well as the customer. It gives the designers a luxurious and well-managed space to showcase their product without the hassle of investing in an independent store, so this is a ‘store in a store’ concept. Customers get the advantage of a well-located space that offers them new and difficult-to-find boutique designer products in one place.”

The store will provide designers the chance to to increase customer-product interaction over an extended period of time, without the need to invest in brick and mortar spaces to meet clients. They can also test new markets for their wares. Le Box is also hosting monthly events to engage bloggers, stylists and customers.

Head to Ave 29, Hughes Road. Located in the same building as Juice, B:Blunt and Surprise Lifestyle Store.

 (Picture courtesy www.ave29.com)

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Vegetables prices up by 80% in two months

The retail and wholesale gap has reduced in two months in Mumbai, but is on an upswing in other places.
by The Editors | editor@themetrognome.in

Just how expensive have vegetables become in the last two months? A recent study by ASSOCHAM (Associated Chambers of Commerce and Industry of India) maps out the exact numbers.

The ASSOCHAM study of 33 ‘mandies’ in India has revealed that during April to June 2014, the gap between the wholesale and retail prices of vegetables has increased by 80 per cent whereas retail prices in 10 centres has been to the extent of 30 per cent.

Releasing the study, ASSOCHAM says, it was also observed that on an average, retailers are selling vegetables at more than 48.8 per cent of wholesale prices and even in some centres, selling prices are at more than 51 per cent.

Vegetables in MumbaiThe study found that while cabbage retail and wholesale price gap has increased from 69.4% to 78.1%, brinjal 62.4% to 66.7%, cauliflower 59.0% higher than the wholesale price, chilly 56.2% to 62.6%, tomato 55.1% to 62% percent, garlic 52.4% to 54.2%, tomato hybrid 50% 58.2%, okra 49.5% to 58.7%, bitter gourd 48.6% to 50.7%, brinjal 45.9% to 56.7% peas and ginger 43.6% and 41.3% and onion increased from 35.3% percent to 48.1%.

The ASSOCHAM study further reveals that while Surat retail and wholesale price gap has increased from 49.7% to 50.8%, Lucknow 48.5% to 54.8%, Shimla 37.9% to 47.3%, Jammu 37.5% to 42.4%, Chennai 34.6% to 37.3%, Guwahati 33.7% to 37.3%, Amritsar 120.5% to 121.8%, Abohar 107.4% to 110.3%, Agra 90.2% to 93.6%, Nagpur 82.8% to 88.2%, Ahmedabad 69.4% to 96.1%, Delhi 68.9% to 83.4%, Chandigarh 68.5% to 73.9%, Dehradun 67.4%  to 63.3%, Jaipur 64.6%  to 62.7%, Mumbai 63.5% to 46.8%, Kolkata 60.8% to 69.5% Raipur 58.0% to 62.7%, Patna 57.2% to 65.4%, Ranchi 56.1% to 57.1%, Hyderabad 53.0% to 51.2%, Bangalore 51.8% to 59.2%,Kanpur 50.9% to 57.1%. 

ASSOCHAM Secretary General DS Rawat said, “The analyses are based on the wholesale price of vegetables and retail price of vegetables in the different markets in India. Wholesale price indicates the price at which retailers are buying from different markets and retail price is the price at which consumers are buying from retailers. The essential vegetables incorporated in the study are Bitter gourd, Brinjal long, Brinjal round, Cabbage, Cauliflower, Garlic, Ginger, Chilly, Okra, Onion, Peas, Potato, Tomato hybrid and Tomato local.”

On the other hand, the ASSOCHAM study has considered 33 market centers in India. The centers are Mumbai, Abohar, Agra, Ahmadabad, Amritsar, Bangalore, Baraut, Bhopal, Bhubaneshwar, Chandigarh, Chennai, Dehradun, Delhi, Gangatok, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Nagpur, Nasik, Patna, Pimpalgaon, Pune, Raipur, Ranchi, Shimla, Surat and Trivendrum.

The study has observed that most of the vegetables arrival have recorded declining trend except local tomato, potato fresh and onion (noticeably onion price during 2013-14 has recorded a  life time high). 

Onion arrival grew at a rate of 13.0 per cent during 2013-14 followed by tomato local grew at a rate of 7.9 per cent and potato fresh arrival grew at a rate of 6.2 per cent. Okra and Cauliflower arrival have recoded marginal growth rate of 0.4 percent and 1.9 per cent during the same period, mentioned the study.

(Pictures courtesy www.daijiworld.com, www.chinadaily.com.cn)

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Clutch that

With the sale of e-books spiraling upwards, two Mumbaikars have found a unique way to give hardbound classics a makeover.
by Ritika Bhandari Parekh

There is hardly any sitcom fan who is not charmed by the geeky ways of the TV character Sheldon Cooper of The Big Bang Theory. They will most certainly agree that, geeks will rule the world or have already started their reign.

MihirVandana Merging the geeky ways of avid readers with the fashionable trend of clutches is Mumbai duo Vandana Panjabi and Mihir Desai. Their fledgling venture ‘Carpe Diem’ is all about book clutches for passionate readers. One can take their pick from their curated collection orcustomise a special book into a clutch.

‘Carpe Diem’, which translates into ‘Seize the day’ in Latin, inspired 28-year old Juhu resident, marketing graduate and shipbroker Mihir to experiment with his novel idea. He says, “I think fashion these days can be classified into people who follow it, and people who flaunt intellect through it. We noticed this gap in the market and with Carpe Diem, fashion merges with intellect. You are flaunting your intellectual, spiritual and emotional connect with the titles you read, believe and connect with.”

Vandana, a 26-year old PR consultant from Yari Road confesses, “It was Mihir who suggested that we should do something different and when he said it involved books, I was all ears! We began our journey in August 2013 and I can say that we have seized the day by working on a concept we were so enthusiastic and passionate about.” She admits her love for reading makes her lose herself for hours in a book store. While ‘Money Man’ Mihir, as Vandana calls him, started to read at the age of 23 and has devoured best sellers from Indian and international authors alike.

What’s it like?

The process of making of a book clutch starts with the hunting of second-hand books in a good condition. The clutches with suitable handles are then made in anything between a week to 10 days. Vandana points out, “The most important step we take while making these clutches or desk boxes, is to understand the market and their preferences, and accordingly select the titles, because that is how our product connects with our audience and their thought process. Everything else is very technical.”

If the customer has a specific book in mind, he can also provide them with a copy or they will scout for it accordingly. As for the pages, does it become a part of their raddi? Cal - chromo 2“Definitely not! We keep the pages and restore them with paper covers. After all, as readers we can make use of the book and also pass it on to our family and friends,” Vandana says.

They believe that a book clutch is an apt fashion accessory for enthusiastic readers who wish to flaunt their opinion in a subtle way, and yet make a statement with it. While the girls can opt for the book clutch, the guys can reveal their nerdy side via tablet sleeves and desk boxes. Mihir says, “Avid readers have a changing emotional quotient with the varied subjects they read. The book clutch can highlight their current emotional state.”

Vandana is hopeful that with the reading culture shifting from books to e-books, the book clutch will revive interest in printed books and the joy they bring.

So if you have it, ‘it’ being a memorable hard-bound book cover, then simply flaunt it!

Contact Carpe Diem via their Facebook page at http://www.facebook.com/CarpeDiemMumbai and take a pick from their existing collection or simply demand a customised title.

(Pictures courtesy Vandana Panjabi and Mihir Desai)

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