Category: Blog

Mumbai is a melting pot of cultures and traditions. And there are many places within the city that are known for certain characteristic traits. Matunga is known for the number of educational institutions and for their udipi restaurants. Dadar is known for the famous flower market and the kabutar khana. Similarly, Chembur is known for its lush greenery and beautiful vintage bungalows. However, over the last few years Chembur has grown massively in terms of infrastructure and has now become a residential hub. The number of upcoming  residential projects in Chembur are testament to the fact that more and more people want to set up their homes in Chembur. What was once a slow part of the city has now changed pace and is seeing several high rises peeking over the tree cover of the area.

Real estate developers in Mumbai always had their eyes on Chembur and for a very simple reason too. Chembur lies right in the center of the city with easy access to Kurla, Navi Mumbai, Dadar and Ghatkopar. This makes it an ideal place to live considering travelling to other parts of the city is that much easier.
Chembur has quick access to the Eastern Express Highway and Sion Panvel Highway which are two of the most important roads of the city and see heavy traffic daily. Apart from that, Chembur station is a station on the Harbour Line and the Lokmanya Tilak Terminus is located nearby which can be used for long distance trains out of the city. The introduction of the Eastern Freeway has now connected Chembur to South Mumbai via the elevated corridor and the travel time is reduced to half.

The MICL Group is one of leading real estate developers with its base in Mumbai. With a legacy of more than 50 years, MICL Group has already delivered 50 million sq. ft. of construction in the city. Having delivered all their projects before time, they are also one of the most trusted real estate developers in Mumbai owing to the standard of quality they maintain.

Their recent project Aaradhya Swastik  by MAN INFRA CONSTRUCTION LTD (MICL) in Chembur East is worth looking at amongst all the  new projects in Chembur . A unique residential property, Aaradhya Swastik has 6 exclusive homes that designed for select elite families. The OC received project is one of the most prestigious properties by the MICL Group and boasts of top-of-the-line luxury amenities for their residents.

Their double height living, and dining room makes the house more roomy. Their high-speed elevators will take you up to your door, but their car lifts will also ensure your car is towed safely. Housing uber luxurious 4 bed residences and duplexes, Aaradhya Swastik is home to a select few. With no GST impact and best luxurious amenities available, these homes in Chembur East are the coveted address you are looking for in the city.

An Introduction to Realty Market and Developers
Mumbai’s home buyers can expect, over the next decade, a smaller number of high quality developers, a more gradual increase in property prices, and a more consistent quality in product and buying process.

Real Estate Development at Sion
There are many real estate developers in Mumbai also try heir level best to defeat each other in delivering quality homes.

Depending on the size of your family, you need to decide on what configuration should your home be. Aspect of that there are many new projects in Mumbai. 3 BHKs in Sion are on high demand because of the more amount of joint families in the area. Hence families usually prefer luxury apartments in Sion over the conventional constructions. After all, who wouldn’t wish to upgrade a lifestyle?

The Location Advantages
Sion is an upcoming locality in Mumbai. Buying  flats in Sion  can be a benefit especially if you are looking forward for gains vie investment. The Eastern Expressway Highway that passes alongside the locality lends excellent connectivity avenues to the inhabitants. The Sion Railway Station nearby links the place with all adjoining areas. The Chhatrapati Shivaji International Airport connects the zone with the rest of the country and beyond. High Street Phoenix, Belle Mall, Kohinoor City etc are some of the popular shopping hubs in and around the locality that allow the residents to spend their leisure hours. RBK International Academy, Ramnarain Ruia College are the popular educational institutions in Sion. Presence of all major basic establishments along with strong infrastructure has rightly qualified Sion as a Real Estate favorite.

MICL Group:
MICL Group is a one of the pioneering real estate developers with its base in Mumbai. Their legacy dates to 50 years+ in the field of construction that began with the parent company, Man Infraconstruction Ltd. A 7-year-old experience into the field of development, is a mark of excellence and experience.

Introduction to Aaradhya Signature
The project  Aaradhya Signature in Sion features a blend of modern amenities that are most sought after in the heart of Eastern Mumbai in Sion. You can now fulfil your desire of having a home in a prominent locality, with the finest craftsmanship in your homes, without compromising on your needs; all at a satisfactory price. Aaradhya Signature is laden with thoughtful amenities to live in style and comfort. The wide range of amenities make it a location to wish for. The Group started the construction in October 2015 & within 2 years, they achieved the milestone of 19-storey tower.
Aaradhya Signature is ready for fit outs and the OC is expected soon.

An Array of Luxurious Amenities
Aaradhya Signature features the finest craftsmanship in your homes, without compromising on your needs; all at a satisfactory price. The fully well-equipped gymnasium is sure to take your fitness levels to another height. CCTVs are places for utmost safety. The kids can also breathe fresh at the kid’s play area which is carefully created for kids to make memories while they play and grow.
The location is also a boon. Aaradhya Signature has 5 gardens nearby and is just 3 mins from the proposed BKC- Chunabhatti connector. The Lokmanya Tilak Hospital is also just 5 mins away from the project and also the Welingkar Institute of Management.

The committed date of possession by the MICL Group is December 2018 and the project construction are much ahead of time, ready to be delivered 10 months prior to Actual Date of possession. This is an achievement for MICL group and a mark of commitment and trust. They deliver what they say, in fact quite ahead of time. They plan well in a proper manner that makes things possible. After all, punctuality in business is the true mark of excellence.

Own your Dream Home This Gudi Padwa with Flexi Payment Scheme Offer for Limited Apartments by MICL Group
Traditions and culture matter a lot to Indian home buyers. Plenty of research in the market is always given to time, phase and delivery when it comes to us Indians. ‘Shubh Muhurat’ or auspicious time is very critical. Most of the buyers wait for months for the auspicious time to invest or take possession of their property. One such occasion is Gudi Padwa, which is celebrated on the first day of the Chaitra month. This day creates a lot of buzz in the real estate market as people wish to make their bookings on the auspicious day.

Find your dream home at Aaradhya Nine– the Residential Project in Ghatkopar East
Gudi Padwa is considered as an auspicious day to make investments, buy new things and take major decisions. Building a home is no ordinary task. To many, it may seem ordinarily just construction, we understand that, we are building a future for people who call it their home. Hence, Gudi Padwa is that auspicious time to launch these potential futures to the public. Since we have always put our customer’s needs ahead of our own, we plan to make it a literally a very happy Gudi Padwa for all our customers, by launching deals that you can profit from. We welcome a new member in the family of our pioneering projects, Aaradhya Nine. Aaradhya Nine at Ghatkopar Avenue in Ghatkopar East, is a unique way of living amid luxurious amenities and world class services. We have planned its launch on Gudi Padwa & the bookings also start along the launch.

It is time to upgrade your living
A development by MICL Group and Man Infraconstruction LTD., Aaradhya Nine offers elegant  1, 2 & 3 BHKs in Ghatkopar East. Every Home is bound to impress you with its sheer beauty. Well-designed layout with passage free planning ensures optimum space in each apartment. The apartments are available at Flexible Payment Plans only on select flats. We understand every need of the customer and that add up to ease your life. Care is taken to make your private space as luxurious as possible.

Aaradhya Nine comprises of 4 Wings connected by a single basement with designed towers of 15 floors. Bordered by a decorative compound wall, this earthquake resistant structure is designed to grab eye ball. Utmost importance has been given to the safety of the structure from the outside as well as inside. From state-of-the-art architectural planning to the tiniest of comfort, every small detail has been wisely thought out to give residents an absolute living experience. Each architectural mix and infrastructure is planned to meet the needs of current times.

Ample stilt, basement and covered car parking spaces which is a rarity in a suburb like Ghatkopar. Designer entrance lobby to welcome you with panache and decorative design elements on the exterior and interior of the structure to enhance the look, aesthetically chosen colours to soothe the eye. Well planned extra spacious homes with optimum usage of the available area to provide customers an absolute home, are some of the design features at Aaradhya Nine.

The Uniqueness of Rooftop Amenities
Aaradhya Nine brings the first of its kind club in the flats in Ghatkopar East. The ALTITUDE. It’s roof top amenities will boost your zest for life. Behold its avant-garde design which will fill you with awe and inspiration. Get the right attitude at this altitude. The club altitude caters to your mind, body and soul ensuring you will holistically add life to your years.

The club house, gymnasium, yoga centre, Kids’ play area, reflexology centre, all at the rooftop of our project are set to enliven your body & mind.

So, this Gudi Padwa, a home of plentiful benefits awaits you to be welcomed on the auspicious new year. Wait no more and book a home to make the wise decision that will be cherished for generations to come.

When a non-resident Indian (NRI) opts to purchase a property in India, there are several regulations that govern how such a purchase can be financed. There are plenty of questions that revolve purchase, executing Power of Attorney (POA), home loan and tax matters related to an investment in property in India for non-resident Indians (NRI). Here are a few answers to guide an NRI homebuyer, to get a good deal in future.

Financing Sources
The money for purchasing a property in India, must come through banking channels only. Consequently, the payment cannot be tendered in the form of traveller’s cheque or foreign currency. An NRI can also use the money in his/her credit, in non-resident external (NRE) rupee or non-resident ordinary (NRO) or foreign currency non-resident (FCNR) account, maintained in India.

As NRI investment in Indian real estate or with real estate companies in Mumbai, is only allowed in residential or commercial properties, banks too, can finance only these properties. Almost all banks offer home loans to NRIs for buying a house or constructing one. One can also get a loan, for purchase of land (non-agricultural), for constructing a house in India.
The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India “to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.” You can make use of this act to avail certain benefits.
The application for the home loan can be made online, as well as offline. The nature of documents that need to be submitted, will depend on whether the NRI is a salaried employee or whether she /he is self-employed. It will also vary, depending on the NRI’s country of residence. Nevertheless, copies of one’s passport and visa, passport-sized photographs and proof of residence in the foreign county, will be required in all cases.

The Right Choice of Property
NRIs cannot buy an agricultural or farmland or plantation property. However, they can inherit them. What documents are required from them to make a property purchase in India? Does it require RBI permission?
Also, no permission from RBI is required. All they need to have is to hold a valid passport with PIO/OCI card (wherever applicable), address proof, PAN (permanent account number in India) and photograph to buy a residential or commercial property in India. Realtors in Mumbai like Man Infra help you become aware of all these minutes. Their new projects in Mumbai can also be a good option for investment, as while investing your money you would think of a trusted name to join hands with.

What is adjudication of POA?
The POA issued abroad will have to be sent to India and the POA-holder will have to sign and adjudicate it, within 3 months from the date of assigning the power, in India at the registrar’s office. Only after this the POA will be considered ‘given’.

The tax benefits in India on home loan
According to section 24 of the Income Tax Act, the interest on a home loan is deductible from the income gained from house property to the extent of Rs.2 Lakh per annum for self-occupied property. For other than self-occupied property, you can claim actual interest paid. Moreover, up to Rs.1.5 lakh of the principal repayment can be deducted under section 80C (subject to an overall limit of Rs.1.5 lakh of that section including other investment options which allow grant under the same section).

Introduction of MICL
MICL Group is amongst the pioneering real estate developers based in Mumbai. Their presence in the field of construction for more than five decades has made them trustworthy real estate developers in Mumbai. There are many real estate companies in Mumbai but, MICL Group is the only known independent brand with in-house construction and development expertise. Nowadays,  residential properties in Mumbai are in high demand. And the years of experience in construction has given the MICL Group confidence to work on the construction of the residential projects. Currently, there are many ongoing residential projects in Mumbai which are under the MICL Group.

About Projects
The MICL Group is working in full swing. At present, there are six  ongoing residential properties in Mumbai< by the group. They have completed the construction of three other residential properties based in Ghatkopar, Mumbai. Also, there are two  pre-launch projects in Mumbai.  All these residential projects are in the suburbs of Mumbai.
Here is a detailed and closer look at all the projects by the MICL Group.

Ongoing Projects

1)  Aaradhya Residency
‘Aaradhya Residency’ is a majestic residential project situated next to Jolly Gymkhana, Ghatkopar West. This residential project is a place to enjoy the luxuries of comfortable living. With artistically designed interiors and exteriors, apartments here are Vaastu compliant. Take advantage of the luxe amenities at the luxurious apartments in Ghatkopar by the MICL Group.

2)  Aaradhya Swastik
‘Aaradhya Swastik’ is the unique residential project in Chembur by the MICL Group. The project offers lavish 4 BHK flats in Chembur with all the necessary amenities. This new project in Chembur is a convenient location for working individuals as, it is just minutes away from the Eastern Freeway and Sion-Panvel Highway. Buying flats in Chembur is valuable, as the town is located right at the center of the city and the infrastructure here is growing rapidly.

3) Aaradhya One
Buying flats in Chembur is beneficial as it is a well-developed city, full of known educational institutions and employment sectors. The new project in Chembur by the MICL Group, ‘Aaradhya One’ is a 12-storey residential property located in the West. The projects offer 2, 3 BHKs in Chembur with splendid amenities such as yoga pavilion, landscape garden, rain water harvesting system, jogging track, senior citizen corner etc. There are two ongoing residential projects in Chembur by the MICL Group and ‘Aaradhya One’ is one of those.

4)  Aaradhya Signature
Owning flats in Sion is just the best property investment as the infrastructure here is ever growing. ‘Aaradhya Signature’ is another ongoing project of the MICL Group which offers luxury apartments in Sion. The projects offer 3, 4 BHKs in Sion with a blend of modern amenities that are most desired by the people of Eastern Mumbai.

5)  Aaradhya Nine
The ongoing residential project in Ghatkopar East by the MICL Group is ‘Aaradhya Nine’. This new construction in Ghatkopar East is a land full of luxurious rooftop amenities. The 2 BHKs in Ghatkopar East offered by the MICL Group are well-furnished flats with international standards high-end electrical fitting. There are two more successful complete projects in Ghatkopar East by the group. Get the best apartments in Ghatkopar at ‘Aaradhya Nine’ to enjoy a comfortable and lavish lifestyle.

Completed Projects

1)  Aaradhya Saphalya
‘Aaradhya Saphalya’ is a residential project in Ghatkopar East that was delivered 10 months before the commitment by the MICL Group. The 2 BHKs in Ghatkopar East offered at the Aaradhya Saphalya are well planned and constructed flats. Other than this, the ongoing project in Ghatkopar East by the Group is ‘Aaradhya Nine’.

2)  Aaradhya Nalanda
Another residential project in Ghatkopar East by the MICL Group is the ‘Aaradhya Nalanda’. This new construction in Ghatkopar East is a 7 storey residential tower constructed in 2723 square meters of area with all the necessary amenities. These 2 BHKs in Ghatkopar East offered by the MICL Group are well-planned keeping in mind the needs of various types of families.

3)  Aaradhya Tower
‘Aaradhya Tower’ is yet another successful residential project in Ghatkopar West by the MICL Group. This new project in Ghatkopar West is a 13 storey structure with 2 wings offering 2, 3 and 4 BHK apartments. Another new project in Ghatkopar West by the MICL Group is ‘Aaradhya Residency’.

New Projects

The MICL Group is aiming high in the field of developers and for the same they are coming up with new projects in Mumbai. These new projects will be set in Dahisar and Vikhroli. The planning of the new residential projects in Mumbai are in process and soon the MICL Group will be out with the news of commencement of new projects.

Imagine you have finally selected your dream house. You reach out to the real estate companies in Mumbai and then find out that you are not eligible for a home loan for the amount you need and so your home loan application got rejected. Or imagine another situation where the loan process took such a long time that the new project in Mumbai  that you wish to buy, was sold to someone else. Such are the nightmares of every potential home loan borrower. To eliminate these situations, a new way of lending has come to the picture which we call ‘Pre-approved home loans’.

A home loan pre-approval is provided by a lender in writing, confirming that subject to certain specified conditions being met, you may be able to borrow up to a specified sum. This is also known as a ‘conditional offer’ of finance. When you receive your pre-approval – carefully check and ensure that you understand each of conditions and what must be done to meet these. Standard conditions as an example are; registered valuation satisfactory to the bank, copy of signed sale and purchase agreement satisfactory to the bank. To obtain a strong pre-approval, you should provide as much information/documentation as necessary when submitting your application. The strongest pre-approvals usually have the least number of conditions attached.

You can go directly to your existing bank, or any other lender to submit a home loan application. This can usually be done with a bank lender at a branch, over the phone or online. Additionally, some banks have Mobile Mortgage Managers who can meet with you at a place of your choice on weekends and after-hours. A benefit of dealing directly with the bank is that you may get an outcome to your application earlier than via a broker.

The advantages of Pre-Approved Home Loans
1. Pre-approved home loans are not certain to be disbursed. This may happen if the property you have selected has some legal issues. If the legal title is not cleared or some govt approvals are not in place, then the bank may refuse to disburse the loan. The approval of the loan is just the first step of the loan, not the entire process.
2. In a pre-approved loan, the first section of the loan procedure which is the borrower verification is done in advance. So, once the applicant selects the property, the lender must verify the property. So, the loan can be disbursed comparatively faster than the general home loan.
3. It is possibly the worst feeling when you cannot have your dream home just because your home loan application is not granted. In such a condition, you cannot even go to the next lender very soon as it may affect adversely in your credit score.