CIDCO announces mass housing scheme in Kharghar sector 36

Brief Overview

Coming on the heels of its mass housing scheme in Ulwe,Cidco announced the launch of its mass housing scheme in Kharghar.This scheme will come up in sector 36 and comprise of 1224 flats in 2 fourteen storied towers.Unlike the mass housing scheme in Ulwe,which was for low income group,this one is for the high and middle income group.The price of the flats will be approx Rs 4000 per sq foot and pricing will be strictly on the carpet area.

CIDCO flats size comparison with Private builders in Kharghar (Navi Mumbai)

Name of Project	BHK	Carpet Area	Price
Tharwani Rosabella	2	525 sq ft	86,00,000
Tharwani Rosabella	3	725 sq ft	1,05,00,000
CIDCO Shilp Valley	2	650 sq ft	59,00,000
CIDCO Shilp Valley	3	1075 sq ft	1,05,00,000

Area and Price Comparison of CIDCO Shilp Valley with Neighbouring Projects of Private Builders

Its important to point out that private builders are charging between 5500 and 6000 per sq ft on the built up and sometimes even the super built up area !

And what is the difference between carpet and super-built up area ?
Sometimes its as much as double the carpet area !!

Builders are known to sell a 700 sq ft carpet area as 1600 sq ft flat !

IMPORTANT ANNOUNCEMENT :

CIDCO HAS STARTED DISTRIBUTION OF FORMS FOR THIS PROJECT ON 16 JAN 2014. THIS DISTRIBUTION WILL CONTINUE TILL FEBRUARY 5.
FORMS CAN BE COLLECTED FROM THE GROUND FLOOR OF CIDCO OFFICE AT BELAPUR.
THE FORMS COST APPROX RS : 550 EACH.

Private builders in the vicinity are selling pigeon-hole sized 2 bhks (measuring 525 sq ft carpet area) for min 70 lakhs and 3 bhks measuring 725 sq ft carpet area for 1 crore 5 lakhs !! …and that too along with black money and other illegal charges like car parking society formation, grill windows, development charges of approx 250 Rs per sq ft etc.

Next Phase of Valley Shilp will be the flats for Lower Income group (1 bhk\’s and 1 Rk\’s). Once these are put up for sale, the real estate market in Kharghar can expect a drastic crash.

Download brochure here

Sample Flat Pics

If CIDCO actually sticks with a price of 4000 per sq ft on carpet area, the whole real estate scenario in sector 36 will change !!

The application forms will be distributed in September 2012 and the construction has reached the plinth level.The complex will be equipped with state of the art ultra modern amenities.

Key Details of the project

• Middle income group – 802 flats – 611 sq ft per flat
• High income group – 422 flats – 1072 sq ft per flat
• 52 offices and 108 shops.
• Club house, jogging track, swimming pool
• Back up generator
• Parking on 1st and ground floor.
• Automatic lifts.

This inventory of 1224 flats is sure to add to the selling pressure that the builders are facing in sector 36..since this project has all the ultra modern amenities.

We will be tracking this major development as it happens.
Stay tuned.

Services Offered by us	Charges
CIDCO Transfer only	15,000
Mortgage NOC only	15,000
CIDCO Transfer + Mortgage NOC	20,000
Only Drafting/Documentation	5,000
Drafting and Registration of Sale Agreement/Sale Deed	10,000
Brokerage (Purchase/Sale transaction)	2%
Brokerage (Rentals)	1 month rent/year
Consultation over Phone/Whatsapp/Zoom/Google Meet	5,000/30 mins
Property Tax Name Transfer	10,000
Water Bill Name Transfer	10,000

Sky Properties, Nerul, Navi Mumbai

Address A-1, 7,2, Sneh Co Op Society, Plot no 16, Sector 19a, Nerul, Navi Mumbai 400706
Call Us 9987452642
mayur@navimumbaiestate.in

Real estate as an investment in India - Good or bad?

Is Real Estate Investment Really Worth It? A Closer Look

Real estate is often presented as a surefire investment, but the reality is far more nuanced.  Many potential investors overlook significant costs and complexities. This article will help you understand the true financial implications before investing.

**Hidden Costs of Real Estate Investment:**

* **Capital Gains Tax:**  Selling within two years means your profit is taxed at your income tax bracket (up to 33.99%).  Even after two years, you'll pay long-term capital gains tax (approximately 10-15% after inflation adjustments).

* **Home Loan Implications:**  Selling a property bought with a home loan within five years requires repaying all tax benefits received, significantly impacting your profit.

* **Interest Costs:**  A substantial portion of your initial home loan payments is interest, reducing your net profit.

* **Transaction Costs:**  Brokerage fees (around 2%), society transfer charges, and other administrative costs further decrease your returns.

* **Time and Effort:**  Selling a property can be time-consuming and may involve accepting a lower price for a quicker sale.

* **Ongoing Expenses:**  Even if not rented, you'll face property taxes and maintenance fees.

* **Low Rental Yields:**  Rental income may only yield 2-4% return on investment, potentially offset by expenses.

**Real Estate vs. Fixed Deposits:**

Consider the complexities and costs of real estate against the predictable returns of fixed deposits.  While fixed deposits have tax implications, they offer safer, more assured returns.

**Tax Transparency:**

The Indian Income Tax Department receives details of all property transactions above ₹35 lakh.  Your PAN number is required for registration, ensuring all transactions are easily traceable.

**Conclusion:**

Real estate investment requires careful consideration of all associated costs and potential risks.  Weigh the potential benefits against the complexities and compare it to other investment options before making a decision.

**[Sky Properties: Your Navi Mumbai Real Estate Consultants]**

9987452642

Our advice is unbiased and based on solid research and years of experience in the real estate industry.

SERVICE	CHARGES
CIDCO Transfer only	15,000
Mortgage NOC only	15,000
CIDCO Transfer + Mortgage NOC	20,000
Only Drafting/Documentation	5,000
Drafting and Registration of Sale Agreement/Sale Deed	10,000
Brokerage (Purchase/Sale transaction)	2%
Brokerage (Rentals)	1 month rent/year
Consultation over Phone/Whatsapp/Zoom/Google Meet	4,000/30 mins
Property Tax Name Transfer	8000
Water Bill Name Transfer	8000

Sky Properties, Nerul, Navi Mumbai

Address A-1, 7,2, Sneh Co Op Society,
Plot no 16, Sector 19a, Nerul,
Navi Mumbai 400706

Call Us 9987452642
mayur@navimumbaiestate.in

Illegal buildings demolished in Nerul

On June 4th,2012,a joint demolition squad of CIDCO and NMMC demolished 3 illegal buildings located in sector 6 (Sarsole) of Nerul. These buildings were being constructed on plots belonging to PAP\’s (project affected people).PAP\’s were the original inhabitants of Navi Mumbai.
When CIDCO acquired their farmland, they were allocated a pocket of land in the vicinity of their farmland. This cluster of houses is popularly known as Gaothan. They were allocated plots in this Gaothan to build houses for themselves.
They were also offered 12.5%  of the area of their farmland, which they could sell in the open market and make money.

illegal building demolished in Nerul, Navi Mumbai

Unscrupulous gaonwala\’s along with dubious builders sometimes build multi-storied buildings on such plots given to PAP\’s for their own houses, and sell the flats in them to unsuspecting buyers for a price much cheaper than the market value.
They build such buildings by taking permission for rebuilding their personal pre-existing houses and then go on to build multi storied towers. They do not have sanctioned plans and neither do they have occupancy certificates. Such constructions are also called Gharpatti\’s.
On 4th June, the demolition squad demolished such buildings in Nerul. Some buildings were at the pillar erection stage while others had reached the plinth level. CIDCO had issued legal notices to these buildings a month ago and when there was no response, they demolished the same.
The buildings demolished were located on…

Plot no 165-169 measuring 400 sq meters owned by Anant Mhatre and Bharat Mhatre.Builder Nilesh Patel.
G+2 storied building owned by Manish Patil.
Building built by Dattu patil and Sunil Patil.Developer Nitin patil.

The locals tried to prevent the demolition by preventing the JCB\’s and heavy machinery from approaching the buildings but were subdued by the Police who arrested a woman who was trying to immolate herself.She claimed that she had documents to prove that the building being demolished was her home where she had been living since ages.But when asked to produce documents to back her claim,she had none.

This incident should serve as a warning to people who buy flats in Gharpatti buildings because of their cheap price. These buildings are illegal and will never gain legal status. Your money and peace of mind can vanish in the blink of an eye.
The surest way to find out whether the building is a gharpatti building is to ask the builder whether a bank loan is possible from a nationalized bank.
Co-operative banks and banks like DHFL and GIC are notorious for financing illegal projects.They accept bribes from the builder to approve loans for their illegal projects.

Bribe lands CIDCO officials in jail

On Wednesday 6th June, the Anti-corruption bureau (ACB) laid a trap for 2 CIDCO officials who were demanding a Rs 1,00,000 bribe from a lawyer for issuing a conveyance deed. Lawyer Vandana Jadhav had been trying to secure a conveyance deed for Sri Ganesh Society in Ghansoli for the past year and a half. Recently, CIDCO estate officer Sanjeev Dhole (45 yrs old) and his assistant Sunanda Gaikwad (51 yrs old) demanded 1 lakh in bribe. After further negotiations, they settled at 50,000.
Lawyer Vandana Jadhav informed the ACB who laid a trap and caught the officials red handed.
This is just one in a long series of corruption cases in CIDCO, an agency which thrives on corruption from head to toe.

CIDCO scams list

Some of the scams of CIDCO include:
(sourced from the internet http://www.consumercourt.in/other-department/2214-cidco-we-make-scams.html)

Allotment of land to housing societies at Kopar Khairne, Nerul and
Kharghar most of them fictitious societies floated by Builders.

Railway Station Complex Scam
The station complexes Built By CIDCO at Nerul , Vashi, CBD. The commercial areas was sold in the open market in 1996-1998 as Area =
Carpet area + ( 95-150 ) % loading at higher rates. In the year 2004. The same commercial premises were sold as Area = Carpet Area + 30%
Loading to friends / relatives and front men in the Mktg dept of CIDCO at a discounted price .i e One Bldg , Two Adjacent Shops – Same Carpet
Area , But Area sold differs by 60 – 120 %. Simple case of Con/Cheating.

Allotment of land under the 12.5% scheme to fictitious Companies not entitled to the scheme.

Change of reservation of public and recreation plots for commercial use

Systematic Destruction Of mangroves and reclaiming land and blatant violation of CRZ Rules.

Extra FSI to CIDCO directors Housing Society

Prathamesh society where the Directors of CIDCO and the PRO of CIDCO was allotted prime property at throw Away prices .

Acquisition of land at nominal cost from Original Inhabitants without proper compensation and siphoning the property to Builders at exorbitant rates

The Housing Scams included

Millennium Tower Scandal

Akash Ganga Apartments Scandal.

Prathamesh society Scandal

Work Tenders of CIDCO are allotted to family members of CIDCO staff .

Land allotment at throw away prices to Unknown Press Establishments
and resale of the same in the Open market.

Land allotment to educational, medical, sports trusts belonging to
politicians at throw away prices which are used to run exorbitant
charging hospitals and educational institutions charging capitation fees.

Artificially increasing land prices by hoarding land thereby leading
to increase in property prices making housing unaffordable to middle
and lower classes.

A detailed enquiry by a parliamentary committee is needed to unearth
the various scams and frauds undertaken by CIDCO.

Sky Properties, Nerul, Navi Mumbai

Address A-1, 7,2, Sneh Co Op Society, Plot no 16, Sector 19a, Nerul, Navi Mumbai 400706
Call Us 9987452642
mayur@navimumbaiestate.in