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Mint
3 days ago
- Business
- Mint
Pickleball and sea-facing views: Inside South Mumbai's renewed luxury housing boom
Bengaluru: South Mumbai, the crown jewel of luxury housing that's home to some of the world's most expensive pincodes, is witnessing a record amount of real estate activity as developers race to acquire properties. All-time high sales of luxury homes, consistent demand from wealthy individuals including industrialists, C-suite executives, and diamond merchants, and recent record-breaking sale transactions have prompted realty firms to look at South Mumbai again. The acquisition spree, which began about two years ago, has gathered pace recently as India's luxury housing market has stayed strong, property analysts said. Not only marquee South Mumbai neighbourhoods such as Altamount Road, Carmichael Road, Nepeansea Road, and Malabar Hill, but also areas such as Gamdevi and Hughes Road that were overlooked in the past are being eyed for projects. 'South Mumbai has seen a big surge in acquisition of properties by developers at high costs," said Ritesh Mehta, senior director, and head (north and west), residential services and developer initiative, India, at JLL, a property advisory. 'City developers as well as developers from other cities are in the fray to acquire and redevelop projects in various locations in South Mumbai. Due to the demand-supply mismatch, there is huge demand for redevelopment opportunities and developers are racing to acquire new properties," he added. K Raheja Corp., which has developed several luxury residential projects, has acquired four properties across South Mumbai in recent months to be launched as high-end projects. Among these, the redevelopment of the Pleasant Palace housing society in Malabar Hill will be an ultra-luxury project. Vinod Rohira, managing director and chief executive of K Raheja Corp. said the company will be rolling out a series of luxury developments in South Mumbai. 'The transformation of Mumbai into a global city in the next decade is attracting wealth from across the world—NRIs (non-resident Indians), institutional capital, tech-led wealth, and even domestic wealth from other parts of India—who now aspire to own homes in South Mumbai's ultra-luxury zones, particularly within a 1-2 mile radius," Rohira said. Not surprisingly, from Adani Group to Godrej Properties, all the top developers want a slice of this lucrative real estate. In the last three years, 49 ultra luxury homes, each with a price tag of ₹100 crore or more, were sold in Mumbai and Delhi-National Capital Region, JLL said in March. Mumbai accounted for 69% of these homes, with Malabar Hill and Worli dominating the bulk of these transactions. Bigger homes, higher prices, and pickleball South Mumbai has always been a niche residential market with limited supply, with projects launched via redevelopment of old bungalows, buildings and housing societies. As a result, new, younger homebuyers looked at upcoming locations in central and suburban Mumbai. However, the turnaround in India's luxury housing market has seen South Mumbai gaining favour again. Prices for sea-facing residential projects in South Mumbai range from ₹1.25 to ₹2 lakh per 'Developers who will launch projects in South Mumbai are going all out to benchmark their sales prices. As a result, projects in front-row, sea-facing locations are charging significant pricing premium," said JLL's Mehta. 'However, the sales and success of the projects will boil down to the brand name and quality." The demand-supply mismatch in this niche market is likely to further push up property prices, which have already risen by 15-18% in the previous two years. Mumbai developer Sunteck Realty is gearing up to launch a project in Nepeansea Road that will have 10,000 homes. 'There is big demand from high-profile buyers. We plan to launch the project in the current financial year," said chairman and managing director Kamal Khetan. Bengaluru developer Prestige Group, which has launched luxury projects at Marine Lines and Worli in Mumbai in recent years, is exploring more South Mumbai projects. 'We are getting many society redevelopment offers but we are being cautious about what we pick. Increase in consumer demand has driven up acquisition costs, so we must ensure that the project is viable and the margins are protected," said Anand Ramachandran, senior executive vice president, business expansion, Prestige Group. 'There is clear demand for large residences (with) premium amenities, including pickleball in the project."
Time of India
16-06-2025
- Business
- Time of India
House lease: 5 rules landlords, tenants should follow for a peaceful tenancy
EVICTIONS RENT INCREASE COSTS & EXPENSES SECURITY DEPOSIT PRIVACY Rent raised by 12% in first year. No privacy; landlord visited every month without notice. Was made to bear the cost of replacing old, worn out fixtures. Make sure your rent agreement includes… Did you know...? In April this year, a landlord's heirs in Uttar Pradesh won a 60-year-long legal battle when the Supreme Court ordered the eviction of tenants who had illegally occupied their house for 63 years. In the battle that started in 1965, the property owner filed an eviction suit twice, lost the case both times, and eventually passed away, leaving his heirs to continue the fight. The tenants have now been asked to vacate the premises by 31 the case highlights acute harassment faced by landlords, tenants too have been known to grapple with privacy, cost sharing and eviction issues. In Hyderabad, Gautam Maramraju relives his experience as a tenant: 'I had to endure torture at the hands of my landlord as he would drop in unannounced every month, made me pay for replacing old fixtures, and increased the rent by 12% after the first year.'This, despite the Rent Control Act, 1948, being clearly skewed in favour of tenants. 'The Act favours tenants. It restricts rent hikes and makes it hard to evict tenants even after decades. While it was meant to protect tenants from arbitrary rent increases after Independence, it has led to several properties being stuck in litigation and below-market rental yields for landlords,' says Ritesh Mehta, Senior Director and Head, North, West & East, Residential Services, India, and disputes are virtually inevitable in a country with 27.37 million rental households (2011 Census), a legal framework skewed in favour of tenants, inconsistent norms on key issues like rent hikes and deposits, and widespread ambiguity on cost-sharing redressal channels are available for the affected parties, it is an option best avoided given the long and expensive route to resolution. A better approach is for both tenants and owners to know the guidelines on key conflict points, ensure a sound rental agreement, and apprise themselves of their rights and responsibilities.A written rent agreement is the first step toward a hassle-free tenancy. This legal document should spell out all details about the tenant's stay and terms of the landlord, including rent amount, date of payment, the percentage and frequency of rent increase, security deposit and its refund, costs and charges payable by the tenant and that borne by the landlord, privacy protocol and termination details, penalties, etc.'It legally safeguards both the landlord's and tenant's rights and clearly defines terms such as rent, deposit, duration of tenancy, and both parties' responsibilities. It also ensures transparency and protects tenants from unlawful demands or sudden eviction,' says Santhosh Kumar, Vice Chairman, ANAROCK Group. Agrees Mehta: 'It serves as legal proof in case of disputes and, without one, neither party has legal recourse in case of disagreements.'It's also best if you register the agreement because even though it's not mandatory to do so for tenancies of less than 12 months, it may not be accepted as evidence by a court in case of a is among the biggest bones of contention between the landlords and tenants. While the landlords do have a right to evict tenants, they cannot do so without a valid reason or without an adequate notice period.'They can do so only on legal grounds, such as end of the lease period, non-payment of rent, breach of lease terms, unauthorised sub-letting, damage to or illegal use of property, or if the landlord needs the property for personal or family's use,' says Kumar.31 years, MumbaiFlat was sub-let not by owner, but a tenant, who efused to give back security deposit and intimidated 2024August 2024Rs.1.5 lakhSent legal notice, filed a police complaint. Got back deposit.'For instance, if the tenant has done something which is destructive or permanently injurious to the premises, or has erected any permanent structure without the consent of the landlord, has caused nuisance to neighbours, or has given the premises to another person for a purpose other than for which it was leased, he can be evicted,' says Mansi Kaku, Advocate, Bombay High eviction must follow a due legal process. 'A notice period, typically one to three months, is essential, and landlords cannot forcefully remove tenants without a court order,' says on the other hand, have the right to contest an eviction and to stay till the end of the rental term unless they breach the terms of the landlord has the right to increase the rent, there is no defined pan-India norm that is prescribed or followed. The hike depends on market norms, the respective state's rent increase laws, or the terms of the rental only unspoken, but universally accepted, right of the tenant is that the landlord should not increase the rent arbitrarily mid-term, unless it has been specified in the tenant also has the right to be served a notice well before the proposed increase.'The rent is usually increased annually and can range from 5-10%, though this also depends on the local state laws and the rental agreement's specific rental escalation clause,' says Maharashtra, however, the annual rental hike is typically 4-8%, while some other states may see a rise of 10% every 2-3 years. The frequency of rise can also vary from 11 months to a year, or even once every 2-3 is generally accepted that bigger expenses are borne by the landlord, while smaller, routine costs are paid by the tenant. The former can include structural repairs, such as painting, plumbing, extensive electrical work or building renovation, and the latter would typically comprise bills for utilities like water or electricity, society maintenance fee, or minor repairs. Replacement of fixtures, such as fans, ACs or lights, due to wear and tear are usually considered the responsibility of the landlord, while repair cost can be borne by the tenant.'In Mumbai, it is customary and generally expected that the landlord pays the society maintenance charges. Tenants usually pay for utilities like electricity and gas,' says Vivek Rathi, National Director, Research, Knight Frank is also important that all these are clearly mentioned in the rent agreement to avoid any landlord has the right to demand a security deposit upfront as a guarantee for unpaid rent or damage to property, while the tenant has the right to seek its refund at the end of the tenancy period. 'I got back my security deposit of Rs.1.5 lakh after sending a legal notice, filing a police complaint, and refusing to shift till it was returned,' says Mumbai-based Chirag Garge, who was conned by a tenant into sub-letting a 1-BHK flat and even intimidated by quantum of the security deposit varies from state to state. 'In Mumbai, there is no strict legal cap, but typically ranges from two to three months' rent depending on the property type and locality,' says Rathi.'The Model Tenancy Act caps it at a maximum of two months' rent for residential properties and six months' rent for commercial properties, but this is not accepted in cities like Bengaluru, where it can be as high as 10 months' rent,' says practice being followed in cities like Mumbai is that of 'heavy deposit', wherein the tenant pays a lump sum worth several years of rent, and frees oneself from paying the monthly rent. This amount is usually not tenant has the right to privacy under Article 21 of the Constitution, allowing him to stay undisturbed in the rented accommodation. However, the landlord also has the right to inspect the property at a reasonable time after giving due notice. 'Landlords must give prior notice, usually 24-48 hours, before entering the premises, unless it's an emergency. Frequent or unannounced visits by the landlord are a breach of privacy and can be challenged legally,' says Mehta.40 years, Hyderabad20212023Rs.12,000 for 2-BHK builder floorTook no action against landlord, but decided not to rent any longer. Bought his own house despite financial faced this breach of privacy when his landlord would drop in every month without any notice. 'He would just barge in at any time to check on cleanliness and general upkeep of the house,' says the 40-yearold, who suffered so much that he decided to buy his own house despite his tight financial is important to mention this in the rental agreement to avoid any inconvenience later on. 'Besides, a Bombay High Court ruling in a 2018 case states that installing CCTV cameras to monitor movement without consent is also invasion of privacy,' says that the ownership status of the landlord is backed by proper documentation so that the tenant is not defrauded by a tenant sub-letting the rent amount, payment deadline, penalty for delayed payment, as well as the percentage and periodicity of rent the duration of lease, which is usually 11 months, as well as the minimum period of tenancy. If tenant vacates mid-term, specify the amount he forfeits, and if the landlord ends it, mention the penalty he is usually equal to 1-3 months' rent, but the amount should be clearly stated. Also list when the deposit is to be returned on the expiry of the the charges that are to be paid by tenant and landlord, including maintenance fee, renovation of building, flat's repairs, utility bills, or any other charges that the RWA or the society may fixtures, like fans, air conditioners, furniture, should be listed and the responsibility as well as the cost of their upkeep, replacement or repair should be you are a tenant or landlord, here are some things you should be familiar varies across the country, depending on the respective state's laws and rental contract. It typically ranges from 4-10% a year, though in some states, it can be hiked around 10% in 2-3 these are not the same. Security deposit is typically 2-3 months' rent that is deposited with the landlord and returned at the end of the tenancy period. Heavy deposit is a much higher lump sum, which could be equivalent to several years' rent, paid to the landlord, doing away with the need to pay monthly to this rule, a tenant can claim ownership provided he has lived in a property continuously, openly, without paying rent, and without the consent of the owner for at least 12 years after the lease expiry. If the owner has not asserted his rights under such circumstances, the tenant could possibly claim landlord cannot throw out a tenant's legal heirs or successors who were living with him, if they want to stay in the house for the remaining period as per the rent agreement. 'However, this right is not indefinite. Landlords can seek eviction through proper legal process after the term ends or with justified cause,' says Ritesh Mehta of not mandatory to register rental agreements if the tenure is less than 12 months. Agreements of shorter tenures may be legally enforceable, but may not be admissible in a court of law as evidence in case of a dispute.
