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Things to Keep in Mind Before Buying Property in Mumbai

Admin 24 May 2024 1,208 Views
Purchase

One of the most significant financial decisions you will ever make is purchasing a home. And if you are purchasing properties in Mumbai, that is entirely different. It is simple to become lost in the house-hunting process given the city's extremely volatile real estate market, constantly shifting pricing, and other complexity. But do not worry; this fast guide will help you narrow your search.

Factors To Consider When Buying a Property in Mumbai

  • Location

Making the appropriate location choice is essential because it will affect how effective your daily life will be. Accessibility and convenience will increase if facilities like schools, hospitals, shops, workplaces, and places of social and recreational interest are nearby. To ensure seamless connectivity with the rest of the city, look into the availability of public transportation and traffic flow. You can buy a house in Navi Mumbai in the best location. The property in Mumbai usually depends upon the location.

  •  Size

What the builder specified in the brochures may not be delivered. Additionally, shortcomings could exist in the carpet area compared to what was described as the accumulation area before the project's start. So always choosing the carpeted area is the wiser course of action. If necessary, you can extend the real size if you clearly understand and articulate your requirements. When buying residential properties in Mumbai, look for the size.

  • Privacy and Security

Unique security worries can result from living in a Mumbai apartment or residential flat. Focusing on implementing fail-safe safety measures due to high asset theft and burglary reports is essential. A sophisticated alarm system, a motion sensor, smoke detectors, and security cameras might be helpful. Also, choose windows with grilles rather than ones that are entirely hidden. 

  • Knowledge About The Process

Maintaining the title of the property is necessary before you buy it. For due diligence, the property must be critical to the Maharashtra government's guidelines or maha RERA Act. We have covered you if you are wondering what the list of priorities is or how to conduct an ordered check.

It is listed below:

● Look over the property card and the city survey card.

● Examine the documents closely. Additionally, the indexes of the documents related to the property were registered at the sub-registrar office. You can look for all these in the maha RERA Act.

● If a cooperative housing group owns the property, contact them to discuss the details.

● Verify all relevant court documentation and determine whether any controversies still exist.

  • Scrutinize the Property Before Purchase

Make that the building can be built on the land it is on according to the law. The developer needs approvals and no-objection certificates (NOCs) from the municipal corporation, the water supply and sewage boards, the electricity boards, and the area development authority. However, the relevant bank will verify your property paperwork before approval if you apply for a home loan.

Reasons Why You Should Invest in Mumbai's Real Estate

The following explanations will help you understand why you need to invest in Mumbai real estate:

1. Commercial Hub

The corporate headquarters and offices of some of the largest companies in India are located in Mumbai, which serves as the nation's financial capital. Commercial real estate in Mumbai has increased as a result of this. As homebuyers buy properties in Mumbai close to their places of employment, residential properties in Mumbai are simultaneously seeing growth.

2. Infrastructure

The last few years have steadily improved the city's infrastructure. Less crowded construction buildings may be found in the city, and the roads have been enlarged and are well-maintained. The demand for apartments and single-family homes is high in the city due to several significant projects, including the Mumbai Trans Harbor Link, Metro, which is almost finished and a few more in the planning stages. Developers in Mumbai now have an excellent opportunity to start their properties where these infrastructure initiatives are being implemented, which would help homebuyers.

3. Connectivity & Convenience

The residents of Mumbai are known for leading a fast-paced lifestyle and keeping a strict schedule. Mumbai is renowned for having first-rate public transportation that makes it easy to move about the city. Mumbai also includes metros, buses like BEST, TMT, NMMT, and MMT, and taxis that exceptionally connect all the sections of the city as well as outside of the city, in addition to local trains, which are known as the lifeline of Mumbai. 

4. Affordable Pricing

The urge to own a cosy, roomy home at a reasonable price has been sparked by the WFH culture during the pandemic. In Mumbai's northern suburbs, developers are now concentrating on building luxurious residences that are nonetheless affordable. With the holiday season quickly approaching, numerous real estate developments in Mumbai are enticing clients with pre-booking discounts, exciting bonuses, and reduced stamp duty.

Related Article Top Places to Live in Mumbai 

Examine These Things Before Buying Property in Mumbai

The cost of living in Mumbai depends on the following factors mentioned in the article:

  • Apartments Vs Independent Houses

An independent property in Mumbai requires additional work to set up these services. Still, an apartment building already has security, enough parking spots, backup power, water systems, and fire safety measures.

  • Mortgage 

An apartment is more likely to get approved for a loan than a standalone property if you plan to purchase a home using a home loan. Lending institutions often compile a list of authorized projects where a buyer can quickly get his loan approved. Banks, however, only approve loans for separate properties after carefully vetting the applicants.

  •  Registration Charges and Stamp Duty

Although it is crowded, Mumbai is a lovely city. You may have dreamed of moving into an apartment with a water view. But keep in mind that some extra costs can be incurred. There are some flats in the same building that need PLC. Apartments with views, units above a specific floor, or apartments with other unique characteristics can be added. Many affordable properties in Mumbai are for sale, but they are not all identical, so you can choose to spend a little more to acquire the one you want.

  •  Maintenance and Parking Charge

Everyone now resides in a society. In Mumbai, only the very wealthy can afford an individual home. You must pay these maintenance fees if you can afford a standalone home and do not reside in a community. However, you must pay maintenance fees to society if you purchase a property in a community. This amount will frequently be applied to the upkeep of the common spaces, including the garden, pool, clubhouse, gym, etc.

  • GST (Goods and Services Tax)

Mumbai is a beautiful, though crowded, city. Having an apartment with an ocean view might have been your fantasy. Be mindful, though, that there can be some supplemental expenses involved. In the same structure, sure flats will require PLC. Apartments with vistas, units above a particular floor, or apartments with other distinctive attributes can be included. There are lots of flats for sale in Mumbai, but they are not all the same, so you can decide to spend a bit extra to get the one you want.

  • Preferential Location Charges

Mumbai is a stunning, albeit congested, metropolis. You could have fantasized about having an apartment that faces the ocean. But be aware that there can be some additional costs associated with this. Specific apartments in the same building will need PLC. These can be apartments with views, apartments over a particular floor, or apartments with other unique features. Although many flats are for sale in Mumbai, they are not all the same, so you might opt to spend a little more money to acquire the one you want.

Related Article Know About MMRDA 
Conclusion

House hunting is a time-consuming activity that should not be undertaken lightly. However, it may be accomplished quickly with some careful preparation and thinking. These recommendations are primarily based on thoroughly examining the Mumbai area's real estate market. Mumbai is known as the "city of dreams."

We hope that was helpful! We also anticipate learning more about the real estate market locally and nationally.

About Author

Jatin Dubey

An enthusiastic content writer who is a law graduate and has been working as Real Estate Consultant for around 9 years.
He has worked with top Real Estate Agencies and Builders in Delhi, Bangalore and Pune. His skills to perform market analysis and explore high potential localities has helped many clients in the past.

An enthusiastic content writer who is a law graduate and has been working as Real Estate Consultant for around 9 years.
He has worked with top Real Estate Agencies and Builders in Delhi, Bangalore and Pune. His skills to perform market analysis and explore high potential localities has helped many clients in the past.

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