Mumbai is touted as the city of dreams and every year millions rush to this city to fulfill theirs. Mumbai is the place where your aspirations take shape if you are ready to put in enough efforts. Being a premier real estate destination in the country, Mumbai is a tempting choice for the prospective home buyers. The real estate developers are transforming the cityscape with new residential projects that aim at providing quality housing replete with exclusive amenities.The decision to buy your own apartment in Mumbai is an exciting, but daunting prospect. If you are feeling unsure regarding how to start check out this guide.
Things to keep in mind before buying an apartment in Mumbai:
This is undoubtedly the most crucial factor to consider before you begin apartment hunting in Mumbai. Being aware of the current property prices in different locations will give you a clear idea of what to expect. The demand for both luxuriously spacious apartments and comfortable yet affordable flats is on the rise. The price of a 1 bhk, 2bhk and a 3 bhk flat for sale in Mumbai would vary, depending upon a host of factors such as location, available amenities that come in the package like a swimming pool, gymnasium, play area for kids. Furthermore, purchasing a flat means, along with the price, you will also have to factor in the registration fee and stamp duty. Whether you are paying an upfront fee, or, taking out a home loan or, opting for an EMI scheme, do the calculation to figure out the overall cost before proceeding.
Location-It’s been mentioned in the previous point that location is a factor that influences the property price. Selection of the location assumes a greater significance when you are buying a property because, it is going to be your home for years to come. When you stay on rent, you can move to a different location if the current one does not suit you, but when you invest in a property, that is going to be a long-term commitment.
Even if you rent it out or, sell the property in the future, the location of your flat would impact both the rent amount as well as the resale value. Unless your current profession-ties you to a specific location, explore the prime locations in Mumbai, shortlist the ones that are safe, well connected, has the essential amenities, along with a vibrant community. Chembur, Byculla, Andheri, are some of the sought after locations, also look for flats for sale in Dadar. All of these areas fulfill a home buyer’s primary requirements.
Property type
Would you look for a 1 bhk flat for sale,or, a 2 bhk/ 3 bhk flat for sale in Mumbai? How much carpet area should you be expecting at a certain price point? Your budget is going to play a decisive role here as the price point would differ depending upon the property type. For home buyers who do not need much space, or, have a limited budget a 1 bhk apartment might be a good option. On the other hand, for buyers with no budget constraints and with a big family to accommodate, a 2/ 3 bhk flat would be the ideal choice. Explore the under construction projects in your selected location, go through the floor plan and talk to the real estate developers to learn about the specific details, including the available carpet area. Also check what amenities are on offer. However, the maintenance charges too would vary according to the property type, so keep that in mind.
The real estate developer
While buying a flat you have to be very careful with your selection of the real estate company. The Mumbai city is now witnessing a flurry of development activities. The city being a big draw for prospective home buyers, the demand for quality housing has been steadily on the rise. The real estate developers are investing in numerous residential projects, but to get the best value for your money opt for the premier developers who have decades of experience and a high reputation, with successfully completed projects lying across different locations in Mumbai.
Do your research, visit the website of the builder to glean information. Look for details like RERA Certification, EMI schemes they have, check whether the floor plan and other details are provided for each project unit wise. This can help you get a clear idea of what to expect. A top builder comes with experience in providing the ideal home amenities and proper planning. Buying your property from a reputed builder is the best decision you can take.
Conclusion:Through this guide we have discussed some pointers each of which must be considered before you locate the right apartment in Mumbai. Consider your apartment to be a valuable asset, the selection of which should never be taken casually. So, before you begin looking for flats for sale in Dadar, or, in some other prime location pay attention to these details.