Buying a property in Mumbai is a big, big deal. Places like Bandra, Kurla, Andheri are full of large and luxurious properties. Looking at them, you may feel like buying one. After all, it is the city of dreams!
Like any other materialistic possession, it requires a lot of opinions and reviews. And especially, when it is about buying a property in Mumbai within an appropriate budget, the decision becomes even more challenging. Jotted below are some points which may guide you if you are planning to purchase a property in Mumbai.
REGISTER THE PLOT
First and foremost, you have to register the plot with the concerned authority in order to become the legal owner of the property. The registration of the sale deed enables a person to acquire the rights of the property from the day of execution of the deed. Definitely, do research work on the developer – his earlier records, project delays, total sq. Feet developed, etc. Check the quality of his previous projects and market feedback. Keep an eye on the various online real estate forums, this may help.
SIZE OF THE AREA OF THE PROPERTY
Builders, in order to increase their sale, mention the overall area which includes staircases and lobbies. Now, this shouldn’t be an integral part of your property. Your property is the real carpet area leaving out these extras. For example, brochures may show the area of your property as 1000 sq. Ft but actually it may turn out to be 700-750sq. Ft. Therefore, it is always suggested to go by the real carpet area, the area encompassed within the walls.
OWNERSHIP VS RENT
Property for rent in Mumbai can be a costly step for you to take but nevertheless, when you have decided to do so, go ahead. Many people assume that they will buy the property and use the rent to pay the EMIs but that doesn’t happen all the time. Statistics say that the approach is a wrong one and moreover your property remains vacant for months before you find a tenant. And finding a tenant for larger properties in a city like Mumbai, is not an easy job for sure.
EVALUATION OF COST
Do not just blindly go by what the broker tells you. He may mention the basic cost, the internal and external development charges, parking, club, preferential location charges, service charges and any such charges which will escalate the total cost. Ask him the final cost of the property and then only venture forward.
Remember, buying a property or properties for sale in Mumbai can be really hectic if not planned properly beforehand.
BANKS READY TO FINANCE THE PROGRAM
The real estate market in Mumbai is really a tough one, while there are genuine real estate companies, there are lesser-known ones too. Thus, the banks have become selectively permeable when it comes to certain companies as they have failed to complete their payments due to lack of enough cash payments. There are builders who do not get bank loans at all. So, once you decide to buy a property in mumbai and get your approvals done, check out the list of banks who are ready to finance the project.
THE SUITABLE PLAN
Payment options these days have become way more convenient. Thanks to the Digital procedures!
But, what is even more important is that, you must choose the right plan. There are a lot of plans available in the market, such as down payment plans And possession linked plans and whatnot. There are guaranteed rental schemes as well. Decide and choose your plan. Talk to the broker for better assistance but invest carefully because a little mistake can cause a lot of trouble on your part later on.