Effective Guidelines for Buying a Flat in Mumbai
Do you want to buy a flat in Mumbai? If yes, then you should always follow a few guidelines in this regard. Mumbai is one of the leading property markets, not just in India, but also worldwide. It should also be mentioned that the Mumbai real estate market includes Mumbai city and the Mumbai Metropolitan Region (MMR), which is a vast zone. The city is also the country’s costliest realty market, which means that you should make sure that you are investing in the best home that suits your needs.
Here are the guidelines that you should keep in mind:
Work out your budget– What is your budget and how much can you realistically afford? You should be clear about this aspect at the outset. It will help you zero in on the right properties that sync with your budget. Do not consider only the selling price of a property, but also the processing fees for home loans, registration and stamp duty costs, charges for maintenance and amenities, floor rise charges, parking, and so on. Add all the estimated variables together to arrive at the final figure.
Type of Property– Based on your budget, look at the property types that are available and which one suits your needs. Choose the configuration (1, 2, 3 or 4 BHK) and the project type (low-rise or independent residential apartment, complex, high-rise, gated community, township).
Locality and Projects– You should choose the localities that you wish to stay in. Have a shortlist of 2-3 localities. Pick out projects in these areas that fit your budget and criteria. You can then compare localities on the basis of criteria like connectivity, infrastructural developments, proximity to your workplace, social amenities (schools, hospitals, shopping centres, etc.). Once you finalise the locality, it will be easier to shortlist a few projects in the neighbourhood.
Project Comparisons- First check whether a project is listed on the MahaRERA website or not, with all its details. You should always go for projects with RERA listings, in order to make a safer purchase. Check out available offers and discounts from developers, while also examining the location (whether there are public transportation facilities nearby, safety, civic infra, overall connectivity, distance from major hubs and social amenities) and also the overall condition of electricity, water, and garbage disposal in the area. You should also verify the track record of the developer and the projects completed till date. Look closely at the apartment layouts, materials, finishes, and payment plans. You should also compare the amenities offered across multiple projects.
Project Documents- Checking the project documents closely is also important. If you take a home loan to fund your purchase, then the bank will anyway ask for the property documents and verify them. The project should have a clear title and deed along with having obtained all necessary Government sanctions and municipal clearances. You will find the details on the RERA website and can use them to cross-check with the builder.
These are some tips that will help you buy a flat in Mumbai with ease. Remember to take your time and do a little homework before investing your hard-earned money. Relying on trusted platforms like Blox will help you get access to the best properties without any hassles.
