Mumbai, as we know as the New York of India, is the most progressive cosmopolitan city, contributing about 20% industrial outputs, 40% of income tax collection and 70% of capital formation. The Bollywood, as we know it, is largely based in Mumbai. With numerous people trying to get a glimpse of the fast paced lifestyle of this magnificent city, obviously there would be a great demand of housings and property in general.
It is easy to get past by the most prospective locations, so we are here to present most useful guidelines that will increase your chances to get a dream home in the city that never sleeps.
Location
Getting into a location where buidings are avaliable at a decent price. Here is the round up
Mira Road: Middle-class property buyers’ paradise. It is relatively less population and good connectivity, makes it an ideal place to begin search. Rapidly rising in popularity, this place provides apartments of good value ranging between 6500 to 8K per sq. ft.
Ulwe: Navi Mumbai is in demand for affordable and luxury housings. Ulwe was carved out of mangroves and marshland by the City and Industrial Development Corporation (CIDCO). With the Navi Mumbai International Airport, Seawood-Uran rail network, and the Mumbai Trans-Harbour Link being built nearby, Ulwe is going to be homebuyers paradise.
Kharghar: Most sought after locations for affordable housing options. Began developing in late 90s, it is now an attractive place to settle in. Housing various amenities, like schools and transport links, it makes very convenient for young families.
Badlapur: Situated near Thane, Badlapur is fast coming up as a preferred area for property buyers. Recent prices for apartments fall in the affordable 2,600 to 3,600 per sq ft range. Amenities like schools, parks and near to beautiful picnic spots like Kondeshwar and Chikhloli Dam, it is also a good option to try.
Vasai-Virar: Witnessing huge demand in housing, property prices are in the range of Rs 4,000 to Rs 6,000 per sq ft, as well as good connectivity, makes it ideal position to try searching.
MahaRERA
The Maharashtra Real Estate Regulatory Authority, also known as MahaRERA, can be consulted if developers fails to provide housing at stipulated time frame.
Financial Planning
It is essential to ensure proper financial planning before you make the decision to invest in a property. The first step would be to review your current financial obligations such as existing loans, life insurance or any other commitments to get an essence of your net monthly income. You should have a healthy savings account that can pay for the additional incidentals such as stamp duty, registration, car parking, club house charges and other sundry charges by the builder.
Assess Your Future Needs and Goals
It is important to not only have a clear picture of your present needs but also take into account your future needs and goals.
Credibility of the Builder
This essentially means checking on the developers past projects, quality of construction, rate of appreciation in value, current demand in the market and number of future projects that are being undertaken.
Legal Due Diligence of the Property
One must also check all the sanctions, plan approvals and agreements to ensure that the builder has completed regulatory and legislative obligations before investing in a property. Any deficiency on this front can lead to serious consequences for the buyer.
The Sale Deed
A sale deed is one of the most valuable legal documents in a purchase or sale of a property. It is governed by the Registration Act and is an important document for both the buyer and the seller. The purchase or sale of property is not legally complete until a sale deed is signed between the buyer and the seller, after both the parties are satisfied and comply with the terms and conditions as said in the Agreement.
Verify All Legal Documents
There are a lot of important legal documents without which the sale of a property is not complete. It is the duty of the buyers to verify all these documents and ensure that they are duly signed.
Payment
For a new property it is also advisable to check with the builder on a construction-linked payment plan or a time-linked payment plan. This will have an effect on your cash flow and other aspects of your personal finance.
- Construction linked Payment Plan: Under this plan you are paying an initial booking amount upfront while the rest is linked to construction milestones, say 10% with each floor constructed.
- Time linked: You pay according to a set timetable, whether the construction is on time or not. Under this plan you are contractually bound to pay your installments, even though the property has been delayed.
And so, you get a your brand new home in Mumbai, the city that never sleeps.
